Bloomberg News

VW’s Piech Criticized by Hermes Over Board Policy, FTD Says

April 17, 2012

Ferdinand Piech, the head of Volkswagen AG’s (VOW3) supervisory board, was criticized for the composition of the automaker’s board by investment firm Hermes, the Financial Times Deutschland said, citing a letter from Hermes manager Hans-Christoph Hirt.

Hirt alleges in the letter that VW doesn’t have enough independent board members and says Hermes won’t support the slate of board candidates to be proposed at the company’s annual general meeting on April 19, the newspaper said in an advance copy of an article for tomorrow’s edition.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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