VW Workers Receive 2% of Voting Rights from the Piech-Porsche Family image

VW workers received 2% of the automaker’s voting rights from the Piech-Porsche family, increasing their influence in the company.

Joerg Koether, a spokesman for VW’s works council said that the Piech-Porsche family’s holding company in Austria will transfer the votes to a private foundation and workers have the possibility to exercise the voting right by holding a majority of the seats on the company’s board. The spokesman added that, as expected, the Piech-Porsche family will also have seats on the foundation’s board and the dividend from the shares will be paid in the family as it was the situation until now.

VW workers already have half of the 20 seats on the company’s supervisory board and VW Chairman Ferdinand Piech has consolidated his influence by adding his wife Ursula to the board in 2012. Currently, the family has 10 seats on the board which are reserved for the shareholders.

In April 2012, Ursula Piech was given a seat on the company’s 20-person board and say in every big strategic decision taken at Europe’s biggest carmaker by sales. Mr Piech, who is the grandson of the creator of the VW Beetle, also won shareholder approval for extra five years as chairman.