Decision On Action Against Porsche AGM Resolutions

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

Porsche shareholders are making a second attempt to withdraw the resolutions of the 2009 Annual General Meeting. However, the prospect of success does not seem to necessarily exist.

The Higher Regional Court of Stuttgart (OLG) will decide next Wednesday whether the resolutions of the Porsche Annual General Meeting 2009 will stand. Shareholders of the sports car manufacturer had sued. The core of the action are the resolutions on the discharge of the board of directors and the supervisory board for the 2007/08 financial year as well as the election of new members of the supervisory board and the remuneration of the supervisory board.

Judge indicates rejection

According to the assessment of the shareholders, the shareholders at the general meeting were only insufficiently informed about the hedging transactions with which the Stuttgart sports car manufacturer wanted to secure a majority in VW. The takeover of Volkswagen failed, however, because Porsche had taken on itself financially with billions in loans. After the failed takeover, the sports car manufacturer is to be integrated into the VW Group in 2011 as the tenth brand.

The shareholders had already failed with their lawsuit at the Stuttgart Regional Court at the end of May this year. They appealed the verdict. At an oral hearing at the beginning of November, the presiding judge of the higher regional court already indicated that he would follow the ruling of the regional court and reject the legal challenge of the Porsche shareholders. (dpa)