A group of investors wants to get the Volkswagen Group to make its influence on climate protection regulation more transparent.
She demands that VW include a corresponding passage in its articles of association and wants her request to be placed on the agenda of the annual general meeting on May 12.
The group, which is represented by the law firm Hausfeld, includes seven European institutional investors, including the AP7 equity fund, managed by Sweden's Pension Insurance Fund, and the Church of England Pension Board.
Together they held at least 195,313 VW shares and thus fulfilled the legal quorum to put topics on the agenda, according to a letter from Hausfeld to the group board, which is available to the FAZ.
Christian Muessgens
Business correspondent in Hamburg.
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Specifically, VW is to disclose which direct or indirect lobbying activities on the subject of climate change the group companies are pursuing or supporting, which associations or interest groups they are members of and how much money they are paying to them.
In addition, VW should explain to what extent such activities are intended to reduce the risks for the group from climate change and how they contribute to the achievement of the goals of the Paris climate protection agreement.
Without appropriate transparency, the group is hindering its own transition to a climate-friendly strategy and is taking risks for its reputation, according to investors.
VW said at the weekend that it was not yet possible to confirm the receipt of an application from Hausfeld for the general meeting.
It is therefore not possible to comment on any content.
For the first time this year, the Group is reporting in detail on its climate protection activities based on the specifications of the Task Force on Climate-related Financial Disclosures (TCFD), which was set up by the Financial Stability Council of the G20 countries.
This creates a "uniform framework for reporting on a company's climate-related financial risks and opportunities".
The question of how sustainably companies conduct their business is becoming increasingly important for many professional investors.
The debate is often summarized under the keyword ESG, which summarizes environment, i.e. environment (E), social aspects (S) and governance, i.e. good corporate management (G).
According to their own statements, the VW investors have been in talks with the group about their concerns since 2018.
"Unfortunately, these talks have remained without result," says the letter to the board.
That is why we have now decided to take the official route via the Annual General Meeting.
It is extremely unlikely that investors will be able to assert themselves there, since the voting ordinary shares of VW are almost completely controlled by the major investors Lower Saxony, Qatar and the Porsche and Piech families.