VW Shareholders Call For Reforms In Wake Of $4.3 Billion U.S. Deal

One America News Network | 8/2/2016 | Staff
srqlolo (Posted by) Level 3
Click For Photo: http://d2pggiv3o55wnc.cloudfront.net/oann/wp-content/uploads/2017/01/2017-01-12T094737Z_1_LYNXMPED0B0L4_RTROPTP_0_VOLKSWAGEN-SOUTHKOREA_1.jpg

FRANKFURT (Reuters) – Volkswagen investors demanded greater transparency and reforms at the carmaker after it admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal.

The German company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the U.S. Justice Department on Wednesday, the largest ever U.S. penalty levied on an automaker.

Volkswagen - VW - Employees - VW - Audi

Volkswagen (VW) admitted about 40 employees at its VW and Audi brands deleted thousands of documents in an effort to hide from U.S. authorities the systematic use of so-called defeat devices to rig diesel emissions tests, a scale of wrongdoing that led some investors to call for deep reforms.

“What is most disturbing … is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation,” said Annie Bersagel, an adviser for responsible investments at Norwegian Mutual Insurance company Kommunal Landspensjonskasse (KLP). KLP and KLP mutual funds have small investments in both VW equities and fixed income products.

Directors - Governance - Company - Issues - Example

“Going forward we would like to see more truly independent directors. This may change governance at the company where we see some issues, for example the awarding of large bonuses to current and former managers. We would like to see a clawback provision relating to violations.”

Ingo Speich, a fund manager at Union Investment which holds about 0.6 percent of VW preference shares, said on Wednesday the company needed to “put everything on the table” about its wrongdoing to regain the trust of investors.

VW - Lawsuits - US - States - US

VW still faces lawsuits from about 20 U.S. states and from U.S. investors, and will spend years buying back or fixing nearly 580,000 polluting U.S. vehicles. It also faces claims from customers in Europe and Asia, after...
(Excerpt) Read more at: One America News Network
35 other people are viewing this story
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!

LongRoom Culture
Grizzly Bear Cubs Wrestling At Katmai National Park in Alaska! Cubs will be cubs, and these bears are having a great time...
SpaceX Landing Looked Insanely Easy! The return to earth for the latest SpaceX mission was a perfect landing.  On August 14,...
Fire and Dominoes? These domino set ups by Kaplamino feature candles, sparklers and balloons to create an exciting array of...
WOW! Dynjandi Waterfall in Iceland is Amazing! Iceland is an amazing magical place!  This series of waterfalls is massive and...
Baby Elephant Rescued by Female Elephant While Surrounded by Lions Just Waiting For The Rescue To Fail! Another example of the...
Russian Mother Cat Adopts 8 Orphaned Hedgehog Babies! When these hedgehog babies lost their mother in a lawnmower accident, the...
Funny Hamster Running On Wheel With Friend Gets Caught And Hit With The Wheel On The Rear Until He Breaks Free!
Captain Jumped Into Frigid Waters To Rescue Crew Members Of The Capsized Fishing Boat The Grayling! When Captain Pruitt of the...
Dog Says Thank You To Owner! Can dogs really talk?  There are so many examples of dogs saying things that we understand, it is...
Storm The Golden Retriever Rescues A Baby Deer From Drowning! A true hero, Storm and his owner, Mark Freeley were walking along...
Time Lapse Of Orb Spider Spinning Web! Orb spiders are amazing web spinners and this one is captured creating its masterpiece...
Longboarding In The Alps With Metal Sliding Gloves! This amazing run down a steep road really shows how the gloves are used.
Knife Cutting Through Wood Like Butter! Wood carving takes very sharp tools!  This carver shows how he is holding the spoon in...
Man Jumps From Trampoline Into A Giant Inflated Bubble Ball! Complete with somersault, this man jumps from the trampoline to...
Dog Runs Along The Beach With Kite Boarder! It doesn't look like this kite boarder expected to have such close company on his...
Waterfall Unable to "Fall" Due To High Winds! Unusual video of a waterfall that is being blown by the wind so severely that it...
Little Cowboy Learning Calf Roping At Just The Right Age! When the calf breaks out of the chute, this little cowboy is ready.
Dog Shadows Every Move That His Owner Makes! This dog couldn't be happier than to make every move that his owner makes at the...
Fun Physics Tricks You Can Try At Home! These physics tricks are great experiments to try at home just for fun! Here's another...
Life Hacks That Will Help You Organize Your Clothes! This collection of tips and tricks in organizing your closet and drawers...
Cat Can Play Shell Game Flawlessly! This con game does not con this cat who can pick the right cup everytime!  The cat would be...
Mother Grizzly Carries Her 2 Cubs Across River On Her Back! This touching video shows a mother grizzly swimming across the...
Darwin's Bark Spider Has Real "Spidey" Power And Builds Bridge Over 80 Feet Long! This spider is able to extrude a strand of...
Dance Meets Light Show - Light Balance Dancers at America's Got Talent 2017! This dance routine is amazing. It is...
Mouse Doesn't Let Being Upside Down and Under His Running Wheel Stop Him From Getting a Good Run In! Something is not right in...