- Sep 26, 2007
VW won't get a seat on Porsche's board
There's no record of VW actually asking for one, but in case they wanted a seat on Porsche's management board, Porsche has said, "Uh, nein." That's the word from Porsche Automobil CFO Holger Härter, who forms half of the management board. The other half is Porsche CEO Wendelin Wiedeking. Nor will the company's charter and co-determination agreements be altered. He did, however, open the door to adding more members in the future.
The worker's board will remain three Porsche and three VW reps, even should Porsche up its stake in VW to 51-percent. Porsche currently owns 31-percent, but if the European Court of Justice strikes down the so-called Volkswagen Law that limits a shareholder's voting stake, it will move to take control of VW.
[Source: Auto News]