October - December
Porsche welcomes abolition of the limitation of voting rightsEuropean Court of Justice in Luxembourg has ruled on Volkswagen Act
Luxembourg/Stuttgart. Dr. Ing. h.c. F.
The ECJ further ruled that the right granted to the Federal Republic of Germany and the Land of Lower Saxony by the Volkswagen Act to each appoint two members to the supervisory board of Volkswagen as long as they hold more than one share in Volkswagen alsoviolates EU law. As a result, in the future the generally applicable statutory rules will apply to Volkswagen, according to which the shareholders’ representatives in the supervisory board are elected by the General Meeting.
The ECJ also held that the increase of the majority requirement for structural measures from 75 percent to more than 80 percent of the voting shares pursuant to the Volkswagen Act violates applicable EU law. With its judgement the ECJ followed the opinion of the European Commission, according to which key elements of the Volkswagen Act are incompatible with the free movement of capital.