Achleitner or Pötsch: Who gets the bigger Rüffel?

Hauptversammlung

The Bayer Supervisory Board got away with a black eye at last week’s Annual Stockholders’ Meeting: Unlike the Executive Board, the supervisors were discharged – but only by a two-thirds majority. This can be seen as a clear lesson for Supervisory Board Chairman Werner Wenning. According to Handelsblatt, “at least one major shareholder” of Deutsche Bank is playing with the idea of not ratifying the actions of the Supervisory Board at the Annual General Meeting on 23 May.

Major VW shareholders: majority of votes of almost 90 percent

In addition, after the indictment against Martin Winterkorn, criticism of VW Supervisory Board Chairman Hans Dieter Pötsch becomes louder: Investors are demanding his resignation with growing vehemence because he was CFO under Winterkorn. It’s a shame to have to deal with the diesel scandal. However, Pötsch has an advantage over Paul Achleitner: As long as major shareholder Porsche holds to him, rebellious investors (several of whom have applied for non-exemption) cannot do anything at the AGM on 14 May anyway. In 2018, Pötsch was relieved of almost 99 percent of the burden: In addition to Porsche Holding, Lower Saxony and Qatar also supported him (together the trio holds almost 90 percent of the voting rights). It will therefore be particularly exciting to see how the other shareholders vote – at VW a few percentage points are enough for a puzzle.