Porsche’s supervisory and executive boards plant to ask the annual general meeting next month to agree to align the fiscal year with the calendar year.
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The fiscal year currently runs from 1 August to 31 July. If approved, the change would be introduced following the close of the fiscal year 2009/10 on 31 July 2010 for the period from 1 August 2010 to 31 December 2010. The year 2011 would then be the first fiscal year of Porsche to match the calendar year.
Regarding the investigations by the public prosecutor against former members of the executive board, Wendelin Wiedeking and Holger Härter, Porsche SE said it had examined these matters and also commissioned expert reports from two university professors with special expertise in capital market law.
“The examination and the expert reports come to the conclusion that there was no infringement of the law. However, the executive board and the supervisory board feel that the resolution to exonerate the two former members of the executive board should not be taken until investigations have been completed. Accordingly, the executive board and the supervisory board will propose to the annual general meeting on 29 January 2010 that the resolution on exonerating the former executive board members for the fiscal year 2008/09 be postponed.”
