Porsche SE, the new Porsche holding company, will hold its first ordinary general shareholder meeting this Friday.
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Several thousand shareholders are expected to attend the meeting, according to Automobilwoche. It has been told by sources within the company that Porsche chief Wendelin Wiedeking will, amongst other things, address environmental and climate change issues.
Wiedeking’s record pay for the 2006/2007 financial year, reportedly over EUR60m, is another major item that shareholders are expected to discuss.
Wiedeking is not expected to discuss the dispute over the make-up of the Porsche SE works council. Volkswagen’s works council has raised objections over the fact that it will have the same number of representatives on the board as Porsche, even though Porsche represents substantially fewer workers.
Although this subject may not be addressed fully at the shareholder meeting, Automobilwoche said that negotiations are going on behind the scenes, with the IG Metall union helping to work on a successful outcome.
Porsche is expected to increase its share in Volkswagen to more than 50% this year, which would mean Volkswagen would be fully controlled by Porsche SE. In the past Volkswagen workers have had a co-management role and have influenced major decisions such as where future models will be built. They would see their influence diluted in the Porsche SE set up as, of a supervisory board consisting of 12 members, Volkswagen and Porsche would each have three members.
