Volkswagen’s Supervisory Board reaches agreement with Prof. Martin Winterkorn on EUR 11.2 million in compensation
Based on the outcome of this investigation, the Supervisory Board has concluded that Prof. Winterkorn breached his duties of care as former Chairman of the Board of Management of Volkswagen AG by failing, in the period from 27 July 2015 on, to comprehensively and promptly clarify the circumstances behind the use of unlawful software functions in 2.0l TDI diesel engines sold in the North American market between 2009 and 2015.
The Supervisory Board further concluded that Rupert Stadler breached his duties of care by failing, in the period from 21 September 2016 on, to ensure that 3.0l and 4.2l V-TDI diesel engines developed by Audi that had been installed in EU vehicles of Volkswagen, AUDI and Porsche were investigated with regard to unlawful software functions.
Porsche AG also examined the results of the investigations of the Supervisory Boards of their respective companies and based their resolutions on expert opinions drawn up by Gleiss Lutz, which concluded that negligent breaches of duty had occurred. In this connection, an agreement was reached with the former member of the Board of Management of AUDI AG, Dr. Stefan Knirsch, on an amount of EUR 1 million as well as with the former member of the Board of Management of Porsche, Wolfgang Hatz, on an amount of EUR 1.5 million.
Jun 11, 2021 at 16:18