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Hermes’ vote of no confidence in Volkswagen and the elusive Jones Day Report
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The pressure on Volkswagen bosses intensified earlier this year when asset management company Hermes called for a vote of no confidence against Volkswagen management.
More importantly, further focus is being drawn on the findings of the elusive Jones Day report; a report that may contain key evidence about the Volkswagen Emissions Scandal that has yet to be published. The report was the result of a meticulous investigation into the scandal, but all that has been given to the public and governments is a summary, which we say is not good enough.
The call for the vote of no confidence from Hermes reportedly followed “an independent evaluation of the board because of concerns over its composition and effectiveness, doubts over its independence and worries about gaps in its experience.”
Hans-Christoph Hirt, head of Hermes EOS, is saying exactly what’s on many people’s minds and has now gone as far as to urge shareholders to back a ‘no confidence’ vote against VW boss Matthias Muller:
“Our recommendation to vote against the discharge of the management and supervisory boards rests on VW’s unsatisfactory progress in uncovering the corporate governance and culture problems which contributed to the emissions scandal… We think VW has failed to systematically address those problems.”
Many suspect that there is a wealth of damning evidence contained in the report, which is why it has not been released. The published “summary” is not good enough – we are not confident that it’s a fair reflection of the findings in the report, despite assertions from VW bosses that it is.
We suspect there is key information that may indict top individuals in the company, which would explain why the report is not being published. We can only speculate, but we share the suspicions of many who suggest this may be the case. Volkswagen owners, governments and the general public should have access to the full findings, and any reluctance to release the findings can be seen as suspicious.
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