Volkswagen shareholders approve substantial dividend increase
- Shareholders return Prof. Dr. Ferdinand K. Piëch for a further term on the Supervisory Board
- Ursula M. Piëch elected as new member of Supervisory Board
The resolutions on formal approval of the actions of the members of the Board of Management and of the actions of the members of the Supervisory Board for fiscal 2011 were passed by 91.88 percent of the ordinary stockholders.
Prof. Dr. Ferdinand K. Piëch was returned for a further term on the Supervisory Board. The Annual General Meeting elected Ursula M. Piëch as a new member of the Supervisory Board. She succeeds Dr. Michael Frenzel whose term of office expired at the end of the Annual General Meeting. At the constituent meeting of the Supervisory Board held following the Annual General Meeting the members of the Supervisory Board elected Prof. Dr. Ferdinand K. Piëch for a further term as the Supervisory Board Chairman.
Furthermore, the shareholders at the Annual General Meeting authorized the Board of Management to issue a total of up to approximately 43 million new ordinary and/or preferred shares over the next five years. A Special Meeting of the Preferred Shareholders at which 36.46 percent of the preferred shareholders were present and represented also approved this resolution.
In addition, the Board of Management was granted a further authorization to repurchase up to ten percent of ordinary and/or preferred shares within the next five years.
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