Norway’s sovereign wealth fund has cut its €1bn ($1.1bn) stake in Volkswagen to 0.77% from 1.32% amid a dispute about corporate governance and the company’s diesel emissions scandal. The $1tn oil fund had been VW’s largest independent voting shareholder for six years. Almost 90% of the company’s shares are owned by the Porsche-Piech family, the State of Lower Saxony and Qatar. In Germany, VW is being investigated over allegations that it installed software designed to cheat on pollution tests during the development phase of diesel-powered cars. The Norwegian fund is among investors suing VW over the emissions scandal.
Norway’s sovereign wealth fund has cut its €1bn ($1.1bn) stake in Volkswagen to 0.77% from 1.32% amid a dispute about corporate governance and the company’s diesel emissions scandal. The $1tn oil fund had been VW’s largest independent voting shareholder for six years. Almost 90% of the company’s shares are owned by the Porsche-Piech family, the State of Lower Saxony and Qatar. Just one of VW’s supervisory board directors is independent and International Shareholder Services has given the carmaker its lowest corporate governance rating. The Norwegian fund is among investors suing VW over the emissions scandal.