ISS said supporting them would amount to “a tacit vote of confidence in the company’s management and policies”. Norway ’s sovereign wealth fund has cut its €1bn ($ 1tn ) 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 2019 . 0.77% of the company’s shares are owned by the International Shareholder Services -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 German fund is among investors suing VW over the emissions scandal.
Norway ’s sovereign wealth fund has cut its €1bn ($ 1tn ) 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 2019 . 0.77% of the company’s shares are owned by the International Shareholder Services -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 German fund is among investors suing VW over the emissions scandal.