Norway ’s sovereign wealth fund has reduced 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 . Asked by the FT if it showed VW was taking the fund for fools, Mr Slyngstad replied: “They are not listening clearly.” Almost 90 % of the company ’s shares are owned by the Porsche - Piech Group , the State of Lower Saxony and Qatar . Just one of VW ’s supervisory board members 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 .
Norway ’s sovereign wealth fund has reduced 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 Group , the State of Lower Saxony and Qatar . Just one of VW ’s supervisory board members 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 .