Overview

• VW's virtual AGM highlighted shareholder discontent with CEO Oliver Blume's dual leadership of Volkswagen and Porsche, with calls for him to relinquish one role.
• Blume defended his dual positions as a 'success recipe' but acknowledged the arrangement is not permanent, leaving the decision to the supervisory board.
• Investors criticized the lack of independence in VW's supervisory board, particularly questioning Chairman Hans Dieter Pötsch's neutrality as a major shareholder representative.
• Blume announced a dedicated plan for North American growth to address trade uncertainties, including U.S. subsidiaries' exemption from corporate diversity targets.
• Despite reporting a €12.4 billion profit for 2024 and approving €3.2 billion in dividends, VW emphasized the need for cost discipline amidst global trade and market challenges.