Qatar to get only one Volkswagen board seat
By Andrew C., 26 Aug, 2010. 0 Comments
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A source said that Qatar will have one seat at the regular supervisory meeting in spring 2010 but in the medium term it could get a second one. The source, who had spoken to Reuters, is reportedly close to the government of the German state of Lower Saxony, which controls one fifth of VW's voting shares and holds a blocking minority in Europe 's biggest carmaker. Meanwhile, German business monthly Manager Magazin said that Qatar was pushing to have two seats as soon as it raises its stake to about 17% however, VW's supervisory board chairman Ferdinand Piech was willing to grant it only one seat. An unnamed VW executive said that Piech feared that the Porsche and Piech families could lose power at VW if Qatar and Lower Saxony were together to hold as many board seats as the owner families. The board has 20 seats, half of which are reserved for labor representatives. Volkswagen declined to comment while Qatar was not immediately available for comment.
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