Shareholders attending and represented at the 52nd Annual General Meeting of Volkswagen Aktiengesellschaft, held in Hamburg yesterday, approved a substantial dividend increase.
The majority, 99.96 per cent, voted to pay a dividend of €3.00 (previous year: €2.20) per ordinary share and €3.06 (€2.26) per preferred share as recommended by the Board of Management and the Supervisory Board. Approximately €1.4 billion will be appropriated from the net profit of Volkswagen AG.The resolutions on formal approval of the actions of the members of the Board of Management and members of the Supervisory Board for fiscal 2011 were passed by 91.88 per cent of the ordinary stockholders.
Shareholders also decided to return Prof. Dr. Ferdinand K. Piëch for a further term on the Supervisory Board. The Annual General Meeting elected Ursula M. Piëch as a new member of the Supervisory Board and she succeeds Dr. Michael Frenzel who ended his term of office at the end of the Annual General Meeting. At the constituent meeting of the Supervisory Board which followed the Annual General Meeting, members of the Supervisory Board elected Prof. Dr. Ferdinand K. Piëch for a further term as the Supervisory Board Chairman.
Shareholders at the AGM authorised the Board of Management to issue up to approximately 43 million new ordinary and/or preferred shares over the next five years. A Special Meeting of the Preferred Shareholders, at which 36.46 per cent of the preferred shareholders were present and represented, also approved this resolution.
The Board of Management was granted a further authorisation to repurchase up to 10 per cent of ordinary and/or preferred shares within the next five years.
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