FRANKFURT, Germany – Volkswagen's board of directors has recommended shareholders formally approve the work of the company's top management team for last year despite the scandal over cars rigged to cheat on diesel emissions tests.
The recommendation is part of the agenda for the company's annual shareholder meeting on June 22. A vote to approve management's work for the year is mostly a formality at German annual meetings, though shareholders can show annoyance by withholding votes.
The company said Wednesday the board based its decision on information from the not-yet complete investigation by U.S. law firm Jones Day. It said that so far "no serious and manifest breaches of duty" by top managers had been found. Results of the investigation are to be published by year-end.