The carmaker said in a statement that Hartz, during whose tenure the Pensions Trust was set up in 2001, tendered his resignation today. Hartz is a prominent figure who has also lent his name to unemployment legislation for the Schroeder government.
The trust is a German Pensionsfonds, meaning that unlike other pension vehicles, it does not face investment restrictions about equities or alternative investments like hedge funds. The fund serves 168,000 employees at the Volkswagen car group.
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