I am delighted to see major financial institutions stand up and be heard on conflict of interest issues, albeit one paid to write the report.
Onésimo Alvarez-Moro
See article:
Ferdinand Piëch should step down as supervisory board chairman of Volkswagen and no members of management or major shareholders from Porsche, the German carmaker's largest shareholder, should be appointed to the board, according to a report commissioned by VW.
Investment bank JPMorgan told VW's supervisory board on Monday that the fact that Porsche would be a major shareholder, business partner and competitor of VW at the same time created a potential for serious conflicts of interests and could deter joint ventures with other carmakers.
The bank recommended that it would be inappropriate for anyone from the Piëch and Porsche families, which together own all the voting rights at the sports car maker, or any Porsche executive, to sit on VW's supervisory board.
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