When market forces confront entrenched banking and family corporate interests, very little gives in Europe. And for all the efforts to enhance the governance of listed companies to protect minority shareholders, big and not so big financial and family block holders show no sign of abdicating their traditional control.
If anything, they are leading a rearguard action to reassert themselves. In Germany, Volkswagen's veteran non-executive chairman, whose family controls Porsche, has every intention of holding on to his job in spite of the blatant conflict of interest with Porsche now becoming VW's largest shareholder.
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