Explainer-Volkswagen Law: the unique structure behind the German carmaker's labour clash [Yahoo! Finance Canada]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: Yahoo! Finance Canada
WHAT'S THE VOLKSWAGEN LAW? The strong influence of workers dates back to the early days of Volkswagen before World War Two, when the Nazis built Volkswagen's main factory in Wolfsburg with money that came in part from assets expropriated from trade unions. This, and the use of forced labour, formed the financial basis of the company. After the war, the British, who were responsible for the plant at the time, decided to place trusteeship of the company in public hands. To this day, the state of Lower Saxony, where Volkswagen is based and where it operates five of its six western German assembly plants, has a 20% voting stake. In 1960, when the company was changed to a joint stock corporation, the so-called Volkswagen law was passed, handing significant influence to Lower Saxony and workers in a bid to protect the business from outside influence. WHAT DOES IT SAY? There are two critical clauses. Decisions that normally require at least a three-quarters majority at the ann
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