EY must not become auditor of Volkswagen AG again! Shareholders submit counter-motion to the General Meeting on May 16th 2025 and ask for support

EY must not become auditor of Volkswagen AG again!

Shareholders submit counter-motion to the Annual General Meeting on 16 May 2025 and ask for support

Volkswagen AG is planning to reappoint Ernst & Young (EY) as auditors at the Annual General Meeting on 16 May 2025. This has provoked vigorous opposition from shareholders.

What these shareholders are criticising: The reappointment of EY for the important office of auditor cannot be reconciled with EY's negative role in the Wirecard scandal. This is all the more true as EY has so far not only refused to clarify its role in the Wirecard scandal, but is also not prepared to negotiate compensation for Wirecard investors. What's more, in January/February 2024, the German EY subsidiary underwent a spectacular change of legal form. This change in legal form has significantly limited creditors' access to the assets of the formerly uniform German EY national company. In other words: EY has made itself small in order to be able to flee into insolvency in the event of danger.

Lawyer Dr Wolfgang Schirp, Berlin, whose law firm is representing the largest group of plaintiffs against EY: "We have no sympathy for the fact that EY is to be reappointed as auditor by Volkswagen. EY is one of those responsible for the Wirecard scandal, the biggest financial scandal in German history. EY expressly refuses to comply with a request from the highest court of Bavaria and to endeavour to reach a settlement with the injured parties."

Dr Schirp continued: "Volkswagen AG is also harming itself by engaging EY. The change of legal form in January/February 2024 means that EY's total liability is limited to the liable capital entered in the commercial register. This is an amount of approximately EUR 2 million. Such a low liability amount is no longer appropriate for the size of the task at Volkswagen AG, nor for the amount of the expected fee. EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft would no longer be in a position to adequately cover possible claims. Why does Volkswagen engage a contractual partner such as EY, which makes itself look small and thus makes it clear that it does not intend to comply with court judgements, but instead wants to flee into insolvency if necessary?"   

Shareholders represented by Dr. Schirp have therefore submitted a counter-motion to the Annual General Meeting of Volkswagen AG on May 16th and ask all other shareholders explicitly for their support. 

For further questions please contact Lawyer Dr Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte mbB, Kantstraße 149, D - 10623 Berlin, Tel. 0049-179-5320213, mail: schirp@schirp.com, URL: www.schirp.com