Composition of the
In view of the purpose of the Company, its size and the extent of its international activities, the Supervisory Board of Volkswagen AG strives to take the following criteria into account in its composition:
- At least three members of the Supervisory Board should be persons who embody in particular the characteristic of internationality.
- At least four shareholder representative members of the Supervisory Board should be persons who do not represent potential conflicts of interest, particularly conflicts of interest that could arise through a position as a consultant or member of the governing bodies of customers, suppliers, lenders, or other third parties.
- In addition, at least four of the shareholder representatives must be persons who are independent as defined by article 5.4.2 of the German Corporate Governance Code.
- At least three Supervisory Board members should be women, including at least two female shareholder representatives.
- In addition, proposals for elections should not normally include persons who will have reached the age of 75 by the time the election takes place.
The first four criteria have already been met. As a rule, individuals will also not be proposed for election to the Supervisory Board if they are 75 or older at the time of the election.