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Has Porsche redefined itself?

Written by Andrew, Editor, Porsche360.com

Wednesday, 27 June 2007

Is anyone else getting tired of all of the Porsche/Volkswagen speculation that continues,
unabated, by all of the automotive media?

Any little sliver of information regarding the two auto makers and their relationship is analyzed
and picked apart like hyena on their latest kill.

In a staff meeting, Porsche CEO Wendelin Wiedeking addressed the recent media reports
regarding Porsche's take over of Volkswagen, further fueling the debate on whether or not
Porsche will become some overbearing controlling interest in the day to day operations of Volkswagen.

In a quick summary, Wiedeking told Porsche employees, “Volkswagen will remain Volkswagen.” There, enough said.

But that was merely a blip on the Porsche radar screen. Because of decisions made yesterday, Porsche AG is also ensuring that Porsche will remain Porsche. With a resolution decided during the Extraordinary General Meeting in Stuttgart, the business operations of Porsche AG will fall under a wholly-owned subsidiary or holding company, which will do business as a European Societas Europaea (SE) joint-stock corporation. The new holding company will be called Porsche Automobil Holding SE. Porsche AG will manage this operative subsidiary.

The 26 June marks a milestone in the history of Porsche so rich in tradition", stated Dr Wendelin Wiedeking, the President and Chief Executive Officer of the Company, at the beginning of the meeting, addressing the audience of approximately 1,500 shareholders. He added that it was important for shareholders to support this “policy of striking out" into the future.

Porsche AG, negotiating with Besondere Verhandlungsgremium (BVG, Special Negotation Board), reached an agreement regarding parity representation on the supervisory board of Porsche Automobil Holding SE.

The BVG was formed in its constitutive meeting on 10 May 2007 and is made up of 17 delegates from the Porsche Group and its national companies in the EU Member States Austria, Czech Republic, France, Germany, Great Britain, Ireland, Italy, and Spain, as well as representatives of the IG Metall German Metalworkers Union.

Chairman of the Group Works Council of Porsche AG, Uwe Hück, said he was satisfied with the results of the negotiations.

"Establishing the Holding was essential to maintain Porsche's independence and autonomy also in future – we want Porsche to remain Porsche. I believe that particularly with this in mind both sides have achieved a fair result," he said.

Hück explained that, through Porsche's workforce, Porsche AG established the "...economic foundation required for acquiring a stake in VW and increasing this participation beyond the 30-per cent level of Volkswagen common stock."

Any new entities that want to join the Holding in the future will be able to under the new agreement, becoming members of the SE Works Council. Employee seats on the SE Supervisory Board “will be spread out on a fair and equitable basis among all companies within the Group".

He added that the trade unions currently represented on Porsche's Supervisory Board will be receiving their seats on the new SE Supervisory Board in accordance with the German Co-Determination Act, in terms of both the number of seats and the right to propose members of the Supervisory Board. Hück: "The agreement we have now reached would also remain in force on a long-term basis if other Group companies joined the overall Group in addition to Dr. Ing. h.c. F. Porsche AG.

I think it's pretty obvious what Porsche has done with the formation of Porsche Automobil Holding SE. Not only are they better defining Porsche AG but they have succeeded in strengthening their ties to their greatest asset, the employees of Porsche AG, and their suppliers.

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Copyright © 2006 S. A. DeCaro

Last Updated ( Monday, 09 July 2007 )

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