Volkswagen AG shareholders have approved a €9.6 billion special dividend following the IPO of its Porsche AG business.
The pay out amounts to about 49% of the proceeds from the stock market listing of Porsche.
At an extraordinary general meeting on Friday, shareholders also renewed their criticism of CEO Oliver Blume’s dual roles at the Volkswagen group and its Porsche unit.
Blume, who became group chief executive in September, has continued as CEO of Porsche even after its IPO.
“We don’t want a part-time CEO — neither at the mother, nor the daughter company,” said Hendrik Schmidt of DWS, which holds about 2% of Volkswagen stock.
SdK representative Mark Liebscher said: “You are constantly putting on different hats. It is hard for us to believe that this works at board meetings.”
Volkswagen AG said in a statement: “At the Extraordinary General Meeting of Volkswagen AG, the shareholders followed the proposal of the Board of Management and Supervisory Board and approved a special distribution of EUR 19.06 per ordinary and preferred share entitled to dividend with a majority of 99,9974 percent.
“This corresponds to a payout ratio of 49 percent of the total gross proceeds from the value of the placement of 25 percent of the preferred shares of Dr. Ing. h.c. F. Porsche AG before implementation of the stabilization measures in connection with the IPO of Dr. Ing. h.c. F. Porsche AG and from the sale of 25 percent plus one share of the ordinary shares of Dr. Ing. h.c. F. Porsche AG to Porsche Automobil Holding SE.