BERLIN — Volkswagen Group shareholders renewed their criticism of CEO Oliver Blume’s twin roles, at the same time as they accredited a roughly 9.6 billion euro ($10.2 billion) particular dividend following the itemizing of Porsche.

Blume, who turned VW Group CEO in September, has continued as CEO of luxurious model Porsche even after its itemizing.

At a shareholder assembly on Friday to approve the particular dividend, Blume mentioned VW was performing effectively in onerous instances, along with his first 100 days spent on duties similar to reshuffling senior roles, defining its technique for China and North America, and revising its software program and platform technique.

Shareholders voted in favor of the particular dividend, with 99.9 p.c of votes.

But some traders together with DWS and investor affiliation SdK used the chance of the speeches forward of the vote to criticize Blume’s twin position as chief of each corporations, with DWS saying governance points have been dragging down VW’s valuation.

“We do not desire a part-time CEO – neither on the mom, nor the daughter firm,” mentioned Hendrik Schmidt of DWS, which holds 2 p.c of Volkswagen inventory in line with Eikon information.

“You’re always placing on completely different hats. It’s onerous for us to consider that this works at board conferences,” mentioned SdK consultant Mark Liebscher.Porsche shares have risen 18.5 p.c to 97.74 euros per share since opening at 82.50 on Sept. 29, whereas Volkswagen shares have risen simply 3.9 p.c to 133.56 euros in the identical interval.

Responding to the shareholders on Friday,  Blume defended his place. “I’ll maintain each roles long-term,” he mentioned.

EV, digital progress

VW finance chief Arno Antlitz mentioned the carmaker was assured it had “important potential” for a better valuation and that the market would quickly acknowledge it was making strides in its electrification and digitalization plans.

Blume mentioned VW was diversifying its world presence in mild of geopolitical tensions and {that a} resolution on a deliberate battery plant in japanese Europe, which was postponed final week, would come quickly.

Report power costs in Europe and excessive subsidies on provide within the U.S. have stirred unease amongst European policymakers that investments deliberate in Europe will as an alternative be made overseas.

VW was weighing up places based mostly not solely on the promised variety of vegetation per area – totalling six gigafactories for Europe, in line with the newest plans – however on demand from the electrical car ramp-up in every area, a supply near the corporate mentioned.

Blume mentioned the placement in japanese Europe would quickly be introduced, whereas the carmaker was additionally searching for a battery plant in Canada.

“We’re engaged on a globally balanced presence – in Europe, China and a robust third leg of North America,” Blume mentioned.