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

Blume, who grew to become group chief government in September, has continued as CEO of luxurious model Porsche even after its itemizing, prompting considerations amongst some buyers in regards to the pressures on his time and potential conflicts of curiosity.

At a shareholder assembly to approve the particular dividend, Blume mentioned Volkswagen was performing properly in arduous instances, together with his first 100 days spent on duties comparable 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 on Friday, with 99.9% of votes.

But some buyers 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 Volkswagen’s valuation.

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

“You’re continually placing on totally different hats. It’s arduous for us to imagine that this works at board conferences,” mentioned SdK consultant Mark Liebscher.

Porsche shares have risen 18.5 p.c to $103.60 per share since opening at $87.44 on Sept. 29, whereas Volkswagen shares have risen simply 3.9 p.c to $141.56 in the identical interval.

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

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

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

Document vitality costs in Europe and excessive subsidies on provide in the US have stirred unease amongst European policymakers that investments deliberate in Europe will as an alternative be made overseas.

Volkswagen was weighing up places primarily based not solely on the promised variety of vegetation per area – totaling six gigafactories for Europe, in line with the latest plans – however on demand from the electrical automobile ramp-up in every area, a supply near the corporate mentioned.

Nonetheless, 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 powerful third leg of North America,” Blume mentioned.