Shareholders Oppose EY as Volkswagen’s Auditor

Volkswagen AG plans to reappoint Ernst & Young (EY) as auditors at its Annual General Meeting on May 16, 2025. This decision faces strong opposition from shareholders who have submitted a counter-motion to challenge the reappointment.

The opposition stems from EY's controversial involvement in the Wirecard scandal, where the firm has been criticized for its role and lack of accountability. Shareholders argue that EY's past conduct and refusal to negotiate compensation for Wirecard investors make them unsuitable as Volkswagen's auditor. Additionally, EY's recent change in legal form limits creditors' access to its assets, raising concerns about its ability to meet financial obligations.

Lawyer Dr. Wolfgang Schirp, representing the largest group of plaintiffs against EY, stated that EY’s reappointment is inappropriate due to their limited liability, which could undermine Volkswagen’s financial integrity. Shareholders, represented by Dr. Schirp, are urging for support against EY's reappointment.