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Title:No room for Volkswagen in ethical investment universe
Date of publishing:October 01, 2015
Also available in the following languages:Dutch

No room for Volkswagen in ethical investment universe
October 01, 2015

Recent revelations about the use of emissions cheating software by car manufacturer Volkswagen have led to the instant removal of the company from the Ethibel Investment Register

Given the severity of the controversy concerning Volkswagen, the Board of Directors of Forum Ethibel, following the advice of the Register Committee, has decided to immediately remove the German car manufacturer from the Ethibel Excellence Investment Register. This investment register selects the best performing companies within each industry with regard to environmental, social and governance aspects. Following recent revelations Volkswagen no longer qualifies for this selection.

The revealed facts on the use of fraudulent software, which have been openly admitted by the CEO, signal a long lasting and deliberate attempt to mock the system. This severe manipulation and distortion of emissions tests is not a simple glitch, but the result of a strategic decision which was well thought through. Resulting from its actions, the company did not only damage the environment, but at the same time broke laws and deceived both clients and authorities. Even though Volkswagen is in many respects an excellent performer in terms of CSR, the company can no longer be included among the best-in-class companies in the sector based on this controversy.

As a result the shares of Volkswagen (DE0007664005) and Volkswagen Pref (DE0007664039), as well as the related corporate bonds, have been removed from the Ethibel Excellence Investment Register.

Consult the investment register