The Porsche and Piech families have agreed: "We stand united behind all decisions"



    Information to staff regarding a works meeting

    STUTTGART, Oct. 24 /CNW/ - In an additional works meeting today, Dr.
Wolfgang Porsche, partner and chairman of the supervisory board of Porsche
Automobil Holding SE and Dr. Ing. h.c. F. Porsche AG, Stuttgart, and group
works council chairman Uwe Huck answered the outstanding questions surrounding
the takeover of VW by Porsche in front of the staff of the sports car
manufacturer. The public discussion had led to irritation, including among
Porsche staff.
    Wolfgang Porsche stressed that at a meeting of the Porsche and Piech
families the previous weekend, alongside the other family members Dr.
Ferdinand Piech had also clearly stated that he unreservedly supports the
course of Porsche Automobil Holding SE in all points and is fully and entirely
behind the chairmen Dr. Wiedeking and Holger Harter and their work. Wolfgang
Porsche said: "If there were uncertainties over the shared goals of the
families in the VW acquisition, this was not in the interest of Ferdinand
Piech."
    He continued, saying that the codetermination agreement was a point of
dispute between the union representatives of Porsche and VW. In this context,
Ferdinand Piech, who is chairman of the VW supervisory board, stated that this
agreement met with his total support.
    The composition of the supervisory board, with three members each from
Porsche and VW staff, is appropriate to the structure of the group. Wolfgang
Porsche explained, "My cousin Ferdinand Piech is convinced that this
codetermination agreement has achieved a suitable solution for both
workforces."
    With a view to the VW supervisory board meeting on September 12, 2008,
when it was decided, in the absence of Ferdinand Piech, to create a committee
for special business relationships, said Wolfgang Porsche: "This committee has
been legally examined with the conclusion that it encroaches too much on the
competences of the VW board. That's why Ferdinand Piech will request the
dissolution of this committee at the next VW supervisory board meeting."
    A new edition of the VW law is also untenable, not only in the view of
Porsche, but also clearly in the opinion of Ferdinand Piech - especially after
the far-reaching concessions offered by the board of Porsche SE on the
question of job security.
    Wolfgang Porsche stressed that the Porsche and Piech families had always
fulfilled their role with the necessary responsibility and personal
commitment. To explain, he said, "In this context, however, responsibility
also means that the families stand united behind all decisions that are
reached together." Alongside Ferdinand Piech, he is firmly convinced that the
board of Porsche Automobil Holding SE and Porsche AG, with the support of the
VW board and the two workforces can lead the combined company to a successful
future in the current difficult economic climate.
    The group works council chairman Uwe Huck indicated that there had been
significant uncertainty within the Porsche workforce over the last few weeks
regarding the future of Porsche. "Porsche staff want to remain independent in
the future", emphasized Huck. He indicated that he is still willing to
compromise with the VW group works council on the subject of codetermination.
According to Huck, it is necessary to hold on to the right of veto regarding
the termination of the codetermination agreement. Without this right of veto,
VW could terminate the codetermination agreement and outvote the workforces of
small sub-groups on all matters through its pure size. However, the Porsche
workforce does not consider this to be acceptable. Huck consequently welcomed
the news that the codetermination agreement also enjoys unreserved support
from Ferdinand Piech.
    Huck concluded by saying, "We should now agree with employee
representatives from VW, because both Porsche and VW are great companies with
great staff". He emphasized that Porsche staff are keen to work together with
the staff of VW.





For further information:

For further information: Laurance Yap, Manager, Public Relations, (905)
219-2195, laurance.yap@porsche.ca

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