Porsche 2011 Annual Report Download - page 44

In December 2011, a total of seven plaintiffs
filed a complaint against Porsche SE at the Stuttgart
Regional Court and asserted claims for damages
against the company totaling some 2 billion euro,
based on allegations of market manipulation and
inaccurate information in connection with the acquisi-
tion of a shareholding in Volkswagen AG in 2008. Six
of the plaintiffs are hedge funds that have also filed
claims against Porsche SE before a US federal court
that were dismissed in first instance. Porsche SE
considers the alleged claims to be without merit and
will defend itself against them.
For further explanations of the litigation de-
scribed above and of other damage claims asserted,
we refer to the section “Litigation risk” in the risk
report of Porsche SE this management report. Por-
sche SE considers all the damages claims asserted
in the USA to be legally insufficient and without merit
and all the damages claims asserted in Germany to
be without merit and will defend itself against them.
Changes to the executive board and
supervisory board of Porsche SE
Mr. Thomas Edig, member of the executive
board of Porsche SE, responsible for commercial
and administrative issues, will leave this board of his
own volition and in agreement with the supervisory
board on 29 February 2012 in order to focus on his
tasks on the board of Dr. Ing. h.c. F. Porsche Akti-
engesellschaft, Stuttgart ("Porsche AG") and vigor-
ously drive forward Strategy 2018. The supervisory
board of Porsche SE approved the premature termi-
nation of his appointment to the executive board in its
meeting on 27 February 2012. In June 2011, the
Porsche AG supervisory board had appointed Mr.
Thomas Edig deputy chairman, board member for
human resources and social issues, and labor director
for a further five years, effective as of 1 May 2012.
The control body appointed Mr. Philipp Alex-
ander Edward von Hagen, who is currently Director
Global Financial Advisory at Bankhaus Rothschild, to
the executive board of Porsche SE, effective as of
1 March 2012.
Effective 23 January 2012, Mr. Hansjörg
Schmierer was appointed to the supervisory board by
the court as an employee representative. He took over
this function at Porsche SE from Mr. Hans Baur, who
laid down his office effective as of 31 December 2011.
GROUP MANAGEMENT REPORT44