Porsche 2012 Annual Report Download - page 125

acquisition of a stake in Volkswagen AG during
2008. Two of the market participants had effected
service of the above mentioned reminder notices
before. The total amount claimed by the three
market participants out-of-court amounts to
around 31 million euro. Porsche SE considers the
claims to be without merit and has rejected them.
Proceedings regarding shareholders’ actions
In its appeal judgment of 29 February 2012, the
Higher Regional Court of Stuttgart declared the
resolution of the annual general meeting of 29
January 2010 on the exoneration of the superviso-
ry board for the fiscal year 2008/09 null and void.
The first-instance decision of the Regional Court of
Stuttgart of 17 May 2011 in favor of Porsche SE
was altered accordingly. The Higher Regional
Court of Stuttgart did not permit leave to appeal to
the German Federal Court of Justice. Porsche SE
then lodged an appeal with the Federal Court of
Justice against the denial of leave to appeal. Fol-
lowing the dismissal of this appeal by the Federal
Court of Justice in its ruling of 6 November 2012,
the decision of the Higher Regional Court of
Stuttgart is final and legally binding.
In its ruling of 17 April 2012, the Federal Court
of Justice dismissed the appeal lodged by two
shareholders against the Higher Regional Court of
Stuttgart’s denial of leave to appeal against its
ruling of 17 November 2010. In this ruling, the
Higher Regional Court of Stuttgart dismissed ac-
tions of nullity and for annulment regarding the
resolutions of the annual general meeting on
30 January 2009, and upheld the first-instance
decision of the Regional Court of Stuttgart of 28
May 2010 in favor of Porsche SE. The dismissal of
the appeal against the denial of leave to appeal
clarifies that the resolutions of the annual general
meeting on the exoneration of the executive board
and supervisory board, the supervisory board
election, and the remuneration of the first supervi-
sory board of Porsche SE remain effective.
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