Volkswagen Act
1960 West German laws regarding privatisation and government control of companies / From Wikipedia, the free encyclopedia
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The Volkswagen Act is a set of German (originally West German) federal laws enacted in 1960, regulating the privatization of Volkswagenwerk GmbH into the Volkswagen Group.[1] In order to maintain government control in the privately owned company, it stipulated that the votes in major shareholder meeting resolutions require 4/5th (80%) agreement.[2] This part of the law was deemed to violate the "free movement of capital" principle of European Union corporate law.[3] After a series of challenges from 2007 to 2013, the German parliament finally amended the part in 2013 to EU Court of Justice satisfaction.[4]