the volkswagen scandal from the viewpoint of corporate governance
However, although the more cynically minded would seriously subscribe to this view, there has been a very dramatic upturn in an interest in ethical considerations by business leaders and professional business organisations partly as a result of the demands of societies which have had to bear the cost of spectacular corporate collapses and the unscrupulous business activities of a minority of business practitioners. and At their heart are some stark lessons for leaders and organisations; lessons that firms have been slow to learn, but which will not go away and need to be addressed. Compare Standard and Premium Digital here. Conn. L. Rev. 2022. Good corporate governance is important in management of all organizations. Bertina Murkovic. 11 Jim Puzzanghera and Jerry Hirsch, ibid. Atawnah, Nader The financial hit, significant. Content may require purchase if you do not have access. To learn more, view ourPrivacy Policy. The attempt to rework an ethic of virtue can only succeed if the context has been created to enable the social identity required by that ethic, a social identity which connects individual self-interest and the social interest. Simply log into Settings & Account and select "Cancel" on the right-hand side. Still, even though there are only two challenges presented, there is still an opportunity to analyse them from the perspective of different approaches to ethics and corporate governance. The needed corrections were deemed undesirable, and the financial incentives and temptation to cheat proved too great. Without that identity, there is no connection between individual action and overall good, something which inhibits the individual from engaging in action for the greater good. Poor corporate governance is always dangerous. This structure of governing the organization has been the . Amajuoyi, Ugochi C. It is clear that the 'diesel-gate' scandal lays down major ethical issues and the root of this catastrophe is unsound corporate governance within Volkswagen. 6 Kenneth R. Gray, Larry A. Frieder and George W. Clark Jr., ibid. These cookies track visitors across websites and collect information to provide customized ads. The defeat device did not only violate the Clean Air Act and cheat people into false carbon emissions test, but also the bigger picture is outlined with regards to various effects on stakeholders. As such, any executives and managers who view their corporation under Artificial Theory would argue that there is indeed a social responsibility (Millon, 1990). It has often been suggested by some that the expression business ethics is an oxymoron it employs contradictory terms because business seeks to optimise or maximise gains from its operations while ethics implies a very different basis for business practices. Specifically, it was discovered that VW had intentionally been using technology for the purpose of emission rigging. The German Corporate Governance Code contains recommendations and suggestions for good and responsible corporate management and supervision. cookies On German company law, see the Study on Directors Duties and Liabilities, ibid, pp. Zaman, Rashid 31 Volkswagen, Annual Report 2014, Online: http://annualreport2014.volkswagenag.com/group-management-report/goals-and-strategies.html (last accessed Feb. 9, 2016). This research participates to those papers through the usage and emphasis of its critique and analytic research as the foundation of tackling the Volkswagen emission scandal. "The governance of Volkswagen was a breeding ground for scandal," said Charles M. Elson, professor of finance and director of the John L. Weinberg Center for Corporate Governance at the . The total penalties paid internationally has totaled $35 billion. Corporations are usually tr. 8991 The only outside member of the supervisory board, Ms. Annika Falkengren, is the chief executive of Swedish Bank SEB, adviser to one of Volkswagens 12 brands Scania. This article examines the Volkswagen emissions scandal in terms of corporate governance failure. and For issues on a scale as large as this, there should be a sound whistle blowing system in place to alert the correct people of such instances, so action can be taken before any issue further escalates. The emissions scandal has not only damaged Volkswagen, but also raised suspicion against other German car makers. boosted their sales across the ocean - as well as on the home continent. The Volkswagen Scandal from the Viewpoint of Corporate Financial Services Law Research Group, Faculty of Law, Universit Laval (Quebec), https://doi.org/10.1017/S1867299X0000533X, Get access to the full version of this content by using one of the access options below. 20 January 2017. Even though the majority of the articles deal with the American reality, most of the knowledge gained is easily transferable to other nations. Min, Anna If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Corporate governance establishes a framework for managing and supervising a company. Gaim, Medhanie and 7, Iss. If there is a problem found, such as a defect in a product, this can be easily fixed by repairing and making reparations for the defective part. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. In Germany, stock corporation law provides for a mandatory two-tier board structure which includes a supervisory board and a management board. Ethics plays an important role in determining whether specific business practices are acceptable. Bainbridge, Stephen M., Corporation Law and Economics, (New York : Foundation Press), 2002, pp. 1, (2016): 25-31. The only outside member of the supervisory board, Ms. Annika Falkengren, is the chief executive of Swedish Bank SEB, adviser to one of Volkswagens 12 brands Scania. Locke, Edwin A., Goal Setting: a motivational technique that works!, (Englewood Cliffs: Prentice-Hall) 1984 Anjuli, Unruh This usually leads to advantageous comparison wherein you look at yourself and say what I am doing is not nearly as bad as what my competitor is doing or I have to do this in order to make this a level playing field.. Crossan, Mary M. Some, maybe. 6381 Total loading time: 0.403 How can we build community? Many of the. I work in the tradition of virtue ethics and am developing the notion of ecological virtue. cant find anywhere else. That means that the common good is something abstract and that all appeals to such a good are lacking in social relevance; they presume a social identity that does not exist. is accepted for publication in Business Ethics: A . Cambridge University Press is committed by its charter to disseminate knowledge as widely as possible across the globe. This site uses cookies. He led with what the Independent Compliance Monitor, Larry D. Thompson, said: "Volkswagen is a better . alexander.hunger@volkswagen.de, +49 5361 947 420 or. Patrick, Ulrich VW has survived its scandal and reputation crisis, but has VW learned from it? In 2015, the company confessed to cheating emissions tests on 11 million vehicles across the globe. ), Corporate Scandals The Many Faces of Greed, Governance Failures of the Enron Board and the New Information Order of Sarbanes-Oxley, Risk management and the board of directors: lessons to be learned from UBS, Legal Risk, Management, Governance and Compliance: A Guide to Best Practice from Leading Experts, Risk Management in Organizations. Lee, Won Seok The agency had found that Volkswagen had intentionally programmed turbocharged direct injection (TDI) diesel engines to activate their . The company has paid a whopping $9.5 billion in the last four years to American car owners. Available from: https://www.researchgate.net/publication/274138249_LEADERSHIP_ETHICS_A_Discussion_of_Ethical_Leadership_Theories__Dilemmas [accessed Mar 28, 2015]. Or will the company repeat its errors, as other organizations do? Martin Winterkorn Resigns Amid Emissions Scandal, New York Times, Sept. 23, 2015, Online: http://www.nytimes.com/2015/09/24/business/international/volkswagen-chief-martin-winterkorn-resigns-amid-emissions-scandal.html (last accessed Feb. 9, 2016); Russell Hotten, Volkswagen: The Scandal explained, BBC News, Dec. 10, 2015, Online: http://www.bbc.com/news/business-34324772 (last accessed Feb. 9, 2016); Antony Currie and Olaf Storbeck, Volkswagen Debacle on Financial Par With BP Oil Spill, New York Times, Sept. 22, 2015, Online: http://www.nytimes.com/2015/09/23/business/dealbook/volkswagen-debacle-on-financial-par-with-bp-oil-spill.html?_r=0 (last accessed Feb. 9, 2016); William Boston, Friedrich Geiger and Mike Spector, Audi Engines Implicated in Volkswagen Emissions Scandal. Members of the supervisory board include the Porsche and Pich families (5 seats), the State of Lower Saxony (2 seats), and Qatar Investment Holdings (2 seats). With regard to a change in Volkswagens corporate structure that has been deemed responsible for fostering a dysfunctional corporate culture at VW, it is clear the structure of the supervisory board must change. It has been suggested that the Porsche and Pich family, the state government and Qatari fund all give up half of their seats on the supervisory board. In the forthcoming book, Being and Place, I address the question of why, despite a wealth of knowledge and know-how, we are failing to respond to social and ecological crisis and bring about the ecological society. For cost savings, you can change your plan at any time online in the Settings & Account section. 37-53Google Scholar; Ejan Mackaay and Stphane Rousseau, Analyse conomique du droit, 2nd ed., (Paris: Dalloz), 2008, p. 512523, 526-544, 545 and ff. 9 CrossRefGoogle Scholar; see also, This sole independent director is therefore not entirely independent. The solutions to our crises, I argue, are within our grasp and can be achieved through practising a notion of eco-praxis. nUxpMc0UKz8Ml3kBmCZw/w==:RDIKKJB+8QZzZoRmwpAN3UASDC9zK3xvdUmh7CBXgmY65bcovuTOBxoxAj5xXg3+ayFAPbyo3s7SmKIzUS7WuwgZz1zjD4nAMjSG+eMna+cwtwJucv0Fml2qVY9s08WujpbLywZvV6AsgZW34NtBvJ8/Eb90MeK1kJEj/9TuLLoEBhpAqjNqNLZalGEijKon48r1/JtC2LmOlnRCcc1qLWSNY+6OkpVrWLY/5t9dlf+IVSz781Adi6oVfvx5b92X30n3nNz2AWEzwQWOe+VeRQCQ7Vd152NifRtlzEb7QgV9otjx23iJ9BrOE4jIXXomSN11F1nGDZebJsNMzaYOYoc0494VhwQt5h+ft60wcB3r13xelEwveQp9Nc6XLfOC1PK6kczUWcQfHsdKTHashA==. Goal Setting: a motivational technique that works! This cookie is set by GDPR Cookie Consent plugin. Sorry, preview is currently unavailable. As for estimates of the overall costs of the scandal, U.K. media reports place analysts' estimates of the final . ulrich.hauswaldt@volkswagen.de, +49 5361 942224. who are responsible for ESG within the IR Team. 191 and ff.Google Scholar ; in Canada, see These scandals show that simply adopting Anglophone ideas of governance and labour market reform will not necessarily create better corporate governance in Germany. Experts say ethics took back seat in corporate culture The scandal over Volkswagen's rigged emissions testing, which has led to criminal charges and has so far cost the company more than $20 billion in fines, penalties and other legal settlements, can be blamed largely on the automaker's corporate culture. Buried beneath the headlines about the recent revelations at Volkswagen are some worrying details, reminiscent of the banking crisis. This idea is reinforced by (Daniel) Kahnemans work on the System 1 (automatic) and System 2 (rational deliberation) thinking.. The blame-shifting and attempt at exonerating oneself organizationally or individually is not just poor form; it is considered contemptuous to throw your team into the fire, given that the professionals are doing as expected and uncertainty or fear is a very real component of psychological safety. As social beings, our lives are governed by collective forces. Indirect blindness comes in when I, the executive, do not actually participate in the unethical behavior but rather, someone on the lower rungs of the organization actually creates the transactions necessary for the unethical behavior to succeed, Hood says. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Osuji, Onyeka K. and 3 Volkswagen, News: Volkswagen making good progress with its investigation, technical solutions, and Group realignment, Dec. 10, 2015: Online: http://www.volkswagenag.com/content/vwcorp/info_center/en/news/2015/12/VW_PK.html (last accessed Feb. 9, 2016). The truth is that the vices of endless production production for the sake of production, accumulation of means for the sake of means is without end and is a nihilism - and overconsumption are undermining the social and ecological bases of civilised life. As the Volkswagen case has shown, a better place to locate business ethics is in practical modes of dissent and disturbance to corporate sovereignty arising within civil society. First and foremost, the study presents the corporate structure of the organization as an unusual one. This is a short preview of the document. Volkswagen scandal: Bad governance is often a sign of trouble ahead. Cambridge Journals publishes over 250 peer-reviewed academic journals across a wide range of subject areas, in print and online. There is a tough market in America for cars, and as previously discussed there are strict emissions standards in the US. The present paper reviews the literature on business ethics with a special focus in marketing ethics. What is the practical relevance of ethics and philosophy? This government commission reviews the German Corporate Governance Code on an annual basis and arranges for any necessary amendments or updates. Corporate governance scholarship has long considered the problems that arise in public companies with dispersed ownership. With VW cars appearing to be very efficient, this would have likely boosted their sales across the ocean - as well as on the home continent. Mocciaro Li Destri, Arabella A major priority for the state is to protect jobs and employment, and as a result sides more naturally with the employee and trade union representatives who make up the other half of the board (Gordon, 2016). Latham, Gary P. and Locke, Edwin A., What Should Count as Evidence against the Use of Goal Setting?, 23(3) Academy of Management Perspectives (2009), pp. The company has paid a whopping $9.5 billion in the last four years to American car owners. Additionally, Lower Saxony, holding 20% of the voting rights has a blocking minority normally reserved for investors with at least 25% (Gordon, 2016). What Should Count as Evidence against the Use of Goal Setting? Whats the bid for this rarest of Bugattis? and other data for a number of reasons, such as keeping FT Sites reliable and secure, Leadership lessons from the Volkswagen scandal. After deep analysis, Volkswagen's corporate culture was ruled by fear and managers were exposed to pressure methods. What makes this a compelling case study is their fall to a disgraceful position and attempt at an image makeover. Dumitru, Mdlina Analytical cookies are used to understand how visitors interact with the website. No subscription fees, no paywalls. ), The Anatomy of Corporate Law A Comparative and Functional Approach, 2nd ed., (Oxford: Oxford University Press), 2009, pp. Martin Winterkorn Resigns Amid Emissions Scandal, supra note 1; for other comments on VW corporate governance, see James B. Stewart, Problems at Volkswagen Start in the Boardroom, New York Times, Sept. 24, 2015, Online: http://www.nytimes.com/2015/09/25/business/international/problems-at-volkswagen-start-in-the-boardroom.html?_r=0 (last accessed Feb. 9, 2016); 24 Volkswagen, News: Volkswagen making good progress with its investigation, technical solutions, and Group realignment, supra note 3, at 3. The German carmaker is engulfed in the worst scandal in its 78-year history after it admitted to manipulating emissions test data on its diesel vehicles in the US and Europe. And Volkswagen is not the only corporation. Click to read more coverage and analysis of the Volkswagen scandal, Expectations mixed with unexpected developments, stress, psychology and intent are strong drivers of predictable behavior. Feleag, Liliana Close this message to accept cookies or find out how to manage your cookie settings. Although the primary cause of the emissions scandal at Volkswagen appears to have been misfeasance and malfeasance on a corporate-wide scale, we argue that such a problematic culture existed at Volkswagen because of the composition of the board itself in combination with the unique governance structure known as co-determination, that defines many German companies, including VW. Standard Digital includes access to a wealth of global news, analysis and expert opinion. The German Corporate Governance Code contains recommendations and suggestions for good and responsible corporate management and supervision. Therefore, a fair judgement would be that the provision of performance-related pay may be tied directly to the governance failure of Volkswagen. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". As we look at Wirecard, Enron, etc., the executive decision-makers are assisted in their deviation from the ethical path by both motivated blindness and indirect blindness, Hood says. According to CNN Money, Volkswagen's emissions scandal could be far more painful for investors than BP's disastrous 2010 oil spill in the Gulf of Mexico. This was especially notable in the aftermath of the Volkswagen scandal. European Journal of Economics and Business Studies, Theoretical Article on the concept of ethics and journalism practice in Nigeria for Mass Communication Students, Corporate Social Responsibility: A Three-Domain Approach, Business ethics: A literature review with a focus on marketing ethics, Nigerian Building Professionals' Ethical Ideology and Perceived Ethical Judgement, Being and Place: Reason, Nature and Society, LEADERSHIP ETHICS A Discussion of Ethical Leadership Theories & Dilemmas, THE BUG AT VOLKSWAGEN: LESSONS IN CO-DETERMINATION, OWNERSHIP AND BOARD STRUCTURE, The ethics of shareholder value: Duty, rights & football, Accounting Theory and Practice: the Ethical Dimension, THE IMPACT OF SOCIAL AND DEMOGRAPHIC VARIABLES ON ETHICAL DECISION MAKING: EXPLORATORY STUDY, Business Ethics: a Helpful Hybrid In Search of Integrity, Buku 1 business ethics third edition laurap 140926035658 phpapp, Accountingandbusinessethicsanintroduction 131023180153 phpapp, PART 1 SEEING THE MORAL DIMENSION IN BUSINESS, A Narrative Review Of Ethics Theories: Teleological &Deontological Ethics, BUSINESS ETHICS TEXT BOOK PROF DR C KARTHIKEYAN PDF[1], Managing Impressions Rather Than Emissions: Volkswagen and the false mastery of paradox, Volkswagen -The Failure of Perfection and Moral Hazard: What Price Victory, A Fresh Apple or a New Barrel: Business Ethics from an Individual to Corporate Level. Bainbridge, ibid, p. 194, 195 ; Martin Lipton, Daniel A. Neff, Andrew R. Brownstein, Steven A. Rosenblum, Adam O. Emmerich, supra note 9 ; in Canada, see R. Crte and S. Rousseau, ibid, pp. Another factor is the competitive nature of business in general and the natural personality of leadership or a leadership team. Its reasonable to suppose that moral courage was either insufficient at VW or absent altogether. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. 16 In US, see S.M. In recent years, the business ethics literature has exploded in both volume and importance. Google Scholar; Martin Lipton, Daniel A. Neff, Andrew R. Brownstein, Steven A. Rosenblum, Adam O. Emmerich, Risk Management and the Board of Directors, Harvard Law School Forum on Corporate Governance and Financial Regulation, July 28, 2015, Online : https://corpgov.law.harvard.edu/2015/07/28/risk-management-and-the-board-of-directors-3/ (last accessed Feb. 26, 2016). 1, 2. 15 ; Grit Tngler, The Anglo-American Board of Directors and the German Supervisory Board Marionnettes in a Puppet Theatre of Corporate Governance or Efficient Controlling Devices?, Vol. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Feature Flags: { We also use third-party cookies that help us analyze and understand how you use this website. This leads to indirect blindness since I did not take part in the mechanics of the process, Hood says, as an example of how this works. We also considered some of the consequences that seemed likely, and the implications for corporate governance changes most observers deemed imperative. When scandals break senior heads roll to save face; but the real responsibility is often deeper in the organization and to do with the corporate culture. Volkswagens finance director at the time of the scandal, Hans Dieter Ptsch, had a close relationship with the Porsche-Pich family. This will represent fresh blood to re-establish credibility, that is a prerequisite for a return to normality according to Christian Strenger, member of Germanys corporate governance commission (McAleer, 2016). You can call the virtues qualities for successful/sustainable living, and such qualities are to be defined in terms of the ecological conditions for human and planetary flourishing. An Integrated Case Study Approach, A Primer on Enron : Lessons from a Perfect Storm of Financial Reporting, Corporate Governance and Ethical Culture Failures, Financial Fraud Prevention and Detection: Governance and Effective Practices, The Anatomy of Corporate Law A Comparative and Functional Approach, New developments in goal setting and task performance, Building a Practically Useful Theory of Goal Setting and Task Motivation A 35 Year Odyssey. Foreign observers blamed this for the financial crisis that engulfed Ireland. The company was accused of several failings, including how it effectively paid people less than minimum wage, as . 10 Jim Puzzanghera and Jerry Hirsch, VW exec blames a couple of rogue engineers for emissions scandal, Los Angeles Times, Oct. 8, 2015, Online: http://www.latimes.com/business/autos/la-fi-hy-vw-hearing-20151009-story.html (last accessed Feb. 9, 2016); Associated Press, Volkswagen exec blames rogue engineers for emissions scandal, New York Post, Oct. 8, 2015, Online: http://nypost.com/2015/10/08/volkswagen-exec-blames-rogue-engineers-for-emissions-scandal/ (last accessed Feb. 9, 2016); REUTERS, UPDATE 3-Volkswagen's US boss blames individuals for cheating, Oct. 8, 2015, Online: http://www.reuters.com/article/volkswagen-emissions-update-3-pix-tv-gra-idUSL8N1281NL20151008 (last accessed Feb. 9, 2016). organisation There is a well-constructed scholarly review that provides a sustained critique of corporates governance and ethical practices that had been long studied and theorised. You also have the option to opt-out of these cookies. Then, the board was a close-knit bunch at Volkswagen headquarters. 91103 Of importance is to identify variables commonly discussed in the business ethics literature that could be used to predict perceptions of ethical business decisions among business students. 20 Volkswagen, The Volkswagen Group is moving ahead: Investigation, customer solutions, realignment, Conference Press, Dec. 10, 2015, at 14. The long shadow of Iraq and its lessons today, Non-fiction for kids: big books for little people are great news for publishers, Butts the changing shape of beauty standards. personalising content and ads, providing social media features and to Serious risks to your companys financial and reputational health probably arent going to walk up and introduce themselves. The Volkswagen Group is now faced with a problem of establishing credibility to its 24 Peter Gourevitch and James Shinn, Political Power and Corporate Control: The New Global Politics of Corporate Governance (Princeton University Press, 2005) 25 Peter Gourevitch, What Do Corporations Owe Citizens, (Springer Science, 2007) Here's How CEOs with blood on their hands are no longer getting slaps . Crete, R. (2016). Martin Winterkorn, former Volkswagen CEO, resigned after the scandal - and was replaced by Matthias Mller This was to be a momentous year for Volkswagen. Answer (1 of 5): Of course it is! Volkswagen's finance director at the time of the scandal, Hans Dieter Ptsch, had a close relationship with the Porsche-Pich family. and 2014 Environmental Protection Agency Investigation begins. Surely that should humble us a bit?. Premium access for businesses and educational institutions. You can still enjoy your subscription until the end of your current billing period. Michael Toebeis a reputation specialist who serves individuals and organizations. Wall Street Journal, Nov. 27, 2015, Online: http://www.wsj.com/articles/audi-engines-implicated-in-emissions-scandal-1448575533 (last accessed Feb. 9, 2016); Richard Milne, Volkswagen seeks greater efficiency with new executive team, Financial Times, Dec. 17, 2015; Monica Houston-Waesch, Volkswagen Sales Drop for First Time in 13 Years; Auto maker's global sales fell 2% in 2015 as emissions-cheating scandal hit company, Wall Street Journal (Online), Jan. 8, 2016; Oscar Williams-Grut, CREDIT SUISSE: The Emission scandal could cost Volkswagen 78 billion and shares need to fall another 20%, Business Insider Australia, Oct. 2, 2015, Online: http://www.businessinsider.com.au/credit-suisse-volkswagen-shares-could-fall-another-20-2015-10 (last accessed Feb. 9, 2016); Aruna Viswanatha and Mike Spector, Shares Fall on Fears of U.S. Penalty; Investors worry German auto maker could face bigger than $18 billion first estimated, Wall Street Journal (Online), Jan. 5, 2016; William Boston, Volkswagen Begins Recall of Diesel Cars in Europe, Wall Street Journal, Jan. 28, 2016. This familiarity results in a lack of independence between. W. L. Rev. The Bug at Volkswagen. Combined, these shareholders account for almost 90% of the voting rights of the shares. Well, yes. case, justice as it relates to the activities of the state-supported corporate sector. Investors used the meeting in Hanover to criticise the German company's board for its handling of the scandal and call for a dramatic overhaul of its corporate governance. The group tested three models of VW cars, including BMWs X5 SUV. This cookie is set by GDPR Cookie Consent plugin. 2019. The book presents alternative ways of life that can help us create an ecological society. This sole independent director is therefore not entirely independent. Like some other crises and scandals that periodically occur in the business community, the Volkswagen ("VW") scandal once again highlights the devastating consequences of corporate. 1129-1131; Corporate governance is defined as responsible, transparent corporate management and supervision that aim to add long-term value. Findings reported levels of emissions exceeding the nitrous oxide cap by 15-35 times. 1 Jack Ewing, Volkswagen C.E.O. ABSTRACT This post discusses a selected group of documents related to general leadership theories in ethics and some dilemmas presented through them. Charles M. Elson, Craig K. Ferrere and Nicholas J. Goossen recently published a short article (1) in which they analize the corporate governance flaws that might have led to the recent Volkswagen scandal related to fraud in the polluting emissions metrics disclosed for their diesel vehicles. 37 Despite this, the CEOs of all these organizations had an active hand in the unethical behavior by what they said or didnt say, Hood says. European Journal of Risk Regulation 3, 4. It plays a role in acts and momentum that lead to a violation of principles, weak or failed governance and missing compliance. The problem is that we lack appropriate mechanisms of collective control capable of governing those forces. There are a number of ethical models, such as the Rest Model, Kohlbergs stages of moral development and the Jones Moral Intensity model, but as Ann Tenbrunsel and Max Bazerman point out, most of the time, the decision-makers have not classified the dilemma as an ethical issue, he says. VW knew of the problems with its vehicles. 326-328 ; in Germany, see Government Commission, German Corporate Governance Code, ibid. Sports Direct. 30 Volkswagen, Annual Report 2009, at 198, Online: http://www.volkswagenag.com/content/vwcorp/info_center/en/publications/2010/03/Annual_Report_2009.bin.html/binarystorageitem/file/Y_2009_e.pdf (last accessed Feb. 9, 2016. Rather, they . The case presents that though the . We require a social identity that establishes a direct connection between individual and social good so that responding to appeals to the common good would indeed be rational and require no irrational sacrifice of self-interest. 5 Securities and Exchange Commission, Report Pursuant to Section 704 of the Sarbanes-Oxley Act of 2002, 24 January 2003, on-line:
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the volkswagen scandal from the viewpoint of corporate governance
