Business Management of Volkswagen
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Added on 2020-05-16
Business Management of Volkswagen
Added on 2020-05-16
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Running Head: Business Management1Business Management
Business Management2Executive Summary:Recent, emission scandal of Volkswagen AG resulted in various consequences. Harmfulpollutant components not only affectcompany in context of fines, penalties, legal proceedings,etc., but it also affects other automakers in this industry, especially Germans automakers and onsociety, political system etc. In other word, this company directly affects the economic growth ofthe country. From last few decades, concept of Corporate Social Responsibility and sustainability hasoccupied an important place across the globe, and there are number of organization which areadopting this concept and engaged in ethical and sustainable business practices. Controversy ofVolkswagen scandal shows that still various organizations presentwhich engaged in unethicalbusiness practices for their own profit. This type of high-profile cases not only attracts monetaryconsequences but also damage the trust of the public in the corporationsand social accountabilityof the corporations.
Business Management3ContentsExecutive Summary:....................................................................................................................................2Introduction:...............................................................................................................................................4Consequences of the scandal:.....................................................................................................................5Environmental consequence:..................................................................................................................5Economic Consequences:........................................................................................................................6Effect on auto industry:.......................................................................................................................7Social consequences:...............................................................................................................................7Scandal & Corporate Social Responsibility:.................................................................................................8Requirements of corporate governance:...................................................................................................10Board structure & CG:...........................................................................................................................11CG & approach of board in VW:................................................................................................................12Investor’s approach:..................................................................................................................................14Conclusion:................................................................................................................................................14References:................................................................................................................................................15
Business Management4Introduction:The Volkswagen emissions scandal is also known as "emissionsgate" or "dieselgate", and thisscandal is initiated in September 2015, when notice is issued by the United States EnvironmentalProtection Agency (EPA) German automaker Volkswagen Group for the contravention ofprovisions of Clean Air Act. Agency further stated that group used program named asVolkswagen had intentionally programmed turbocharged direct injection (TDI) diesel enginesfor the purpose of activating their emission controls only at the time of testing of emissions inlaboratory. This program is deploy in almost eleven million cars worldwide, and 500,000 in theUnited States during the period of 2009 to 2015. In other words, EPA detect defeat device in number of VW cars sold in America, and thissoftware is installed in diesel engines which is detected at the time of testing and because of thissoftware performance is changed as per the better results. The German car giant has sineadmitted cheating emissions test in America. During the period of 2014, California Air Resources Board (CARB) initiates study on emissionsinconsistencies between the models of US and European vehicles from the International Council
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