Volkswagen Act

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. 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. This part of the law was deemed to violate the "free movement of capital" principle of European Union corporate law. After a series of challenges from 2007 to 2013, the German parliament finally amended the part in 2013 to EU Court of Justice satisfaction.

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