Volkswagen has its annual meeting later today. The company committed to clean up its act over its diesel scandal where it cheated emission tests for more than a decade. Hans-Christophe Hirt, Head of Hermes Equity Ownership Services tells the Today Programme it hasn't really done so.
"It's almost four years on now and we haven't had enough transparency. who knew what and when is still a question," he says.
The supervisory board of non executives is stocked with the same personnel as well, he says, making change unlikely.
The company is controlled by two families and a German state - Lower Saxony - which means outside pressure doesn't mean much, he says.
But independent shareholders should still bring pressure to bear today, he says.