WFIC - World Federation of Investors Corporation

The World Federation of Investors is an independent, not-for-profit organization whose members are primarily national shareholders' associations. WFI was formed to promote investor education and shareholder advocacy. WFI helps national shareholders associations and investor advocacy groups better serve their members. more
2015 WFI Annual Meeting - Milano, Italy

WFI 2015 Annual Meeting
September 30 – October 3, 2015, Milano, Italy

Advocate Fausto Bongiorni of Studio Legale and Dr. Paola Brambilla of ASSOInvestors, the Italian investors association, hosted WFI's General Assembly/Annual Meeting in Milano. In addition to WFI Chairman Roger Ganser, keynote speakers representing the Italian financial sector as well as the representatives of the legal society, judges and law firms spoke at the opening session. Thursday and Friday were devoted to financial education programs and to the protection of shareholders' rights, including the Volkswagen EPA fraud that has significantly affected VW shareholders. On Saturday, ASSO and the Slovenian Association hosted WFI members to EXPO Milan. Fifty-two delegates and guests from twenty-seven countries enjoyed the hospitality of our hosts and participated in the WFI programs.

WFI Welcomes New Members:

Argentina, National Network, Dr. Gabriel Trajtenberg
Australia, Australian Shareholders Association
Azerbaijan, Dr. Fuad Shahvaliyev
Belgium, Advocatenkantoor Marc Callant
Greece, Alphatrust, Dr. Phaedon Tamvakakis
Luxembourg, Raymond Goebbels
Netherlands, Value 8

WFI, Volkswagen and Investor Advocacy

Volkswagen AG Volkswagen AG (VW) has a primary listing on the Frankfurt Stock Exchange where it is a constituent of the DAX index, has secondary listings on the London, SWISS and Luxembourg exchanges, and is represented by an American depositary receipt in the over-the-counter market in the U.S. (ticker: VLKAY).

On September 18, 2015, Volkswagen AG was issued a "Notice of Violation" by the United States Environmental Protection Agency (EPA), alleging that the company had programmed vehicles equipped with turbocharged direct injection (TDI) diesel engines to only enable their emissions controls during laboratory emissions testing. This "Notice" resulted in a significant drop in VW's share price and a significant loss for VW shareholders. Subsequently, VW admitted its fraudulent actions.

On October 8th, the World Federation of Investors formally adopted a program to enable non-USA shareholders of Volkswagen stock to seek recovery for the loss in value of VW shares because of the fraud committed by VW, keeping in mind the importance of VW to the German and European economies. While class action suits are very common in the U.S., most people do not realize that this investor recourse is not available in other capital markets around the world. WFI will be a proactive advocate by informing, educating, and facilitating individual investor compensation from VW.

10/22/2015 Press Release


The WFI Executive Committee met at WFI offices in Gent, Belgium, on March 30-31, 2015. Seven Executive Committee members were joined by seven guests. Individual directors gave reports on their country and on issues relating to individual shareholders.

Past Chairman Lars-Erik Forsgärdh suggested that the criteria for membership be clarified. This was also the intention of the chairman, especially now that some members do not represent associations but are participating in their own capacity, as lawyers, professors or other categories of interested parties (subsequent to the meeting a task force was formed to review the Bylaws). Read more

WFI Executive Committee

WFI Executive Committee
(Back): Lars-Erik Forsgärdh, Paolo Brambilla (WF Young Investors: Patrick Thomenius and Elizabéta Lindström), Henning Wegener, Jean-Pierre Paelinck, Kasia Rusek, Wilfred Hübscher, Roger Ganser
(Front): Hachem Boulos, Katherine Naherny, Frank Fumio Kaneko

WFI Gala Dinner in Milano, Italy

Perfomers at WFI 2015 Annual Meeting

WFI member Frank Kaneko, Japan, and recording artist Cecile Prakken of Italy, perform at WFI's gala dinner in Milao, Italy.

WFI Report
"Financial Security and Accounting Malpractice"

From the very beginning of the new century there have been several corporate scandals both in Europe and the United States which have led to huge stock market falls, nationalization of banks and even the disappearance thereof. These scandals have caused serious damage to shareholders, employees, and creditors alike. In addition, they have evidenced the need to enhance the existing rules and regulations on financial information disclosure by the large listed companies, thus strengthening the enforcement of transparent financial reporting.

In an effort to call attention to these serious issues and to protect individual investors, the World Federation of Investors (WFI) has drafted a report: "Financial Security and Accounting Malpractice", 13 July 2015.

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WFI Officers
Active in Regulatory Affairs

Aldo Sicurani, WFI Treasurer
– since 2004 of the Commission Epargnants (Savers' Commission) of the Autorité des Marchés Financiers (French Financial Markets Authority)

Roger H. Ganser, WFI Chairman
– since 2013 member of Investor Advisory Committee of U.S. Security Exchange Commission
– since 2014 member of Investor Issues Advisory Committee of U.S. Financial Industry National Regulatory Authority


Personal investing in equity as a way of forming wealth should be promoted, since it enables individual investors to participate in the growth of business and thereby in the progress of nations and the world economy. Access to their own investment capital in stocks increases individuals' freedom of action and improves their chances of weathering financial difficulties. Private share ownership thus enriches the individual in a number of ways.

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