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
Stockholm, Sweden — 7-9 September, 2017 Stockholm, Sweden

The Swedish Shareholders' Association (SARF) will be our host in Stockholm on 7 September. That morning WFI will have its Annual Congress, exchanging information, country reports, Executive Committee actions, etc. In the afternoon we will have an invitation from the CEO of the NASDAQ Stockholm Stock Exchange, Lauri Rosendahl, to attend a session together with the members of the European Association for Share Promotion (EASP). The preliminary topic is "The Special Features of the Nordic/Swedish Equity Market". In the eventing there will be a dinner.

The second day, 8 September, the Swedish Foundation for Share Promotion, Aktiefrämjandet and the Swedish Shareholders' Association (SARF) will host a full day seminar, followed by dinner. The theme of the seminar will be "Investment Education for Life Time Financial Security". The goal of this seminar is to present the current level of investment education in a number of representative countries and discuss how investment education can be improved to reach more individuals. We welcome your input, ideas and even your presentations, as to the design of the seminar program.

For 9 September our hosts will organize a social program. The Executive Committee will meet the evening of 6 September.

Draft Meeting Agenda


Volkswagen AG

Letter by Dr. Henning Wegener, former German Ambassador to Spain and Honorary Member of the WFI Executive Committee.

Subject: Destructive policies of the Volkswagen Group in dealing with the damages caused by the diesel scandal; necessity of an appeal for peaceful settlement and damage limitation.

As Chairman of the Management Board of the public interest Foundation Stichting Volkswagen Investors Claim I have sent an open letter to Ms. Brigitte Zypries, Minister for Economics and Energy.

Stichting Volkswagen Investors Claim strives for a rapid solution that is at the same time fair to the victims, and does not substantially prejudice the Volkswagen enterprise in its future financial possibilities and overall economic situation. Volkswagen AG could via a settlement come clean of its recent past, reestablish its image and reputation, and look to the future and shape it without the weight of its wrongdoings. With a view to such solution the Foundation has also concluded partnership agreements with the leading international investor protection associations – the World Federation of Investors, the European Federation of Investors and Financial Services Users (Better Finance) – and numerous national associations of investor protection.

I addressed myself to the Ministry for Economics and Energy because the position of VW in dealing with the consequences of the Diesel scandal has dramatically worsened. That makes our concept of a non-judicial solution even more relevant and more plausible. In this perspective it is difficult to understand – and indeed irresponsible – that the Volkswagen management shuts its eyes before the already visible avalanche of law suits and their incalculable consequences, and refuses to avail itself of opportunities to avoid or at least greatly diminish the colossal financial burdens inherent therein. Yet, they do exactly that. Up to this date, all contact initiatives of the Foundation have been blocked by management representatives. In the face of the growing swell of revelations and incriminations and the law suits initiated, every attempt at talks has been rejected, affirming – superficially, without offering any legal argument - that the Volkswagen AG has, at least in Germany, not committed any infraction of the laws, and that there is nothing to discuss or negotiate.

The Foundation believes that there is political and social responsibility with the Minister of Economy. The Government is facing an overriding economic challenge, the stakes being the financial health of a very important German company, but beyond that the credibility of the German State of Law. In addition, the first quality of investment venues of Germany in general, and Lower Saxony in particular, are at stake when considering the importance of ethical principles and good Corporate Governance.

The Foundation would welcome if Minister Zypries, in this sense, would make her influence felt with the Volkswagen management, and work for all possibilities of a peaceful settlement of compensation procedures.

In view of the high level of public interest in these matters this letter will be made public on the much-read web page of the Foundation.

Archived VW Updates


The Executive Committee approved and is recommending to the Board the creation of the Nominating and Governance Committee to assist the Board and the Executive Committee of WFI, if requested, in discharging their responsibilities regarding: (1) the evaluation and identification of qualified individuals to become members of the Executive Committee or its subcommittees; (2) the developing and recommendation of corporate governance principles applicable to WFI and regarding the functioning of the Executive Committee as an entity; (3) the considerations of necessary and significant amendments to the Certificate of Incorporation by Bylaws of WFI; (4) the review of any proposed amendments to the Certificate of Incorporation and Bylaws of WFI and the recommendation of appropriate action; (5) the oversight of the corporate governance affairs of the Board and the Executive Committee of WFI and their members ; and (6) the elaboration of the risks, conflicts of interest and responsibilities of the Board, the Committees of WFI and its members, including member transactions in other organizations in which a member is representing WFI.

Committee Membership — The Committee shall consist solely of three or more members of the Executive Committee, one of whom should be the WFI Chairman. The Secretary General/President shall be an Ex-Officio member. Committee members shall be appointed by the Chairman with approval of the Executive Committee. A Committee member may be removed for cause upon the recommendation of the Chairman and with the approval of the Executive Committee.

Committee Structure and Operations — The Executive Committee shall designate one member of the Committee as its chairperson by majority vote. The Committee shall meet in person or telephonically at least one time per year at a time and place determined by the Committee chairperson, with further meetings to occur, or actions to be taken by written consent by a majority of the Committee, when deemed necessary or desirable by the Committee or its chairperson.

This will be considered at the WFI Congress in Stockholm.

Volkswagen AG

Above L-R: Lars-Erik Forsgårdh, PhD, past WFI Chairman; Roger Ganser, WFI Chairman; Attorney José Francisco Estévez, Vice-President of Cremades & Calvo-Sotelo Abogados

The "Report on Security and Legal Protection for Investment in Latin America" by the CREMADES & CALVO-SOTELO law firm provides an excellent summary of some of the challenges of permanently improving the regulatory institutions which offer legal security and protection of the investment. This Report efficiently profiles the major considerations and proposals regarding systems of protection of foreign investment in Argentina, Bolivia, Colombia, Chile, Costa Rice, Mexico and Peru.

This Report was also sponsored by the World Federation of Investors (WFI), Better Finance, and Associación Española de Accionistas Minoritarios de Empresas Cotizadas (AEMEC). WFI shall continue to follow efforts to reinforce shareholder protections while also providing the needed financial resources to our friends in South America. Attorney José Francisco Estévez, Vice-President of Cremades & Calvo-Sotelo Abogados, was a Director of Research for this Report. We thank him for his counsel and providing the very valuable insight presented by the Report.

WFI Executive Committee
Unanimously Elected
Two New Members

(Left) Ayse Findik, Publisher/Editor, Communications Director, BORYAD, Turkey. Ayse will provide increased skills in various communications mediums as well as represent our long-term member Boryad.

(Right) Elizavéta Lindström, Secretary General, World Federation of Young Investors. Elizavéta has been an invitee to WFI meetings over the past three years and provides valuable perspective on the young investor.

Executive Committee
Ghent (Belgium)

Executive Committee outside WFI office in Ghent

Honorary Executive Committee Member Ambassador Wegener with Aleksandra Palinska of EuropeanIssuers and former WFI Research Analyst

Executive Committee Dinner Meeting in Ghent

Stan Grierson with Friends and Colleagues in Madrid for WFI Annual Congress

WFI Officers
Active in Regulatory Affairs

Giedrius Steponkus, Lithuanian Investors Association, was appointed a member of the European Banking Authority's (EBA) Banking Stakeholders Group (BSG) to represent financial services users. His term started in April 2016 and will serve for a period of two-and-a-half years. He has joined working groups for "consumer protection", "recovery, resolution and systemic issues" and " payments, digital and Fintech".

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
– from 2013 to 2016 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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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.

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