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

From the Home Office

WFI Activity Advocates for Individual Investors

Subject: VW Emissions Case: $20 Billion in Claims and Counting

Article by Roger H. Ganser, Chairman, NAIC/BetterInvesting Board of Directors and Chairman, World Federation of Investors, and Dr. Henning Wegener, former Ambassador of the Federal Republic of Germany to Spain and Honorary WFI Director. (Editor's note: The views expressed in this article are solely those of the individual authors and not of any organization in which they serve or participate.)

Volkswagen's fraudulent default device scandal now totals over $20 billion in awarded claims in the U.S. car case, with additional claims being made by consumer environmental, national and local governments throughout Europe and the U.K. Concurrently, Volkswagen has steadfastly denied that it needed to warn VW investors earlier about the scandal and the resulting financial claims against the company and their financial impact on VW investors.

Last April Roger reported on the actions of the World Federation of Investors decision to become actively involved in the Volkswagen fraud case that has had a serious financial impact on individual investors around the world (see May 2017 issue). This became all the more important as individual investors in Europe had no recourse because class action was not allowed. Consequently, the WFI formally endorsed a program to enable investors in Volkswagen AG, Porsche AG and Audi AG securities to seek recovery for losses in the value of these securities resulting from the emissions fraud committed by Volkswagen.

WFI has been a proactive advocate by informing, educating and facilitating individual investor participation in the Stichting Volkswagen Investors Claim, a nonprofit foundation established in the Netherlands to represent the interests of victims in seeking a resolution of investor claims against VW. The foundation's objective is to obtain relief for investors who have suffered investment losses as a result of the Volkswagen emissions fraud by means of open negotiations instead of costly legal challenges.

Roger is serving on the Stichting's independent Board of Directors along with colleague Dr. Henning Wegener, former Ambassador of the Federal Republic of Germany to Spain and Past Director General of the Spanish Association of Minority Shareholders of Listed Companies. Roger serves as Chairman of the Stichting Supervisory Board and Dr. Wegener serves as Chairman of the Stichting Management Board. Because of their close working relationship, Roger asked Dr. Wegener to be a co-author for this article. Dr. Wegener brings the political and cultural elements together when describing Volkswagen's behavior in the yes of world markets.

Continue to read the rest of the article

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.


The F2iC is a 49-year-old nonprofit organization whose mission is to promote long-term investing. It aims to give the French a taste for risk and entrepreneurship, influence the political debate and redirect it to promote long-term risk taking, enhance investors' protection and education in economic and financial matters, and help develop the presence of individual shareholders. In 2016, the F2iC organized 26 conferences for individual investors and shareholders in Paris and 14 other cities around the country. This program, sponsored by 30 different listed companies, attracted over 6,500 shareholders. As of today, 25 similar conferences are scheduled in 2017. Conscious that an ever-growing number of individual shareholders is familiar with social networks' use and that it has to find innovative tools to attract a new and younger public, the F2iC has launched in February 2017 the first social network in France for inverstors and savers: ( After five months in operation, the network attracted 765 users and is growing steadily despite its limited financing. Most remarkably, the 18-34 year-old users represent 44% of the total. We expect to reach over 2,000 users by year-end.

Aldo Sicurani, Managing Director, and WFI Treasurer

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

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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