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The Norwegian oil fund, one of the largest investors in the world, recently took Volkswagen to task for its poor governance practices. Tying governance to the recent emissions scandal at VW, the fund confirmed to the Financial Times that it would be taking legal action against Volkswagen. The Norwegian fund asserts that VW's management and board have been focused on concentrating control in the hands of the Porsche and Piech families rather than on managing the business in the interests of shareholders.

This is just the latest in a string of challenges for VW. And it highlights the need for all closely held companies to have good governance practices and a great board.

May 17, 2016 7:11 am EDT