IG BCE leader rejects RAG Foundation leadership role

Michael Vassiliadis, head of the IG BCE union, has categorically ruled out seeking a leadership position at the RAG Foundation. This statement follows speculation regarding whether he would pursue a top role at the foundation, which is a major shareholder in the chemical company Evonik.

Vassiliadis maintained his critical stance toward the RAG Foundation, noting that while it uses Evonik dividends to fund coal mining legacy costs, it has not shown sufficient commitment to actively investing in its primary holding.

Additionally, Vassiliadis clarified previous comments regarding Evonik’s financing, stating he did not mean the company faces difficulties accessing capital markets. He also addressed potential merger discussions with BASF, noting that significant concerns regarding site security and employee futures remain unresolved. Vassiliadis currently sits on the BASF supervisory board but stated he recuses himself from discussions concerning Evonik.