The statement said Volkswagen had rejected the proposal on the grounds that the issue was deemed to be beyond the competence of the general meeting. Volkswagen was not immediately available for comment. Other supporters of the proposal included Britain's biggest listed asset manager Schroders and a range of Swedish pension funds. Pressure by investors on climate-related issues is growing rapidly. Last week, 34 investors managing more than $7 trillion in assets warned 17 of Europe's largest companies, including Volkswagen, they could challenge board directors over their accounting of climate risks.