Volk­swa­gen Plans to Slash Ex­ec­u­tive Pay

The Economic Times - - Around The World -

Frank­furt: Ger­man car gi­ant Volk­swa­gen is con­sid­er­ing a cap on ex­ec­u­tive pay and bonuses in the wake of its “diesel­gate” scan­dal, AFP learned on Tues­day. A salary cap “may be on the agenda” for a su­per­vi­sory board meet­ing on Fe­bru­ary 24, a VW source told AFP, par­tially con­firm­ing lo­cal me­dia re­ports. Un­der the plans the firm is con­sid­er­ing, board mem­bers’ pay will not ex­ceed 10 mil­lion eu­ros ($10.6 mil­lion) in any one year, busi­ness daily Han­dels­blatt re­ported, cit­ing sources close to the su­per­vi­sory board. Cit­ing its own anony­mous source, news agency DPA said only the chief ex­ec­u­tive’s pay limit would be 10 mil­lion eu­ros, with lower caps for other ex­ec­u­tive board mem­bers. AFP

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