Monday, February 6, 2017

VW aims to limit Executive salaries – FAZ – Frankfurter Allgemeine Zeitung

Volkswagen-Directors Karlheinz Blessing, Herbert Diess, Matthias Müller, Bernd Osterloh and the lower Saxony Prime Minister Stephan Will also be able to afford in the future a warm hot meal: Because (from the left)

In the past few months, the Supervisory Board of Volkswagen a number of times that the group rules of the Board of management the remuneration and also lids has announced. In two weeks the topic will be discussed at the VW Supervisory Board and, if possible, also a decision this fall. As the Frankfurter Allgemeine Zeitung learned on Monday from the Supervisory Board circles, is before the body, a proposal to cap the salary for the Chairman of the Board in the future at around 10 million euros. The planned maximum limit for other Board members.

Carsten Germisauthor: Carsten Germis, economic correspondent in Hamburg. Marcus Youngauthor: Marcus Young, an editor in the business.

For the new members of the management Board by Volkswagen boss Matthias Müller, this will mean that in the future they will earn less. That’s especially the lower Saxony Prime Minister Stephan Weil (SPD)

the VW Supervisory Board and the IG-metal-Chef Jörg Hofmann was only required on the weekend in the Frankfurter Allgemeine Sunday newspaper, “we need to have a capping of management Board compensation”. The pressure of lower Saxony and the unions on the Supervisory Board also increases because of the high severance payments of up to 15 million euros to the a week ago, after only 13 months for the outgoing Board of women, law and integrity, Christina Hohmann-dennhardt, has been publicly criticized.

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According to information from the Frankfurter Allgemeine Zeitung, the plans to lids, in particular, bonus payments to Board members. The fixed basic salary should be, however, in the future, later, in Wolfsburg. The former VW CEO Martin Winterkorn had in the year 2014 a total salary of almost 15.9 million euros was fixed remuneration, of which only 1.6 million euros. Most of the other members of the Board of management came in the year 2014, on a remuneration of a total of about 6 to 7.5 million euros. The current remuneration system was approved in 2010 by the annual General meeting and due to the good development of the group in the year 2013. “The amount of Executive compensation should be in the national and international comparison, appropriate and attractive”, – stated in the last annual report.

The Supervisory Board. Changes in the management Board’s remuneration, on the 24 February is to be debated, but not retroactively decide. That is to say: the President of the Board of Directors would have to approve changes to the contracts and the capping of income. Otherwise, the scheme is only for members who are new to the Board would apply.

there is Also a growing pressure to show in the clarification of the exhaust gas scandal more clearly the profile, after the former Supervisory Board chief Ferdinand Piëch in conversation with the prosecutors, was not charged in Braunschweig, only the former Board of management Chairman Martin Winterkorn, but also themselves. He wants to have at the end of February, 2015 of the Software manipulations in diesel vehicles in America know, and the winter grain raised.

The employee representatives in the Supervisory body used the template prompt – would be the statement, then the question of whether Piëch had fulfilled his duties as Chairman of the Supervisory Board, it is there. The Supervisory Board and the IG-metal-Chef Hofmann threatened with liability claims. After the announcement of the Supervisory Board member of the Board of management is now under pressure to act. As several lawyers confirm, to investigate the President of the Board of Directors to boss Matthias Müller, the allegations against Piëch and would, if confirmed, claim damages: Those that direct the operational side of the business, sued then so is the own major shareholder. They did not want to comment on the latest development, according to a VW spokesman on request.

For the Board, it was a “very unpleasant Situation”, says a lawyer who advises in the complex. Here, the opinions among lawyers, if the VW Patron Piëch, a breach of duty can be demonstrated. On the one hand, he was Chairman of the Supervisory Board not just for the operational management of VW responsible. But you can say the same about Piëch – the grey Eminence, without the consent of the group has no decision should be?

on the Other hand, the investigation file in Braunschweig, Germany, suggests, however, that it is Piëch failed in the spring of 2015, to inform other members of the Supervisory Board. This limits the scope of the Board and increases the pressure of the strategic investors, the call for a quick reconnaissance.


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