Thursday, April 7, 2016

Volkswagen: VW board members rebel against cancellation of bonuses – SPIEGEL ONLINE

The directors of the ailing carmaker VW will not accept a cancellation of their bonuses. Shortly before the decision of the Supervisory Board on the Board remuneration want top managers to information obtained by SPIEGEL, now suffer at most a reduction in their bonuses, but not entirely without them. The year before the former VW CEO Martin Winterkorn had more than three million euros bonus conceded.

VW CEO Matthias Müller had late last year still a pay cut for the Board encouraged. “It is about the bonus for 2015″, he said: “.. It is clear that we need to tighten our belts Again, the top management needs to set an example”

particularly explosive is a special payment to Hans Dieter Pötsch. When the manager in October 2015 joined the board at the head of the Supervisory Board, he settled compensation paid to make his Management Board contract would run until 2017 and guaranteed him significantly higher revenue. It should involve by almost ten million euros.

Pötsch had said, the Volkswagen Group devices by the exhaust scandal and the threat of penalties in a “life-threatening crisis.” But for his own existence he made appear before the more zealous.

In the Supervisory Board is in the bonus question for conflict come with employee representatives. A council says: “The management seems to be lacking any sense of the seriousness of the situation.”

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