Arab Today, arab today vw top executives ready to accept sharp cuts in bonuses
Last Updated : GMT 09:09:51
Arab Today, arab today
Arab Today, arab today

To accept 'sharp reductions'

VW top executives ready to accept 'sharp cuts' in bonuses

Arab Today, arab today

Arab Today, arab today VW top executives ready to accept 'sharp cuts' in bonuses

Volkswagen is struggling with the fallout from a global scandal after the carmaker installed emissions-cheating software
Frankfurt - Arab Today

Volkswagen's top executives are willing to accept "sharp reductions" in their annual bonuses as the carmaker struggles to stem the fallout from its massive engine-rigging scandal, the regional state premier of Lower Saxony, where VW is based, said on Wednesday.

"Already in November, chief executive Matthias Mueller expressed an expectation that belts would have to be tightened," Lower Saxony prime minister Stephan Weil told the regional parliament in a regular update on the VW scandal.

The state of Lower Saxony is a major shareholder in VW, which is based in Wolfsburg, and is the biggest employer in the region. As a representative of the regional state government, Weil holds a seat on VW's supervisory board.

"This is in line with the opinion of the regional government, which believes a clear signal is needed on this matter," Weil said.

He said he had received a note from VW on Tuesday evening stating that "the supervisory and executive boards are in agreement that given the current situation, a signal should be sent regarding the issue of management board pay."
Various models were currently being discussed "which will represent a suitable and fair solution for everyone," Weil quoted the note as saying.

"In consequence, this will lead to a sharp reduction in the variable remuneration," he said.

Weil said he did not want to anticipate the outcome of the internal discussions, but that a proposal was likely to be discussed at a supervisory board meeting on April 22, ahead of the publication of VW's annual results on April 28.

At the centre of the controversy is the question whether VW executives are morally entitled to the performance-related bonuses for 2015.

- Still incalculable costs -

CEO Mueller had been quick to prescribe belt-tightening to the carmaker's 600,000-strong workforce in the wake of the global scandal that erupted six months ago when it emerged that VW had installed emissions-cheating software into 11 million diesel engines worldwide.

The costs of the scandal are still incalculable but are expected to run into many billions of euros (dollars) as a result of fines and lawsuits.
Mueller's predecessor, Martin Winterkorn, who quit as soon as the scandal broke last September, was the highest-paid executive in Germany for a number of years, earning around 15 million euros per year.

Of his total salary of 15.8 million euros in 2014, 13.9 million euros were bonuses.

The other board members pocketed bonuses of between four and seven million euros in the same year.

According to the weekly magazine Der Spiegel, the former finance chief Hans-Dieter Poetsch, who was appointed to the head of the supervisory board in October, pocketed nearly 10 million euros as "compensation" for the lower pay he would receive as a result of the switch.

But Weil insisted that Poetsch, too, was willing to take a cut.

"With regard to the supervisory board chief, yesterday's statement said that (the sharp reduction) would also be the case for Mr. Poetsch -- at his own wish'. I greatly welcome this step by Mr. Poetsch," Weil said.

VW, which is expected to post a loss running into many billions of euros for 2015,, could also announce a waiver in the dividend payout to shareholders for the first time since the early 1980s.

The carmaker, which has annual sales of more than 200 billion euros, is normally generous to its German employees and paid them a bonus of 5,900 euros for 2014. It has promised another bonus for 2015, but has not yet said how much it could be.
Source: AFP

arabstoday
arabstoday

GMT 11:43 2016 Wednesday ,09 November

House 'Trump slump' hits markets

GMT 12:05 2016 Thursday ,20 October

European equities aim higher before ECB

GMT 10:01 2016 Saturday ,27 August

Loan growth in eurozone private sector improves

GMT 12:54 2016 Thursday ,25 August

German firms see Brexit clouds approaching

GMT 13:10 2016 Friday ,12 August

Germany stokes growth hopes
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today vw top executives ready to accept sharp cuts in bonuses Arab Today, arab today vw top executives ready to accept sharp cuts in bonuses

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today vw top executives ready to accept sharp cuts in bonuses Arab Today, arab today vw top executives ready to accept sharp cuts in bonuses

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday