FOCUS ON FIXED SALARY
Volkswagen set to cap executive bonuses after emissions scandal
Frankfurt — German car maker Volkswagen (VW) is considering a cap on executive pay and bonuses in the wake of its "dieselgate" scandal, it emerged on Tuesday. A salary cap "may be on the agenda" for a supervisory board meeting on February 24, a VW source said, partially confirming local media reports. VW’s existing pay and bonus system, based on past performance, meant some executives received multimillion-euro payouts even after the group admitted to having installed software to cheat regulatory emissions tests on about 11-million cars worldwide in September 2015. Under the plans the firm is considering, board members’ pay will not exceed €10m 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 CE pay limit would be €10m, with lower caps for other executive board members. A Volkswagen spokesman said the board "has been considering the question of a new pay system for a l...
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