Volkswagen CEO to Cut Board Bonuses
Economy, Auto

Volkswagen CEO to Cut Board Bonuses

Volkswagen CEO Matthias Mueller will push for a significant reduction in bonuses for the carmaker's management board on Monday, sources familiar with the matter said.
The proposal being put forward at a supervisory board steering committee meeting follows criticism from one of Volkswagen's major shareholders, the state of Lower Saxony, about intentions to pay bonuses to top managers while the company grapples with the diesel emissions crisis and prepares to cut costs elsewhere, Reuters reported.
Bonuses for senior managers have become a flashpoint in an escalating dispute with powerful labor leaders at Europe's biggest carmaker as it prepares to finalize a new strategy.
Separately, Germany's Bild am Sonntag newspaper said in a non-sourced report that Mueller would ask board members to accept a voluntary bonus reduction of about 30%.
Volkswagen declined to comment on the issue.
On Friday, sources familiar with the matter told Reuters that the steering committee would use Monday's meeting to discuss the emissions scandal investigation and VW's financial position ahead of its annual report, due to be published on April 28, as well as bonuses and friction between management and labor.
Monday's meeting will lay the groundwork for a full meeting of the supervisory board, originally scheduled for April 20, which is due to ratify the 2015 results and executive compensation. Lower Saxony, which holds a 20% stake in VW, has two seats on the 20-member supervisory board.
Handelsblatt newspaper reported on Saturday that the full supervisory board meeting would be delayed by at least two days because talks were dragging on with US authorities about how to make almost 600,000 diesel cars compliant with US environmental standards.


Short URL : http://goo.gl/mWjFbP
  1. http://goo.gl/NsT6Bo
  • http://goo.gl/YnA3Lo
  • http://goo.gl/vQWw6Y
  • http://goo.gl/B3NZQu
  • http://goo.gl/4GGyRd

You can also read ...

iPhone 8 Arrives in Tehran
Apple’s new handsets iPhone 8 and 8 Plus arrived in Tehran on...
 President Hassan Rouhani (L) meets Russian President Vladimir Putin at 2015 BRICS summit in Russia.
The member states of BRICS, the association of five major...
BPI to Fund French Projects in Iran
Bpifrance, the country’s state investment bank, will finance...
Tomato Exports Earn $35m
Close to 136,500 tons of tomatoes worth more than 1.14...
Montreal Hosts Iran-Canada Business Confab
The first conference between Iranian and Canadian businessmen...
There Is High Cost to a Bad Reputation
Uber CEO Dara Khosrowshahi sent a sobering, self-reflective...
Steel Exporters Welcome Rial Depreciation
It’s a fairly straightforward scenario. Weakening a domestic...
HRC accounted for the lion’s share of finished steel usage in Iran during the five-month period.
Iran’s semi-finished steel exports during the first five...