Dieselgate: VW puts 10-mn-euro cap on CEO pay

Source: The Hitavada      Date: 26 Feb 2017 09:39:29


WOLFSBURG(Germany),

Feb 25,

(AFP),

GERMAN car giant Volkswagen said it was capping the Chief Executive’s pay package at 10 million euros as it moved to rein in top brass salaries in the wake of the “dieselgate” scandal that has cost the company billions.

Other members of the board would see their annual remuneration capped at 5.5 million euros, VW said in a statement. “This reduces the maximum remuneration theoretically possible by upto 40 per cent compared with the previous system,” it added.