Board accepts management’s offer to withhold only 30% of performance-related pay,despite fact VW has yet to interpret how 11m cars were fitted with cheat devicesIf you judge pay in top boardrooms in the UK has reached insane levels, try Germany, or specifically Volkswagen. After the enormous emissions scandal,which could conclude up costing the firm a few tens of billions of dollars, the car maker’s supervisory board thought hard approximately pay and decided to carry on almost as if nothing had happened.
Actually, or that’s too generous. VW’s remuneration report reveals little evidence of any debate. The only glancing reference to the scandal is when the board says it accepted last week’s offer by management to withhold 30% of their performance-related pay. No explanation is offered for why 30% – and not 100% – was deemed appropriate.
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Source: theguardian.com