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VW Bosses Awarded Huge Pay Increases

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[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Mar 14, 2018[/box]

Despite still dealing with the fallout from 2015’s ‘dieselgate‘, German car maker Volkswagen almost doubled its operating profit from 2016 to 2017. As shown in the company’s latest annual report, this result is also reflected in the remuneration of the management board. Despite being paid less than under the company’s pre-2016 rules would have allowed, the huge increases mean that the new €10 million cap for the CEO has already been reached – Müller’s remuneration exceeds this limit due to other perks and retirement provisions on top of his basic pay package. While Müller took home the most last year, the biggest proportional increase was awarded to CFO Frank Witter whose bump up from €3 million to €5 million was a 65 percent rise.

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