Volkswagen wants to pay members of its executive board up to 25% more, sparking broader concerns over Oliver Blume’s role as chief executive of both VW and Porsche, reported by the Financial Times.
Volkswagen’s supervisory board proposed raising the maximum pay for executive board members to 25% from €12 million to €15 million, which shareholders must approve in a vote in May.
Under the proposals, Volkswagen’s supervisory board members are also in line for a significant pay rise, with fixed pay increasing from €100,000 a year to €175,000. In contrast, the cap on maximum pay would grow from €7 million to €8.5 million. The plan kicks in retroactively from the start of 2023.