Volkswagen CEO seeks slice to board bonuses: sources

63
Source:   —  April 10, 2016, at 6:41 PM

The proposal being keep forward at a supervisory board steering committee meeting follows criticism from one of Volkswagen'south 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 slice costs elsewhere.

Volkswagen () Chief Executive Matthias Mueller will thrust for a significant reduction in bonuses for the carmaker'south management board on Monday, sources familiar with the matter told Reuters.

The proposal being keep forward at a supervisory board steering committee meeting follows criticism from one of Volkswagen'south 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 slice costs elsewhere.

Bonuses for senior managers have become a flashpoint in an escalating dispute with powerful work leaders at Europe'south biggest carmaker as it prepares to finalize a new strategy.

Separately, Germany'south Bild am Sonntag newspaper said in an unsourced report that Mueller would ask board members to accept a voluntary bonus reduction of about thirty percent.

Volkswagen declined to comment.

On Friday sources familiar with the matter told Reuters that the steering committee would utilize Monday'south meeting to discuss the emissions scandal investigation and VW'south financial position ahead of its annual report, due to be published on April twenty-eight, as well as bonuses and friction between management and labor.

Monday'south meeting will lay the groundwork for a full meeting of the supervisory board, originally scheduled for April twenty, which is due to ratify two thousand fifteen results and executive compensation.

Lower Saxony, which holds a twenty % 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 minimum two days because talks were dragging on with U. S. authorities about how to create nearly 600.000 diesel cars compliant with U. S. environmental standards.

VW declined comment.

(Reporting by Andreas Cremer; Writing by Jonathan Gould; Editing by David Goodman)

READ ALSO
Swiss banks face scrutiny over Panama Papers

Swiss banks face scrutiny over Panama Papers

Switzerland is the world'south largest middle for offshore wealth, with Boston Consulting Grouping estimating that around $2.5 trillion in foreign assets was kept with the country'south banks in two thousand-fourteenth.

60
Billionaire'south move puts NJ tax rates in spotlight

Billionaire'south move puts NJ tax rates in spotlight

The spotlight turned to hedge fund manager David Tepper this week when legislative budget forecaster Frank Haines cited the billionaire'south move to FL as a potential factor in how much income tax income the state brings in.

81
Tax exemptions for needy seniors granted for pricey homes

Tax exemptions for needy seniors granted for pricey homes

And many lower-income homeowners sixty-one and older haven't tried to get advantage of the property-tax relief program. The Seattle Times reports (http://is.

74
Transit systems eye Uber, Lyft for savings on the disabled

Transit systems eye Uber, Lyft for savings on the disabled

S. transit systems looking to defray costs of providing services for the disabled are weighing partnerships with Uber and Lyft, unsettling some advocates who note that ride-hailing services have themselves faced criticism over accessibility.

97