Volkswagen wants to pay executive board up to 25% from €12 million to €15 million
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.
Oliver Blume was recently ranked No. 13 in a list of the world’s best CEOs for 2023; meanwhile, Volkswagen Group ranked No. 17 in the CEOWORLD magazine’s ranking of the most influential companies in the world.
Currently, the Board of Management of Volkswagen AG comprises nine members. Dr. Oliver Blume is the Chairman of the Board of Management of Volkswagen AG. Other members include Dr. Arno Antlitz, Finance and Operations; Ralf Brandstätter, Member of the board of Volkswagen AG for China; Dr. Manfred Döss, Integrity and Legal Affairs; Markus Duesmann, Brand Group ‘Premium’; Gunnar Kilian, Human Resources and Truck & Bus; Thomas Schäfer, CEO of the Volkswagen Passenger Cars Brand; Thomas Schmall-von Westerholt, Technology; and Hauke Stars, IT.
The Supervisory Board of Volkswagen AG comprises 20 members: Hans Dieter Pötsch, Chairman; Dr. Hessa Sultan Al Jaber, Former Minister of Information and Communications Technology, Qatar; Mansoor Bin Ebrahim Al-Mahmoud, Chief Executive Officer Qatar Investment Authority; Harald Buck, Chairman of the General Works Council and Group Works Council of Dr. Ing. h.c. F. Porsche AG; Daniela Cavallo, Chairwoman of the General and Group Works Councils of Volkswagen AG; Matías Carnero Sojo, Chairman of the General Works Council of SEAT; Julia Willie Hamburg, Lower Saxony’s Minister of Education and Cultural Affairs; Marianne Heiß, CEO of BBDO Group Germany GmbH; Jörg Hofmann, IG Metall; Dr. Arno Homburg, Chairman of the Board of Management of Volkswagen Management Association (VMA); Dr. Günther Horvath, Managing Director of Dr. Günther J. Horvath Rechtsanwalt GmbH and self-employed attorney; Simone Mahler, Chairwoman of the Joint Works Council of Volkswagen Financial Services AG and Volkswagen Bank GmbH; Peter Mosch, Chairman of the General Works Council of AUDI AG; Daniela Nowak, Chairwoman of the Works Council of Volkswagen AG Braunschweig; Dr. jur. Hans Michel Piëch, Lawyer; Dr. jur. Ferdinand Oliver Porsche, Member of the Board of Management of Familie Porsche AG Beteiligungsgesellschaft; Dr. rer. comm. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche Automobil Holding SE and Chairman of the Supervisory Board of Dr. Ing. h.c. F. Porsche AG; Conny Schönhardt, Head of the Mobility and Vehicle Construction Unit at the IG Metall Executive Board; and Stephan Weil, Minister-President of the Federal State of Lower Saxony.
Porsche SE said last week that it would pay its shareholders a total dividend of €783 million. Blume was paid €7.4 million in 2022, while the ousted Diess was paid a total of €11.8 million.
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