Volkswagen looks to cap executive pay, bonuses

Company looks to quell widespread anger over bonuses paid even as it suffered record losses

Volkswagen is shaking up its executive pay with a cap on earnings, it said on Friday, as it looks to quell widespread anger over bonuses paid even as the carmaker suffered record losses in the aftermath of the emissions scandal in 2015.
 
Under new rules approved by the supervisory board on Friday, Volkswagen will cap total pay for its chief executive at 10 million euro ($10.6 million) and other top managers at 5.5 million euro.

Volkswagen became the target of fierce criticism from the German public and shareholders after its managers only reluctantly accepted a cut to bonus