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VW puts 10-mn-euro cap on executive pay after dieselgate crisis

AFP
The VW group -- which includes the brands Porsche, Audi and Skoda -- beat analyst expectations with record revenues of 217.3 billion euros, up nearly two percent on the year before

German car giant Volkswagen on Friday said it was capping the chief executive's pay package at 10 million euros as it moved to rein in top brass salaries in the wake of the "dieselgate" scandal that has cost the company billions.

Other members of the board will see their annual remuneration capped at 5.5 million euros, VW said in a statement.

"This reduces the maximum remuneration theoretically possible by up to 40 percent compared with the previous system," it added.