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Labor Chief Says VW Board Should Scrap Bonuses
Bernd Osterloh, who heads Volkswagen AG’s powerful works council, tells Handelsblatt the company’s management board members should cancel their bonuses entirely amid the company’s diesel emission cheating scandal.
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Bernd Osterloh, who heads Volkswagen AG’s powerful works council, tells Handelsblatt the company’s management board members should cancel their bonuses entirely amid the company’s diesel emission cheating scandal.
The board reportedly has been pondering a 30% cut in the payouts for 2015 as a gesture of good will. A decision is expected this week. But Osterloh says the executives should look beyond contractual obligations. “It is also about morals,” he tells the German newspaper.
VW has been cutting budgets and investment plans, and is pondering job reductions to prepare for the financial hit of the diesel scandal. Osterloh has demanded that management shoulder more responsibility—and economic hardship—for the six-month-old crisis.
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