VW cracks down on executive pay after dieselgate
Volkswagen will set caps on executive pay, the German carmaker said as it announced a return to profit for 2016 following the "dieselgate" scandal.
Under the new rules, pay will reflect financial performance more closely, BBC News reports.
The chief executive's package will be limited to 10m euros (£8.5m), with a 5.5m euro cap for other board members.
Former chief executive Martin Winterkorn, who quit over the diesel scandal, took home 17.5m euros in 2011 because of large bonus payments.
VW reported a net profit of 5.1bn euros for last year, bouncing back from a 1.6bn euro loss for 2015 in the wake of the emissions-cheating scandal.
"While the past fiscal year posed major challenges for us, despite the crisis the group's operating business gave its best-ever performance," said chief executive Matthias Mueller after a meeting of VW's supervisory board at its Wolfsburg headquarters on Friday.
The scandal did not stop the group, which also owns the Porsche, Audi and Skoda brands, delivering a record 10.3 million vehicles last year, driven by strong demand in Europe and the Asia-Pacific region.
That allowed VW to overtake Toyota and claim the crown of the the world's top-selling car maker.
Revenue was a record 217.3bn - 2% higher than 2015. The company expects that figure to rise 4% this year following a "moderate" increase in vehicle sales.
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