Under the new rules, payouts will be more closely linked to the group's financial performance with the chief executive's remuneration limited to 10 million euros ($10.5 million). Other board members will see their annual pay capped at 5.5 million euros, VW said after a meeting of the supervisory board at its Wolfsburg headquarters. The VW group - which includes the brands Porsche, Audi and Skoda - beat analyst expectations with record revenues of 217.3 billion euros in 2016, up nearly two percent on the year before. Underlying or operating profit rose to 7.1 billion euros, from a loss of 4.06 billion in 2015, it said. To help it turn the page on dieselgate, VW has embarked on a massive revamp.

Source: The Local February 24, 2017 19:52 UTC