Volkswagen reported on April 13 in a statement that discuss and coordinate different models that constitute a fair and reasonable solution for all parties. The German media had reported for days that the supervisory board discussed cutting bonuses or eliminate them altogether, but that some members of the board were opposed to disappear.
The solution “will a significant reduction in the variable remuneration “, which also apply to the current president of the supervisory board, Hans Dieter Poetsch, who was CFO until the manipulation scandal gas emissions was uncovered in September last year.
“the components of individual compensation will be adopted at the next meeting of the supervisory board and published in the annual report on April 28,” according to Volkswagen.
VW would return to the market debt in May
on the other hand, Volkswagen hopes to return to the bond market in May with the aim of raising billions of euros to replace the expensive bank credit which has depended since the scandal broke emissions.
Europe’s largest automaker has been off the market since September uninsured bonds, when manipulated evidence admitted gas emissions in diesel engines in the United States. Investors have stayed away because of uncertainty about the cost of the scandal, which could reach tens of billions of euros in regulatory fines, costs of repair affected vehicles and demands to justice.
This situation he left the German firm depending on an expensive bridge loan of 20,000 million euros (23,000 million) agreed with banks in December. However, Volkswagen hopes to shed some light on the costs when it publishes its annual results on April 28.
“Volkswagen has begun talking with banks and could be a first broadcast right after the publication” he said one of the sources, who requested anonymity. “The number of provisions (the estimated cost of scandal for Volkswagen) will allow bond investors do the math,” said another source. A spokesman for the automaker said Monday that the company expects to issue debt in the capital markets before the end of June.
JOV (Reuters, efe)
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