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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Volkswagen : Prosecutors seek charges against Volkswagen managers over labor bonuses

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11/12/2019 | 10:44am EST
A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg

German prosecutors on Tuesday sought charges against a current Volkswagen manager as well as a former manager and two former board members, accusing them of awarding works council members inflated salaries.

The Braunschweig prosecutor said that managers responsible for personnel issues stand accused of a breach of fiduciary trust for awarding salary and bonus awards which caused damages worth 5.05 million euros ($5.57 million).

A court must now decide whether the accusations, made by the prosecutor's office in Braunschweig, near where Volkswagen is headquartered, will be brought before a judge.

A spokesman for Volkswagen on Tuesday said that there had been no misconduct in relation to deciding appropriate salary levels for works council representatives.

Under Germany's two-tier board system, workers have seats on the company's board of directors, with broad powers to veto sweeping strategy decisions.

Upon deciding which level of salary to award works council members, members of VW's personnel committee deliberately inflated pay by choosing to benchmark peers in a higher salary band, ensuring that VW's labor leaders got a pay rise, the prosecutor's office said.

Between 2011 and 2016 five members of the works council received excess pay, with 3.125 million euros awarded to the works council chief, the prosecutor's office said.

Such awards were to the "disadvantage" of the company, the Braunschweig prosecutor's office said.

(Reporting by Jan Schwartz and Edward Taylor; Editing by Michelle Martin/Paul Carrel/Alexandra Hudson)

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Financials (EUR)
Sales 2019 249 B
EBIT 2019 17 854 M
Net income 2019 13 750 M
Finance 2019 21 780 M
Yield 2019 3,57%
P/E ratio 2019 6,39x
P/E ratio 2020 6,08x
EV / Sales2019 0,27x
EV / Sales2020 0,24x
Capitalization 88 411 M
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Mean consensus BUY
Number of Analysts 30
Average target price 198,59  €
Last Close Price 176,60  €
Spread / Highest target 37,0%
Spread / Average Target 12,5%
Spread / Lowest Target -19,0%
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Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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