Top managers at German industrial conglomerate Siemens are to receive a 30 percent average pay rise next year, a company spokesman yesterday.
The report, by Reuters says the increase for the 13 members of the company’s managing board in 2006-2007 would partly reflect bonus payments and partly share allocations, the spokesman said, confirming a media report.
German news magazine Der Spiegel said Siemens chairman Heinrich von Pierer planned to review the remuneration of managing board members more frequently than the current practice of once every three years, to avoid large jumps in income.
“I looked carefully at the remuneration of the managing boards of other DAX companies, talked to numerous people in the industry and even asked for an expert opinion,” von Pierer was quoted as saying.
“Through this I established that after three years without an increase in pay, Siemens board members were at the bottom end of the remuneration paid by comparable companies.”
This year Siemens has laid off staff around the world in a bid to make the company more profitable through re-structuring.
In June this year Paul Moulds, Operations Director at Siemens Communications UK, confirmed he expected around 135 posts were to go as a result of re-structuring in the UK.