Porsche executives earn record 143.5 mln eur in FY


STUTTGART, Germany, Nov 26 (Reuters) - Remuneration for the management board of Porsche SE rose to a record 143.5 million euros ($186.4 million) in the fiscal year that ended in July.

Four of the six management board members of Porsche were part of the board only until Nov 13 of last year, when it changed its legal form to a European automotive holding company that subsequently had only two -- Chief Executive Wendelin Wiedeking and Chief Financial Officer Holger Haerter.

Wiedeking declined to comment on his own salary or that of his CFO during a news conference in Stuttgart.

German media has speculated that a clause in the Porsche chief executive's contract from 1993 granting him a direct claim to a small portion of the company's net profit meant he could earn close to 100 million euros, which would make him once again the highest paid manager in Germany.

He reportedly took home around 60 million euros for fiscal year 2006/2007.

Wiedeking's remuneration package has repeatedly come under attack in Germany, where high compensation for corporate managers is frowned upon.

In light of the global financial crisis, and a number of corporate scandals at venerable German companies such as Volkswagen and Siemens, the government has faced pressure to take steps to limit managers' compensation.

By comparison, Deutsche Bank CEO Josef Ackermann, who topped the list of executive pay among Germany's blue-chip companies last year, made only 14 million euros in 2007. (Reporting by Nicola Leske and Christiaan Hetzner; Editing by Rupert Winchester)



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