VW’s shareholders approve $339M compensation for former executives

Volkswagen’s shareholders have approved a deal to settle claims against four former executives, including long-time CEO Martin Winterkorn, with regard to its emissions cheating scandal.

The initial deal, announced last month, sees Volkswagen receive $339 million (288 million euros) in compensation; it required shareholder approval. The large majority of VW’s shareholders, 99.9%, approved the deal at the group’s annual general meeting. 

In 2015, Volkswagen admitted to cheating U.S. diesel engine tests, resulting in the biggest business crisis in its history.

The development marks a major milestone in VW’s efforts to turn a page on the scandal, which has cost it more than 32 billion euros in fines, legal expenses and vehicle refits, so far.

($1 = 0.8499 euros)

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