Siemens puts the brakes on executive pay raises

Posted on October 2nd, 2006 by ElectroGeek

Siemens, Europe’s largest engineering firm, on Monday took the rare step of halting a 30 per cent executive pay raise to stop an angry tide of criticism over the troubled mobile handset division it paid a Taiwanese company to take over last year.

Three thousand German jobs are now at risk since the handset company, BenQ Mobile, announced that it was filing for insolvency after its Taipei parent, BenQ Corp, decided it could no longer afford to fund it.

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