Shareholders lobby group questions Spyker boss bonuses

The shareholders association VEB has questioned the €500,000 bonus paid to Victor Muller, CEO of sports car maker Spyker, saying it wanted to know what he had done to merit the pay-out.

Muller was paid the bonus because the supervisory board said he had met 40% of his targets. In a statement, the VEB said it questioned what these targets were.
Spyker’s annual report shows Muller was also paid a €550,000 ‘management fee’ and 120,000 Spyker shares for his role in the takeover of Saab. Muller does not earn a salary.
The VEB says it does not understand why the CEO has been paid a bonus at all. The takeover of Saab has not been a success and cost too much, forcing Spyker to look for alternative sources of income.
Spyker issued 5.5 million new shares at the end of March and used the proceeds to pay off debt. The company booked a loss of over €218m on turnover of €819m last year.

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