Deutsche Post to cap executive pay - Die Welt

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Deutsche Post is planning changes to its management pay system that would cap remuneration for executives at 6 million euros ($6.48 million), German daily Die Welt reported, without citing sources.

* Under the proposed system, executive pay will comprise a fixed salary as well as two variable components based on medium-term and long-term performance criteria, the paper said.

* Each of the three components is to account for at least 1 million but no more than 2 million euros, it said.

* A spokesman for Deutsche Post, which is 20.5 percent state-owned, said it had been a regular occurrence for the supervisory board to review management pay every year. He added that the company's remuneration system was appropriate compared with peers.

* Deutsche Post CEO Frank Appel received 9.03 million euros in 2016, making him the third-best paid chief executive among German blue-chip companies, according to data compiled by consultancy hkp.

* Germany's Social Democrats (SPD) last month drafted a law to discourage corporations from granting high pay packages to top managers by capping the tax deductions they can get through writing them off as business expenses.