Volkswagen's (VW) CEO Matthias Müller took home €10.14m in 2017, a near 40 per cent increase in what he was paid the previous year.
Müller received a basic remuneration of €9m plus "fringe benefits" such as company cars, taking his total pay to over €10m, despite the company bringing in a €10m cap on top managers' compensation following investor criticism at excessive boardroom pay.
However, while Müller's pay has increased for this year, under the old system he would have received €13.15m, according to the FT.
Annual bonuses have also been capped at 180 per cent of the annual bonus target. The minimum salary a board member can earn is €3.5m.
The pay rise for Müller comes as the company appears to bounce bank from a period of financial stability surrounding the emissions scandal, in which VW was accused of fitting its Diesel engines with devices designed to pass emissions tests.
The company generated an operating profit €17bn a 16 per cent increase on the year before, while sales revenue also jumped 6.2% year-on-year to €230bn.
The figures mark a significant improvement from VW's troubled finances in 2016, when it reported a fall in pre-tax profits and sales in the first quarter , forcing the share price to fall by more than 3.5 per cent.