Volkswagen chief executive Martin Winterkorn will be paid EUR14m (US$18.7m) for 2012, 20% less than the previous year, German magazine Der Spiegel reported.

Der Spiegel, which, according to Reuters, did not cite sources, also said VW's supervisory board would decide on a new compensation package for all management board members at its next meeting on 22 February.

In future, bonuses will only to be paid to board members if the company's profit reaches at least EUR5bn, the magazine reported.

VW declined to comment to the news agency on the report.

Winterkorn himself proposed that he should take a pay cut, Der Spiegel reported last week, as the company prepares for wage talks with production staff in western Germany.

Current rules on executive pay, combining fixed salary, bonuses and profit incentives, would boost Winterkorn's total compensation for 2012 to about EUR20m from a record EUR17.5m in 2011, a company official previously said.