Wendelin Wiedeking, chief executive of Porsche, earned an estimated €60m-€70m ($89m-$103m) last year, making him one of the highest paid industrial managers in the world.

The German sports-car maker refuses to disclose individuals’ pay but company insiders said on Wednesday that Mr Wiedeking accounted for more than half of the €113m the management board received, up from the €42m the board was paid last year. The highest individual pay declared last year by a listed German company was the about €13m received by Josef Ackermann, head of Deutsche Bank.