Politics

Macron, Le Pen slam ‘shocking’ corporate pay in heated French election


Fast News

Shareholders reject a compensation package for Franco-Italian carmaker Stellantis’ CEO amid outcry only days before French presidential vote that has focused on cost of living.

CEO Carlos Tavares faces controversy over his multimillion dollar executive pay package.
CEO Carlos Tavares faces controversy over his multimillion dollar executive pay package.
(Reuters)

French President Emmanuel Macron
and his far-right challenger Marine Le Pen have called the
pay package of Franco-Italian carmaker Stellantis’ CEO
“shocking” with excessive executive pay now a hot topic in
France’s tight-run presidential election.

“We’re talking about astronomical sums here … we should put a cap on these, this could work if we act at a European level,” Macron told franceinfo radio on Friday.

Just nine days ahead of a runoff that will determine who will
lead the European Union’s second-largest economy for the next
five years, opinion polls show Macron is only slightly ahead of
Le Pen in a contest that could potentially go either way.

The 2021 compensation package for Stellantis CEO
Carlos Tavares adds up to around $20.5
million, plus a stock package worth some additional $34.6 million and long-term compensation of about $27 million.

READ MORE: No political deal with Sarkozy over campaign endorsement: France’s Macron

Le Pen agrees

“People can’t have purchasing power problems, difficulties and anxiety in their lives and see sums like this,” Macron said, adding that otherwise “society going to blow up”.

Le Pen echoed his comments.

“Of course it is shocking. It’s even more shocking when it’s
a CEO who has put the company in difficulty and gets
considerable sums,” she told BFM television, suggesting one way
to offset such remuneration was to develop staff shareholdings.

A spokesperson for Stellantis said they do not comment on
politicians’ positions and that the company would explain the
pay package in its 2022 remuneration report.

Just over 52 percent of the company’s shareholders voted on
Wednesday against the compensation package in a consultative
vote.

READ MORE: The 2022 elections are a monument to France’s deteriorated democracy

Source: TRTWorld and agencies



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