October 4, 2022

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For Macron, the salary of CEO of Stylantis is appalling. But according to the company, it is worth it

AGI – French President Emmanuel Macron has called the 2021 compensation for Stellantis CEO Carlos Tavares “shocking” and “excessive”, adding his voice to a public protest over his salary. “We are talking here of astronomical sums… We must put an end to this system “It can succeed if we act at the European level,” Macron told France Info radio.

“We must fight in Europe for a reward that cannot be offensive,” Macron told Franceinfo. “At some point, we have to set boundaries and have governance for Europe that makes things acceptable, otherwise The company, at some point, will explodeHe explained: “We are on astronomical forms, without framing them in a scope, we must know how to set a ceiling, if we do it at the European level it can work,” the head of state estimated, noting that “Stellantis has its own council and rule in the Netherlands.”

“What we need to know how to do, as we did with minimal taxation and the fight against tax evasion, is to convince our European partners to implement a reform that allows us to monitor our managers’ bonuses at a certain point,” he said.

Another presidential candidate, Marine Le Pen, responded to BFMTV on BFMTV: “It’s shocking, of course, and it’s even more shocking when it’s the managers who put their company in trouble.” Millions of euros in bonuses awarded to the top management of the Stellantis car group for 2021 are being contested by shareholders, trade unions and also in the political sphere, a few days before the second round. French presidential elections. After his outstanding performance, the general manager, Carlos Tavares, is expected to receive a total of €19 million for the exercise.

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For Marine Le Pen, Tavares’ compensation is “shocking”, “disproportionate”. The guest of the program “An Hour for the Elysee” Le Pen said to herself In favor of providing a “reserve of shares allocated to employee shareholders” in business.

Stellantis’ answer: He deserves what he earns

“In principle, the company does not comment on the political sphere. Stellantis states that under the leadership of Carlos Tavares, in less than eight years, PSA Group has gone from near bankruptcy to the status of a leading company in its sector on a global scale with Stellantis, whose project has been implemented.” Thus Stellantis responds to Macron and Le Pen

Stellantis, the company asserts, “Today it is the third most successful car manufacturer in the worldwhich made it possible to redistribute 1.9 billion euros to employees, as well as to shareholders.”

Carlos Tavares’ bonus is variable 90% depending on the company’s results. e On the basis of performance standards, is 19.1 million euros, which is less than, for example, General Motors or Ford, and should be considered in terms of the size and performance of the company he leads. “

Stellantis responds to the group, “The compensation items are published on February 25, 2022 and it is up to Phitrust (French investment management firm that focuses on sustainability factors and minority shareholder in Stellantis, editor) to explain their reasons for working in the middle of the election campaign. Finally, Carlos Tavares is leading the profound transformation of Stellantis starting with the ‘Dare Forward 2030’ plan, to make it a technology leader aiming for carbon neutrality in 2038, ahead of its competitors.”

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