“It’s shocking, it’s excessive”, reacted Emmanuel Macron on Friday April 15 on franceinfo, about the income of Carlos Tavares, executive director of Stellantis. For 2021, his total compensation amounts to 66 million euros. In detail, it consists of a fixed part of 19 million euros, to which are added bonuses, the free share plan and long-term compensation.“Either we say to ourselves why not me, or we say to ourselves that it is inadmissible and it is the case”continued the outgoing president, guest of “Presidential Mornings”.
According to the Proxinvest firm, which publishes an annual ranking of company executive compensation, the managing director of the world’s fourth-largest car manufacturer is “the highest paid in history”, with remuneration “13 times more” higher than the CAC 40 average. Emmanuel Macron said he was in favor of the introduction of “ceilings” and “to a European governance that makes things acceptable”.
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Indeed, according to the President of the Republic, candidate for re-election, “we must lead the fight at European level, so that there is no abusive remuneration” because “the French State is not a shareholder of Stellantis” and the Public Investment Bank (BPI) which sits on the board of directors “did not approve this compensation”. Some of the other shareholders have also spoken out against this remuneration, which Stellantis justifies in view of the company’s good results. “It’s French, because it came from the merger with Peugeot, but now they’re in the Netherlands”explained the candidate for the election.
“People cannot have purchasing power problems, difficulties, the anguish in which they live and see these sums”, insisted Emmanuel Macron. “Otherwise society explodes.” evoking “astronomical amounts”, he felt that“we must be able to put a ceiling without framing it in a range”. “We have to convince our European partners to carry out a reform that makes it possible to regulate the remuneration of our leaders”summed up the LREM candidate, judging “unacceptable” the fact of “creating wealth that only goes one way”. According to him, “when we pay to the shareholders, we must pay to the employees, by profit-sharing or the purchasing power bonus without charge for the employer or taxation for the employee”.
Salary of the boss of Stellantis ➡️ “It’s shocking, it’s excessive”, says E. Macron, for whom the solution is European. “We have to set ourselves ceilings” for high salaries in Europe, according to him. “When we pay to shareholders, we must pay to employees,” he says. pic.twitter.com/xNQ2Bb1u7O
— franceinfo (@franceinfo) April 15, 2022