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Carlos Tavares' salary at Stellantis is 'shocking and exaggerated'

Carlos Tavares’ salary at Stellantis is ‘shocking and exaggerated’

“DrWe must lead the fight [ao nível] “The EU until we get bonuses cannot be offensive,” said Emmanuel Macron, who is running for re-election in the second round of the presidential election on April 24.

Speaking to France Info radio, the French president defended the need to move forward with the creation of “ceilings” for salary bonuses, through European-level governance that “makes things acceptable, otherwise society will explode at some point.”

The dispute revolves around a 2021 wage increase for the CEO of the Stellantis car group, Portuguese Carlos Tavares, to 19.1 million euros, a controversial topic that has entered French politics.

The auto group (born in 2021 from the Peugeot-Citroen merger with Fiat Chrysler), said shareholders on Wednesday, at the general meeting, voted against the bonus report by 52.1% to 47.9%. In this case, the shareholder vote is advisory.

“We are here with astronomical values ​​and without framing them within a scope, we must be able to put a ceiling on, if we do it at the European level, it can work,” noted the French head of state, noting that the Stellantis car group has an advisory department and a registered office in the Netherlands.

As a country, what France can do, as it has done with minimal taxes and the fight against tax evasion, according to Emmanuel Macron, is to “convince European partners to implement a reform that makes it possible to supervise, at some point, the compensation of leaders” of companies in the European Union (EU) .

As the opponent of Emmanuel Macron in the second round of the French presidential election on April 24, the far-right candidate Marine Le Pen, in comments to the French news channel BFMTV, commented on the salary of the CEO of the Stellantis car group: “It is shocking, of course, and even more shocking when it is Entrepreneurs are the ones who put their company in trouble.”

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Shareholders, unions and even in the political sphere are vying for millions of euros in bonuses for 2021 for the leaders of the Stellantis car group, just days before the second round of the French presidential election.

Stellantes’ performance in 2021 was exceptional, so CEO Carlos Tavares is expected to receive a total of €19 million related to the exercise of managerial functions.

The Stellantis group, unwilling to respond to Macron’s statements, recalled that “in less than eight years, the PSA group – Peugeot Citroën has gone from near bankruptcy to the position of a leader in its sector worldwide.” Thanks to the merger with FCA – Fiat Chrysler, a project led by Portuguese Carlos Tavares.

The Stellants Group noted that Carlos Tavares’ pay, “90% variable based on outcomes,” remains, after all, lower than that of his North American counterparts at GM or Ford.

Read also: Stellantis shareholders fail Carlos Tavares’ salary of 19 million

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