FOCUS – While the retirement hat Philippe Varin, former president of PSA, is again controversy, Le Figaro has consulted references two companies CAC 40 to see how they communicate on the level of pensions-hat of their leader.
Initially a completely legal process. Yet today, every time you say the word, the controversy swells. What is it? Retirement-hat device that is added in the form of an annuity, the mandatory regime, basic or additional (AGIRC and ARRCO). Beyond the principle, it is often the amount was so disturbing public opinion and political leaders, especially in the case of a public company, or when the state is a shareholder. This is particularly the case of PSA or GDF Suez, whose CEO (or ex-bosses) will receive high-hat pensions.
Yet each time, companies respond that processes are consistent with the AFEP-MEDEF code (which regulates the governance of listed companies and recommends that retirement-hat does not exceed 45% of salary reference). And argue that compensation elements were published in their annual report. What is it really? Are they really as transparent on the subject they want to be said? To do this, take the example of two CEOs (or former bosses) of companies that have been (or are) under fire from critics.
• Philippe Varin (former CEO of PSA)
“It was not until April 2015 that the information (payment of the Retirement hat Philippe Varin, Ed) quietly appear in the Peugeot SA reference document, “says the site of Deontofi.com information that reveals a new controversy surrounding the retirement hat Philippe Varin. PSA replies that the remuneration elements were known to the public. What is the reality?
In November 2013, Philippe Varin, then CEO of PSA openly renounce his retirement hat, under pressure from ministers Bercy, Pierre Moscovici and Arnaud Montebourg. Five months later, the automaker releases its reference document. The decision to Philippe Varin is mentioned on page 205. Contrary to what one might think, the file is not closed as it is stated in the document that the leader leaves the final decision to the Supervisory Board that “deliberate on the issue in the course of the year 2014 “. In the end, it decided that it would be paid discreetly Philippe Varin retirement-hat.
And this is the end of March that we learn the amount of this Annuity: 299,000 euros a year when he retires. A sum mentioned briefly on page 147 of the Reference Document 2014 PSA released this spring.
To find out how the company got the money, we must go back to page 139 which features a section titled “retirement defined benefit “. The recipient must have at least eight years of seniority or five, “they immediately preceding the retirement.” Here are below the calculation method:
The method of calculating retirement hat PSA
• Gérard Mestrallet (GDF Suez)
In late October 2014, is another iconic boss of the CAC 40 which criticized the Minister Economy because of the annual amount of retirement-hat: Gérard Mestrallet. The CEO of GDF Suez, whose mandate expires in 2016, will receive more than 830,000 euros per year. The amount is in black and white at the end of a paragraph titled “Pension Plan” page 135 of the reference document. It is specified that this amount represents 28% of the reference remuneration of Gérard Mestrallet under 2012. And therefore complies with the AFEP-MEDEF code.
The amount of the retirement-hat Gérard Mestrallet
Another good student: Essilor . Not only eyeglass lens manufacturer describes precisely the method of calculating retirement-hat but reveals its leaders – certainly at the end of paragraph and in brackets – the annual amount of the pension Hubert Sagnières: 424.000 euros, “either 25% of the average of the rémnuération actually received for the years 2012, 2013 and 2014 “in accordance with AFEP-MEDEF code.
The calculation of retirement-hat Essilor
A precision that is not so common among other CAC 40 companies Thus, many of them devotes only a few lines – sometimes incomprehensible – yet this very technical subject. This is particularly the case of Technip
The calculation of retirement-hat at Technip
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