Compensation of patterns: the employers opened hostilities against Renault – Express

strained relations between management and Carlos Ghosn. Thursday, Les Echos published a letter sent by the vitriolic Top Corporate Governance Committee, in charge of the code of good governance AFEP-MEDEF, the CEO of Renault and Nissan. Employers are directly involves the remuneration of the entrepreneur, opening “a unique front”, analyzes the economic newspaper. Guest of Europe 1 Friday morning, Pierre Gattaz called Renault’s board of directors to “take into account the negative opinion of the shareholders.”

On May 19, the HCGE said it had sent a letter to Carlos Ghosn and President of Renault’s Compensation Committee, Patrick Thomas, “his recommendations for the consideration of the negative vote of the shareholders” the salary in 2015 of the CEO. But this letter is much more severe at the time indicated.

A continued remuneration too “fast”

As indicated Les Echos , the High Committee takes the “speed” with which the Renault boss remuneration was maintained, while shareholders had voted negatively on the subject. And to emphasize that the remuneration of executive directors must also consider “the reactions of other stakeholders of the company and the public at large”, or “the latter objective has not been achieved.”

In addition, highlighting the principle of “completeness”, the High Committee questions including “the special position formed by the accumulation of compensation awarded (Carlos Ghosn) and Renault that under the presidency of Nissan, “the Japanese manufacturer also directed by the manufacturer.

Queries about the dual

“Or Renault and Nissan are actually two large independent companies, and in this case, it would justify carefully how in terms of availability, general management may be exercised by a single person and dismiss criticism from some observers who consider the very high pay in the Renault frame corresponds to a function at ‘half time’ “asks the HCGE .

“Or, given the proportion of assets and contribution to Renault’s earnings represented by this participation, Renault’s head of performance is inseparable from that of the president of Nissan and the Board of administration should first think about all the two functions, in terms of compensation and assessing the performance of the leader, “he continues.

“In this case also, Renault shareholders should have detailed information on the remuneration of Nissan, and the incentives it has to make a fully informed decision “says the HCGE. In doing so, employers stood together with Emmanuel Macron on this topic, reminds Les Echos .