After the standoff between the government and Renault on the remuneration of Carlos Ghosn, the law Sapin 2 plans to give a binding shareholder vote. But MEPs want to go further and cap CEO salaries.
The controversy over executive pay will ignite the discussion of the bill fir 2 which begins Monday in the Assembly. The text is dedicated to the fight against corruption and tax evasion and the renovation of the legislative framework of financial transactions. But it will also host one or more provisions of inspired snub sent April 29 by the Renault’s Board of Directors to its shareholders which had rejected 54% the “package” 2015 CEO compensation Carlos Ghosn, 7.2 million euros. Administrators had been overridden by this advisory vote.
However, self-regulation has arguments to make, even if the political climate makes them largely inaudible. The balance of the general assemblies of the 2016 season shows that bosses were supported by their shareholders. Admittedly, the scores recorded on the “say on pay” – an advisory vote on pay – are often lower than in the form of plebiscite to 95% who approve the other resolutions
. on this issue, the government walking a tightrope. “No to a law that would cap salaries. Yes to a law that will allow the decisions of the General Assembly to impose on the board, “says Emmanuel Macron. This is the meaning of the amendment to the law Sapin 2 by the rapporteur, MP PS Sébastien Denaja. France would thus the first to impose a binding vote on the remuneration of the last year. It also offers a post-audit by the shareholders of the variable salary. However, the Government doubts the feasibility of such ex-post vote.
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