PASCAL GROS The controversy aroused by the remuneration of Carlos Tavares, the general manager of Stellantis, is likely to spread to other groups. In 2021, indeed, like the automaker, French multinationals have sharply increased the salaries and other share packages granted to their leaders, even if the 66 million euros awarded to Mr. Tavares remains unmatched. In 2021, according to calculations by the listed company services platform Scalens, the average compensation allocated to CAC 40 bosses jumped to 8.7 million euros, almost double the 4.5 million in 2020, year in which the health crisis linked to Covid-19 had dented the annual envelopes. This amount is well above the 5.4 million euros granted on average to managers in 2019. Knowing that, for 2022, salary increases or variable parts have already been announced from Bouygues to Sanofi. Read also: Article reserved for our subscribers Tavares affair: “A chasm between the speeches of the elites on responsible capitalism and their feudal practices” “We had not anticipated a movement of such magnitude, deplores Loïc Dessaint, in charge of questions of governance at the voting advisory agency Proxinvest. Every year we recommend that our clients vote against the compensation of certain executives, but for this season of general meetings, it is much more than usual. We advise them, for example, to oppose resolutions at Teleperformance, Axa, Danone, Kering or even BNP Paribas. “And to add:” We must not fall into the error of idolizing a leader, whatever his talent. The creation of value comes above all from the 20,000, 50,000 or 100,000 employees who get up every morning to go to work and from the billions of euros of capital invested by the shareholders who themselves are at risk. » Three components The remuneration of bosses usually has three components: a fixed salary, a variable part (linked to the achievement of objectives during the year) and a long-term incentive scheme, which will also be paid in a few years. under conditions. There is thus a difference between the compensation awarded and that which is actually pocketed. Mr. Tavares thus received 19 million euros in 2021 (in respect of his fixed and variable) and, if the objectives defined by the Board of Directors are achieved, he could receive, by 2028, a additional valued at 47 million euros according to calculations “based on fair value” carried out by the management company Phitrust. In 2019, the boss of PSA – before the merger with Fiat – was rewarded with 7.6 million euros. You have 60.38% of this article left to read. The following is for subscribers only.