his compensation estimated at 66 million euros shocks

“Indecent”, “disgusting”… the union reactions in France were immediate when it was revealed in early 2021 the potential remuneration that will be granted for the year 2021 to Carlos Tavares, general manager of the automobile manufacturer Stellantis -born from the merger- between PSA and Fiat -Chrysler-, during the group’s general meeting, which is held on April 13. The firm Phitrust, a portfolio manager with an ethical dimension that wants to change the environmental, social and governance practices of listed groups, estimates the total amount that will be awarded to Mr. Tavares at 66 million euros, including his compensation to long term .

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In detail, the 63-year-old manager will have received 19 million euros for 2021 alone (1.9 million fixed + 7.5 million variable + 5.5 million for the first year of a three-year performance plan + 1 .7 million in merger completion bonus + 2.3 million contribution to his future retirement), in addition to 47 million in the allocation of free shares and exceptional compensation based on Mr. Tavares’ ability to transform Stellantis , with much of it intact until 2026-2028.

“Meritocracy”

Phitrust, which rates this compensation as“indecent” and judges it socially problematic, recalls that it is the largest salary allocation to a boss in France and wishes to challenge the shareholders, including the French State through Bpifrance, during the general meeting.

“Phitrust suggests that those 66 million go directly to the account of Carlos Tavares, it is completely false,” complains a close friend of the capo

In a statement released on April 13, CFDT Stellantis said that “Mr. Tavares’ remuneration is not legitimate”. “It is urgent that our politicians finally take real action on the salary caps of our leaderscontinues its central delegate, Christine Virassamy. These situations unfortunately lead to extreme positions of citizens during elections. “This figure of 66 million is unacceptableadds Jean-Pierre Mercier, from CGT Stellantis, when we see that Stellantis is cutting 2,600 jobs in France and that the salary increase granted is only 2.8%. »

On the Stellantis side, a spokesperson says that “Compensation for the Executive Director is awarded solely on the basis of meritocracy. Advice from Stellantis and John Elkann [le président du conseil d’administration] they are perfectly aligned with this principle.” Dans le groupe, on rappelle that Stellantis is the three most profitable builders (13 million euros of benefits in 2021), after Mercedes and Tesla, and that the largest part of this remuneration will not be touched by M. Tavares avant several years.

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