Stellantis shareholders validate Carlos Tavares’ compensation

The shareholders of the fourth largest automobile group in the world, Stellantis, validated Tuesday at 70% the annual remuneration of the general director Carlos Tavares, estimated at 36.5 million euros for 2023during the general meeting in Amsterdam.

Unlike what would have happened if Stellantis’ head office were located in France, this vote was in any case purely consultative, the company being governed by Dutch law.

Shareholders had rejected Carlos Tavares’ remuneration for the 2021 financial year before validating it for 2022 at almost 80%.

“Make a law and I will respect it”

Traveling Monday to the Trémery factory (Moselle), Carlos Tavares had assumed this controversial remunerationwhich has “a contractual dimension between the company and me as for a football player and a Formula 1 driver”, reports The Lorraine Republican.

“90% of my salary is made by the company’s results, (…) so this proves that the company’s results are apparently not too bad,” added the 65-year-old Portuguese boss at the microphone of the Republican Lorraine. “If you think this is not acceptable, make a law and change the law and I will respect it.”

18.6 billion euros in net profit for Stellantis

Carlos Tavares’ remuneration notably includes the payment of a bonus of ten million euros for the “transformation” of the group created in 2021 with the merger of PSA and Fiat-Chrysler. It also includes retirement pensions which will be paid over the long term, but also bonuses awarded only if he meets the objectives set for 2025, the last year of his current mandate at the head of the manufacturer.

The company’s net profit reached 18.6 billion euros in 2023 for a turnover of 189.5 billion. This places Stellantis in second position among CAC 40 companies for profitability, behind TotalEnergies but ahead of LVMH. Employees received 1.9 billion euros in participation, or in France a bonus of between 4,100 and 6,000 euros.