Tavares retaliated on his 36.5 million euros in remuneration?

36.5 million euros, as Stellantis announces? Or 42 million according to the ISS (International Shareholders Services) agency? Or 18 million according to Proxinvest, another shareholder advisory agency? Difficult to precisely assess the remuneration for 2023 of the general director of Stellantis (Peugeot, Citroën, Opel, etc.), Carlos Tavaresas it mixes lasting and variable elements.

“Sparkling” results

Either way, it’s a lot. “It’s too high,” said Charles Pinel, general director of Proxinvest on the BFMBusiness set on Monday. His agency therefore advises shareholders, such as ISS but also Glass Lewis, to vote against the remuneration of Carlos Tavares during the general meeting meeting this Tuesday in Amsterdam, where the group’s headquarters has been located since the merger of PSA and Fiat Chrysler. It is understood that this may not change anything – in 2022, a negative vote on remuneration did not prevent it from being paid.

These emoluments have a justification, the “sparkling” results of the company, in the words of Charles Pinel. THE net profit reached 18.6 billion euros last year for a turnover of 189.5 billion. This placed Stellantis second among CAC 40 companies for profitability, behind TotalEnergies but ahead of LVMH. Note also that employees received 1.9 billion euros in participation, or in France a bonus of between 4,100 and 6,000 euros.

Beware of responsibility

Despite everything, the boss’s 36.5 million euros are struggling to pass. The company justifies them by comparing them to the sums received by the bosses of manufacturers in the United States, where Stellantis generates half of its turnover. Nevertheless, notes ISS, cited by The worldthis remains “high even compared to American peers selected by the company itself”.

And above all, asks Charles Pinel, “do we want to import American practices into Europe? “. According to Stellantis documents, Carlos Tavares’ compensation last year was equivalent to 518 times the average salary at the company – the ratio was “only” 365 in 2022, and 298 in 2021. “I say to the leaders , continues Charles Pinel: be careful, you are also responsible for the cohesion of your society, and also of the capitalist system. »