Crisis requires, the remuneration of the bosses of the 120 largest companies listed on the Paris Stock Exchange, gathered within the SBF 120 index, decreased in 2020. The average total remuneration of executive chairmen fell by 14%, according to the report of the financial consulting and analysis company Proxinvest. It thus amounts to 3.2 million euros and falls back to its 2014-2015 levels. Within the CAC 40 only, the reduction in remuneration reached 11% last year, to 4.6 million euros on average.
Proxinvest takes into consideration all forms of compensation in its calculations, from fixed salary to benefits in kind, including the annual bonus, directors’ fees, stock options, free performance shares, profit-sharing. numerary. The Covid-19 crisis has forced executives to give up part of their fixed or variable compensation. The former fell by an average of 4.4% within the SBF 120, while the latter fell by 26.9%, as no less than 15 executives having received no bonus last year.
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It is Alexandre Bompard, CEO of Carrefour, who in 2020 benefited from the largest annual bonus: 2,475,000 euros. In total, 58% of companies have decided to lower the remuneration of their boss, 6% to freeze an increase that was scheduled and 36% not to change anything.
Also in the SBF 120, only seven groups, often controlled by the State, post remuneration less than or equal to 0.5 million euros. Remuneration above 5 million euros is found in 14 companies, compared to 24 in 2019.
The Fiat Chrysler companies, now part of the Stellantis group, and TechnipFMC present “typically American” compensation practices, underlines Proxinvest, including high amounts and part of the free shares not subject to performance. A “bad governance practice usual in the United States but not in accordance with the AFEP-MEDEF code”, adds the cabinet.
Here are the 5 best paid bosses within the SBF 120, according to Proxinvest:
5. Eric Vallat, CEO of Rémy Cointreau – € 9.7 million
Eric Vallat notably benefited from four action plans during fiscal year 2020, says Proxinvest.
4. Douglas horse herdsman, PDG de TechnipFMC – 10.5 M €
Although already very high, Douglas Pferdehirt’s total compensation is down 23%.
3. Mike Manley, ex-DG de Fiat Chrysler Automobiles (FCA) — 14,9 M€
The Stellantis group, resulting from the merger of FCA and the French automobile company PSA, does not communicate on the remuneration of its boss Carlos Tavares. On the other hand, that of Mike Manley, who ran Fiat Chrysler then found himself in charge of the North American operations of Stellantis after the finalization of the merger between FCA and PSA, is known for 2020: nearly 15 million euros. This remuneration was only approved at 56% by the general meeting of the company, specifies Proxinvest.[display-posts orderby="rand"]
Mike Manley left Stellantis in September 2021 to become general manager of US auto retailer AutoNation two months later.
2. Daniel Julien, CEO of Teleperformance — € 17 million
This compensation remains approved by only 61% of the votes at the general meeting. It includes a fixed remuneration of 2.3 million euros, the highest of the SBF 120, as well as an annual bonus “paid to the maximum”. Daniel Julien benefited from an increase in the value of performance shares granted, for a total amount of 12.4 million euros.
It also presents the largest pay gap with employees in the CAC 40, underlines Proxinvest.
1. Bernard Charlès, CEO of Dassault Systèmes – € 20.6 million
Bernard Charlès remains the highest paid boss in the SBF 120 index, despite a 17% drop in remuneration, “still contested by a majority of minority shareholders at the 2021 general meeting of the group”, recalls Proxinvest.
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