Stellantis shareholders vote against executive pay

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Carlos Tavares, the group’s managing director, should in particular ultimately receive a total of 19 million euros for the 2021 financial year.

A majority of Stellantis shareholders voted against the group’s management pay policy, Stellantis chairman John Elkann said Wednesday at the group’s general meeting.

52.12% of voters voted against the report on remuneration, and 47.88% validated it. This opinion is only advisory according to the principles of the law of the Netherlands, where the manufacturer born from the merger in January 2021 of the Peugeot-Citroën-Opel (PSA) and Fiat-Chrysler (FCA) groups is registered. John Elkann pointed out that it was a “board belief, as a meritocracy, to reward performance“. This policy had been approved by 87.48% at the 2021 general meeting.

A fixed salary of 2 million euros

Carlos Tavares, the managing director of the world’s fourth largest automotive group, should in particular receive a total of 19 million euros for the 2021 financial year, according to Stellantis. Alongside a fixed salary of 2 million euros, the variable part constitutes the majority (89%) of his remuneration, with 7.5 million linked to his performance in 2021; 2.4 million for his retirement; 1.7 million linked to the successful creation of Stellantis, and free share grants based on financial and environmental objectives to 2026, valued at 5.6 million euros by Stellantis for the year 2021.

The management company PhiTrust, a minority shareholder in Stellantis, announced on Tuesday that it had voted against the remuneration of Carlos Tavares. It estimates it at 66 million euros for the year 2021, in cash and in shares, if very ambitious long-term objectives are reached at their maximum in 2028, and that the action remains at least at its current level. . John Elkann will receive a total of 7.8 million euros, and the group’s financial director, the American Richard Palmer, 14.8 million. The heirs of the former general manager of Fiat-Chrysler Sergio Marchionne, who died in 2018, will also receive 26 million euros.


SEE ALSO – The Stellantis group posts a record net profit of 13.4 billion euros for 2021, confirms Carlos Tavarès

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