Remuneration of the former boss of the Crossroads: The Mayor puts pressure on the employers

The Economy minister Bruno Le Maire urged Saturday the employers to take “strong measures” after the high remuneration granted to the former CEO of Carrefour, which it considered “shocking”, in an interview with the AFP. Carrefour shareholders voted Friday to 68% of the grant to Georges Plassat to a compensation equal to 13.17 million euros by 2017, of which almost € 4 million of severance and non-competition agreement.

Carrefour has since engaged in a severe restructuring plan under the leadership of the new CEO, Alexandre Bompard. “That failure is rewarded with remuneration very high, it is incomprehensible and shocking”, thought it was Bruno Le Maire.

“The former leaders of the Crossroads have left a situation very degraded, this situation has encouraged the new management to take restructuring measures that will result in job losses and store closures. We cannot sanction this failure by compensation high and such a bonus to start,” added the minister. “The crossroads, to my sense, is to change the structure of the end of the contract of its executive officers and its officers must comply with the code Afep-Medef”, he estimated.

“Be vigilant on the decisions made by the Afep and the Medef”

This code drawn up by the Association française des entreprises privées (Afep), which combines the largest French groups, and the Medef, is a kind of code of conduct. “The Afep and the Medef must take strong measures to strengthen the monitoring and implementation by its members of the code Afep-Medef”, asked Bruno Le Maire.

These two employers ‘ organisations “had assured the French government that this code of conduct would be sufficient” and “we will be very vigilant on the decisions that will be made by the Afep and the Medef to strengthen their code of conduct and reinforce the effectiveness of this code of conduct”, he insisted. The code had been strengthened by the end of 2016 under pressure from the government after the controversy born of the”case Renault” related to the compensation of the CEO Carlos Ghosn.

The resolution on the remuneration of the former CEO was voted in by 68% in the general meeting of Carrefour shareholders on Friday. The shareholders “have not been at the height of the situation”, was still considered to be Mr. Mayor.

(With AFP)

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