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French Government Says Renault Is Paying Its CEO Too Much
The French government could intervene with the pay of Renault's CEO, Carlos Ghosn, after the board and shareholders have decided to pay him USD 8.1 million (Rs. 54.41 crore) after last year's work. The break up is as follows:
- USD 1.3 million (Rs. 8.73 crore) as salary
- USD 2.0 million (Rs. 13.43 crore) as performance based bonus
- USD 4.7 million (Rs. 31.57 crore) in stock and deferred bonuses
The above mentioned payment has been seen as excessive by some people in France. One major point to be made note of is that Carlos Ghosn made USD 9 million as the CEO of Nissan.
A council on corporate governance will review the decision and the council will consist of executives and representatives from the Mouvement des entreprises de France employers association.
Francois Hollande, the President of France said, "I've been told there is a code of good conduct. If it's not applied there will be consequences."
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