Stellantis CEO Carlos Tavares holds a news conference after meeting with unions, in Turin, Italy, March 31, 2022. REUTERS/Massimo PincaChief Executive Carlos Tavares’s 59 million euro pay package is wrong, and not just for the obvious reasons. More than 52% of shareholders voted against the compensation offered to the boss of the 44 billion euro Italian-French carmaker. But Tavares will receive hisanyway, with the board ignoring investors’ grumblings, as is its wont under Dutch corporate law.
The outrage from politicians would have been predictable even if France wasn’t in election mode. Tavares is receiving 19 million euros as compensation for 2021 plus shares worth more than 40 million euros to be vested over the years. Such a vast sum confirms the absence of political sensitivity from the job descriptions of automobile industry leaders.. But he failed to say how.