Stellaantis shareholders vote against directors’ remuneration

In particular, Carlos Tavares, the group’s general manager, should ultimately receive a total of 19 million euros for the 2021 financial year.

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

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

A fixed salary of 2 million euros

In particular, Carlos Tavares, the general manager of the world’s fourth largest automotive group, should receive a total of 19 million euros for the 2021 financial year, according to Stellantis. In addition to a fixed salary of 2 million euros, the variable part makes up the largest part (89%) of his remuneration, of which 7.5 million is linked to his performance in 2021; 2.4 million for his retirement; 1.7 million linked to the successful establishment of Stellantis, and free share awards based on financial and environmental targets until 2026, valued at 5.6 million euros by Stellantis for the year 2021.

Management company PhiTrust, a minority shareholder of Stellantis, announced on Tuesday that it had voted against Carlos Tavares’ compensation. It estimates it at EUR 66 million for the year 2021, in cash and in shares, if very ambitious long-term targets are reached at most by 2028, and that action remains at least at current levels. † John Elkann will receive a total of 7.8 million euros and the financial director of the group, 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.

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