PARIS: French President Emmanuel Macron waded into a heated debate about executive salaries on Friday, describing as “shocking and excessive” the 19-million-euro pay packet of the head of carmaker Stellantis.

Macron, who is campaigning against far-right leader Marine Le Pen to hold onto the presidency at the ballot box on April 24, told Franceinfo radio that he was in favour of an EU-wide ceiling for top executives’ pay.

“We need to fight at a European level so that remuneration can’t be excessive,” said Macron.

“We need to set ceilings and have governance for Europe that make these things acceptable. If not, society will explode at any given moment,” Macron said.

“People can’t be facing purchasing power problems... and then see these sorts of sums.” Debate is currently raging over the 19-million-euro payout for Stellantis chief executive Carlos Tavares for last year, when French carmaker PSA merged with Italian-US rival Fiat Chrysler to form Stellantis, the world’s fourth-biggest automaker.

Beyond his base salary of two million euros, Tavares is to receive 7.5 million euros in performance-based pay, 2.4 million euros in retirement contributions and a 1.7-million-euro bonus related to the success of the merger.

He will also receive 5.6 million euros’ worth of company shares, according to Stellantis.

Published in Dawn, April 16th, 2022