Stellantis Shareholders Reject Executive Pay Packages
Unusual step of opposing the pay plan follows French government’s criticism that CEO Tavares was earning too much
Stellantis NV shareholders took the unusual step Wednesday of rejecting the Jeep maker’s pay plan for top executives, including chief executive Carlos Tavares.
The move follows criticism by the French government and a small French investor that the CEO specifically was earning too much and his pay package was abnormal.
In a nonbinding shareholder vote, more than 52% of votes cast opposed the company’s pay plan, which also includes compensation for board members. The vote took place at the auto maker’s annual meeting held virtually in Amsterdam.
A total of 47.9% shareholders voting approved the policy, according to Stellantis.
While the vote carries…
