Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Fans and players react online to Arsene Wegner's club departure

Read more

THE WORLD THIS WEEK

Syria alleged chemical attack: Gunfire delays deployment of weapons inspectors

Read more

FRANCE IN FOCUS

Cashing in on local French currencies

Read more

YOU ARE HERE

Life on the canals of northern France

Read more

INSIDE THE AMERICAS

What lies ahead for Cuba after the Castros?

Read more

#TECH 24

Discovering and harnessing the power of the sun

Read more

DOWN TO EARTH

Can France bid 'adieu' to popular weedkiller glyphosate?

Read more

#THE 51%

Harmful for your health: When gender bias affects medical diagnosis

Read more

REPORTERS

Africa’s donkeys slaughtered for Chinese ‘miracle elixir’

Read more

Business

SocGen backs down on stock options after govt criticism

Text by FRANCE 24 (with wires)

Latest update : 2009-03-20

The bosses of French bank Société Générale have accepted to forego hundreds of thousands of stock options after criticism from several members of the French government, as well as President Nicolas Sarkozy.

France's government spokesman, Luc Chatel, has slammed the granting of thousands of stock options to bosses of French bank Société Générale, calling it ‘indecent’.

"When I heard that, I found it indecent", he said on French radio on Friday, "because in the current context, (...) all are expected to send constructive messages."

His comments came after Société Générale announced on Wednesday that it would grant 70,000 stock options to its chairman Daniel Bouton and 150,000 to its CEO, Frédéric Oudéa. Didier Alix and Séverin Cabannes, both associate executive directors, were granted 50,000 stock options each.

"This type of allocation of stock options at the moment appears to me to contradict the mode of governance proposed by the Medef (the French business confederation) and the Afep (a French association of private companies) a few weeks ago and approved by 94% of companies", he added.

Under pressure from the government, the Medef and the Afep adopted an ‘ethical code’ in October regarding pay and the holding of multiple positions by company bosses. At the beginning of January, this code was adopted by almost all large French companies listed on the stock exchange.

Date created : 2009-03-20

COMMENT(S)