Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Requiem for a recorder'

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government?

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government? (part 2)

Read more

DEBATE

Racism, riots and police violence: USA under scrutiny

Read more

IN THE PAPERS

"The pen is mightier than the sword"

Read more

FOCUS

Israel's minorities and military service

Read more

BUSINESS DAILY

Russia targets McDonald's over tensions with West

Read more

AFRICA NEWS

Ebola: Liberian authorities admit 17 patients are missing

Read more

MEDIAWATCH

'New York Post' slammed for publishing Foley execution images

Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Deadly street battles hit Ukrainian rebel stronghold

    Read more

  • US attorney general visits Missouri town after fatal shooting

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Netanyahu compares Hamas to IS, Gaza offensive to continue

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

  • France’s ex-PM Juppé sets up presidential clash with Sarkozy

    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)