Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

"Why Are So Many Children Dying in Gaza?"

Read more

AFRICA NEWS

Central African Republic: Seleka calls for partition

Read more

DEBATE

Nigeria: One Hundred Days and Counting (part 2)

Read more

DEBATE

Nigeria: One Hundred Days and Counting

Read more

FOCUS

Can Chancellor Merkel's winning streak last?

Read more

FOCUS

Hunger in a fertile land...

Read more

ENCORE!

High-tech acting king Andy Serkis on Dawn of the Planet of the Apes

Read more

REPORTERS

Hong Kong in rebellion against the 'motherland'

Read more

TALKING EUROPE

Dalia Grybauskaite, President of the Republic of Lithuania

Read more

  • In pictures: Thousands march for Gaza peace in Paris

    Read more

  • UN human rights chief blasts Israel-Gaza ‘war crimes’

    Read more

  • Bomb attacks leave scores dead in north Nigeria

    Read more

  • Gaza protests: ‘France imported the Mideast conflict a long time ago’

    Read more

  • Ryanair ordered to pay back €9.6m in illegal state aid to France

    Read more

  • Remains of Flight MH17 victims arrive in the Netherlands

    Read more

  • Two Ukrainian fighter jets shot down over rebel-held territory

    Read more

  • Video: Fear, death and mourning in Gaza’s Khan Younis

    Read more

  • TransAsia Airways Taiwan crash leaves dozens dead

    Read more

  • Poland’s Rafal Majka wins 17th stage of Tour de France

    Read more

  • Young riders raise French hopes for Tour de France

    Read more

  • Defying UK, France to proceed with warships sale to Russia

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    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)