Open

Coming up

Don't miss

Replay


LATEST SHOWS

#THE 51%

Violence against women: The dangers of trial by Twitter

Read more

ENCORE!

Michel Hazanavicius on life after 'The Artist'

Read more

THE OBSERVERS

Violent repression in Bahrain and ebola kits on Guinea's black markets

Read more

IN THE PAPERS

Booing of Juppé by Sarkozy supporters underlines UMP divisions

Read more

BUSINESS DAILY

Hollande's industrial policy under scrutiny during Florange visit

Read more

WEB NEWS

Barbie book sparks online outrage

Read more

WEB NEWS

Concern in France as unauthorised drone use increases

Read more

AFRICA NEWS

Senegalese photographer's flashbacks to Africans throughout history

Read more

MEDIAWATCH

Hollande photographed with Julie Gayet on Elysée palace balcony

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)