Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tunisia's drug law : Parliament votes to ease repressive legislation on drugs

Read more

MEDIAWATCH

Honouring Xavier Jugelé

Read more

THE DEBATE

Trump's Best Enemy? North Korea in Washinton's Crosshairs (part 1)

Read more

THE DEBATE

Trump's Best Enemy? North Korea in Washinton's Crosshairs (part 2)

Read more

THE CAMPAIGN BEAT

Is there a risk of complacency in the Macron camp?

Read more

THE POLITICAL BRIEF

French presidential elections: A historic first-round result

Read more

FOCUS

Southern Border Plan: Mexico's own fight against illegal immigration

Read more

THE OBSERVERS

A drug in Mayotte turning people into zombies; and the violent expulsion of a waterside community in Lagos

Read more

ACCESS ASIA

Prostitution in Pattaya: Cleaning up Thailand's 'Sin City'

Read more

France

French govt set to ban executive payoffs

Video by Oliver FARRY , FRANCE 2

Text by FRANCE 24 (with wires)

Latest update : 2009-03-30

French PM François Fillon is due to unveil a decree banning stock options and other executive perks in companies that receive state bailouts, a week after several French banks faced public furore for handing out massive bonuses.

French PM François Fillon and finance minister Christine Lagarde are to unveil on Monday their decree banning bonuses and stock options for executives heading companies - notably banks – who have received state aid, the PM’s office said late on Sunday.

The decree will “ban stock options and free shares for company heads until 2010,” according to French financial daily Les Echos. The government says these financial rules are justified in times of crisis but not beyond, the daily wrote.

Last week, there was widespread outrage after it was revealed that executives from bailed-out companies including the banks Societe Generale and Credit Agricole, had awarded themselves bonuses and stock options.

“We will issue a decree on Monday. It will clearly state that companies that have received state aid will have to give up executive incentives like stock options, bonuses or golden parachutes,” said Eric Besson, France's immigration minister.

However, the opposition Socialist Party has rejected the decree, preferring instead a law that would cap executive pay and ban stock options. 

Date created : 2009-03-30

COMMENT(S)