French government opposes PSA chairman's pay increase: Les Echos

[PARIS] French government representatives on the board of carmaker PSA Peugeot Citroen are opposed to the sharp increase in remuneration of its chairman, Carlos Tavares, Les Echos reported on its website on Monday.

Mr Tavares saw his total remuneration reach 5.24 million euros (S$8.09 million) for 2015, including his fixed and variable salary and long-term incentives, up from 2.75 million euros in 2014, according to the company's annual report.

The French government, which owns 14 per cent of the carmaker, has recommended that companies in which it holds a minority stake should cut the leader's remuneration by 30 per cent, Les Echos reported.

PSA returned to profitability in 2015 after four years of losses and achieved its performance targets ahead of time.

The car manufacturer and the French finance ministry declined to comment on the Les Echos report, which did not cite sources.

PSA is due to present a new strategic plan on April 5.

REUTERS