Stellantis, the salaries of Elkann and Tavares permitted within the Assembly | EUROtoday

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The Stellantis shareholders' assembly, assembly in Amsterdam, permitted the 2023 Remuneration Report, the report which additionally contains the compensation of the CEO Carlos Tavares and the president John Elkann. 70.21% of these entitled voted in favor, whereas 29.78% had been in opposition to. During the assembly there have been no questions from shareholders on the subject. According to what emerges from the corporate's 2023 Annual Report, Tavares obtained a wage of roughly 13.5 million euros in 2023, roughly 1.4 million lower than in 2022 (14.9 million euros). In addition to the fundamental and variable remuneration, Tavares obtained an incentive of 10 million in 2023 for the transformation of Stellantis right into a sustainable technological mobility supplier, permitted in 2021 by the Board. At the identical time, long-term incentives amounting to 13 million had been awarded to the CEO which will probably be assigned to Tavares provided that particular efficiency targets are achieved within the coming years. Adding these newest incentives too the whole he may obtain reaches 36.5 million, absolute peak within the automotive sector. Elkann obtained complete compensation of roughly 4.8 million in 2023 (down from 5.85 million in 2022).

Most of Tavares' remuneration will probably be paid in shares and also will improve with the group's share value, which has virtually doubled within the final three years. These are figures which have sparked controversy from a number of investor consultancy corporations, the so-called proxy advisors, who had advisable that shareholders vote in opposition to this remuneration. Glass Lewisfor instance, had expressed “serious reservations”.

The automotive producer's inventory slipped to the underside of the listing, shedding greater than three factors.

«Paid like a footballer or an F1 driver»

On your half, Tavares took accountability for the document wage: «A contractual dimension between the corporate and me, identical to for a footballer or a Formula 1 driver», mentioned the CEO, including that «90% of my wage comes from outcomes of the corporate, (…) so this exhibits that the corporate's outcomes usually are not that unhealthy.”

Results that the CEO of Stellantis illustrated at the Assembly: «2024 will continue to be a challenging year. We have some positives and of course some obstacles. It will be another great year with great products. After a record 2023 – explained Tavares – we moved forward on the 2030 strategic plan. 2024 will continue to be a year of challenges, with some positive elements and some headwinds, for example the cost of the workforce, inflation, impact of electrification. We will continue to do what we do best, produce good results. The electric portfolio will grow by 60% to 48 cars.”