REPORT: French government calls for auto execs to forego bonuses
The French government has put €6 billion ($7.79 billion USD) on the table for car companies. And as part of the effort to make sure that every drop of the money goes toward maximizing performance and retaining jobs, the French government has asked that Peugeot/Citroen and Renault company bosses take a pass on their bonuses. Renault responded by saying that its execs were told seven months ago that there would be no extra fat for them. Peugeot/Citroen said its remuneration committee would determine the fate of executive bonuses when its 2008 results are known next month. The French government probably won't make executive compensation a key component of the deal, but just as in the U.S., French auto execs are likely looking at their banking industry counterparts and wondering: "Why is all the heat on us?"
[Source: Automotive News, sub req'd]
Reader Comments (Page 1 of 1)
Mazda FTW! 6:37PM (1/21/2009)
"but just as in the U.S., French auto execs are likely looking at their banking industry counterparts and wondering: "Why is all the heat on us?""
Indeed.
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guerro 6:56PM (1/21/2009)
"but just as in the U.S., French auto execs are likely looking at their banking industry counterparts and wondering: "Why is all the heat on us?" "
Because they aren't connected like the banks are. Its all about who you know.
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TurboPanzer 10:10PM (1/21/2009)
Instead of money, what if those executive bonuses are just many many pounds of fresh escargot? Would the government be cool with that?
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Andrew 8:30AM (1/22/2009)
What? Do you think those things can be found lying around on the ground? They cost money! XD
Andrew 8:31AM (1/22/2009)
Note: heavy use of sarcasm above.
TurboPanzer 2:18PM (1/22/2009)
@Andrew: Using money to lure snails out of their hideouts. That's genius!! :D