The CEOs of the CAC 40 won on average 277 times the SMIC in 2018

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At a time when Secours Catholique noticed an increase in poverty in France, the firm Proxinvest reveals that the wages of big bosses have increased by 12%.

By Jean-Michel Bezat Posted today at 11h24, updated at 11h45

Time to Reading 2 min.

There are the very poor and the very rich. At the time Secours catholique published an annual report confirming a rise in poverty in France in 2018, already highlighted by INSEE, Proxinvest revealed, Wednesday, November 6, a 12% increase in the remuneration of bosses of the CAC 40. has reached, on average, 5.77 million euros last year, or 277 times the smic or 152 times the average gross salary of the French. A level unprecedented since 2003, according to the shareholder advisory firm.

The leaders of the CAC 40 also earn 90 times the salary of their employees (against 73 times in 2014). This so-called "fairness" ratio is all the more interesting since the Pact Act, passed in the spring, requires companies to disclose executive pay gaps relative to those of their teams. However, the increase in the remuneration of these managers is "Three times faster than that of employees"said Loïc Dessaint, CEO of Proxinvest, during the presentation of this report.

The firm concludes once again "A lack of justification for the magnitude of the increases, both in terms of shareholder performance and social cohesion". Ten years after the financial crisis of 2008, these incomes (fixed salary, variable part, free shares, tokens, benefits in kind …) mark "A new record" in a country that is not the most unequal among developed nations, but where the crisis of "yellow vests" has revealed a strong desire for a fairer distribution of wealth.

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"Drift"

Bernard Charlès, Chief Executive Officer of Dassault Systèmes (here at L'Elysée, in March), was the highest paid executive in France in 2018, with 33.1 million euros.
Bernard Charlès, Chief Executive Officer of Dassault Systèmes (here at L'Elysée, in March), was the highest paid executive in France in 2018, with 33.1 million euros. LUDOVIC MARIN / AFP

This "Drift" of the year 2018 is explained first by the increases of the top 4 of the highest paid bosses. Because the average remuneration of CEOs or CEOs of the 120 largest "boxes" listed (SBF 120) is down 4% (to 3.6 million). Bernard Charlès, CEO of Dassault Systèmes (design software), has blurred the cards: his company joined the CAC 40 in 2018 and is the highest paid leader in France with 33.1 million, an amount that explains essentially for the valuation of the 30 million euros of free shares called "performance" he owns. Even with the company figure (22.9 million), a little less optimistic than Proxinvest on the ability of the leader to achieve all its objectives, he is in the lead.

François-Henri Pinault, CEO of Kering, holds the second place with 17.3 million (the company retains the figure of 12.2 million), incorporating the family investment company Artemis. Pursued by the Japanese courts, Carlos Ghosn, former number one Renault-Nissan, won 14.3 million last year, even if he was deprived of free shares and retirement. Omnipotent boss fixing his own remuneration, he had inflated 137.5% at Nissan (13.3 million).

The least justified is that of the CEO of the Franco-American oil and gas services group TechnipFMC. Douglas Pferdehirt is fourth (11.7 million), "While the company has net losses of 1.7 billion and a decline of 16% of its turnover". And even 61% of its share price since the merger of 2017, when Technip, the flagship French major oil services projects, was absorbed, with the approval of the state, by FMC, the small group of Houston (Texas ). Finally, the CEO of L'Oréal closes the top five with 9.5 million (- 0.5%). Jean-Paul Agon remains the leader who benefits from the CAC 40's retirement pension (1.57 million) and the fixed salary (2.2 million).

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