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First golden parachute win for French Government |
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Friday, 03 October 2008 |
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President Sarkozy’s government has already celebrated its first victory in the battle against golden parachutes – in Belgium.
Even as legislation is being prepared to put an end to failed executives walking off with multimillion euro settlements, Axel Miller, the sacked President of Dexia, agreed to give up his entitlement to €3.7 million. Working in tandem with the Belgian Prime Minister, the French state bank the Caisse des Depots, acting on instructions from Christine Lagarde, the French Finance Minister, only agreed to release vital rescue funds on that condition. The new legislation is so far only under discussion and will be difficult to enforce. The most effective control lies with shareholders and financiers as French Finance Minister has herself demonstrated in the case of Dexia. In a similar vein the French government has also made clear that it intends to retain its 15% shareholding in Renault so as to restrict the ability of the car manufacturer to move its manufacturing operations out of France.
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