The quarry begins-t-it to the future ex-boss of Technip, Thierry Pilenko? In question, a total sum of 14 million euros planned for the departure of the leader. The Economy minister Bruno Le Maire, held Thursday “unacceptable” that the president of TechnipFMC left his job with a major bonus, while the group parapétrolier franco-american records losses. “When I learn this morning that the boss of the group goes away with a bonus so even though it leaves a loss behind him, no one can understand this kind of behavior (…) unacceptable”, said the minister during the conference “The Meetings of the company” organized in the national Assembly.
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Bruno The Mayor, who has indicated that he spoke to the issue on Thursday morning with the boss of the public investment bank BPIfrance, which holds 5.5% of TechniFMC, has indicated that he would also address the topic with the patron of the Association française des entreprises privées (Afep) Laurent Burelle. the Afep lays down rules for the remuneration of executives of large companies, which have, however, a moral value. “Beyond codes, beyond rules, beyond the decisions that we take, it is up to each business leader to question his behavior, because the behavior of one can unfortunately taint the reputation of all”, finally stressed the minister.
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A little earlier, the president of the Medef Geoffroy Roux de Bézieux had reacted on Europe 1 this information. “I discovered the new, returning to the studio, so it is difficult to pronounce, but as you described it, it is actually quite unacceptable,” he said. “If the facts as described are accurate, that’s a bonus for failure and it is totally unacceptable,” he added.
golden Parachute of the pattern of Technip : “Unacceptable” for the president of the Medef – Watching on Figaro Live
The company has recorded a net loss of $ 1.9 billion in 2018, after a profit of $ 113 million in 2017. The result has bent under heavy asset write-downs of $ 1.7 billion, in particular on the value of some ships.
No severance pay, but stock options granted since 2010
TechnipFMC, however, has assured Thursday morning that he was not going to pay any “start bonus” to executive chairman. “Mr. Pilenko will receive a severance payment in the amount of 1.98 million euros, equivalent to one year of annual compensation (fixed+bonus), and it is subject to a non-competition clause, compensation in an equivalent amount and which runs until the end of 2020,” said to AFP a spokesman for the group. “A total of 3.96 million euros. This device meets the recommendations of the Afep-Medef code”.
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“For the rest, it is elements of compensation awarded to Mr. Pilenko since 2010 in the framework of its functions of president and CEO of Technip and then executive chairman of TechnipFMC,” says the same source. “It encompasses an array of performance shares and stock options validated in a general Meeting by the shareholders, and in any case may not be legally or intellectually assimilated at a premium of departure,” continues the spokesperson. Mr. Pilenko was “required to retain a minimum of six years of fixed remuneration in shares as long as he is in the company”, and “in compliance with the recommendations of the Afep-Medef code”. This code of good governance, established in 1995, is sometimes considered to be too little binding.
