A communiqué from Allianz reveals ongoing opposition to the remuneration of Stellantis CEO Carlos Tavares since the merger of Fiat Chrysler and PSA. Votes against his compensation have persisted, with 44% in 2021, 52% in 2022, 48% in 2023, and 30% in 2024. Allianz, as an investment manager, has consistently voted against this remuneration package.
Allianz expresses concerns that assurances about aligning executive pay with long-term company results are insufficient. Responses from Stellantis have not alleviated these concerns regarding its incentive policy.
According to Allianz, the proposed 23.1 million euros compensation package for the former CEO is disproportionate, especially given the lower-than-expected operational results and circumstances surrounding the forced resignation of the CEO. They argue that the impact of the ‘profit warning’ only affects the bonus with a zero payment, while other variable remuneration components continue to provide 20.5 million euros.
Besides opposing the Stellantis remuneration report, Allianz also plans to vote against points 3a and 3f at the upcoming assembly on April 15. These concern the re-election of two non-executive directors, who are members of the Remuneration Committee.
The investment manager remains concerned about the actions and oversight of the Remuneration Committee. Since the chair will not be seeking re-election, AllianzGI intends to vote against the re-election of the two non-executive directors serving on this committee.
Stellantis, a group encompassing 14 brands across Europe and America, including Fiat, Citroen, Peugeot, Opel, Chrysler, and Jeep, saw its CEO Carlos Tavares leave the company on December 1 following poor third-quarter results.
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