Francois Fillon, France's prime minister, yesterday accused “irresponsible” executives of threatening the country's “whole social and economic system”, as a public storm broke over a €3.2m ($4.3m) payoff for the outgoing chief executive of Valeo, the loss-making car equipment supplier.
Business leaders and politicians across the political spectrum condemned the payment to Thierry Morin, days after Société Générale caused a public outcry with a share option plan for its top executives – which it has since withdrawn.
As US lawmakers attempt to impose punitive taxes on bonuses paid to bankers at bailed out institutions, political disquiet over executive remuneration has spread to Europe.
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