Stellantis shareholders are fine, they support the CEO’s pay package

Stellantis shareholders at the company’s annual general meeting on Tuesday in Amsterdam approved a dividend of $1.65 (1.55 euros) for each outstanding common share.

The automaker, which owns the Jeep, Ram, Chrysler, Dodge, Fiat, Alfa Romeo and Maserati brands, had announced the proposed dividend pending shareholder approval when it released its 2023 earnings report in February showing it made nearly $20 billion (billion 18.6). euros) in net profit. The percentage of voters who supported it was more than 99%.

The payment date is scheduled for May 3.

Shareholders also, on a consultative basis, showed their approval by more than 70% in favor of the 2023 remuneration report, which includes the compensation of CEO Carlos Tavares and other senior officers of the organization. Tavares had total compensation of $39.5 million (36.5 million euros) in 2023, although the company listed his actual compensation, including “cash and equity awards,” at $25.4 million (23.5 million euros).

The 2023 pay report vote received less support than last year, down from more than 80% who supported it. The company, which said it has a “pay-for-performance” philosophy, had noted in its agenda materials that it “has continued engagement with shareholders since 2022 for feedback and dialogue about the company’s compensation philosophy and pay practices.”