Politics

Macron backs pay cap for CEOs in bid for votes from the left


Emmanuel Macron is running against far-right candidate Marine Le Pen
Emmanuel Macron is running against far-right candidate Marine Le Pen

Photo credit: Foto: AFP

French leader Emmanuel Macron said he would support a pay cap for chief executive officers in a bid to woo left-wing voters ahead of the second round of the presidential election.

In a radio interview Friday, Macron joined criticism by the left against the decision by carmaker Stellantis NV to pay CEO Carlos Tavares €19.2 million in 2021.

“It’s shocking, it’s excessive,” said Macron, who’s campaigning before the 24 April election runoff against far-right candidate Marine Le Pen. The French president, a former investment banker, said a ceiling must be defined by the European Union.

In a separate radio interview, Le Pen also called Tavares’ remuneration shocking but ruled out any legal obligation on CEO pay.

The comments came as both Macron and Le Pen are eyeing the 7.7 million people who backed far-left veteran Jean-Luc Melenchon in Sunday’s first round. Purchasing power is a top priority for French voters, polls say. The war in Ukraine is exacerbating inflation on energy and food.

©2022 Bloomberg L.P.



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