The CEO Jean-Charles Naouri solicits an increase at the general assembly of the largest distribution group on May 10. An application that brings unions in a context of lower purchasing power for employees.
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Casino’s boss, Jean-Charles Naouri, would he seek to protect his power to purchase inflation? At the Group General Assembly, which will be held on May 10, the 73-year-old shareholder officer will seek to shareholders a renewal of his mandate at the same time as a doubling of his gross fixed salary. “The fixed remuneration of the President and Chief Executive Officer is brought to 825 000 gross euros,” can be read in the registration document deposited on 31 March with the Autorité des Marchés Financiers.
Accompanied by an explanation: a gross amount of 700 000 euros “during his appointment in 2005”, his fixed remuneration had been “diminished in 2013 at 480,000 euros gross according to the wish of the President and Chief Executive Officer” , so that his emoluments can match his performances. Nothing more so that a mere catch-up, according to the document, namely its “Fixed Remuneration of Origin Indexed on Inflation since 2013”.
“The most total disarray”
But in the current context tense on the purchasing power of households, it was not necessary to leap unions. “This is the most total dismay, while the salary increases that have just been negotiated for all the Group’s staff vary from 2.8% to up to 3%, is insured Ali Eloued, CGT Manager Casino Group. How to involve employees and make them want to invest in these conditions? “The union leaflets he has planned to distribute in the stores are already ready. With humorous drawing and peanut illustrations, the document ends with a request for reopening salary negotiations “to make up for price increases of 3.6% since early January 2022”.
In the group, we understand the offset and the symbolism, but it is suggested that we must compare what is comparable. “With regard to market practices, the importance of responsibilities and the role of the President and Chief Executive Officer is taken into account in a high-changing business sector and in an increasingly complex environment. Strong strategic transformation issues, “says a spokesperson. In addition, “the level of fixed compensation was abnormally low compared to corporate market practices and for comparable levels of responsibility”.
complemented by a variable portion “subject to specific financial objectives” reported by less than 100,000 euros in 2021 taking into account poor results, the total remuneration of the boss of casino is certainly far from that of his counterpart of Carrefour . By 2020, Alexander Bompard received € 7.2 million, including 1.5 million euros of fixed remuneration and 2,475 million euros of variable compensation, making him, according to the latest annual report on the compensation of the executives of Proxinvest, the investor consulting company, “the boss whose variable [remuneration] share has been the highest among all the leaders of the SBF 120”.
Little suspense nevertheless for the approval of these new provisions at the next General Assembly: Mr. Naouri being the majority shareholder of casino through the Holding Rally, who holds 51%.