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Oil chief says even half his pay would be too big
The boss of French oil giant Total suggested on Friday there would be little point cutting his salary to satisfy critics of high executive pay since even halved, it would still be seen as too big.
- Reuters
- Published: 23:01 April 3, 2009
Paris: The boss of French oil giant Total suggested on Friday there would be little point cutting his salary to satisfy critics of high executive pay since even halved, it would still be seen as too big.
His comments come at a time when highly paid managers have become public enemy number one in the eyes of many French workers. Bosses at several companies planning layoffs have been temporarily taken hostage by their staff since last month.
With polls showing widespread public anger over what are seen as the excesses of fat cat bosses, the government is working on new legislation that would prevent executives from getting bonuses in certain circumstances.
"If there are people who want to legislate then let them legislate," Total's Chief Executive Christophe de Margerie said on France Info radio.
"But if you're getting good results, that your bonus is linked to those results, that the rules are known by all ... then people can entertain themselves by discussing whether bosses' salaries are too big or not too big.
"Even if I were to cut mine in half it would still be too big."
The comments are unlikely to help Total.
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