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PARIS (Reuters) – The French Finance Minister said Sunday (January 27th) that a severance pay for former Renault boss Carlos Ghosn, forced to resign following a scandal financial, should not be "exorbitant" and that the French state would follow the case closely.
Renault, which this week named a president and CEO to replace Mr Ghosn, has not yet finalized the dismissal program of his former boss, a potentially explosive issue in France, where the government has to against demonstrations against low wages and inequalities.
"Nobody would understand if Carlos Ghosn's severance pay was exorbitant," said Bruno Le Maire on France Inter radio.
"We will be extremely vigilant."
The French State is Renault's largest shareholder, with a stake of around 15%, and holds two seats on the Board of Directors.
Ghosn resigned from his position at Renault last week under pressure from the French government after his arrest in Japan in November and his indictment for financial misconduct. He denies any wrongdoing.
Renault's alliance with the Japanese Nissan, the industrial partnership that Ghosn has joined a global car manufacturing giant over the past two decades, has put the scandal to the test.
The French CGT union has estimated that Mr Ghosn 's severance payments amounted to 25-28 million euros (38.59 to 43.22 million Singaporean dollars), in addition to the fact that he was not paid. an annual pension of 800,000 euros.
The Mayor refused to say what he thought was an acceptable gain for Ghosn, but said the government had already managed to cut Ghosn's salary by 30 percent for 2018, compared to his total of 2017, which was 2017.
The finance minister also announced that he would propose in the coming months legislation requiring heads of large companies based in France to make this country their tax domicile.
The changes would particularly target large companies listed on the CAC-40 and SBF-120 indexes of the Paris Stock Exchange, as well as groups in which the state holds a stake, said Le Mayor.
The legislation would include penalties for business leaders breaking the rule, he added.
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