In 2022, the bosses of the CAC 40 should earn less than in 2021 which was a record year. According to fintech Scalens (formerly Hebdo des AG) – which has scrutinized future compensation policies – they should receive an average of 7.4 million euros once morest 8.1 million last year. These amounts remain high. In 2019, before the Covid epidemic, they had received 5.4 million euros.
An average fixed price of 1.27 million euros
This average salary of 7.4 million euros includes variable compensation but not exceptional bonuses, which will not be voted until 2023 for the year 2022. It consists of a fixed amount of 1.271 million, up 7 % compared to 2021, when the increase had reached 20%.
Michelin shareholders accepted a 20% increase in the fixed salary of CEO Florent Menegaux; which corresponds according to the group to “an upgrade equal to the fixed compensation awarded to his predecessor between 2014 and 2019”. Those of Axa have voted a fixed for DG Thomas Buberl up 14% .
Within variable compensation, bonuses paid in cash should increase by 31%. They might reach, if all the performance objectives were met, 2.56 million euros on average, compared to 1.9 million in 2021, and 1.61 million in 2019. Thomas Buberl might see his bonus increase by 45%; that of Antoine de Saint-Affrique, new CEO of Danone, who succeeded Emmanuel Faber might grow by 13%.
Performance shares down
Conversely, performance shares and stock options should fall back in 2022. Scalens estimates them on average at 3.6 million euros once morest 4.9 million for 2021. Half of the companies formulate the ceilings for allocation of shares by value and not by number of securities, to comply with a recommendation of the Afep Medef corporate governance code. A practice which, in times of sharp rise in prices, limits the interest of this instrument for managers. Despite everything, Paul Hudson, CEO of Sanofi, might benefit from compensation in shares of 5.6 million euros, up 73%.
Scalens also looked at the criteria which are set by the boards of directors or supervisory boards and which allow the bosses to unlock this variable remuneration. For two-thirds, they remain financial. The climate and diversity are indeed struggling to find a place in the objectives attached to bosses’ bonuses.
