Stellantis approves dividend, execs’ pay
Vote on 2023 remuneration report sees support drop
Eric D. Lawrence
Stellantis shareholders at the company’s annual general meeting Tuesday in Amsterdam approved a dividend distribution equaling $1.65 (1.55 euros) per outstanding common share.
The automaker, which owns the Jeep, Ram, Chrysler, Dodge, Fiat, Alfa Romeo and Maserati brands, had announced it would propose the dividend pending shareholder approval when it released its 2023 earnings report in February showing it made almost $20 billion (18.6 billion euros) in net profits. The voting percentage in favor was greater than 99%.
The payment
May 3.
Shareholders also, on an advisory basis, signaled their approval with more than 70% in favor of the 2023 remuneration report, which includes the compensation for CEO Carlos Tavares and other top corporate officials. Tavares had total compensation of $39.5 million (36.5 million euros) in 2023, although the company listed his actual compensation, including “cash and vested equity awards,” at $25.4 million (23.5 million euros).
The vote on the 2023 remuneration report saw less support than the prior year, dropping from more than 80% in favor. The company, which said it has a “pay-for-performance” philosophy, had noted in its agenda materials that it had “continued its engagement with shareholders since 2022 for feedback and dialogue regarding the company’s compensation philosophy and pay practices.”
In addition, shareholders voted overwhelmingly in favor (more than 99%) of appointing Claudia Parzani to succeed Kevin Scott as an independent nonexecutive director. Scott, who was appointed to a four-year term in January 2021, resigned for personal reasons, according to the company.
Parzani is a lawyer specializing in “corporate governance who has extensive experience working with Italian and international law firms” and is a partner at the Linklaters global law firm, according to her biography. She has also been chair of the Italian stock exchange since 2022.
Contact Eric D. Lawrence: elawrence@ freepress.com. Become a subscriber.
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