French Government Warns Renault To Change Ghosn Pay Deal

The French government has threatened to change the law if the board of Renault does not amend the pay of chief executive Carlos Ghosn following a shareholder revolt last week. On Friday, 54 per cent of investors in the French carmaker voted against Mr Ghosn’s €7.3m pay package — the first time this has happened in France. But the vote was non-binding, and the Renault board decided to leave Mr Ghosn’s pay unchanged, issuing a statement that reiterated the “quality” of the company’s 2015 results. On Tuesday, Emmanuel Macron, France’s economy minister, criticised “dysfunctional governance” at Renault and said that the company had to show more restraint over pay. “The board of Renault must meet again in the coming weeks to take into account this vote, otherwise we will be forced to legislate,” he told the country’s parliament.