PSA chairman, Carlos Tavares has informed the board he intends to reduce his long-term compensation 2020, by 50,000 shares, equivalent to 35% of his fixed compensation and 38% through the LTI 2020 plan.
In addition, the three other members of the managing board also expressed their desire to reduce their long-term compensation in shares by 25% for 2020.
The company’s top 100 executives also want to reduce share allocation rights through the LTI 2020 Plan, to an average of 21%.
This is the equivalent of 335,000 shares, valued at more than EUR4m (US$4.3m) which will be collected for the Fondation PSA, in order to fight against exclusion by lack of mobility.
Project selection will be made within the framework of the Fondation process, controlled by its board of directors.
The voluntary initiative by the Group’s Top Management completes the solidarity actions undertaken by PSA, with the distribution of nearly 700,000 masks to date and the manufacture of 10,000 respirators in 50 days in support of Air Liquide, complementing identical initiatives in the UK with Smiths-Medical and in Spain with Bionix.
Other actions include 3D printing of protective screens in France, Brazil, Spain, Germany and Poland, as well as free provision of several hundred vehicles to facilitate mobility of front-line workers.