French parts maker Valeo will file a lawsuit over the discovery of secret recording equipment in the company’s board room.
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Although the company did not say who or what was the object of the suit, the recording equipment was found following the departure from the company in March of chairman and chief executiveThierry Morin.
Valeo launched a probe last month. Board members believe the equipment was used to record their conversations during meetings at which the former CEO was not present. Morin has acknowledged recordings were made but only to facilitate note-keeping of board proceedings.
Valeo said it would ask a shareholder meeting in June not to approve a resolution on Morin’s EUR3.2m compensation package.
The former company chief’s severance package has come in for criticism in France along with general unrest over executive pay and bonuses as companies cut jobs or ask for state aid. Morin headed Valeo for eight years and spent 20 years overall with the company.
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