France to Cap CEO Pay at State-Owned Companies Like EDF, Areva
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France will cap the salaries chief executives officers at state-owned companies, signaling a pay cut for Electricite de France SA’s Henri Proglio.
Salaries for the heads of state enterprises will be limited to twenty times the company’s lowest paid worker, Prime Minister Jean-Marc Ayrault said in an interview published yesterday on the website of L’Express magazine. The measure would apply to existing contracts and call upon the “patriotism” of corporate leaders in the face of the economic crisis, he said.