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Big French Cos. Meet Pay Disclosure Rules

Global Glimpses | January 30, 2009

Big French listed companies have responded well to new guidance on executive pay disclosure, according to a new analysis published by the country’s market regulator, the Autorité des marchés financiers (AMF). But compliance by smaller companies has been patchy.

The French employers’ confederation, MEDEF, and the private companies association, AFEP, published new pay disclosure guidance in October 2008. The government told companies to adopt it by the end of the year.

The guidance says companies should not give chairmen and chief executives open-ended employment contracts that pay out even if they are sacked for poor performance. It also caps severance bonuses and limits the scope for companies to give directors pension top-ups and free shares. And it includes a standardized...

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