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08-Oct-08 11:15 [Europe, Middle East and Africa]
French govt demands curb of executive pay The French government has told companies across the country to regulate and restrict their executive pay and reward schemes for failing directors.
President Nicolas Sarkozy, who promised to "moralise capitalism" when he stepped into office last year, is introducing the industry code of conduct to ensure that bosses who do not perform well do not receive big pay-offs or awards of stock.
The proposed code said that "it is not acceptable that the management of a company that has failed or who have themselves failed should leave with compensation payouts", according to a report by Reuters.
Cutting these so-called "golden parachutes" is only - remove something that only the Dutch government is taking action against, with the Netherlands introducing higher corporate taxes on these boardroom excesses.
This week, Lehman Brothers chief executive Richard Fuld was brought up in front of the US Congress after it was noted by the congressional committee that the company sought $23.2 million (£13.2 million) for three outgoing executives shortly before it collapsed.
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