Business Despite the crisis, the boss of Air France should...

Despite the crisis, the boss of Air France should receive almost 800,000 euros in bonuses

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Hit by a historic drop in activity following the Coronavirus pandemic, Air France-KLM faltered in the spring, prompting France and the Netherlands to put their hands in the portfolio to keep the Franco-Dutch company afloat 7 billion and 2 to 4 billion euros respectively.

But despite the state aid, the company’s chief executive, Ben Smith, should soon receive 768,000 euros in bonus for the 2019 financial year, says Check News.

This bonus was granted to him by the group’s shareholders, who voted for 80% at their general meeting on May 26. As the first shareholders, France and the Netherlands were present during this vote. And if our Dutch neighbors have spoken out against granting such a bonus to the leaders, the French have found nothing to complain about.

An “acquired right”

“The variable portion of Benjamin Smith allocated for the 2019 financial year relates to the exercise of his function in a context that was fully prior to the Covid-19 crisis. It is therefore an acquired right for a past performance , which is not intended to be challenged today, “said the office of the Minister of the Economy, interviewed by Check News.

Before specifying: “The actual collection of the sum was postponed to the end of 2020, so as not to weigh on cash at the height of the crisis”. One of the documents of the general meeting specifies that the collection of this sum would be “deferred, in solidarity with the employees of the group”.

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