In a consultative-only vote, around 80% of Stellantis shareholders voted in favor of the 2022 executive remuneration report for senior managers at the annual general meeting (AGM) of the world's third largest carmaker.
Total remuneration for Tavares, including long-term incentives which might not necessarily turn in full into a payment, amounted last year to around 23.5 million euros ($25.6 million), higher than 19.2 million euros in 2021.
The amount, based on Stellantis' record results last year, is made up for 91% of variable remuneration components, including 11.6 million euros in long-term incentives, the group has said.
Stellantis has said the actual compensation its CEO received for last year fell 13% compared to 2021 to 14.9 million euros.
The vote came after investors rejected Stellantis' executive remuneration for 2021, the first year of life for the carmaker formed through the merger of Fiat Chrysler and Peugeot maker PSA.
Back then Tavares remuneration, one of the highest among CEOs in the automotive industry, had prompted strong criticism from trade unions and politicians, especially in France, at a time when the country was in the mid of a campaign for presidential elections dominated by a cost-of-living crisis.
(Reporting by Giulio Piovaccari and Gilles Guillaume, editing by Silvia Aloisi)
