Brief blog

An action on the golden parachutes requested by the 27

(B2) The Heads of State and Government meeting today (16 October) in Brussels are trying to find a solution to the financial crisis, agree on the climate package and define the composition of the group of Wise Persons to reflect on the future of Europe.

By the way, they should adopt a short paragraph that signals the end of a certain era... As Nicolas Sarkozy said yesterday, we must "redefine capitalism", "a new Bretton woods", "international regulation" ...

The 27 ask for action on equipped parachutes and stock options

A few weeks ago, all this was pure "speculation" as José-Manuel Barroso's spokesperson likes to say, when asked an embarrassing question. Today, this should be written down - black and white - in the conclusions of the European summit.

“With a view to learning the lessons of the crisis and restoring public confidence, the European Council strongly calls for the accountability of all players in the financial system, in particular the banking sector. He stresses that the real performance of business leaders must be reflected in their remuneration, including severance pay (“golden parachutes”) which should be based on the effective contribution of the leader to the success of the company. In the same way, care should be taken that the benefit of stock options or the compensation system, particularly in the financial sector, does not lead to excessive risk-taking or an extreme focus on short-term objectives. The European Council calls on the Member States to work for the application of these principles and asks the Council to report to it on the decisions taken before the end of the year. »


Nicolas Gros Verheyde

Chief editor of the B2 site. Graduated in European law from the University of Paris I Pantheon Sorbonne and listener to the 65th session of the IHEDN (Institut des Hautes Etudes de la Défense Nationale. Journalist since 1989, founded B2 - Bruxelles2 in 2008. EU/NATO correspondent in Brussels for Sud-Ouest (previously West-France and France-Soir).