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France 24 | French PM announces bonus bans on bailed-out companies | France 24
French companies that have received government cash to help weather the economic downturn will be subject to stringent restrictions on bonuses and severance packages until 2010, under rules announced by Prime Minister Francois Fillon.

French Prime Minister Francois Fillon has unveiled stringent restrictions on stock options and other executive perks for companies that have been bailed out by the state.

Fillon, speaking at the Elysée Palace in Paris, announced that executives of hard-hit companies that have received public money to beat the downturn will have to "renounce their stock options and free share packages".

"The attribution of executive pay in these companies must be made public," Fillon said. "These are crisis rules and they will apply until at least the end of 2010."

"They can be extended indefinitely and come into effect immediately," he added.

by Fran on Mon Mar 30th, 2009 at 02:08:01 PM EST
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