Renault Shareholders Approve Ghosn’s Pay Package for 2017

Renault SA stockholders have approved a €7.4 million ($8.6 million) package for CEO Carlos Ghosn, defeating an effort by the French government to reduce the amount.

The package, which covers Ghosn’s performance in 2017, was approved by 57% of Renault investors.

The French state owns 15% of Renault but holds double voting rights. The government been trying to trim Ghosn’s compensation for two years, in large part because he also has collected compensation as the head of Nissan Motor Co., which is 43% owned by Renault.

Some 88% of shareholders—including the French state—also approved a new formula for Ghosn’s compensation beginning this year. The scheme narrows his ability to collect long-term incentives and cuts his annual base pay 20% to €1 million.