MILAN — Stellantis shareholders on Thursday accredited the compensation package deal for the automaker’s prime administration, together with for CEO Carlos Tavares, after rejecting it final yr.

In a consultative-only vote, round 80 % of Stellantis shareholders voted in favor of the 2022 government remuneration report for senior managers on the annual assembly of the world’s third largest carmaker.

Complete remuneration for Tavares, together with long-term incentives which could not essentially flip in full right into a cost, amounted final yr to round 23.5 million euros ($25.6 million), larger than 19.2 million euros in 2021.

The quantity, based mostly on Stellantis’ file outcomes final yr, is made up 91 % of variable remuneration parts, together with 11.6 million euros in long-term incentives, the group has mentioned.

Chariman John Elkann, the scion of Italy’s Agnelli household which is Stellantis largest single shareholder by way of its Exor holding firm, welcomed the “largely constructive” vote.

“Our remuneration report displays our believes of rewarding efficiency based mostly on the achievement of formidable targets, each monetary and ESG associated aims,” he mentioned.

Stellantis has mentioned the precise compensation its CEO acquired for final yr fell 13 % in comparison with 2021 to 14.9 million euros.

The vote got here after traders rejected Stellantis’ government remuneration for 2021, the primary yr of life for the carmaker fashioned by way of the merger of Fiat Chrysler and Peugeot maker PSA.

Again then Tavares’ remuneration, one of many highest amongst CEOs within the automotive trade, had prompted sturdy criticism from commerce unions and politicians, particularly in France, at a time when the nation was within the mid of a marketing campaign for presidential elections dominated by a cost-of-living disaster.

In response to final yr’s vote and based mostly on later feedbacks from shareholders, Stellantis launched adjustments to its remuneration coverage and to its disclosure practices.

Ford CEO James Farley earned a complete of round $21 million final yr, down from nearly $23 million in 2021, whereas compensations have been far smaller in Europe. Compensations for final yr amounted to 4.5 million euros for Renault’s CEO and seven.4 million euros for Volkswagen’s CEO.