This has not failed to move the political class

Coup de Theatre in the folder of golden parachutes. Without waiting for the recommendations of the Medef and the French Association of private companies (Afep) promised since more than fifteen days "a commitment will be made next week", assured last night Laurence Parisot , the Government decided, yesterday, to legislate. The Executive will propose a bill limiting the record severance benefits granted to certain business leaders "in the coming weeks", announced spokesman of the Government, Luc Chatel, in the output of the Council of Ministers. A week ago, Nicolas Sarkozy had yet been more prudent. "Or professionals are agree on acceptable practices, either the Government of the Republic will resolve the problem by law before the end of the year", he said in his speech of economic policy at Toulon.

For "basic morality", the head of State wants to put an end to the "abuse" and "frame modes of remuneration of managers and (financial) operators. He decided to speed up on this theme, is that the global financial crisis brought in a few days of water to the mill of a public opinion shocked by the treatment that would grant certain patterns. Europe had two opportunities to move since the beginning of the week. Thus, we learned that Herman Verwilst, CEO of Fortis since the month of July alone, could receive up to EUR 5 million, while the belgo-néerlandais bancassureur, which he was responsible, was nationalized in disaster by the three Benelux States. Yesterday, Dexia was the heart of the debates, the Chairman of its Board of Directors, Axel Miller, is likely to affect, him, EUR 3.7 million, while its establishment has been placed under infusion of Government Belgian, Luxembourg and French, with a further contribution is EUR 6 billion.

The time is to the "voluntarism".

This has not failed to move the political class. The granting of such an amount would be "unfortunate decision", said centrist Senator Jean Arthuis. "I think that the intervention of the public power must always be accompanied by guarantees on governance, the policy of distribution to the shareholders and the terms of executive compensation," noted Didier Migaud, Socialist President of the National Assembly Finance Committee. As a shareholder of Dexia, the Caisse des Dépôts must, according to him, "to oppose the payment of this golden parachute."

In this context, it was more question for the Government of stalling. The subject appears in the agenda of the Council European Ecofin next Tuesday (see page 29). The time is to the "voluntarism", urged Luc Chatel, "when has been bankrupt or on the filing of balance, landing somewhere, is responsible for it, and it must assume its responsibilities". A message that would not respond Laurence Parisot, while the employer association Ethic denounces "precipitation". Guest on Canal in early evening, the President of the Medef simply, on the contrary, to mitigate the very firm what it had held on 25 September on France Inter. "In the coming days, she said, the Medef Ethics Committee will recommend the removal of golden parachutes. Yesterday evening, the statement was much more measured: "no leader should receive severance benefits if it failed or put in difficulty his business, or whether he resigns", she explained.