blog: madic50.blogspot.com / Book: The
two forms, ed. Amazon
google traduction
Paris, Saturday, January 5th, 2019
REFLECTION 2 ON THE COMPOSITION OF THE
INCOME OF THE CEOS FOLLOWING THE INCARCERATION OF MR GHOSN AND ON THE
INEVITABLE COMPARISON OF THESE INCOME WITH THOSE OF THE STARS
(Continuation of reflexion n ° 22 of 16-19 December 2018. cf.
madic50)
A website publishes the list of the 20
richest French stars (movie stars, models, sportsmen, singers, etc.).
a- 5 have a capital of 8 to 15 million
euros.
b- 3 have a capital of 20 million
euros.
c- 4- have a capital between 40 and 50
million euros
d- 2- have a capital of 60 million
euros
e- 2- have a capital of 68 million
euros
f- 2- have a capital of 70 and 75
million euros
c- 2 have a capital of 150 million
euros and 200 million euros.
Therefore, there is a capital of more
than 15 million.
Another site does the same accounting
for the 50 richest Anglo-Saxon stars.
a- At less than 20 to 60 million euros
a year, they do not get up in the morning.
b- Many of these stars are billionaires
in dollars. Most of the revenue surplus comes from the sale of
products derived from their personal services or the addition of
commercial store successes.
The same is not true of the salaried
CEOs of French multinationals. In the company of their peers in the
global world, they are making it known.
The Ghosn case tells us first of all
that he is one of the top three paid bosses of the CAC40. The others
earn less than him. This makes it a good place to hang out.
Ghosn is the CEO of the Franco-Japanese
Renault-Nissan-Mitsubishi alliance.
a- Under his leadership the alliance
sold 10.6 million cars and light trucks in 2017.
b- It then reached for the first time
the first world place in the sector.
c- In 2016, shareholders' dividends
increased by 31% in one year.
d- Worldwide, the
Renault-Nissan-Mitsubishi alliance employs more than 450,000 people
at 122 industrial sites on five continents:
e- The capital of the alliance is about
45 billion euros.
On November 19, 2018, Carlos Ghosn, and
Greg Kelly, respectively President and Chief Executive Officer and
Development Director of the Renault-Nissan-Mitsubishi Alliance, are
arrested and held in police custody in Japan for alleged tax evasion
and abuse of property. 'business,
This Florentine coup was prepared by an
internal investigation in the company of which Mr. Ghosn was the CEO
and without being informed. What defines a plot.
a- As usual, the conspiracy victim did
not see anything coming.
b- The French state has secret services
that did not inform him of anything while one of the obvious goals of
the operation is to establish Japanese domination in the
Renault-Nissan-Mitsubishi group to the detriment of Renault; that is
to say from France.
c- French capital and its public or
private representatives are the losers, even the vanquished, of the
affair.
Mr. Ghosn is not being criticized for
his business management.
a- It is about destroying one's person
without debate and without defense, except to be an accomplice of a
criminal, then to impose a new entrepreneurial line.
b- Everyone must align with virtue.
This is the definition of so-called
"witchcraft" trials.
As usual, the beneficiary of the plot
is the one who organizes it and immediately launches the media
operation of disqualification of the idolized leader until then.
The media is responsible for informing
us at length about Mr. Ghosn's exaggerated and probably illegal wage
and heritage appropriations.
For example :
1- The consulting firm Proxinvest
declares that Mr. Ghosn has accumulated 15.4 million euros of salary.
(Of the 20 richest stars, only 5 have
15 million and less)
a- He concludes that this is an amount
that is "totally excessive both in terms of the size of the
group and its European or French peers. "
b- In other words, the CEOs of the
"cac40" earn less than 15 million a year.
c- Mr Ghosn is reproached for having
organized his income so as to reach 100M euros of capital.
(Of the 20 best-equipped French stars,
four have between 70 and 75 million).
2- The unions of employees settle their
accounts with this "Cost-killer".
This bulimia of money and property
would be in contrast with the humility with which its alter ego would
prove its principle; both in Europe and Japan.
To contradict the industrial and state
machine in motion, it is necessary to contradict the Japanese State
and the Nissan company which realizes more than half of the
capitalization of the alliance.
As always, no one is risking it. Mr.
Ghosn is abandoned to his fate and the future is now built without
him.
In the rituals of these operations the
cries of innocence of the victim, his claims to be able to explain
himself in broad daylight, fall into silence and indifference. The
judgment is only the mise en spectacle of the formality which will
certify that it is nothing.
What interests me here is not this
strategic industrial confrontation.
I am interested in the salary motive
that serves as a common thread for the plot and as a motive for this
industrial "coup d'état", according to the qualification
of an academic.
Without this detour by the intimacy of
the CEO, the offensive would have taken place anyway. It should have,
however, placed itself in the field of industrial debate in the
presence of a CEO in full possession of his personal and managerial
means.
What allows this conspiracy offensive
is the ambiguity of the status of CEO.
He is capitalist by his professional
concerns and salaried by his modes of remuneration.
That's why the CEO is monitored in his
income:
1- By the employees of the company.
a- They consider that all wages must be
included in a salary grid. The CEO is supposed to be the Primus inter
pares of wage labor.
b- For several years, as the wage and
union difficulties of the employees grew, the exit of the salary grid
by the CEOs became an important part of the moral mobilization of the
employees.
c. Mr. Ghosn himself has had to give up
some income deemed spoliators and especially immoral.
2- By the lawyers.
a- The wage income is distinguished
from the capitalist income by its simplicity of source and the
obligation of a total declaration.
b- A source close to the case told AFP
that the boss of the alliance had knowingly reduced, from 2009, part
of his remuneration after the entry into force of a law requiring him
to disclose the full amount.
c- He is therefore arrested as an
employee.
Mr. Ghosn wanted to live as a
capitalist. His peers and Japanese judges remind him that he is an
employee first.
He can therefore be put in jail under
the suspicion that his lifestyle, common among shareholders of
multinationals, would be incomprehensible, abnormal.
This identification with wage labor is
so obvious that it organizes scholarly reasoning:
Thus, the Oxfam has peeled thousands of
pages of annual reports on the remuneration of CAC 40 leaders.
a- She deduces from it that the CEOs
behave very badly.
b- This behavior is paralleled by the
disappointment of the employees and it must according to this
association "explode in the figure of the government. ".
But times have changed.
In three decades, the dominance of
private economic ownership over public economic property has become
apparent in facts and opinions.
In 20 years, the richest man in the
world has grown from $ 20 billion in 1987 to $ 112 billion in 2018.
It follows mechanically that personal
fortune has become, in these circles, one of the dominant, sometimes
unique, references to the capacity and even the right to lead.
Economic power is no longer shared
between capital and wage labor. It is essentially in the hands of the
capital that imposes its values.
Mr. Ghosn dramatically embodies the
ongoing changes in the public representation of managerial power by
the stakeholders themselves.
This development is corroborated by the
fact that other big bosses have also organized the rise of their
salary since the great crisis of 2008
a- The revenues of the CEO of PSA
climbed by 347% between 2009 and 2016 while that of the boss of
Michelin gained 344% ...
b- Between 2009 and 2016 (last known
year), the wages of the CEOs of the CAC increased by 46%, more than
twice as fast as the average remuneration in their respective company
and four times faster than the minimum wage ( SMIC).
This would be the case for all the
leaders of the CAC 40.
d- If we believe the media, all these
CEOs seem to earn less than Mr. Ghosn.
Mr. Ghosn would not be an adventurer
but an avant-garde.
For the moment, these employers'
revolts are presented as immoral, even illegal,
In a world where personal wealth is
again an argument of legitimacy; how can leaders who are responsible
for hundreds of thousands of men and billions of euros of capital be
able to sustainably accept not being able to frequent the same hotels
as the "stars"?
How can one seriously think that the
salaried CEOs of multinational joint-stock companies will continue to
evaluate their incomes by comparing them to the salary scale and not
to the level of capitalist incomes?
The "overpayment" business of
some CEOs of the CAC40 is therefore not the mark of the vanity of a
few. They are the cracks announcing this reorganization of the
relationship between salary and capital as to the definition of the
place of the CEOs.
The affair of the alliance shows what
it costs to neglect this aspect of the contradictions of the
management.
One of the most important and
innovative industrial creations is likely to sink because the CEO's
income issue has not been seriously considered and has become his
Achilles heel.
It would be useful to consider the
possibility of compensatory compensation that would not be deduction
from the corporate treasury and which would ensure the capital status
of senior executives without harming their social commitment to the
company.
In any case, Mr. Ghosn should be in his
position to deal with the strategic issues of the company he created
and he is not there.
This deserves a reflection.
Marc SALOMONE
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