💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-BNP CEO awarded 1.67 million euros bonus

Published 03/21/2011, 03:02 PM
Updated 03/21/2011, 03:05 PM

* 60 percent of bonus to be deferred over 2012-14

* Total compensation for 2010 now at 2.7 million euros

* No stock options awarded

(Adds detail, background) By Lionel Laurent

PARIS, March 21 (Reuters) - BNP Paribas, France's biggest listed bank, awarded chief executive Baudouin Prot a 1.67 million euros ($2.4 million) bonus for 2010.

Prot, one of the few bank chiefs to have kept his position throughout the crisis, will receive 60 percent of the bonus, or 1.0 million euros, as a deferred payment over 2012, 2013 and 2014, BN{P said on its website on Monday.

The bonus takes Prot's total compensation for 2010 to 2.7 million euros, including salary and other payments disclosed in regulatory filings.

Although this is 10 percent more than Prot received overall for 2009, it was still well below sums earned by bosses of British bank Barclays or German lender Deutsche Bank.

It may also turn out to be lower than at arch-rival Societe Generale, where CEO Frederic Oudea was set to receive total 2010 compensation of 4.4 million euros, including a first cash component of 1.75 million and a second component of cash and shares worth 2.65 million at Monday's closing price.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

TAKE A LOOK on bank bonuses

FACTBOX on bank pay

Graphic on bank bonuses http://r.reuters.com/juf87r

Breakingviews-Creeping back to bad old days

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

BNP said that although bonuses for its CEO and chairman were higher in 2010 than in 2009, they were still below 2007 levels. The bank also said it would not be awarding stock options or performance shares to executive directors this year.

Chief operating officer Jean-Laurent Bonnafe, widely tipped to be the bank's next CEO, was awarded total compensation of 2.24 million euros for 2010.

Chairman Michel Pebereau, seen announcing his retirement next year when he turns 70, was awarded 1.4 million euros, while Deputy CEO Georges Chodron de Courcel earned 1.8 million. (Reporting by Lionel Laurent; Editing by Christian Plumb and Dan Lalor)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.