Stellantis: Major Shareholder Phitrust Denounces Antonio Filosa's Compensation
As the Stellantis general assembly approaches on April 15, 2026, portfolio manager Phitrust challenges the executive compensation structure of the automotive group, deemed disconnected from governance standards. An advisory vote is scheduled on the 2025 compensation report.
Ongoing Dispute Over Executive Compensation
Since 2022, Phitrust has been opposing the structure and amount of compensations awarded to Stellantis' executive management. The former CEO, Carlos Tavares, received over 70 million euros for 2021, including an exceptional plan of 44.5 million euros covering the period 2021-2025. Despite a 53% negative shareholder vote in 2025, the overall structure has not been fundamentally changed. The following years saw compensations of 22 million euros in 2022, 19.7 million in 2023, and 6 million in 2024, the latter amount including a 2 million euro severance package.
New CEO's Compensation Sparks Controversy
The new CEO, Antonio Filosa, benefits from a compensation policy that Phitrust claims is disconnected from the standards of the CAC 40 and the European automotive sector. His 2025 compensation amounts to 9.5 million euros, including 1.4 million fixed and 5.8 million in long-term shares, with annual variable compensation amounts that can reach 400% of the fixed salary and 780% in the long term. The manager also highlights an inconsistency: although the policy displays a principle of 'pay for performance', a cash bonus of 1.1 million euros was reportedly awarded without performance conditions. Phitrust also mentions the removal of criteria related to the progression of low-emission vehicle sales in performance indicators, despite the growing importance of this segment in Europe.
