Jean-Claude Trichet, president of the European Central Bank, on Wednesday sounded the alarm over excessive pay deals for top European executives.
“We have to examine very, very carefully some very high, so-called packages that are not understood by the people in our democracies, whether it is on this side of the Atlantic or on the other side,” Mr Trichet told the European parliament in Brussels.
His remarks did appear not to have been spurred by any particular executive’s remuneration package, but reflected concern among European Union policymakers about threats to social cohesion when competitive pressures are exerting downward pressure on wages generally.
European executive packages may not have reached the heights of those of their US counterparts but Josef Ackermann, chief executive of Deutsche Bank, who received €11.9m ($15.8m, £8m) in 2005, has faced stiff criticism in Germany, especially when announcing job cuts.
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