Indeed, he received € 1,840,000 during the year for his valuable advice to Mr Jean-François Roverato, President of the listed company Eiffage. No explanation has been provided regarding the payment. Although we have to recognise that succession planning matters are marvellously handled at Eiffage where Serge Michel is a non-executive Director and the Chairman of the nomination-remuneration committee, would it not be simpler for Jean-François Roverato to tell shareholders that the acquisition and the restructuring of Clemessy (representing 6,000 employees) from Veolia was achieved with the help of Soficot?
On the Board of Vinci, Serge Michel had protected his friend Zacharias for a long time, which by the way served him right as he gained the title of Honorary President. We learnt that he was cooking something: under Zacharias, Mr Michel was paid € 250,000 for attendance fees but his budget later increased. As star chef taking care of clients as well as of the management in the Rueil-Malmaison company’s restaurant he invoiced € 338,330 for fixed fees and a total of € 602,338 (excluding VAT) in 2009.
On the Board of Veolia Environnement, his friendship with EDF Chairman & CEO, Henri Proglio is tangible: as the Chairman of the nomination-remuneration committee (yes, again), Mr Michel has amended remuneration criteria in March 2009 for Henri Proglio resulting in an increase of Mr Proglio’s incentive remuneration of more than 130%. The bonus has now reached a level similar to the 2006 bonus whereas the Veolia Earnings Per Share have decreased by 36% since 2006 and the share price has been cut by half! As the Chairman of the nomination-remuneration committee, he is partly responsible for the outrageous multiple chairmanship office and salary holding of Henri Proglio. Serge Michel surely deserved € 552,000 per year for consultancy services.
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