1 million not counting stock options plans

Antoine Zacharias has been silent since four years. The former CEO of Vinci lives in Switzerland and did not want to expose. The man, from a modest environment, which has climbed to all levels of the Group of building and public works, and which is at the origin of his prodigious journey, has no desire to justify. On the huge amount of his remuneration, he remains silent. Yet, it will have to be explained.

Prosecuted for the alleged amount of his pay for the years 2004 and 2006, he appeared today and tomorrow before the correctional tribunal of Nanterre for abuse of social goods (ABS). His departure from the world's leading construction and concessions made scandal. For public opinion he embodied the prototype of the "rogue boss", after his remuneration was revealed. The figures, it is true, the Vertigo: annual wages of 3.3 million euros in 2004, and $ 4.2 million in 2005, severance set to 12.8 million, an annual supplementary pension to 2.1 million, not counting stock options plans.

The careful financial place

To the point that on May 15, 2007, Philippe Courroye, the Prosecutor of Nanterre, opened a preliminary inquiry "on the conditions for the granting by the Board of Directors of the Vinci SA of the elements of remuneration, allowances and benefits due to Antoine Zacharias especially during his departure from the company in June 2006". No investigating judge will be seized. The survey was conducted by the financial brigade and the Prosecutor's Office.

The trial will be, him, scrutinized closely by the financial market. Because if the salaries of leaders debates are recurring, criminal proceedings are much more rare, and convictions even more. The question is whether the criminal judge has a right to look at decisions of social bodies with, apparently, operated regularly. That said, in effect, a "ABS" which would be completely transparent Counsel for Antoine Zacharias, Hervé Témime, knows, the Prosecutor's Office also.

The defence will seek, without doubt, to demonstrate to the Court, presided over by Isabelle Prevost-Desprez, that the ex-patron of da Vinci not only committed the lesser criminal offence, but that all the wages he received were decided on a quite regular basis and in accordance total with the interests of society ". Between 2000 and 2006, the turnover of Vinci has experienced an increase of 81, and the results of the Group on the same period increased by 323,7.

Rules of the game changed

But Philippe Courroye suspect Antoine Zacharias of conveniently changed the rules of the game of his earnings. The key episode would, according to him, in May 2004. This date "Zach", as called by the employees of Vinci, proceed to the complete renewal of the Committee of the remuneration which the three members, also directors of Vinci, had decided to Cap his salary. "To ignore this proposal of the remuneration Committee and power back on the decision of the Board of Directors, Antoine Zacharias has worked to obtain the renewal of the remuneration Committee integer", concludes the preliminary inquiry. "Our position during the years when I was in the Committee, who have not to satisfied the President obviously it us was transferred to us by another Committee", had testified before the financial brigade, Alain Minc, one of the three members of the Committee with Serge Michel and Patrick Faure, all on the same wavelength.

The stock in question

In may a new Committee was appointed on the proposal of Antoine Zacharias. Four months after his installation, he chaired by British MP Quentin Davies, goes in the direction of the CEO. Thus, compensation, fully indexed on the results, is EUR 2.9 million in 2003 to 3.3 million in 2004, and 4.2 million in 2005. But the change also has repercussions in cascade on severance pay and the annual supplementary pension, calculated from the last salary, which has just pumped up first place.

During the investigation, Antoine Zacharias argued that, for him, the hazard of a 100 compensation was real. But for the charge, da Vinci could as early as 2004 predict financial performance for the two years remaining until the departure of Antoine Zacharias. Exit therefore any hazard.

The Nanterre Prosecutor criticizes also the former CEO of being assigned 290.000 stock in 2004, then 894.000 in 2005 and 700,000 in 2006. Part of these subscriptions of shares had been cancelled by the group after the forced resignation of ex-PDG, on June 1, 2006, on a background of duel lost with its Director General, Xavier Huillard. The ex-patron of da Vinci had also not hesitate to claim a record compensation of EUR 81 million to justice, before being dismissed.

Yet, today, the Vinci Group, civil, will travel to the hearing "without a priori". He has no desire to move past. In addition, no evidence is cited.

If Antoine Zacharias is convicted by the correctional 15echambre of the Court of Nanterre, he is five years in prison and 375,000 euros fine.