MILAN, April 16 Reuters Stellantis shareholders on Tuesday approved the compensation paid to the carmaker39;s top management, including a package worth up to 36.5 million euros 38.8 million for CEO Carlos Tavares.

In a consultativeonly vote, around 70 of Stellantis shareholders voted in favour of the 2023 executive remuneration report for senior managers at the annual general meeting AGM of the world39;s fourth largest carmaker by sales.

Total remuneration for Tavares rose 56 compared to the previous year, at a time when Stellantis, one of the most profitable companies in the industry, is seeking to cut costs and reduce its labour force as part of its EV transition.

1 0.9413 euros

Reporting by Giulio Piovaccari, editing by Gavin Jones and Keith Weir

Source Reuters