March 22, 2009 / 9:43 AM / 11 years ago

France wants SocGen to go further on stock options

PARIS, March 22 (Reuters) - French Economy Minister Christine Lagarde said on Sunday she had asked the top managers of Societe Generale (SOGN.PA) not to award stock options or exercise those that had already been awarded.

“I really hope that the directors of Societe General will have the sense of general interest to go futher,” she said.

“What I ask is that they give up awarding them in the current climate.” President Nicolas Sarkozy criticised the bank on Friday for awarding stock options to top executives after the bank took state aid to help it weather the financial crisis.

The bank’s management said they would not exercise any options while the group was benefitting from government aid. (Reporting by Anna Willard and Laure Bretton)

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