Profit-sharing law to come in autumn

A NEW company profit-sharing scheme will be discussed in the autumn, President Sarkozy has announced during a speech on the economy attacking both unions and “irresponsible” company directors.

Sarkozy said a new law would be proposed whether or not agreement was reached between unions and business leaders.

The head of the business leaders’ federation Medef, Laurence Parisot, has refused to take part in any discussion on the issue.

In a speech marking six months since his first announcements on the financial crisis, Sarkozy said company directors had to show “responsibility”.

Those carrying out restructuring and layoffs should not expect huge bonuses, said the president who added that such behaviour was “dishonest” and “irresponsible”.

He said the financial crisis marked a historic occasion for France to build up its infrastructure such as the transport network.

The speech took place in front of 4,500 UMP supporters in Saint-Quentin.

Sarkozy said he spoke for the “silent majority” who did not take part in strikes and protests.

He criticised the actions of protesters in Guadeloupe who had “threatened the security of people” and other unions who stooped to “populism” while not thinking beyond “their difficulties and interests”.

The head of the Socialist Party Martine Aubry said the speech was nothing but “stubbornness and diversions”.

“What is irresponsible, is not to point the finger at bonuses when companies perform badly, it’s to point the finger at huge bonuses when there are layoffs – and do nothing,” she said.

She added: “We thought he would bring the answers the French are waiting for, but he doesn’t want to respond to the French people.”

Ms Aubry said the speech to supporters was “like a president of a party, rather than the president of the Republic.”

Photo:Afp/Gerard Cerles