Influential proxy adviser Institutional Shareholder Services (ISS) has urged Amundi shareholders to vote against the CEO's compensation deal at the meeting next week.
ISS said Amundi has demonstrated a lack of transparency with regard to the bonus targets of chief executive Yves Perrier, who received a 16% salary rise to €1m last year, as well as a €2m bonus, according to the FT.
The proxy adviser, which previously took aim at executive compensation at GAM, said Amundi shareholders "have a very limited view on the elements that led the board to consider that these [bonus] criteria were met."
However, Amundi has dismissed ISS's complaints, arguing full disclosure of the pay policy could be found on its website.
Amundi also argued that the chief-to-worker pay ratio Perrier enjoys - his pay package is 21.9 times the average employee's - is one of the lowest among large listed French companies.
Additionally, shareholders were also urged by ISS to vote against the re-election of directors William Kadouch-Chassaing and Xavier Musca, as independent directors make up less than a third of Amundi's board membership.
However, Amundi said this was a miscalculation and four out of its 12 directors were independent, meaning it was compliant with the governance rules.
The latest news follows a shareholder revolt over executive pay at Standard Chartered, which saw nearly 40% of its investors decline to back its new remuneration policy at its annual meeting on Wednesday (8 May).
The revolt was in relation to how the bank calculates pensions for top executives like chief executive Bill Winters and finance director Andy Halford, according to the FT, marking one of the largest shareholder backlashes in recent times.