Belgacom CEO under pressure to take pay cut: report

BRUSSELS (AFP) - Belgacom chief executive Didier Bellens came under pressure on Wednesday to take a pay cut as a minister threatened that the government might otherwise not renew his contract.

Bellens, who has been at Belgacom's helm since 2003, has come under pressure in the boardroom for failing to pursue foreign takeovers as well as having a weak command of Flemish.

At the same time, Bellens, who was paid 2.7 million euros (4.0 million dollars) in 2007 according to Belgacom, has also been cited as a bad example in an ongoing debate in Europe about how much corporate leaders should be paid.

Bellens' contract runs until the end of February but if it is not renewed he must be given a six-month warning or else he can receive an indemnity.

"There's so far no agreement between the board and Bellens on his pay package," the minister in charge of public companies, Inge Vervotte, said after a cabinet meeting.

"If there were no agreement, then the government would work on the basis of not renewing (his contract). It's up to Bellens to decide," she added.

The Belgian state has a 53.5 percent stake in Belgacom.