(CEP News) Frankfurt - Societe Generale has decided to cancel a plan to award discounted stock options to four directors, amid political and public pressure over executive pay.

According to a letter sent to employees of the financial services firm, SocGen admitted that its plan to award options to its top executives had led to strong indignation from the public.

Late last week, French President Nicolas Sarkozy said that he considered it a scandal that the bank, after receiving financial aid from the state, would consider awarding such incentives.

SocGen has thus far received €1.7 billion in assistance from the French government and is looking for further aid.

Written by CEP News European Staff, eunews@economicnews.ca, edited by Nick Say, nsay@economicnews.ca