(Rewrites with results of meeting, votes)
By Cyril Altmeyer and Astrid Wendlandt
PARIS, June 1 (Reuters) - Alcatel-Lucent (ALU.PA: Quote, Profile, Research shareholders approved on Friday a "golden parachute" for Chief Executive Pat Russo despite noisy protests over executive pay and job cuts at the newly merged company's first annual meeting.
At times it was hard to hear Russo's management presentation over whistles from employees, angered by what they see as exorbitant management pay packages when the company is cutting 12,500 jobs worldwide including 1,468 in France.
Around 100 union members had each bought the 10 shares required to take part in the meeting, while a further 200 to 300 workers staged protests outside.
"These job cuts are sapping the teams' energy ... and weakening the research and development potential of France and Europe," said Jean-Baptiste Triquet from the CFDT union.
"While you are giving yourselves these exorbitant remunerations, you say our salaries are too high," he added.
Employees also vented anger at Chairman Serge Tchuruk, who pocketed 8.2 million euros in pay and bonuses last year as he moved from being Alcatel's chief executive to the new company board's top spot.
"In the current context, it would have been more intelligent and legitimate to submit this (Tchuruk's) payment to shareholder vote," said Luis de Lozada from Phitrust.
Tchuruk's award, equivalent to the total of his best two years' remuneration, was negotiated in 1995 when he joined Alcatel, before a 2005 law that required such payments be put to a shareholder vote.
"The award I received in November 2006 is the strict implementation of my contract," Tchuruk told French daily Le Figaro in an interview published on Friday.
Proxinvest recommended shareholders torpedo a resolution on the "golden parachute" of Alcatel-Lucent Chief Executive Pat Russo, which includes two years' worth of salary and bonus.
It was, however, passed by 89.5 percent of votes cast.
Protests over executive pay have mounted in recent years as companies have had to improve the disclosure of pay packages with the adoption of international accounting standards.
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nL01735639