Effective from 2020, the allocation of Directors’ remuneration is based on the following amounts, unchanged since 2019, and based on an analysis of French Market practices (SBF120):
Board of Directors
13,300 euros per annum - prorated upon duration of membership during the year
23,200 euros per annum for participation in all Board meetings – prorated in case of absence. 3,000 euros additional per meeting on continent other than that of residence* 36,000 euros per annum - prorated upon duration of office during the year 19,100 euros per annum - prorated upon duration of time in role during the year 14,000 euros per annum - prorated upon duration of membership during the year
Lead Director (effective 2021) Audit Committee
9,600 euros per annum - prorated upon duration of time in role during the year 7,100 euros per annum - prorated upon duration of membership during the year 9,600 euros per annum - prorated upon duration of time in role during the year
Committee member 7,100 euros per annum - prorated upon duration of membership during the year Ms Candace Matthews benefits from a specific arrangement of a fixed 30 thousand euros amount instead of the travel allowance, as per previous agreement. * Fixed remuneration
Comprehensive and Balanced The overall remuneration package is based on four components base salary levels are competitive for the location, level, and 1. role as a foundation to attract and retain talents; variable remuneration design and level motivates and 2. rewards performance for the year, aligns with Shareholders’ interests and contributes to sustainable growth and profitability. Performance criteria are clear, aligned with short and longer-term objectives, and contribute to the realization of the long-term strategy of the Company; long-term incentives represent additional at-risk 3. remuneration, directly tied to business results on key performance metrics over a number of years. They are also an element to attract, motivate and retain key talents over a longer time frame; benefits provide additional non-monetary remuneration 4. ( e.g. , company car) and protection to team members and their relatives through programs like life and disability insurance, health care, savings accumulation/retirement offerings. These are all aligned with market practice. Comparability Each of the components are determined in the context of the local and global markets where BIC competes for talent, both in our industry and in general. BIC refers to benchmarks in every country where we have team members to ensure market competitive design of remuneration programs.
The Chief Executive Officer does not receive Directors’ remuneration. As of 2021, Directors representing Employees receive the fixed component of Directors’ remuneration in recognition of their responsibility as Directors. The time and work in service of the Board and Committees is remunerated through their salary as employees. A maximum global envelope of 600,000 euros for 2021 will be proposed to the vote of the Annual General Meeting to allow the implementation of this new rule. None of the Executive Committee members receive Directors’ remuneration in connection with mandates as Corporate Officers or Directors of any subsidiary of the Company.
Remuneration Policy for Executive
Corporate Officers Since July 1, 2020 the Chief Executive Officer is the only Executive Corporate Officer of the Group. In the case that another Executive Corporate Officer is appointed, the following policy would apply.
General principles governing remuneration
policies Principles of the Remuneration Policy
The remuneration policy for Executive Corporate Officers of SOCIÉTÉ BIC is based on the same Total Rewards strategy that applies for all BIC Group team members and the framework criteria set out in the Code of Corporate Governance: comprehensiveness, balance between the remuneration components, comparability, consistency, understandability of the rules and proportionality.
• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •