Invent-the-Future: continuous focus on organizational ● initiatives delivered the planned savings in operating plan 2020, with focus on Global Procurement and Global Supply Chain initiatives, notably through the closure of manufacturing facilities in Ecuador and India. A clear innovation product roadmap has also been designed, in support of our Horizon plans, including important Sustainable Development initiatives and new research fields linked to new materials and technologies; environment, Sustainability and Governance: A reviewed set of ● Corporate values and a new statement of the Corporate vision and mission have been built and presented. The new strategy of the Group clearly embeds environmental objectives for 2025 (packaging) and 2030 (products). Additionally, over 3,000 team members completed a 90-minute e-learning training session dedicated to the BIC Code of Conduct and Anti-Corruption Policy. In parallel, a new procurement policy and set of procedures has been implemented for an improved tracking of financial flows;
In addition to the objectives set at the beginning of the performance period, the Covid-19 pandemic required the development and implementation of contingency plans in all countries where the Group operates. The plans included strong health and well-being protection measures, ensuring the continuity of production and optimizing operational efficiency, and a focus on agility in our sales teams. By shifting more aggressively to eCommerce platforms the negative impact of the global crisis on business outcomes was limited; The Board of Directors, in its meeting held on February 16, 2021, noted it was very satisfied with the CEO contributions for 2020 but considered, in light of Covid related situation, not to pay him more than the target on the achievement of his personal objectives, even if his performance would have merited it. It therefore decided to award Gonzalve Bich a variable remuneration amounting to 801,291 U.S. dollars representing 83.3% of the target variable remuneration for the achievements of the fiscal year 2020 (or 104.1% of the fixed remuneration).
STRUCTURE OF THE TARGET VARIABLE REMUNERATIONOF JAMES DIPIETRO IN 2020 (JANUARY 1 TO JUNE 30, 2020)
25% Group Net sales
30% Personal Objectives
57% Fixed Income
43% Target Bonus
25% Normalized income from operations
20% GroupWorking Capital
AMOUNT OF THE ACTUAL VARIABLE REMUNERATIONOF JAMES DIPIETRO FOR 2020 (JANUARY 1 TO JUNE 30, 2020)
Target as % of Base remuneration 75% Actual 2020 variable paid, as a% of the Base remuneration
2020 variable as a% of base remuneration
Index of achievement of 2020 objectives
Weight of criteria
Minimum (index 80)
Target (index 100)
Maximum (index 116.7)
Payout of criteria
Group Net Sales
Normalized Income from Operations
Group Working Capital
The financial criteria have been valued based on the same targets and achievements as for the CEO. The personal objectives represent 30% of the target variable remuneration and represent a maximum of 33.75% of fixed remuneration.
On the same date, and after reviewing his personal objectives and related achievements over the first half of year 2020, the Board has decided to award James DiPietro a variable remuneration amounting to 182,320 U.S. dollars representing 62.4% of his fixed remuneration and 83.3% of his target variable remuneration.
• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •