BPCE - 2018 Registration document

REPORT ON CORPORATE GOVERNANCE Rules and principles governing the determination of pay and benefits

Pay component

Principles and criteria adopted

Supplementary pension plan

The Chairman of the Management Board is entitled to: the mandatory CGP collective supplementary defined-contribution pension plan for all BPCE employees and by - extension applicable to BPCE company directors. The contribution rate is 6% from Bracket A and 4% from the pensionable portion of pay in excess of Bracket A; 70% of this contribution is paid by the company and 30% by the employee; the R2E (formerly IPRICAS) mandatory collective supplementary defined-contribution pension plan for all BPCE senior - executives (AFB agreement) and by extension applicable to BPCE company directors. The contribution rate is 3.5% of total pensionable pay. This contribution is funded entirely by the company. Entitlements to both of these plans, which the members of the Management Board may have vested during their previous career as an employee or director of Group companies, are taken into account where applicable. If the Chairman of the Management Board is not on the Group’s supplemental executive pension plan, he is entitled to participate in the pension plan through a group insurance policy under Article 82 of the French General Tax Code, in which company directors of Groupe BPCE who do not benefit from the “Pension plan for company directors of Groupe BPCE” may participate, as this policy is funded solely through voluntary payments by the company directors who have decided to participate therein. Pension plan through a group insurance policy under Article 82 of the French General Tax Code The supplemental executive pension plans in which the Group’s executive directors participated were harmonized and closed to new company directors effective July 1, 2014. to enable company directors who did not participate in a Group supplemental executive pension plan to participate in an alternative plan, a proposal was made to increase the company director’s fixed pay by 20%, and consequently the basis for variable pay, as the company director agreed to pay this increase in the fixed component into an “Article 82” pension plan (group insurance policy, with no initial tax or employee benefits, paid out on retirement as a lump sum or annuity, taxed as life insurance, but with no possibility of surrender before retirement). At its meeting of February 9, 2017, the Supervisory Board authorized BPCE to purchase this pension plan through a group insurance policy under Article 82 of the French General Tax Code, in which company directors of Groupe BPCE who do not benefit from the “Pension plan for company directors of Groupe BPCE” or the “Natixis pension guarantee” pension plan may participate, as this policy is funded solely through voluntary payments by the company directors who have decided to participate therein. This agreement had no impact on BPCE’s 2018 financial statements. Based on a motion by the Remuneration Committee, the Supervisory Board may resolve to grant an annual housing allowance to the Chairman of the Management Board.

3

Benefits in kind

197

Registration document 2018

Made with FlippingBook flipbook maker