MESSAGE FROM JEAN-DOMINIQUE SENARD | 4 |
MESSAGE FROM CLOTILDE DELBOS | 6 |
GOVERNANCE AND GROUP EXECUTIVE COMMITTEE | 8 |
BUSINESS MODEL | 10 |
FIGURES KEY | 12 |
A 5-BRAND GROUP | 14 |
01. GROUPE RENAULT | 17 |
1.1 OVERVIEW OF RENAULT AND THE GROUP | 18 |
1.1.1 Management bodies as at March 2020 | 18 |
1.1.2 Key figures | 19 |
1.1.3 2019 Sales Financing highlights | 21 |
1.1.4 The Group’s main activities | 21 |
1.1.5 Sales financing | 50 |
1.1.6 Main Group subsidiaries and detailed organization chart | 54 |
1.1.7 History of the Group | 58 |
1.2 THE ALLIANCE | 60 |
1.2.1 Overview | 60 |
1.2.2 History | 60 |
1.2.3 Functioning of the Alliance in 2019 | 61 |
1.2.4 Strategic cooperations | 63 |
1.2.5 The Alliance’s financial indicators | 64 |
1.2.6 Nissan 2019 results | 67 |
1.3 EARNINGS REPORT – 2019 | 68 |
1.3.1 Sales performance | 70 |
1.3.2 Financial results | 75 |
1.4 RESEARCH AND DEVELOPMENT | 80 |
1.4.1 The car of the future | 80 |
1.4.2 2019 New Products | 85 |
1.4.3 Performance levers | 90 |
1.4.4 R&D: a unified international organization | 92 |
1.5 INTERNAL CONTROL AND RISK MANAGEMENT | 93 |
1.5.1 Group internal control and risk management system | 93 |
1.5.2 Implementation of internal control and risk management objectives | 96 |
1.5.3 General framework for internal control and risk management within the RCI Banque group | 97 |
1.6 RISK FACTORS | 100 |
1.6.1 Risk factors for Automotive | 100 |
1.6.2 Risk factors for the AVTOVAZ group | 111 |
1.6.3 Risk factors for Sales Financing (RCI Banque SA) | 113 |
1.7 REGULATORY ENVIRONMENT | 118 |
1.7.1 Vehicle manufacturing regulations | 118 |
1.7.2 Environmental regulations | 120 |
1.7.3 European regulations applicable to the distribution of new vehicles and spare parts | 123 |
1.7.4 Community design regulations | 124 |
1.7.5 Banking regulations | 124 |
1.8 POST-BALANCE SHEET EVENTS | 125 |
02. RENAULT: A RESPONSIBLE COMPANY | 127 |
2.1 OUR UNDERTAKING: MOBILIZE, FOR INCLUSION AND SUSTAINABLE MOBILITY | 128 |
2.1.1 Mobilize: Groupe Renault’s social and sustainable ambition | 128 |
2.1.2 A historical commitment | 129 |
2.1.3 CSR governance | 130 |
2.1.4 Guidelines and standards | 130 |
2.1.5 Stakeholder dialog | 132 |
2.1.6 Vigilance plan | 136 |
2.1.7 Extra-Financial Performance Declaration | 137 |
2.2 BUILDING TOMORROW’S MOBILITY FROM TODAY | 144 |
2.2.1 Thinking about and developing new sustainable forms of mobility | 144 |
2.2.2 Mobilizing for road safety | 149 |
2.2.3 Industry 4.0: production plants shaped by the future | 153 |
2.3 ENVIRONMENT | 155 |
2.3.1 The ecological challenges | 155 |
2.3.2 Company-wide environmental management | 156 |
2.3.3 Environmental impact: actions and indicators | 165 |
2.4 INCLUSION | 191 |
2.4.1 Promoting diversity, development and employee commitment | 191 |
2.4.2 Health, safety, ergonomy and the environment (HSEE) | 213 |
2.4.3 Handing on knowledge for the future | 217 |
2.4.4 Contributing to the development and vitality of the regions | 218 |
2.4.5 Making mobility as widely accessible as possible | 221 |
2.4.6 Facilitating a global CSR network | 224 |
2.5 ETHICS AND GOVERNANCE | 226 |
2.5.1 Business ethics: ethics and compliance policy | 226 |
2.5.2 Strengthening the responsible purchasing approach in the supply chain | 228 |
2.5.3 Tax policy | 231 |
2.5.4 Cybersecurity and data protection | 232 |
2.6 APPENDICES | 233 |
2.6.1 Environmental appendices | 233 |
2.6.2 Appendices concerning social commitment | 243 |
2.6.3 Appendices concerning societal commitments | 246 |
2.6.4 Extra-financial ratings and indexes | 247 |
2.6.5 Report by one of the Statutory Auditors, appointed as anindependent third party, on the consolidated non-financialperformance statement | 249 |
03. CORPORATE GOVERNANCE | 255 |
REPORT ON CORPORATE GOVERNANCE | 256 |
3.1 COMPOSITION, PREPARATION AND ORGANISATION OF THE BOARD OF DIRECTORS | 257 |
3.1.1 Governance structure | 257 |
3.1.2 Composition of the Board of Directors | 261 |
3.1.3 List of offices and functions exercised by the directors | 266 |
3.1.4 Additional information about the directors | 283 |
3.1.5 Board organization, operation and missions | 284 |
3.1.6 Activity of the specialized committees of the Board of Directors in 2019 | 291 |
3.1.7 Evaluation of the Board of Directors | 299 |
3.1.8 Implementation of the “comply or explain” rule | 300 |
3.1.9 Assessment procedure for current agreements concluded under arm’s length terms | 301 |
3.1.10 Procedures for shareholders’ participation in the Annual General Meeting | 301 |
3.1.11 Factors likely to have an effect in the event of a public offer | 301 |
3.1.12 Summary table of ongoing delegations in respect of capital increases | 301 |
3.2 COMPENSATION OF COMPANY OFFICERS | 302 |
3.2.1 General principles relating to the compensation of the corporate officers | 302 |
3.2.2 Compensation of the corporate officers in 2019 | 304 |
3.2.3 Comparison of compensation levels between corporate officers and employees | 316 |
3.2.4 Compensation policies for the corporate officers for the 2020 financial year | 317 |
3.2.5 Compensation of senior executives: performance shares | 327 |
3.3 INFORMATION CONCERNING SECURITIES TRANSACTIONS | 331 |
3.4 INTERNAL VERIFICATIONS BY THE ETHICS AND COMPLIANCE DEPARTMENT – AUDIT OF RNBV | 332 |
04. FINANCIAL STATEMENTS | 335 |
4.1 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 336 |
4.2 CONSOLIDATED FINANCIAL STATEMENTS | 340 |
4.2.1 Consolidated income statement | 340 |
4.2.2 Consolidated comprehensive income | 341 |
4.2.3 Consolidated financial position | 342 |
4.2.4 Changes in consolidated shareholders’ equity | 344 |
4.2.5 Consolidated cash flows | 345 |
4.2.6 Notes to the consolidated financial statements | 346 |
4.3 STATUTORY AUDITORS’ REPORTS | 419 |
4.3.1 Statutory Auditors’ report on the financial statements | 419 |
4.3.2 Statutory Auditors’ report on the related party agreements | 423 |
4.4 RENAULT SA ANNUAL FINANCIAL STATEMENTS | 426 |
4.4.1 Summary financial statement | 426 |
4.4.2 Notes to the annual financial statements | 428 |
05. RENAULT AND ITS SHAREHOLDERS | 443 |
5.1 GENERAL INFORMATION | 444 |
5.1.1 Overview | 444 |
5.1.2 Special provisions of the By-laws | 444 |
5.2 GENERAL INFORMATION RELATING TO RENAULT’S SHARE CAPITAL | 446 |
5.2.1 Share capital | 446 |
5.2.2 Change in the share capital | 446 |
5.2.3 Changes in capital ownership over the past five years | 446 |
5.2.4 Unissued authorized share capital | 446 |
5.2.5 Potential share capital | 447 |
5.2.6 Renault share ownership | 449 |
5.3 MARKET FOR RENAULT SHARES | 452 |
5.3.1 Renault shares | 452 |
5.3.2 Renault and Diac participating shares (titres participatifs) | 453 |
5.3.3 Dividends | 454 |
5.4 INVESTOR RELATIONS POLICY | 454 |
5.4.1 Individual shareholders | 454 |
5.4.2 Institutional investors/socially responsible investors | 454 |
5.4.3 2020 financial calendar | 455 |
5.4.4 Contacts | 455 |
5.4.5 Public documents | 455 |
06. ANNUAL GENERAL MEETING OF RENAULT ON APRIL 24, 2020 | 457 |
DRAFT RESOLUTIONS | 458 |
1 - Ordinary general meeting | 458 |
2 - Extraordinary general meeting | 461 |
3 - Ordinary general meeting | 470 |
07. ADDITIONAL INFORMATION | 473 |
7.1 CERTIFICATION BY THE PERSON RESPONSIBLE FOR THE DOCUMENT | 474 |
7.2 HISTORICAL INFORMATION ON FINANCIAL YEARS 2017 AND 2018 | 475 |
7.2.1 For financial year 2017 | 475 |
7.2.2 For financial year 2018 | 475 |
7.3 STATUTORY AUDITORS | 476 |
7.3.1 Regular statutory auditors | 476 |
7.3.2 Alternate statutory auditors | 476 |
7.3.3 Statutory auditors’ fees | 477 |
7.4 CROSS-REFERENCE TABLES | 478 |
7.4.1 Headings required by Annex 1 of European commission regulation (EC) No. 809/2004 | 478 |
7.4.2 Cross-reference table for the Management report and the Report on Corporate Governance | 481 |
7.4.3 Cross-reference table of the annual financial report | 484 |
GLOSSARY | 485 |
INITIALS AND ACRONYMS | 488 |