MRM - 2019 Universal Registration Document

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Corporate governance

Corporate governance report

The table below provides a summary of executive corporate officers’ employment contracts, specific pensions, severance pay and non-compete clauses agreed with the Company:

Compensation or benefits due or likely to be due following termination or change of duties

Compensation due under a non- compete clause

Employment contract

Supplementary pension plan

Executive corporate officers

Yes No Yes

No

Yes

No Yes No

François de Varenne Chairman of the Board of directors Start of term of office: 29 May 2013 End of term of office: General Meeting to be held in 2021 to approve the financial statements for the year then ended Jacques Blanchard Chief Executive Officer Start of term of office: 29 May 2013 End of term of office: General Meeting to be held in 2023 to approve the financial statements for the year then ended (1)

X

X

X

X

X

X

X

X

(1) Jacques Blanchard will reach the age limit for holding office as Chief Executive Officer (70) on 02/18/2021, i.e. during his term of office as Chief Executive Officer. Based on the Articles of Association (as set out under Section 1.2 of this report), his term of office as Chief Executive Officer will therefore expire at the end of the Ordinary General Meeting to be held in 2022.

Insofar as neither the Company, nor its subsidiaries, operate any pension or supplementary pension schemes, these companies have not set aside, or recognised, any sums for the payment of pension, retirement or other benefits. 2.2.1 Remuneration of the Chief Executive Officer Pursuant to the recommendations of the AFEP-MEDEF Code applicable to the Chief Executive Officer, Jacques Blanchard does not have an employment contract with the Company. Annual remuneration At its meeting on 21 February 2019, the Board of directors decided that the Chief Executive Officer would receive, for 2019: • gross fixed annual remuneration of €200,000 in twelve monthly payments; and • variable annual remuneration of no more than 40% of his gross fixed annual remuneration (i.e. up to €80,000) conditional on achieving certain performance criteria, namely (i) increasing the rental income of retail properties to the target of €10 million in annualised net rent, (ii) completing the value-enhancement plan of the Valentin shopping centre (extension works and lettings), (iii) acquiring retail properties and selling them for an amount which matches their appraisal value, and (iv) helping to develop an acquisition strategy and a three-year investment plan.

At its meeting of 27 February 2020, the Board of directors assessed the achievement level of the performance criteria set out by Section 2.3 below at 100%, corresponding to variable annual remuneration of €80,000 for 2019 (i.e. 40% of the fixed remuneration), payment of which is subject to approval by the Ordinary General Meeting of the components of remuneration paid during, or allocated to the Chief Executive Officer with respect to, said year ( ex-post individual vote). Consequently, payment of this component will be made, subject to this condition, following the 2020 General Meeting to approve the financial statements for 2019. See Section 2.3 below. Multi-year variable remuneration At its meeting of 21 February 2019, the Board of directors decided that the Chief Executive Officer would not receive a multi-year variable remuneration for 2019. Benefits in kind In accordance with the Board’s decision of 21 February 2019, the Chief Executive Officer is provided with healthcare and personal risk cover as well as a company car.

Severance pay None.

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT

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