BIC: Remuneration of Corporate Officers
21 Março 2024 - 2:20PM
BIC: Remuneration of Corporate Officers
Remuneration of
Corporate Officersin
accordance with the
AFEP-MEDEF Code of
Corporate Governance
for listed
companies
Clichy, France– March 21, 2024
– In its meeting of February 19, 2024, under the chairmanship of
Nikos Koumettis, the Board of Directors of SOCIETE BIC, upon the
joint recommendations of the Remuneration and
Nominations, Governance and CSR Committees, and in
accordance with the remuneration policy approved by the Annual
General Meeting held on May 16, 2023, decided the following in
relation to the remuneration of BIC’s Corporate Officers:
REMUNERATION FOR
THE FISCAL YEAR
2023:
- Chair of
the Board:
- An annual fixed
remuneration of 300,000 euros was granted to Nikos Koumettis, Chair
of the Board for the fiscal year 2023.
- Chief
Executive Officer:
- Fixed
remuneration for 2023: the annual fixed part of the remuneration
for Gonzalve Bich as Chief Executive Officer was set at 900,000 US
dollars with effect April 1, 2023. This equates to 887,500 US
Dollars (820,544 euros) for the calendar year1.
-
Variable remuneration for 2023: following an examination of the
performance criteria and with respect to a target of 1,170,000 US
dollars, the variable part of the 2023 remuneration for Gonzalve
Bich was set at 999,180 US dollars (923,798 euros1), which
corresponds to 85.4% of the target. The performance criteria will
be detailed in the 2023 Universal Registration Document.
REMUNERATION FOR THE FISCAL YEAR 2024:
The Board set the 2024 remuneration policy as follows:
- 300,000 euros (unchanged vs.
previous years) for the Chair of the Board. No variable
remuneration is considered for the Chair of the Board.
-
950,000 US dollars (878,328 euros) with effect April 1, 2024, for
the Chief Executive Officer. The target for the variable part of
the CEO remuneration remains unchanged at 130% of the fixed
element, and the level of grant of free shares is not impacted by
the proposed increase in fixed remuneration. The impact of this
change on the total remuneration policy is an increase of 3.14%.
This increase is in line with the average salary increase applied
to the management-level team members across the Group. The Board of
Directors considers that, in a volatile and increasingly complex
geopolitical and economic environment, maintaining the
competitivity of the CEO remuneration in comparison to peers is in
the best interest of all the stakeholders.
- The
balance of objectives between financial and individual objectives
in the calculation of the annual variable remuneration for 2024
remains unchanged. The detail of the objectives for 2024 will be
detailed in the 2023 Universal Registration Document.
1 Amounts in US dollars were translated into
euros using the average exchange rate for 2023 (1 € = 1.0816
USD).
With regard to the Corporate Executive Officers, the Board also
wishes to clarify the remuneration policy that will be applicable
in case of departure, to include the following principles:
- The pro-rata temporis vesting of
performance shares, without modification of the initial vesting
schedule and performance conditions;
- The possibility for the Board to
impose a defined period of non-compete to be compensated with an
indemnity that will be determined in compliance with applicable
legislation;
- A termination indemnity, subject to
performance conditions, the amount and conditions of which will be
defined at the time of hiring. On nomination of the current CEO, no
such provision was included in the remuneration package and as such
he is not eligible to such an indemnity.
Under the provisions of articles L.22-10-34 II
and L.22-10-8 of the French Commercial Code, the payment of the
variable remuneration for 2023 and remuneration policy for the
fiscal year 2024 are contingent on a favorable vote of the Annual
General Meeting that will be held onMay 29, 2024.
ABOUT BIC
A world leader in stationery, lighters and
shavers, BIC brings simplicity and joy to everyday Life. For more
than 75 years, the Company has honored the tradition of providing
high-quality, affordable, essential products to consumers
everywhere. Through this unwavering dedication, BIC has become one
of the most recognized brands and is a trademark registered
worldwide. Today, BIC products are sold in more than 160 countries
around the world and feature iconic brands such as BIC Kids™, BIC
FlexTM, BodyMark by BICTM, Cello®, Djeep, Lucky Stationary,
Rocketbook, Soleil®, Tipp-Ex®, Us. TM, Wite-Out®, Inkbox, and more.
In 2023, BIC Net Sales were €2,263 million. The Company is listed
on Euronext Paris, is part of the SBF120 and CAC Mid 60 indexes and
is recognized for its commitment to sustainable development and
education. It has received an A- Leadership score from CDP. For
more, visit www.bic.com or follow us on LinkedIn, Instagram,
Twitter, or YouTube.
CONTACTS
Investor Relations
teaminvestors.info@bicworld.com Brice ParisVP
Investor Relations +33 1 45 19 55
28brice.paris@bicworld.com |
Isabelle de
Segonzac Image 7, Press Relations contact+ 33 6 89 87 61
39isegonzac@image7.fr |
2024 Agenda
All dates to be confirmed
1st Quarter 2024
Results |
April 23, 2024 (post market close) |
2024
Annual General Meeting |
May 29, 2024 |
2nd Quarter and
1st Half 2024
Results |
July 31, 2024 (post market close) |
3rd Quarter and 9 Months
2024 Results |
October 23, 2024 (post market close) |
- BIC_Corporate_Officer_Remuneration_EN_21MAR24
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