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Bureau Veritas: Information related to the elements of compensation of the Chief Executive Officer
PRESS RELEASE
Neuilly-sur-Seine, France – December 18, 2020
Information related to the elements of compensation of the Chief Executive Officer
published pursuant to the recommendations of the AFEP-MEDEF Corporate Governance Code of Listed Corporations
In the framework of its remuneration policy, Bureau Veritas grants stock options and performance shares to a number of Group employees around the world as well as to the Chief Executive Officer. In addition, the Chief Executive Officer benefits from a specific free share allocation plan dated 22 July 2013, as amended on 23 March 2016 and 17 December 2020 (“Plan”).
Under the Plan, the number of shares delivered at the end of the vesting period depends on the level of achievement of the Total Shareholder Return (TSR) during the vesting period. The plan rules provide for a vesting period starting on the grant date, i.e. 22 July 2013, until the announcement of the results for the financial year 2020, which may be extended until the announcement of the results for the financial year 2021 in case of a major event during the vesting period that may significantly reduce the share price.
The Board of Directors, meeting on 17 December 2020, decided in the context of the current global health and economic crisis generated by Covid-19, in compliance with the objectives and principles of its remuneration policy as presented in its report on the remuneration of corporate officers included in the 2019 Universal Registration Document, to review and adapt the Plan’s conditions as follows:
Extend the vesting period by one year, i.e. until the announcement of the results for the financial year 2021, as provided for by the Plan in case of major events reducing significantly the share price;
In the continuity of its decisions taken in 2020 for the 2018 and 2019 Long Term Incentive Plans, the TSR performance condition will not be applied for the year 2020.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 75,000 employees located in more than 1,500 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on Twitter (@bureauveritas) and LinkedIn.
Our information is certified with blockchain technology. |
ANALYST/INVESTOR CONTACTS |
Laurent Brunelle |
+33 (0)1 55 24 76 09 |
laurent.brunelle@bureauveritas.com |
Florent Chaix |
+33 (0)1 55 24 77 80 |
florent.chaix@bureauveritas.com |
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