Responding to changing markets As part of its social responsibility commitment, Michelin is pursuing two ambitious objectives for its employees and their families. With the Michelin One Care program, we’re offering a universal social protection floor, which provides a set of basic social protection benefits to supplement host country social security systems. Designed in 2021, the program will be fully deployed worldwide by 2025. It includes such measures as a minimum 14 weeks of maternity leave and at least four weeks of paternity leave, both fully paid; death benefits equal to at least one year’s salary in the event of death while still an employee; and healthcare insurance to supplement national systems in covering care and prevention costs. The other overarching objective is to guarantee each employee compensation that enables them and their families to live with dignity. This means compensation that enables a family of two adults and two children to meet their basic needs, save for the future and purchase standard consumer goods (depending on each country's standard of living). To fulfill this commitment, Michelin worked with the Fair Wage Network, whose methods and expertise are recognized by leading institutions and a number of NGOs. This resulted in the award of Living Wage Global Employer certification in December 2023. Michelin is a leader today because it has always agilely responded to the needs of its time. Through the many shifts in markets and demand that the Group has experienced, and continues to experience today, we have demonstrated responsive adaptability in steadily developing new businesses, realigning certain existing ones and discontinuing others. When we have to close a production plant or a business, we focus on supporting and retraining employees and on revitalizing the impacted community through dialogue with employees, unions, partners, local authorities and other stakeholders. In this way, we can transform the changes by building sustainable solutions based on significant investment and new jobs. One illuminating example is the future-facing project deployed three years ago in response to the closure of the tire plant in Bamberg, Germany, where a research hub, built on the site of the former plant, will house companies active in artificial intelligence, digitalization and sustainable mobility, as well as university faculties, research institutes, SMEs and start-ups. Jean-Claude Pats, Executive Vice President, Personnel Bénédicte de Bonnechose Executive Vice President, Urban and Long‑Distance Transportation Business Lines; Head of the European Regions Michelin is a leader today because it has always agilely responded to the needs of its time.” We want to give every employee and their family a decent standard of living and to support them at important moments in their lives.” Paying attention to every employee ACCELERATING OUR TRANSFORMATION People _34 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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