02 Corporate governance report Information about the components of compensation paid or awarded to the corporate officers 2.4.3.1 Fixed compensation In application of the 2024 compensation policy, the fixed compensation received by Florent Menegaux amounted to €1,100,000.00(1). 2.4.3.2 Annual variable compensation Florent Menegaux's annual variable compensation has been determined in application of the 2024 compensation policy and the recommendation of the Supervisory Board, and is deducted in full from the General Partners' Profit Share(2). All quantitative and qualitative objectives were set at the start of 2024 and were not adjusted during the year. The Compensation and Appointments Committee carefully reviewed achievement rates for each of the criteria. In conclusion of this review, the Committee recommended that the Supervisory Board approve the compensation components presented in the table below, leading to annual variable compensation of €1,158,700.00. Concerning the quantifiable qualitative criteria, the Committee's conclusions were as follows: n for the “Implementation of the strategy (deployment of the transformations)” criterion, the Committee analyzed the results of the Balanced Score Card. Having noted the progress made in deploying the People, Profit and Planet aspects of Michelin’s strategy, the Committee decided that the indicator-based objectives had been 85%-met; n concerning the “Corporate social responsibility” criterion (Total Case Incident Rate: improvements to the safety of Michelin Group employees), the Committee noted that the improvement rate of 1.03 was below the threshold rate; n for the “Gender balance” criterion, the Committee noted that the percentage of Group management positions held by women (24.3%) was very close to the ceiling percentage; n for the “CO2 emissions (Scopes 1 and 2)” criterion, the Committee noted that actual emissions (2.018 mt) were higher than the target. After discussing the matter during its meeting on February 11, 2025, the Supervisory Board approved the Compensation and Appointments Committee’s recommendations, which were then also approved by the General Partners. (1) Compensation paid by Manufacture Française des Pneumatiques Michelin (MFPM) in consideration of his role as Chairman of the Company. (2) See the 2nd resolution presented to the Annual Shareholders Meeting of May 16, 2025. The Profit Share is fixed in the Company’s Bylaws and is capped at 0.6% of consolidated net income for the year (see sections 2.3.2.3 and 2.10.5 of this 2024 Universal Registration Document). 121 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
RkJQdWJsaXNoZXIy NzMxNTcx