BIC: Remuneration of Corporate Officers
FOR IMMEDIATE RELEASE
Remuneration of Corporate Officers
in accordance with the AFEP-MEDEF Code of Corporate Governance for listed companies
Clichy, France – March 22, 2023 - In its meetings of February 14 and March 17, 2023, under the presidence of Nikos Koumettis, the Board of Directors of SOCIETE BIC, upon the recommendations of the Remuneration Committee, and in accordance with the remuneration policy approved by the Annual General Meeting held on May 18, 2022, decided the following in relation to the remuneration of BIC’s Corporate Officers:
Remuneration for the fiscal year 2022:
Chair of the Board:
An annual fixed remuneration of 125,000 euros was granted to John Glen, Chair of the Board until May 18, 2022.
An annual fixed remuneration of 200,000 euros was granted to Nikos Koumettis, Chair of the Board from May 18, 2022.
Chief Executive Officer:
Fixed remuneration for 2022: the annual fixed part of the remuneration for Gonzalve Bich as Chief Executive Officer was set at 850,000 US dollars (806,434 euros1).
Variable remuneration for 2022: following an examination of the performance criteria and with respect to a target of 1,105,500 US dollars, the variable part of the 2022 remuneration for Gonzalve Bich was set at 1,349,205 US dollars (1,280,688 euros1), which corresponds to 122.1% of the target. The performance criteria will be detailed in the 2022 Universal Registration Document.
Remuneration for the fiscal year 2023:
The Board of Directors set the 2023 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.
900,000 US dollars (854,295 euros1), for Gonzalve Bich, Chief Executive Officer. Given the current exceptional situation with regards to inflation, the Board of Directors approved an increase to the fixed remuneration equivalent to 5.9%, in line with the average salary increase applied to the team members in the United States. The target for the variable part of the CEO remuneration remains unchanged at 130% of the fixed element, and the level free shares granted is not impacted by the proposed increase in fixed remuneration. The total direct remuneration at target will be increased by 3.15%.
The balance between financial and individual objectives in the 2023 annual variable remuneration remains unchanged. In light of the AFEP-MEDEF recommendations published in December 2022, the Board of Directors has taken the opportunity to identify a specific climate-related objective, measured independently from the other individual objectives. The detail of the variable remuneration criteria for 2023 will be available in the 2022 Universal Registration Document.
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 2022 and remuneration policy for the fiscal year 2023 are contingent on a positive vote of the Annual General Meeting that will be held on May 16, 2023.
1 Amounts in US dollars were translated into euros using the average exchange rate for 2022 (1 € = 1.0535 USD).
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 Stationery, Rocketbook, Soleil®, Tipp-Ex®, Us. TM, Wite-Out®, Inkbox and more. In 2022, BIC Net Sales were 2,233.9 million euros. 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 received an A- Leadership score from CDP. For more, visit www.bic.com or follow us on LinkedIn, Instagram, Twitter, or YouTube.
Investor Relations team
Isabelle de Segonzac
ALL DATES TO BE CONFIRMED
1st Quarter 2023 Results
April 25, 2023 (post market close)
2023 Annual General Meeting
May 16, 2023
2nd Quarter and 1st Half 2023 Results
July 26, 2023 (post market close)
3rd Quarter and 9 Months 2023 Results
October 25, 2023 (post market close)