BIC : CORPORATE OFFICERS' COMPENSATION BIC Group -
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BIC Group - Press Release Clichy - 8 June 2018 Follow BIC latest news on
CORPORATE OFFICERS' COMPENSATION IN ACCORDANCE WITH AFEP-MEDEF CODE OF CORPORATE GOVERNANCE FOR LISTED COMPANIES
At a meeting chaired by Pierre Vareille on May 16th, 2018, the Board of Directors of SOCIÉTÉ BIC reached the following decisions, based on the recommendations of the Compensation Committee:
Compensation for 2018 fiscal year (since May 16, 2018): Gonzalve Bich, Chief Executive Officer, will receive an annual fixed compensation of 675,000 US dollars (597,345 euros [1] ) (+22.7% vs. current) since May 16, 2018, with a target bonus of 125% of the fixed part of the compensation (85% previously acting as Chief Operating Officer). The compensation for Pierre Vareille, Chairman of the Board of Directors since May 16, 2018, will be decided at a later date. The compensations of Jim DiPietro and Marie-Aimée Bich, Executive Vice-Presidents, remain unchanged.
Performance-Based Share Allocations:
Within the scope of the authorization of the Extraordinary General Meeting of May 16, 2018 (resolution 22) presented on pages 291 and 292 of the 2017 Registration Document, the Board of Directors decided, to conditionally allocate free performance-based BIC shares as follows:
- 15,000 shares to Gonzalve Bich, Chief Executive Officer;
- 8,000 shares to James DiPietro, Executive Vice-President;
- 3,250 shares to Marie-Aimée Bich-Dufour, Executive Vice-President.
The acquisition of these shares is subject to the achievement of the performance conditions for the period 2018-2019-2020: Net Sales increase and Cash Flow From Operations and Change in Inventory (CFO &I), as a percentage of Net Sales. The number of shares definitively acquired will be recorded at the end of an acquisition period of 3 years following the date of allocation (i.e. May 16, 2021). If the average percentage for the achievement of the two performance conditions is between 100% and 75%, and for each percent below 100%, the number of shares definitively acquired by each beneficiary on the vesting date will be reduced by 2% compared to the initial grant. If the average percentage for the achievement of the two performance conditions is less than 75%, no shares will be acquired. BIC Corporate Officers are required to keep 20% of acquired free shares, until their mandate expires. The 20% requirement is reduced to 10% when the Chief Executive Officer owns five years of base compensation in BIC shares and when the Executive Vice-Presidents own three years of base compensation in BIC shares.
Contacts
Investor Relations : +33 1 45 19 52 26 | Press Contacts |
Sophie Palliez-Capian sophie.palliez@bicworld.com | Albane de La Tour d'Artaise Albane.DeLaTourD'Artaise@bicworld.com |
Michèle Schanté Michele.Schante@bicworld.com | Isabelle de Segonzac: +33 1 53 70 74 70 isegonzac@image7.fr |
For more information, please consult the corporate website: www.bicworld.com
2018 - 2019 Agenda (all dates to be confirmed)
First Half 2018 results | 1 st August 2018 | Conference call |
Third Quarter 2018 results | 24 October 2018 | Conference call |
Full Year 2018 results | 13 February 2019 | Meeting - BIC Headquarters |
First Quarter 2019 results | 25 April 2019 | Conference call |
About BIC
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication and thanks to everyday efforts and investments, BIC has become one of the most recognized brands and is a trademark registered worldwide for identifying BIC products which are sold in more than 160 countries around the world. In 2017, BIC recorded Net Sales of 2,041.4 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes: CDP's "Leadership Level" (A-) and "Leadership Level" for the additional "Supplier" module, Euronext Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, FTSE4Good indexes, Ethibel Pioneer and Ethibel Excellence Investment Registers, Ethibel Sustainability Index (ESI) Excellence Europe, Stoxx Global ESG Leaders Index.
- Amounts in US dollars were translated into euros using the average exchange rate for 2017 (1 € = 1.1300 USD).
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