It should be noted that the fixed, variable and extraordinary items of compensation are subject to the approval of the Ordinary General Shareholders’ Meeting in accordance with the provisions of article L. 22-10-34, II of the French Commercial Code.
These fixed, variable and extraordinary items within the total compensation and benefits of any kind paid during the past financial year or awarded with respect to the same financial year to Jean-Michel Etienne, member of the Management Board, are subject to the approval of the General Shareholders’ Meeting of May 26, 2021 in its seventeenth resolution pursuant to article L. 22-10-34, II of the French Commercial Code.
Items of compensation subject to approval | Amounts paid in respect of the past financial year | Amounts awarded in respect of the past financial year or accounting valuation | Presentation |
|---|---|---|---|
Fixed compensation | Fixed compensation Amounts paid in respect of the past financial year 840,000 | Fixed compensation Amounts awarded in respect of the past financial year or accounting valuation 840,000 | Fixed compensation Presentation Proportion of fixed compensation: 55.56% The rules for determining the fixed compensation can be found in Section 3.2.1.4 of this document and Section 3.1.2.4 of the 2019 Universal Registration Document. |
Annual variable compensation | Annual variable compensation Amounts paid in respect of the past financial year 672,000 | Annual variable compensation Amounts awarded in respect of the past financial year or accounting valuation 777,000 | Annual variable compensation Presentation Proportion of variable compensation: 44.44% Variable compensation to be paid in 2021 for financial year 2020: After assessing the performance achieved for each of the criteria indicated below and in accordance with the compensation policy adopted by the previous Shareholders’ Meeting during the 2020 financial year, the Supervisory Board set the variable part of Jean-Michel Etienne’s compensation at euro 777,000 gross, the payment of which will be subject to the approval of the General Shareholders’ Meeting of May 26, 2021 in its seventeenth resolution in accordance with article L. 22-10-34, II of the French Commercial Code. This amount results from the following facts and assessments shown below and in the table below. |
Multi-year variable compensation | Multi-year variable compensation Amounts paid in respect of the past financial year - | Multi-year variable compensation Amounts awarded in respect of the past financial year or accounting valuation - | Multi-year variable compensation Presentation N/A |
Exceptional compensation | Exceptional compensation Amounts paid in respect of the past financial year 1,000 | Exceptional compensation Amounts awarded in respect of the past financial year or accounting valuation 1,000 | Exceptional compensation Presentation Loyalty bonus paid on the 20th anniversary in the Groupe |
Stock options, performance shares or any other long-term benefit (warrants, etc.) | Stock options, performance shares or any other long-term benefit (warrants, etc.) Amounts paid in respect of the past financial year N/A | Stock options, performance shares or any other long-term benefit (warrants, etc.) Amounts awarded in respect of the past financial year or accounting valuation 577,200 | Stock options, performance shares or any other long-term benefit (warrants, etc.) Presentation This amount represents the maximum annual valuation in the consolidated financial statements of the performance shares awarded in 2019 to Jean-Michel Etienne under the LTIP 2019-2021 Directoire performance share plan described in Section 3.2.1.4. In 2019, it was decided to award him 40,000 shares subject to continued presence and performance conditions covering the period 2019-2021 (i.e. 13,333 shares subject to continued presence and performance conditions per year)(1). |
Other benefits | Other benefits Amounts paid in respect of the past financial year - | Other benefits Amounts awarded in respect of the past financial year or accounting valuation - | Other benefits Presentation The use of one of the Company cars(2) |
Indemnities when taking or leaving a function | Indemnities when taking or leaving a function Amounts paid in respect of the past financial year - | Indemnities when taking or leaving a function Amounts awarded in respect of the past financial year or accounting valuation - | Indemnities when taking or leaving a function Presentation This amount represents the maximum annual valuation in the consolidated financial statements of the performance shares awarded in 2019 to Jean-Michel Etienne under the LTIP 2019-2021 Directoire performance share plan described in Section 3.2.1.4. In 2019, it was decided to award him 40,000 shares subject to continued presence and performance conditions covering the period 2019-2021 (i.e. 13,333 shares subject to continued presence and performance conditions per year)(1). |
Non-compete agreement | Non-compete agreement Amounts paid in respect of the past financial year - | Non-compete agreement Amounts awarded in respect of the past financial year or accounting valuation - | Non-compete agreement Presentation N/A |
Supplementary pension plan | Supplementary pension plan Amounts paid in respect of the past financial year - | Supplementary pension plan Amounts awarded in respect of the past financial year or accounting valuation - | Supplementary pension plan Presentation N/A |
Collective health and welfare insurance plans | Collective health and welfare insurance plans Amounts paid in respect of the past financial year 4,653 | Collective health and welfare insurance plans Amounts awarded in respect of the past financial year or accounting valuation 4,653 | Collective health and welfare insurance plans Presentation This is the employer’s contribution to the collective health |
Compensation by the company(ies) within the scope of consolidation within the meaning of article L. 233-16 of the French Commercial Code | Compensation by the company(ies) within the scope of consolidation within the meaning of article L. 233-16 of the French Commercial Code Amounts paid in respect of the past financial year - | Compensation by the company(ies) within the scope of consolidation within the meaning of article L. 233-16 of the French Commercial Code Amounts awarded in respect of the past financial year or accounting valuation - | Compensation by the company(ies) within the scope of consolidation within the meaning of article L. 233-16 of the French Commercial Code Presentation Jean-Michel Etienne benefited from an employment contract with one of the Groupe’s subsidiaries. Jean-Michel Etienne held other positions in Groupe subsidiaries. Compensation from positions in Groupe companies is excluded by Janus, the code of conduct of Publicis Groupe. Jean-Michel Etienne does not receive any compensation other than that detailed in this document. |
(1) In accordance with the Company’s usual practice, performance share plans that are awarded every three years are broken down in thirds over the three years in which the performance is assessed.
(2) Benefits in kind relating to the use of a company-provided vehicle are not mentioned if they are for an immaterial amount.
