Following his election as Secretary of the Italian Democratic Party, Enrico Letta resigned from his position as member of the Supervisory Board on March 28, 2021.
The terms of office of Maurice Lévy, Chairman of the Supervisory Board, Simon Badinter and Jean Charest, members of the Supervisory Board, will end at the close of the next General Shareholders’ Meeting on May 26, 2021.
On the recommendation of the Nominating Committee, the Supervisory Board is asking the next General Shareholders’ Meeting to reappoint the three aforementioned members of the Supervisory Board for four-year terms.
This proposal is an expression of the wishes of the Company’s governance bodies: to confirm the composition of the Board as it stands today, as a balanced and stable body which, thanks to its knowledge of the sector and the Company, contributes to setting the major strategic issues, oversees the smooth running of the Company and which, in this context of economic crisis, has been able to play a key role in ensuring the sustainability of the Company, its strategy and the interests of shareholders and all stakeholders.
To this end, the Supervisory Board proposes to renew its confidence in the members of the Board whose terms of office are coming to an end because, by contributing their expertise and complementary experience, they have contributed to ensuring very satisfactory governance of the Groupe, in accordance with the respective governing bodies, and which enabled the Groupe to maintain a position as a world leader in communications. In the context of the health crisis, it is all the more necessary to ensure stability and continuity of governance.
In particular, the Board considered that the renewal of the term of office of Maurice Lévy for the next four years is essential for Publicis Groupe and insisted that he continue in his role as Chairman of the Supervisory Board, that he continue to support, guide and advise the Management Board and its Chairman, Arthur Sadoun, who himself expressed the same wishes, and that he continue in his relations with large global clients and bring strength to the Groupe’s strategic reflections.
Maurice Lévy had long before expressed his wish not to stand again for the shareholders’ vote, as he considers that his career journey has been brought to a close after 50 years at Publicis Groupe.
After discussions and much reflection, Maurice Lévy finally agreed that the renewal of his term of office be put to the vote of shareholders and, if the shareholders decide to renew his term of office, he will support the Management Board, its Chairman, Arthur Sadoun and Publicis Groupe.
Thus, Maurice Lévy will be able to continue to facilitate balanced dialogue between the Supervisory Board and the Management Board by ensuring the effective exercise of supervisory powers by the Supervisory Board. The resulting balanced and fluid dialogue between the supervisory and management bodies is the result of Maurice Lévy’s pointed knowledge of the Groupe. It is also a reflection of the confidence entrusted to him by the Supervisory Board and Management Board, which renders the Groupe’s management exemplary.
Maurice Lévy may also support Publicis in a few key areas, such as the follow-up with a few large clients with whom Maurice Lévy has created strong ties over the years, applying key management principles, and defining and overseeing the implementation of future strategies, including those around Epsilon.
In addition, the term of office of Pierre Pénicaud, member of the Supervisory Board representing employees, will end on June 19, 2021. The Groupe Works Council will have to decide on its renewal or the appointment of a new member representing the employees on the Supervisory Board.
The table below summarizes the changes envisaged in 2021 in the composition of the Supervisory Board (excluding members representing employees):
Supervisory Board member | Departure | Renewal | Appointment | Nationality |
|---|---|---|---|---|
| Enrico Letta | Enrico Letta Departure March 28, 2021 | Enrico Letta Renewal
| Enrico Letta Appointment
| Enrico Letta Nationality Italian |
| Maurice Lévy | Maurice Lévy Departure
| Maurice Lévy Renewal May 26, 2021 | Maurice Lévy Appointment
| Maurice Lévy Nationality French |
| Simon Badinter | Simon Badinter Departure
| Simon Badinter Renewal May 26, 2021 | Simon Badinter Appointment
| Simon Badinter Nationality French |
| Jean Charest | Jean Charest Departure
| Jean Charest Renewal May 26, 2021 | Jean Charest Appointment
| Jean Charest Nationality Canadian |
Subject to the approval by the General Shareholders’ Meeting of May 26, 2021 of the aforementioned proposals, the composition of the Supervisory Board would have the following characteristics (excluding members representing employees):
