Universal Registration Document 2023

3. Governance and Compensation - AFR

not-included 2019 2020 2021 2022 2023
Member of the Management Board (Jean‑Michel Etienne/Michel‑Alain Proch(1)(2)) not-inclued not-inclued not-inclued not-inclued not-inclued
Compensation 1,937,339 1,938,339 1,776,149 1,200,000 1,284,566
(Change compared with the previous financial year) -17.15% +0.05% -8.37% -32.44% +7.05%
Ratio to average employee compensation 23 21 19 12 12
(Change compared with the previous financial year) -20.30% -8.59% -8.23% -37.34% -2.37%
Ratio to median employee compensation 30 26 25 16 15
(Change compared with the previous financial year) -20.46% -12.97% -4.01% -36.80% -3.80%
Member of the Management Board (Anne‑Gabrielle Heilbronner)(1) not-inclued not-inclued not-inclued not-inclued not-inclued
Compensation 1,305,027 1,245,027 1,425,027 1,212,857 1,135,430
(Change compared with the previous financial year) -9.80% -4.60% +14.46% -14.89% -6.38%
Ratio to average employee compensation 16 14 16 12 11
(Change compared with the previous financial year) -13.24% -12.84% +14.62% -21.07% -14.62%
Ratio to median employee compensation 20 17 20 16 13
(Change compared with the previous financial year) -13.41% -17.02% +19.90% -20.38% -15.87%
Member of the Management Board (Steve King(1)(3) not-inclued not-inclued not-inclued not-inclued not-inclued
Compensation 3,257,756 2,625,591 3,306,453 3,082,913 n/a
(Change compared with the previous financial year) +7.98% -19.40% +25.93% -6.76% n/a
Ratio to average employee compensation 39 29 36 31 n/a
(Change compared with the previous financial year) +3.86% -26.37% +26.12% -13.53% n/a
Ratio to median employee compensation 50 35 46 40 n/a
(Change compared with the previous financial year) +3.66% -29.90% +31.92% -12.78% n/a

With the increase between 2022 and 2023 in the average (+10%) and median (+11%) annual compensation of the Groupe’s employees, the equity ratios for the 2023 financial year are stable compared to those of 2022. The increase in Mr. Arthur Sadoun's ratio is explained by the Groupe’s excellent results in 2022, which were reflected in the annual variable compensation paid in 2023 in respect of the outperformance.

3.3.2.8 Standardized presentation of compensation (AMF and Afep‑Medef)

Position‑recommendation 2021‑02 of the AMF and the Afep‑Medef Corporate Governance Code recommends a standardized presentation of the compensation of executive corporate officers of companies whose securities are traded on a regulated market.