Legrand

Combined Ordinary and Extraordinary Meeting of Shareholders, May 31, 2023

Regulatory News:

Legrand’s (Paris:LR) Combined General Meeting of Shareholders took place on May 31, 2023 and was chaired by Angeles Garcia-Poveda, Chairwoman of the Board of Directors.

I. Voting results

All resolutions put forward by the Board of Directors were approved with a large majority.

In particular, shareholders approved:

• the renewal, for a period of three years, of the term of office as director of Isabelle Boccon-Gibod, also a member of the Audit Committee and a member of the Commitments and CSR Committee;
• the renewal, for a period of three years, of the term of office as director of Benoît Coquart;
• the renewal, for a period of three years, of the term of office as director of Angeles Garcia-Poveda, Chairwoman of the Board of Directors and member of the Commitments and CSR Committee;
• the renewal, for a period of three years, of the term of office as director of Michel Landel, Lead Director, Chairman of the Nomination and Governance Committee and member of the Compensation Committee;
• the appointment of Valerie Chort as an independent director for a period of three years; and
• the appointment of Clare Scherrer as an independent director for a period of three years.

As a result, out of a total of 14 members (including two directors representing employees), the Board of Directors consists of:

• ten independent directors, representing a percentage of 83%¹, which exceeds the 50% minimum level recommended by the AFEP-MEDEF Code of Corporate Governance;
• five women, representing a percentage of 42%¹;
• seven nationalities: American, Canadian, English, French, German, Italian and Spanish.

As a result, the composition of the Board of Directors is in line with market best practices.

The Shareholders’ Meeting also approved the payment of a dividend of €1.90 per share with respect to 2022². The ex-dividend date will be June 2, 2023 and the dividend will be paid on June 6, 2023.

II. Profitable and responsible growth model

At the shareholders’ meeting, CEO Benoît Coquart presented Legrand’s profitable and responsible growth model.

The Group is ideally positioned in a buoyant industry, thanks in particular to its broad product range and balanced exposure to various geographies and markets, which reduces risks related to economic cycles.

Legrand is pursuing its development strategy as part of its roadmap to faster value creation. This strategy is based partly on continuing to spend around 5% of revenue on R&D over the long term, maintaining multiple commercial initiatives and growing through bolt-on acquisitions³, including seven made in the last year. The Group is also strengthening its positions in faster-growing segments – datacenters, connected solutions and energy efficiency products – which together accounted for 33% of its sales⁴ in 2022. It intends to increase that proportion to 50% in the medium term.