BIC

Remuneration of Corporate Officers

Remuneration of Corporate Officers
in accordance with the AFEP-MEDEF Code of Corporate Governance for listed companies

Clichy, France– March 21, 2024 – In its meeting of February 19, 2024, under the chairmanship of Nikos Koumettis, the Board of Directors of SOCIETE BIC, upon the joint recommendations of the Remuneration and Nominations, Governance and CSR  Committees, and in accordance with the remuneration policy approved by the Annual General Meeting held on May 16, 2023, decided the following in relation to the remuneration of BIC’s Corporate Officers:

REMUNERATION FOR THE FISCAL YEAR 2023:

• Chair of the Board:
  • An annual fixed remuneration of 300,000 euros was granted to Nikos Koumettis, Chair of the Board for the fiscal year 2023.

• Chief Executive Officer:
  • Fixed remuneration for 2023: the annual fixed part of the remuneration for Gonzalve Bich as Chief Executive Officer was set at 900,000 US dollars with effect April 1, 2023. This equates to 887,500 US Dollars (820,544 euros) for the calendar year1.
  • Variable remuneration for 2023: following an examination of the performance criteria and with respect to a target of 1,170,000 US dollars, the variable part of the 2023 remuneration for Gonzalve Bich was set at 999,180 US dollars (923,798 euros1), which corresponds to 85.4% of the target. The performance criteria will be detailed in the 2023 Universal Registration Document.
    
    

REMUNERATION FOR THE FISCAL YEAR 2024:

The Board set the 2024 remuneration policy as follows:

• 300,000 euros (unchanged vs. previous years) for the Chair of the Board. No variable remuneration is considered for the Chair of the Board.
• 950,000 US dollars (878,328 euros) with effect April 1, 2024, for the Chief Executive Officer. The target for the variable part of the CEO remuneration remains unchanged at 130% of the fixed element, and the level of grant of free shares is not impacted by the proposed increase in fixed remuneration. The impact of this change on the total remuneration policy is an increase of 3.14%. This increase is in line with the average salary increase applied to the management-level team members across the Group. The Board of Directors considers that, in a volatile and increasingly complex geopolitical and economic environment, maintaining the competitivity of the CEO remuneration in comparison to peers is in the best interest of all the stakeholders.
• The balance of objectives between financial and individual objectives in the calculation of the annual variable remuneration for 2024 remains unchanged. The detail of the objectives for 2024 will be detailed in the 2023 Universal Registration Document.