Compensation

Information related to the remuneration for the executive corporate officers of the Company

(information published on 9 April 2019 in accordance with AFEP and MEDEF recommendations and updated on 3 June 2019)

 

At its meeting of 28 March 2019, after considering the recommendations of the appointments and compensation committee, the Board of Directors took the following decisions, in compliance with the current Company’s compensation policy, as regards the remuneration of Mr Hervé Poncin, Chief Executive Officer.

Variable compensation for 2018

Based on the performance conditions it had set on 9 April 2018 and their fulfilment, the Board of Directors set Mr Poncin’s variable compensation for 2018 to 104,000 euros, i.e. 20% of its target amount.

According to article L. 225-100 of the French commercial code, the payment of this remuneration was approved by the shareholders’ meeting held on 28 May 2019.

Fixed compensation and variable compensation for 2019

The Board of Directors decided to maintain Mr Poncin’s fixed compensation at 650,000 euros for 2019.

The Board also decided to maintain Mr Poncin’s variable compensation for 2019 at a maximum of 80% of its fixed compensation, i.e. 520,000 euros, if all the performance conditions are met and has set those performance conditions as follows:

Quantifiable conditions (70%)    
2019 Group’s turnover: 20%
2019 group’s EBITDA: 30%
Working capital at 31 December 2019: 20%

Qualitative conditions (30%)    
Growth of Packaging and Visual Communication activities’ turnovers: 20%
2019 CSR performance: 10%

Exceptional compensation for 2019

Within the framework of the process for putting in place a new shareholding structure for the Antalis Group, which has been initiated at the beginning of 2019, and given the importance of this project for the Group as well as the strong involvement of Mr Poncin on which the success of this process will partly depend, the Board has decided to allocate him exceptional remuneration specifically related to this project. This remuneration will be of a maximal amount of 300,000 euros, will depend on Mr Poncin’s continuing presence and will be subject to performance criteria attached to the project which shall be assessed periodically.

 

Moreover, at its meeting of 28 May 2019, the Board of Directors decided to reappoint Mr Pascal Lebard as Chairman of the Board for a three-year period and decided to grant him an annual compensation of 90,000 euros.