Hermès International : Press Release 2021 Executive Chairmen compensation
22 Février 2021 - 6:00PM
Hermès International : Press Release 2021 Executive Chairmen
compensation
PRESS RELEASE
Paris, 22 February 2021
18h00
EXECUTIVE CHAIRMEN
COMPENSATION
In accordance
with the AFEP/MEDEF Corporate Governance Code updated in January
2020 (art. 26.1) HERMES INTERNATIONAL discloses information on all
potential or acquired elements, of its Executive Chairmen
compensation, immediately following the Board meeting having
established these elements.
Principles
The compensation elements detailed below are all
in line with the Executive Chairmen compensation policy approved by
the Shareholders’ General Meeting of 24 April 2020 in the 2019
Universal Registration Document (Chapter 3 « Corporate
Governance » § 3.5.1. page 254).
2021 Fixed compensation and Variable
compensation in respect of 2020 financial year
At its meeting of 17 February 2021, the
Management Board decided to set the Executive Chairmen’s
compensation for 2021 as follows :
Gross annual amounts |
2021 Fixed compensation (Additional compensation) |
Variable compensation in respect of 2020 financial year (Statutory
Compensation) |
Total |
Company Emile Hermès SARL |
€ 551 850 |
€ 727 153 |
€ 1 279 003 |
Mr. Axel DUMAS |
€ 1 623 378 |
€ 1 559 319 |
€ 3 182 697 |
2021 Fixed compensation (« Additional») The
2021 fixed compensation, calculated in accordance with the
compensation policy, is equal to the effective fixed compensation
20201.
Variable compensation in respect of 2020
financial year (« Statutory») At its meeting of 8 January
2021, the CAG-CSR Committee assessed the achievement of the CSR
criterion, applied at 10% of the variable compensation of the
Executive Chairmen and noted that the three components were
achieved at 100%.
As a result, the variable compensation granted
in respect of the 2020 financial year was calculated by applying to
the variable compensation effectively paid in 2020 (in respect of
the 2019 financial year) the change in consolidated pre-tax income
for the 2020 financial year compared to the 2019 financial year,
i.e. a decrease of - 12.4%1.
In accordance with article L.22-10-77, II of the
French Commercial Code, payment of this variable compensation is
subject to the approval of the respective resolutions that will be
submitted to the shareholders1 vote at the Shareholders’ General
Meeting at 4 May 2021.
The actual compensation of the Executive
Chairmen has been submitted to:
- A compliance control with the articles of association and the
compensation policy by the CAG-CSR Committee at its meeting on 17
February 2021;
- A deliberation by the Supervisory Board at its meeting on 18
February 2021.
The Company’s corporate governance practices and
the compensation policy of the Executive Chairmen will be set out
in detail in the Company’s 2020 Universal Registration
Document.
1 As a reminder, in the context of the COVID-19 epidemic, the
Executive Chairmen waived in 2020 the increase (i) in their 2020
fixed compensation and (ii) in their 2020 gross annual variable
compensation, allocated in respect of the 2019 financial year, and
therefore received in 2020 fixed and variable compensation amounts
identical to those received in 2019.
- hermes_20210222_remuneration_gerants_EN
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