REWARDS FOR CRÉDIT AGRICOLE S.A. CORPORATE OFFICERS
The reward policy for Executive Corporate Officers is designed primarily to recognise long-term performance and the effective implementation of the Group’s strategic plan. In line with the company’s social focus, this policy goes beyond short-term business results to take sustainable performance aspects into account.
Each year, the Board of Directors reviews and approves the compensation of corporate officers, acting on the Compensation Committee’s recommendations. Compensation policy for the coming year and the amounts paid for the year ended are presented to shareholders for approval at the Annual General Meeting.
The variable compensation policy for the Chief Executive Officer and the Deputy Chief Executive Officer changed in 2020 to ensure its alignment with the 2022 Medium-Term Plan.
Allocation principles remain unchanged in 2021. The Group thus decided to maintain the targets assigned to its Executive Corporate Officers for their annual variable compensation, despite the continued health and economic crisis. However, the Board of Directors wished to take into account the much higher degree of contingency planning by adjusting the weighting of the performance criteria and by introducing the concept of agility in the face of unforeseen external events.
The Board of Directors also reviewed the vesting terms of the annual variable and long-term compensation in order to continue the positioning of annual variable compensation as a tool for implementing the Medium-Term Plan and to comply with the new regulatory framework, in light of the entry into force of the CRD V(2) on 1 January 2021.
(1) Subject to the approval of the General Meeting of 12 May 2021.
(2) Capital Requirement Directive V.
