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88 2014 Registration Document
Corporate governance
3
Remunerations and benefits granted to corporate officers
3.4.2
Remuneration of the Chairman of the Board
and chief Executive Officer
Remuneration of Mr Georges Plassat as Chief Executive Officer was
established by the Board during its meetings held on January 29,
February 8 and March 7, 2012, April 9 2014 and March 4, 2015.
3.4.2.1
Elements of the compensation due
or awarded during fiscal year 2014
to the Chief Executive Officer
◗
Fixed and variable remuneration :
He receives:
■
fixed annual gross compensation of one million five hundred thousand
(1,500,000) euros;
■
variable remuneration based on the fulfilment of objectives. This variable
remuneration can rise to 100% of fixed compensation if performance
objectives are met and more if they are exceeded, capped at 165 %
of fixed compensation.
50% of the performance objectives were based on meeting financial
objectives (like-for-like gross turnover excluding petrol, current EBIT),
while 50% were based on meeting individual qualitative objectives
precisely defined and pre-established by the Board of Directors.
His variable part of compensation 2014 has been set at €2.197.500,
the dynamic growth targets for the Group set by the Board having been
achieved in 2014.
◗
Directors’ fees
The amount of directors’ fees paid is €55.000 and is detailed into the
elements contained in the previous page.
◗
Defined-benefit pension scheme
Mr Georges Plassat will also be eligible for the defined-benefit pension
scheme in place since 2009 intended for Carrefour Group’s main
executives whose annual gross compensation is more than 16 times
France’s social security ceiling. This scheme is described in consolidated
and company annual accounts for the year 2014.
◗
Settlement payment
In the event of termination of his term as Chief Executive Officer prior to
April 2, 2015, except in the event of non-renewal, resignation, retirement
or dismissal for serious misconduct or wrongful act, Mr Georges Plassat
is entitled to receive, as part of a transaction that involves full waiver of
recourse, a settlement payment submitted to performance conditions
equal to one (1) year of fixed and variable remuneration.
3.4.2.2
Summary table on the elements of compensation of the Chief Executive Officer
(in euros)
Period of the year
(August 1
st
to July 31
st
)
Amounts for fiscal year 2014
Owed
Paid
Owed
Paid
Fixed remuneration
1,500,000
1,500,000
1,500,000
1,500,000
Variable remuneration
(1)
2,235,000
1,543,500
2,197,500
2,235,000
Directors’ fees
(2)
55,000
55,000
55,000
55,000
Benefits in kind
3,976
3,976
3,976
3,976
TOTAL
3,793,976
3,102,476
3,756,476
3,793,976
(1) The variable remuneration owed for the year is paid in the year N+1.
(2) Period of the year (August 1
st
to July 31
st
)