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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 7. Number of employees, personnel costs and employee benefits
DANONE
REGISTRATION DOCUMENT 2015
110
Defined benefit plan assets
The investment policy for plan assets depends, for each company, on the employees' age structure and the expected return on the various
asset classes.
Plan assets of retirement plan for senior managers
As of December 31
Retirement plan for senior managers
(in € millions, except percentage)
2014
2015
Fair value of plan assets
(172)
(165)
Main class of plan assets
Bonds
(a) (b)
98%
98%
Equities
(b)
–
–
Real estate and other asset classes
(b)
2%
2%
(a) These assets are diversified, and in particular exposure to individual sovereign credit risk is limited.
(b) Do not include any financial instruments issued by the Group
Defined contribution plans
Contributions paid as part of defined contribution plans are recognized under Trading operating income.
Note 7.4. Group performance shares and stock-options granted to certain employees
and corporate officers
Group policy
The Group has awarded long-term variable compensation in the
form of Group performance shares since 2010 and awarded such
compensation in the form of stock-options until 2010. Around 1,300
directors and senior executives worldwide, as well as the corporate
officers, have benefitted from these arrangements.
General principles applicable to Group performance shares
and termination of the stock-options program
The Group's long-term variable compensation takes the form of
Group performance shares (Company shares subject to performance
conditions). Group performance shares were introduced in 2010
by the Shareholders' Meeting held on April 22, 2010 to replace the
stock-option program that was consequently closed.
Group performance shares (GPS) are shares in the Company that are
subject to performance conditions, set by the Shareholders' Meeting
for each plan. In the case of all outstanding plans, the performance
conditions are based on aspects of the Company's performance.
The GPS are also subject to continuing employment conditions. The
vesting period is three or four years depending on the plan.
General principles applicable to stock-options
Stock-options are options to purchase shares in the Company that
were granted to certain employees and corporate officers up until
the Combined Shareholders' Meeting of April 22, 2010. No stock-
options have been granted since then and since the end of 2013, all
stock-options are exercisable: the last plans expire in 2017.
Group performance shares and stock-options in effect
Year ended December 31
(number of shares)
2014
2015
Group performance shares
As of January 1
2,488,418
1,950,995
Shares granted during the year
778,371
645,372
Shares that lapsed or were cancelled during the year
(810,867)
(141,003)
Shares delivered during the year
(504,927)
(467,657)
As of December 31
1,950,995
1,987,707
Stock-options
As of January 1
7,177,600
5,688,697
Options that lapsed or were cancelled during the year
(195,922)
(201,173)
Options exercised during the year
(1,292,981)
(4,142,353)
As of December 31
(a)
5,688,697
1,345,171
(a) As of December 31, 2015 and December 31, 2014, all options can be exercised and most are in the money.