_136 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 3 CORPORATE GOVERNANCE REPORT Information about the components of compensation paid or awarded to the corporate officers RATIOS PRESENTED IN APPLICATION OF ARTICLE L. 22-10-9 I, PARAGRAPHS 6 AND 7, OF THE FRENCH COMMERCIAL CODE 2023 2022 2021 2020 2019 2018 PERCENTAGE CHANGE IN THE COMPENSATION OF THE CHAIR OF THE SUPERVISORY BOARD(1)(2) 191.7% 0.0% 6.4% 28.7% -2.7% 0.0% Percentage change in the average compensation of employees -0.2% 12.3% 2.6% 2.9% 2.9% 1.6% Ratio versus average employee compensation 5.6 1.9 2.1 2.1 1.7 1.8 Percentage change in the ratio versus the previous year 194.7% -9.5% 0% 26.5% -5.1% -1.7% Ratio versus median employee compensation 7 2.5 2.8 2.7 2.1 2.3 Percentage change in the ratio versus the previous year 180.0% -10.7% 3.7% 26.8% -5.3% -2.6% PERCENTAGE CHANGE IN THE MANAGING CHAIRMAN'S COMPENSATION(1)(3)(4)(5) -36.9% 103.0% -6.5% -37.6% 8.1% 15.0% Percentage change in the average compensation of employees -0.2% 12.3% 2.6% 2.9% 2.9% 1.6% Ratio versus average employee compensation 48.8 77.3 42.9 47.1 77.6 73.8 Percentage change in the ratio versus the previous year -36.9% 80.2% -8.9% -39.3% 5.1% 13.2% Ratio versus median employee compensation 61.7 101.3 55.9 61.0 99.8 94.8 Percentage change in the ratio versus the previous year -39.1% 81.2% -8.4% -38.9% 5.3% 12.0% PERCENTAGE CHANGE IN THE GENERAL MANAGER'S COMPENSATION(1)(4)(5) -20.1% 40.7% 28.6% 33.0% 69.6% - Percentage change in the average compensation of employees -0.2% 12.3% 2.6% 2.9% 2.9% 1.6% Ratio versus average employee compensation 31.6 39.5 31.5 25.1 19.5 11.8 Percentage change in the ratio versus the previous year -20.0% 25.4% 25.5% 29.0% 64.8% - Ratio versus median employee compensation 39.9 51.7 41.0 32.6 25.0 15.2 Percentage change in the ratio versus the previous year -22.8% 26.1% 25.8% 30.2% 65.2% - COMPANY PERFORMANCE(6) Growth in segment operating income (SOI) (excluding currency effect) 8.3% 65.2% -33.4% 6.5% 11.0% 5.6% Growth in sales (excluding currency effect) 14.0% 18.2% -12.6% 7.8% 4.1% 6.2% (1) The compensation paid to Managers for functions held during only part of the year (new Manager or Manager who was not replaced) has been annualized. (2) The 2023 increases and ratios should be considered in the light of the 2023 compensation policy approved by the Annual Shareholders Meeting of May 12, 2023 by a majority of 99.65% of the votes cast (see detailed explanations in the background information in the introduction to this table and in section 3.5.1 of the 2023 Universal Registration Document). (3) Only information relating to the position of Managing Chairman and General Partner is presented given that the specific role of Managing General Partner was exercised over a limited period. (4) Deferred long-term compensation paid to Managers who no longer held the positions concerned during the reporting period has not been taken into account. (5) Since 2020, the reference amount for variable compensation includes the book value of performance shares awarded to the Managers. (6) To permit meaningful comparisons with the compensation paid in a given year, which depends to a significant extent on the prior year's results, the values taken into account for a given year correspond to the results achieved in the prior year.
RkJQdWJsaXNoZXIy NzMxNTcx