_248 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 4 NON-FINANCIAL STATEMENT Sustainable Development Report Protecting employees from the financial consequences of an accident or illness Michelin is continuing to deploy and upgrade systems to safeguard employees, as well as their spouses and children, against the potentially significant financial consequences of an illness or an accident. In most countries, healthcare plans cover medical expenses and insurance coverage guarantees an income in the case of disability leave or death. A wide range of proactive workplace health and safety initiatives are being assertively deployed (see section 4.1.3.2 a), regularly informing all employees, systematically monitoring employee health, preventing and managing occupational illnesses and conducting public health campaigns on such topics as nutrition and vaccinations on-site. Supplementing national pension systems With life expectancy on the rise, national pension systems in a growing number of countries may no longer be sufficient to meet employees’ expectations. In response, in certain countries, Michelin has implemented systems that support employees in building up retirement savings. For more details concerning Michelin pension plans, please refer to Note 27 “Employee benefit obligations” in section 5.2 Consolidated financial statements for the year ended December 31, 2023. Enabling every employee to become a shareholder on preferential terms For the Group, increasing the percentage of capital held by employees is a core process, which helps to strengthen the unique, business-critical role that everyone plays in realizing Michelin’s strategic vision. By becoming shareholders, employees can directly contribute to and share in the value created by their Company, which is committed to ensuring the fair distribution of the value-added generated by its operations. For more than 20 years, the Group has regularly offered employees the opportunity, during a defined period, to invest in Company stock on preferential terms. Share ownership is a strong indicator of employee confidence in the Group’s future and strategic vision, as well as a real-world illustration of the “I am Michelin” transformation program. As of year-end 2023, some 72,000 active employees, or more than half the global workforce, were Michelin shareholders. This represents an aggregate 2.10% of the Group’s issued capital and offers a compelling demonstration of employee engagement in the Company. 4.1.2.3 i) Transparency: information concerning redundancy plans, job retention initiatives and retraining, placement and support programs during the year France The La Roche-sur-Yon plant On October 10, 2019, MFPM announced its plan to close the La Roche-sur-Yon plant in France before the end of 2020, which would also have a direct impact on the semi-finished products workshop at the Cholet plant. An agreement on job retention initiatives was signed with a majority of trade union representatives on January 23, 2020 and implemented on April 1, 2020. At that time, 613 jobs were eliminated at the La Roche-sur-Yon plant and 68 in the semi-finished products workshop at the Cholet plant. As of December 31, 2023, 94 employees had opted for early retirement, 126 had accepted a transfer within the Group and 482 had been outplaced. Of the employees who took retraining leave with the support of an outplacement firm, 71% have found a job or started their own business and 1% are still being assisted by the firm in finding a job or starting their own business. A three-year revitalization agreement signed with the French government on June 30, 2020 will help to create 613 new jobs. By year-end 2023, authorities had approved applications to support 685 jobs, of which 502 had been created. Separately, Michelin began working with leading public-sector stakeholders in the region to transform the site into a multipurpose center of excellence, combining manufacturing, research and training activities focused on future-facing technologies. In 2023, Michelin acquired a founding 45% interest in ATINEA SAS, which was set up to lead the transformation of the former truck tire production site closed in late 2020. The €50 million project is fully aligned with the Vendée region’s economic development strategy. The new ecosystem is structured around sustainable mobility and the energies of the future. Already, for example, a green multi-energy station is up and running on the site, and in December 2023, Paris transit authority RATP announced it would be home to a new national training center dedicated to hydrogen-powered bus maintenance.
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