5 _433 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements The following table presents the changes in level 3 instruments for the year ended December 31, 2023: (in € millions) At January 1, 2023 367 Acquisitions 28 Disposals - Gains or losses for the year recognized in other comprehensive income (4) Other (4) AT DECEMBER 31, 2023 387 Note 34. RELATED-PARTY TRANSACTIONS Management and Supervisory Bodies In 2023, Florent Menegaux, Managing Chairman and Managing General Partner of Compagnie Générale des Établissements Michelin, received a statutory distribution of €0.9 million in 2023 based on 2022 net income (2022 based on 2021 net income: €2.6 million). He was also awarded compensation of €1.5 million (payroll taxes included) as Chairman of Manufacture Française des Pneumatiques Michelin (2022: €1.4 million). The benefits that vested during the period in respect of a post-employment defined benefit plan amounted to €0.4 million (2022: €0.3 million). In addition, an expense of €0.8 million (2022: €0.5 million) was recognized in the Company's 2023 financial statements, corresponding to performance shares granted to Florent Menegaux in respect of years after 2019. Yves Chapot received compensation of €1.9 million (payroll taxes included) in 2023 as General Manager of Compagnie Générale des Établissements Michelin (2022: €2.2 million). The benefits that vested during the period in respect of a post-employment defined benefit plan amounted to €0.6 million (2022: €0.4 million). A provision of €1.2 million (including payroll taxes) was recognized at December 31, 2023 based on vested rights under the annual variable compensation plan. In addition, an expense of €0.5 million (2022: €0.3 million) was recognized in the Company's 2023 financial statements, corresponding to performance shares granted to Yves Chapot in respect of years after 2019. At December 31, 2023, the Group Executive Committee had nine members (2022: nine members). Employee benefits costs for members of the Group Executive Committee break down as follows: (in € millions) 2023 2022 Short-term and termination benefits 9.2 10.3 Post-employment benefits 1.5 1.2 Other long-term benefits - - Share-based payments 1.5 1.9 COMPENSATION GRANTED TO MEMBERS OF THE GROUP EXECUTIVE COMMITTEE 12.2 13.4 The compensation paid in 2023 to the Supervisory Board members was: ● €0.4 million for 2023; ● €0.8 million for 2022 (2022 for 2021: €0.7 million). Note 35. EVENTS AFTER THE REPORTING DATE Michelin is one of the European tire manufacturers under investigation by the European Commission. The Group reaffirms that it scrupulously complies with antitrust legislation in every host country. As a result, it categorically denies the existence of any anticompetitive practices, as alleged by the European Commission in its January 30, 2024 press release, much less any price coordination. No impact has been recognized in the 2023 financial statements.
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