Executive Committee members, including its Chairman (or CEO), have directorships in Group subsidiaries as a function of their responsibilities. Where such directorships are compensated, they are included in the amounts given above, regardless of whether the position is deemed to be salaried or undertaken on a self-employed basis under local legislation.
Executive Committee members will not benefit from any contractual departure indemnity linked to the exercise of their office. In case of early termination, only the legal system applies. In the event of a decision to terminate Ms. Ilham Kadri’s contract, she will be eligible for a contractual indemnity of 12 months of her total compensation target. In the event Ms. Ilham Kadri resigns after January 2021, she is subject to a non-competition clause of 12 months with no extra compensation.
As it was disclosed in the Annual report of 2018 Jean-Pierre Clamadieu received two months base salary €200,000 while in the role and according to previous contractual terms. In addition a 24-months non-compete undertaking was provided for in his contract and has been activated by the Company, resulting in the payment to Mr. Jean-Pierre Clamadieu of a non-compete indemnity of €1,960,000.
There was no accelerated vesting applied to his existing LTI, which remain subject to Group performance.
The above is in line with Belgian Corporate governance requirements.
Mr. Pascal Juery and Ms. Cecile Tandeau de Marsac left the Executive Committee on March 31st, 2019 without any termination indemnity related thereto.