In accordance with Article L. 22-10-9 of the French Commercial Code, the table below shows the change over the past five years in the ratio between the level of remuneration of the Chairman and Chief Executive Officer and the average remuneration on a full-time equivalent basis of EDF SA (2) employees (other than corporate officers and the Chairman and Chief Executive Officer), and the ratio between the level of remuneration of the Chairman and Chief Executive Officer and the median remuneration on a full-time equivalent basis of EDF employees(2) (other than corporate officers and the Chairman and Chief Executive Officer), as well as the organic changes in Group EBITDA over the same period.
2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|
| Remuneration of the Chairman and CEO(1) | Remuneration of the Chairman and CEO (1)2020 453,660 | Remuneration of the Chairman and CEO (1)2019 453,660 | Remuneration of the Chairman and CEO (1)2018 452,868 | Remuneration of the Chairman and CEO (1)2017 452,868 | Remuneration of the Chairman and CEO (1)2016 452,868 |
| Changes in the remuneration of the Chairman and Chief Executive Officer(2) | Changes in the remuneration of the Chairman and Chief Executive Officer (2)2020 0% | Changes in the remuneration of the Chairman and Chief Executive Officer (2)2019 0,2% | Changes in the remuneration of the Chairman and Chief Executive Officer (2)2018 0% | Changes in the remuneration of the Chairman and Chief Executive Officer (2)2017 0% | Changes in the remuneration of the Chairman and Chief Executive Officer (2)2016 0% |
| Equity ratio/Average remuneration(3) | Equity ratio/Average remuneration (3)2020 6.6 | Equity ratio/Average remuneration (3)2019 6.8 | Equity ratio/Average remuneration (3)2018 7.1 | Equity ratio/Average remuneration (3)2017 7.1 | Equity ratio/Average remuneration (3)2016 7.2 |
| Equity ratio/Median remuneration(3) | Equity ratio/Median remuneration (3)2020 7.2 | Equity ratio/Median remuneration (3)2019 7.4 | Equity ratio/Median remuneration (3)2018 7.7 | Equity ratio/Median remuneration (3)2017 7.9 | Equity ratio/Median remuneration (3)2016 8.0 |
| Changes in average salary(2) | Changes in average salary (2)2020 2.87 % | Changes in average salary (2)2019 3.66 % | Changes in average salary (2)2018 0.98 % | Changes in average salary (2)2017 1.43 % | Changes in average salary (2)2016 3.37 % |
| Changes in median salary(2) | Changes in median salary (2)2020 3.54 % | Changes in median salary (2)2019 4.16 % | Changes in median salary (2)2018 1.81 % | Changes in median salary (2)2017 2.07 % | Changes in median salary (2)2016 3.27 % |
| Organic changes in the Group EBITDA(2) | Organic changes in the Group EBITDA (2)2020 -2.70% | Organic changes in the Group EBITDA (2)2019 8.40 % | Organic changes in the Group EBITDA (2)2018 11.30 % | Organic changes in the Group EBITDA (2)2017 - 14.80 % | Organic changes in the Group EBITDA (2)2016 - 4.80 % |
(1) The total remuneration of the Chairman and Chief Executive Officer includes his fixed salary and benefits in kind.
(2) Change observed in year N compared to year N-1.
(3) Salaries include the fixed salary, the variable portion and all bonuses, including those related to the status of the IEGs, as well as any benefits in kind.
After receiving the opinion of the Appointments, Remuneration and Governance Committee at its meeting held on 9 February 2021, the Board of Directors, at its meeting held on 17 February 2021, approved the remuneration policy described below concerning the amount and distribution among the directors of the sums paid to them in respect of their office pursuant to Article L. 22-10-14 of the French Commercial Code
The directors representing the employees hold office without remuneration in accordance with law no. 83-675 of 26 July 1983 concerning the democratisation of the public sector, and the Chairman & Chief Executive Officer receives no remuneration for his or her term of office as a director.
Pursuant to Order no. 2014-948 of 20 August 2014, the remuneration granted, in respect of their office, to Directors appointed by the General Meeting upon proposal from the French State in accordance with Article 6 of the Order, and who are civil servants of the State, shall be paid in full to the State budget.
As regards other directors appointed by the Shareholders’ Meeting on recommendation from the French State and who are not civil servants, an Order of the French Minister for the Economy and Finance dated 5 January 2018(3) states that the Company pays into the French State budget 15% of the remuneration allocated to them for their term of office, with the remaining 85% paid to the Director.
Regarding the Representative of the French State appointed in accordance with Article 4 of the Order of 20 August 2014, any remuneration that he/she is entitled to receive for the performance of his/her duties is paid to the State budget.
After receiving the opinion of the Appointments, Remuneration and Governance Committee, the Board of Directors submits to the General Meeting of Shareholders for approval a fixed annual sum to be allocated to the directors in accordance with the allocation rules defined by the Board and presented in this Remuneration Policy.The Board met on 17 February 2021 and decided to submit to the General Meeting convened on 6 May 2021 an annual budget of €440,000 for fiscal year 2021.
The terms and conditions for the distribution of this annual budget, applicable since the 2011 fiscal year, were re-examined and confirmed by the Board of Directors on 17 February 2021. The total budget is distributed between a fixed portion and a variable portion, each representing half of the budget, distributed as follows:
It is not planned to pay any exceptional remuneration or other remuneration to the directors during fiscal year 2021 by the Company or by a company included in the Company’s scope of consolidation within the meaning of Article L. 233-16 of the French Commercial Code.
(1) Ratios were established in accordance with guidelines published by the AFEP.
(2) i.e. more than 60,000 employees.
(3) The provisions of the order of 5 January 2018, amending the order of 18 December 2014 in accordance with Article 6-V of the order dated 20 August 2014, have been applicable since 1 February 2018. Prior to that, the Order of 18 December 2014 provided that the remuneration to be earned by these directors was paid to the tune of 30% to the directors in question, with the remaining 70% paid into the French state budget.
