BIC : CORPORATE OFFICERS' COMPENSATION
08 Juni 2018 - 6:38PM
BIC Group - Press
Release
Clichy - 8 June 2018
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CORPORATE OFFICERS' COMPENSATION
IN ACCORDANCE WITH AFEP-MEDEF
CODE OF
CORPORATE GOVERNANCE FOR LISTED
COMPANIES
At a meeting chaired by Pierre Vareille on May
16th, 2018, the Board of Directors of SOCIÉTÉ BIC reached the
following decisions, based on the recommendations of the
Compensation Committee:
Compensation for 2018 fiscal year
(since May 16, 2018):
Gonzalve Bich, Chief Executive Officer, will receive an annual
fixed compensation of 675,000 US dollars (597,345 euros[1]) (+22.7%
vs. current) since May 16, 2018, with a target bonus of 125% of the
fixed part of the compensation (85% previously acting as Chief
Operating Officer).
The compensation for Pierre Vareille, Chairman of the Board of
Directors since May 16, 2018, will be decided at a later
date.
The compensations of Jim DiPietro and Marie-Aimée Bich, Executive
Vice-Presidents, remain unchanged.
Performance-Based Share
Allocations:
Within the scope of the authorization of the
Extraordinary General Meeting of May 16, 2018 (resolution 22)
presented on pages 291 and 292 of the 2017 Registration Document,
the Board of Directors decided, to conditionally allocate free
performance-based BIC shares as follows:
-
15,000 shares to Gonzalve Bich, Chief Executive
Officer;
-
8,000 shares to James DiPietro, Executive
Vice-President;
-
3,250 shares to Marie-Aimée Bich-Dufour,
Executive Vice-President.
The acquisition of these shares is subject to the
achievement of the performance conditions for the period
2018-2019-2020: Net Sales increase and Cash Flow From Operations
and Change in Inventory (CFO &I), as a percentage of Net
Sales.
The number of shares definitively acquired will be recorded at the
end of an acquisition period of 3 years following the date of
allocation (i.e. May 16, 2021). If the average percentage for the
achievement of the two performance conditions is between 100% and
75%, and for each percent below 100%, the number of shares
definitively acquired by each beneficiary on the vesting date will
be reduced by 2% compared to the initial grant.
If the average percentage for the achievement of the two
performance conditions is less than 75%, no shares will be
acquired.
BIC Corporate Officers are required to keep 20% of acquired free
shares, until their mandate expires. The 20% requirement is reduced
to 10% when the Chief Executive Officer owns five years of base
compensation in BIC shares and when the Executive Vice-Presidents
own three years of base compensation in BIC shares.
Investor Relations: +33 1 45 19 52 26 |
Press Contacts |
Sophie
Palliez-Capian
sophie.palliez@bicworld.com |
Albane de
La Tour d'Artaise Albane.DeLaTourD'Artaise@bicworld.com |
Michèle
Schanté
Michele.Schante@bicworld.com |
Isabelle
de Segonzac: +33 1 53 70 74 70
isegonzac@image7.fr |
For more information, please consult the corporate
website: www.bicworld.com
2018 -
2019 Agenda (all dates to be confirmed)
First Half
2018 results |
1st August
2018 |
Conference
call |
Third
Quarter 2018 results |
24 October
2018 |
Conference
call |
Full Year
2018 results |
13 February
2019 |
Meeting -
BIC Headquarters |
First
Quarter 2019 results |
25 April
2019 |
Conference
call |
BIC is a world
leader in stationery, lighters, shavers and promotional products.
For more than 60 years, BIC has honored the tradition of providing
high-quality, affordable products to consumers everywhere. Through
this unwavering dedication and thanks to everyday efforts and
investments, BIC has become one of the most recognized brands and
is a trademark registered worldwide for identifying BIC products
which are sold in more than 160 countries around the world. In
2017, BIC recorded Net Sales of 2,041.4 million euros. The Company
is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid
60 indexes. BIC is also part of the following Socially Responsible
Investment indexes: CDP's "Leadership Level"
(A-) and "Leadership Level" for the additional "Supplier" module,
Euronext Vigeo - Eurozone 120, Euronext Vigeo
- Europe 120, FTSE4Good indexes, Ethibel
Pioneer and Ethibel Excellence Investment Registers, Ethibel Sustainability Index (ESI) Excellence Europe, Stoxx
Global ESG Leaders Index.
-
Amounts in US dollars were
translated into euros using the average exchange rate for 2017 (1 €
= 1.1300 USD).
CORPORATE OFFICERS’
COMPENSATION
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BIC via Globenewswire
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