Logo/CA/Couleur Integrated report 2021-2022
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WHY IT IS CREDIBLE The executive committee

As the main executive body of Crédit Agricole S.A., the Executive Committee implements the strategy and steers the Group’s activity. The Executive Committee meets twice a month.

The Executive Committee

SENIOR MANAGEMENT

Philippe Brassac
Chief Executive Officer
Xavier Musca
Deputy Chief Executive Officer

CORPORATE FUNCTIONS

Michel Ganzin
Deputy General Manager, Development, Client and Human
Bénédicte Chrétien
Group Head of Human Resources
Jérôme Grivet
Deputy General Manager, Group Finance
Véronique Faujour
Corporate Secretary
Jean-Paul Mazoyer
Deputy General Manager, Digital Transformation and Group IT

CONTROL FUNCTIONS

Alexandra Boleslawski
Group Chief Risk Officer
Martine Boutinet
Group Head of Compliance
Laurence Renoult
Head of Group Control and Audit department

BUSINESS LINES

Philippe Dumont
Deputy General Manager, Insurance
Michel Mathieu
Deputy General Manager, Retail Banking Subsidiaries
Valérie Baudson
Chief Executive Officer, Amundi
Jacques Ripoll
Deputy General Manager, Corporate and investment banking
Giampiero Maioli
Head of Crédit Agricole S.A. Group for Italy
Stéphane Priami
Deputy General Manager, Specialised Financial Services

A responsible reward policy

Crédit Agricole S.A. has defined a responsible reward policy that promotes the Group’s values and is based on fair and consistent treatment of all employees. It is at the service of its Raison d’Être, the Group Project and the 2022 Medium-Term Plan (MTP), and in particular its Human-centric Project.

REWARD POLICY APPLICABLE TO ALL EMPLOYEES

The reward policy participates in the three founding principles of the Human-centric Project: empowerment of employees, strengthening the close customer relationship and developing a framework of trust.

 

Reward combines elements of compensation in the strict sense of the word, notably those submitted to shareholder approval, as well as social benefits and peripheral compensation. Each of these components corresponds to different targets, in particular with respect to the compensation of um- and long-term performance, consistent with the 2022 MTP. All or part of these elements may be offered to each employee, according to their level of responsibility, skills and performance.

 

 

  • FIXED COMPENSATION
    Path 74

    Offering competitive and attractive compensation

     

    SYSTEM: SALARY

     

    PEOPLE ELIGIBLE: ALL EMPLOYEES

     

    Base salary is commensurate with expertise and level of responsibility and is competitive with local market conditions for each business line.

  • ANNUAL VARIABLE COMPENSATION
    Path 74

    Linking the interests of employees with those of the Group and shareholders as part of the deployment of the 2022 Medium-Term Plan

     

    SYSTEM: VARIABLE COMPENSATION

     

    PEOPLE ELIGIBLE: ALL EMPLOYEES

     

    Variable compensation is awarded on the basis of the achievement of individual targets and the results of each entity, in compliance with regulatory principles. Variable compensation is directly related to the annual performance and implementation of the three pillars of the 2022 MTP: The Customer, People and Societal Projects. Conduct risk, non-compliance with rules and procedures and failure to meet performance targets all directly affect variable compensation.

  • LONG-TERM VARIABLE COMPENSATION
    Path 74

    Rewarding the long-term, collective performance of the Group and its entities

     

    SYSTEM: LONG-TERM INCENTIVE PLAN

     

    PEOPLE ELIGIBLE: EXECUTIVE MANAGERS, KEY GROUP EXECUTIVES

     

    This component, which rounds out the variable compensation mechanism, is designed to unify, motivate and retain talent. It consists of compensation in shares and/or cash indexed to the share price, based on performance.

  • COLLECTIVE VARIABLE COMPENSATION
    Path 74

    Linking all employees to the Group’s results to enable the collective sharing of the value created

     

    SYSTEM: PROFIT SHARING AND INCENTIVE PLANS

    PEOPLE ELIGIBLE: ALL EMPLOYEES IN FRANCE

     

    SYSTEM: PROFIT SHARING

    PEOPLE ELIGIBLE: ALL EMPLOYEES OF CERTAIN INTERNATIONAL ENTITIES

     

    SYSTEM: EMPLOYEE SHAREHOLDING

    PEOPLE ELIGIBLE: ALL EMPLOYEES EXCEPT FOR IN A FEW COUNTRIES

  • PERIPHERAL COMPENSATION
    Path 74

    Covering/supplementing health care reimbursements in the event of employee illness

    Protecting employees against life’s uncertainties

     

    SYSTEM: LIFE AND HEALTH INSURANCE PLANS

    PEOPLE ELIGIBLE: ALL EMPLOYEES IN FRANCE

     

    SYSTEM: SUPPLEMENTARY PENSION SCHEME

    PEOPLE ELIGIBLE: EXECUTIVE MANAGERS

     

    In addition to direct compensation, benefits in the form of pension plans, health and life insurance have been set up within the framework of collective plans specific to each entity.

The positive ratings given in the publication of the gender equality index established by the French government highlights the effectiveness of the actions taken in the Group. This year, most entities obtained a stable or improved score compared to 2020, including the Crédit Agricole S.A. economic and social unit, which reached 89/100.

COMPENSATION FOR 2021 AWARDED TO EXECUTIVE CORPORATE OFFICERS

 

The Chairman of the Board of Directors receives only fixed compensation.

 

Executive corporate officers’ annual compensation includes an immediate portion and a deferred portion awarded in the form of instruments that vest subject to the fulfilment of performance conditions and the executive’s continued employment within the Group. It is composed as follows.

In 2021, the equity ratio between the level of compensation of each Executive Corporate Officer and the average compensation of the employees of Crédit Agricole S.A. in France was:

  • 8 for the Chairman of the Board of Directors
  • 38 for the Chief Executive Officer
  • 22 for the Deputy Chief Executive Officer

REWARDS FOR CRÉDIT AGRICOLE S.A. CORPORATE OFFICERS

 

The reward policy for Executive Corporate Officers is designed primarily to recognise long-term performance and the effective implementation of the Group’s strategic plan. In line with the company’s social focus, this policy goes beyond short-term business results to take sustainable performance aspects into account.

 

Each year, the Board of Directors reviews and approves the compensation of corporate officers, acting on the Compensation Committee’s recommendations. Compensation policy for the coming year and the amounts paid for the year ended are presented annually to shareholders for approval at the General Meeting.

 

The variable compensation policy for the Chief Executive Officer and the Deputy Chief Executive Officer changed in 2020 to ensure its alignment with the 2022 Medium-Term Plan.

 

Allocation principles remain unchanged in 2021. The Group thus decided to maintain the targets assigned to its Executive Corporate Officers for their annual variable compensation, despite the continued health and economic crisis. However, the Board of Directors wished to take into account the much higher degree of contingency planning by adjusting the weighting of the performance criteria and by introducing the concept of agility in the face of unforeseen external events.

 

The Board of Directors also reviewed the vesting terms of the annual variable and long-term compensation in order to continue the positioning of annual variable compensation as a tool for implementing the Medium-Term Plan and to comply with the new regulatory framework, in light of the entry into force of the CRD V(2) on 1 January 2021.

 

(2)Capital Requirement Directive V

PERFORMANCE MEASUREMENT FOR 2022

 

Annual variable compensation

 

To ensure complete independence in the performance of his position, the Chairman of the Board of Directors does not receive any variable compensation.

 

The Chief Executive Officer and Deputy Chief Executive Officer are eligible for individual variable compensation with a target set at 100% and 80%, respectively, of their fixed compensation, capped at 120% if the target is exceeded. The amount awarded for a given financial year is contingent on performance.

 

This is based on criteria defined by the Board of Directors described below.

LONG-TERM INCENTIVE PLAN

 

Since 2020, the Chief Executive Officer and the Deputy Chief Executive Officer qualify for the free allocation of performance shares, within the framework of a budget strictly limited to 0.1% of share capital, in order to strengthen their contribution to the creation of long-term value of Crédit Agricole S.A.

 

The number of shares awarded each year by the Board of Directors is capped at 20% of annual fixed compensation. The vesting of these shares will be conditioned in particular by the achievement of three demanding economic, stock market and societal performance conditions, assessed over a period of five years. The vesting will be followed by a one-year lock-up period. The Chief Executive Officer and the Deputy Chief Executive Officer are required to retain, until the end of their term in office, 30% of the shares vested each year.

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