Bureau Veritas - AGM 26 June 2020
ITEM 11: The CEO's long-term compensation is based on two performance criteria:
Adjusted Operating Income ("ROA") and Adjusted Operating Margin. The plan granted
in 2019 provides that the Group's Adjusted Operating Margin condition in respect of
each of the years 2020 and 2021 applies to the number of options and shares
determined by the level of ROA achievement recorded in respect of 2019 and then to
the number obtained by the level of margin achievement in each of the three years of
the plan's duration. The fact that the adjusted operating margin criterion was verified
over only two fiscal years could suggest that this compensation was short-term.
Thus, for 2020, the company proposes to extend the measurement period for this
criterion to 3 years, which removes any confusion. We support this proposal and
therefore recommend the approval of Resolution 11.
Bureau Veritas specializes in inspecting, testing, auditing or certifying products, assets (such as buildings, industrial infrastructure, equipment and ships) and management systems (particularly against ISO standards) based on regulatory or voluntarily adopted standards. Co.'s operations can be divided into eight businesses: ship classification; industry services; inspection and verification of equipment in service; construction services; certification of management systems or services; inspection and testing of consumer products; services related to customs control and international trade services; and inspection and testing of commodities.
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