EUR 1000.00 For Business Accounts Only

Carrefour – AGM 29 May 2020

ITEM 9: The Board has abolished the old pension scheme (non-portable) and replaced it with a new portable scheme giving entitlement to a more generous total additional pension (30% of the reference compensation capped at 60 PASS ("plafond annuel de la sécurité sociale"- annual social security ceiling), compared with 25% previously). The supplementary pension levels of the French executives were very high due in particular to the risk of loss of rights in the event of departure to another company. The PACTE Act removed this risk by requiring that all non-portable defined benefit plans be frozen and that new defined benefit plans be mandatorily portable. As the risk of loss of rights is eliminated, these rights are guaranteed; it was therefore expected that the new schemes to be set up by companies for their executives would provide for lower pensions than those provided for in the old schemes (or, at a minimum, equivalent pensions). Carrefour is doing exactly the opposite here, since the maximum additional pension will be higher than that provided for in the previous plan. Since post-employment benefits are no longer subject to the regime of regulated agreements, but to that of remuneration policies, the implementation of this new regime is subject to the approval of resolution 9. If this resolution is approved, this plan will therefore also be approved. However, in view of the reservations expressed with respect to this new plan and in particular with respect to the amounts at stake which are increasing, we recommend opposing this compensation policy.