Compensation for the Chairman of the Board

Compensation policy for the Chairman of the Board

The Chairman of the Board does not receive any specific compensation for the performance of his term of office. This decision was made by the Board of Directors during its meeting on October 28, 2014, on the proposals of the Compensation Committee and after taking Mr. Desmarest’s wishes into consideration.

The Chairman of the Board continues to receive directors’ fees in relation to his duties as director. For more information, refer to point 1. of this chapter.

Individual compensation for the Chairman of the Board for fiscal year 2014

For fiscal year 2014, the Chairman of the Board did not receive any compensation in his role as Chairman of the Board for the period from October 22 to December 31, 2014, other than his directors’ fees. However, it should be noted that in relation to the previous duties that he performed within the Group until May 21, 2010, he receives a retirement pension from the pension plans set up by the Company (internal defined contribution pension plan, known as RECOSUP, and supplementary pension plan authorized by the Board of Directors on February 11, 2009, and approved by the Shareholders’ Meeting on May 15, 2009).