These achievements led the Board to set the performance-based remuneration for these criteria as follows:
| Indicator (in €) |
2020 | Percentage of maximum bonus received in 2020 | 2021 Bonus (in €) | Upper limit applicable in 2021 | Percentage of maximum bonus received in 2021 |
|---|---|---|---|---|---|
| Managerial performance | Managerial performance 2020 288,000 |
Managerial performance Percentage of maximum bonus received in 2020 100% |
Managerial performance 2021 Bonus (in €)
288,000 |
Managerial performance Upper limit applicable in 2021 288,000 |
Managerial performance Percentage of maximum bonus received in 2021 100% |
| ESG performance | ESG performance 2020 480,000 |
ESG performance Percentage of maximum bonus received in 2020 100% |
ESG performance 2021 Bonus (in €)
422,400 |
ESG performance Upper limit applicable in 2021 480,000 |
ESG performance Percentage of maximum bonus received in 2021 88% |
| Indicator (in €) Variable remuneration based on managerial and ESG performance |
2020 768,000 |
Percentage of maximum bonus received in 2020
|
2021 Bonus (in €)710,400 |
Upper limit applicable in 2021 768,000 |
Percentage of maximum bonus received in 2021 92.5% |
| Indicator (in €) | 2020 | 2021 | 2021/2020 change | Upper limit applicable in 2021 | Percentage of maximum bonus received in 2021 |
|---|---|---|---|---|---|
| Total economic part | Total economic part 2020 152,858 |
Total economic part 2021 1,152,000 |
Total economic part 2021/2020 change +653.6% |
Total economic part Upper limit applicable in 2021 1,152,000 |
Total economic part Percentage of maximum bonus received in 2021 100.0% |
| Part based on managerial and ESG performance | Part based on managerial and ESG performance 2020 768,000 |
Part based on managerial and ESG performance 2021 710,400 |
Part based on managerial and ESG performance 2021/2020 change –7.5% |
Part based on managerial and ESG performance Upper limit applicable in 2021 768,000 |
Part based on managerial and ESG performance Percentage of maximum bonus received in 2021 92.5% |
| Indicator (in €)Total variable remuneration | 2020 920,858 |
2021 1,862,400 |
2021/2020 change + 102.2% |
Upper limit applicable in 2021 1,920,000 |
Percentage of maximum bonus received in 2021 97.0% |
At its meeting of 8 April 2021, the Board decided to grant a conditional award to Mr Huillard, corresponding to a maximum of 30,900 existing VINCI shares. At that time, the fair value of this award (under IFRS 2) was €2,429,976. All or some of the shares in question will vest at the end of a three-year period on 8 April 2024, subject to continued service as well as performance conditions that will be evaluated at 31 December 2023 as described in paragraph 5.3.2, page 154.
At its meeting of 4 February 2021, the Board noted that the performance conditions under the long-term incentive plan set up on 17 April 2018 had been met at 88.28% (see paragraph 5.3.1, page 154). Accordingly, the Board decided that 28,250 of the 32,000 shares initially included in the award granted to Mr Huillard would vest at 17 April 2021.
At its meeting of 3 February 2022, the Board noted that the performance conditions under the long-term incentive plan set up on 17 April 2019 had been met at 80% (see paragraph 5.3.1, page 154). Accordingly, the Board decided that 25,600 of the 32,000 shares initially included in the award granted to Mr Huillard would vest at 17 April 2022.
The awards granted under the plans set up on 17 April 2018 and 17 April 2019 involve shares granted in accordance with ordinary law, as mentioned in paragraph 4.1.2.4, page 144. The vesting of these awards was subject to the same performance conditions as those applying to grants of share awards under the performance share plans set up by the Company for the Group’s employees, which are described in paragraph 5.3.1, page 154, subject to the reservations mentioned in paragraph 5.2.1, page 153.
Mr Huillard is eligible to be granted conditional awards under the following long-term incentive plans remaining in force at 31 December 2021:
| Number of shares | Fair value at the grant date (in €) | Percentage of the year’s total remuneration | Vesting date | |
|---|---|---|---|---|
| Plan set up on 17 April 2019 | Plan set up on 17 April 2019 Number of shares 32,000 |
Plan set up on 17 April 2019 Fair value at the grant date (in €)2,394,880 |
Plan set up on 17 April 2019 Percentage of the year’s total remuneration 44% |
Plan set up on 17 April 2019 Vesting date 17/04/2022 |
| Plan set up on 18 June 2020 | Plan set up on 18 June 2020 Number of shares 29,440 |
Plan set up on 18 June 2020 Fair value at the grant date (in €)2,150,592 |
Plan set up on 18 June 2020 Percentage of the year’s total remuneration 51% (*) |
Plan set up on 18 June 2020 Vesting date 18/06/2023 |
| Plan set up on 8 April 2021 | Plan set up on 8 April 2021 Number of shares 30,900 |
Plan set up on 8 April 2021 Fair value at the grant date (in €)2,429,976 |
Plan set up on 8 April 2021 Percentage of the year’s total remuneration 44% |
Plan set up on 8 April 2021 Vesting date 08/04/2024 |
(*) Percentages take into account the voluntary reduction in remuneration requested by Mr Huillard in respect of 2020.
In accordance with the provisions of Article 25.3.3 of the Afep-Medef code, Mr Huillard made a commitment not to engage in any hedging transactions in respect of his own risks with regard to the shares granted under the long-term incentive plans for which he is eligible, and agreed to respect this commitment until the end of the three-year holding period for the shares.
At 31 December 2021, Mr Huillard met all eligibility requirements to claim his pension under the defined benefit plan set up in March 2010 by the Company for its senior executives, namely having reached the legal retirement age, having completed at least 10 years’ service as specified by the plan and having ended his professional career within the Group as stipulated by the Board in March 2010 for company officers not holding employment contracts.
The pension benefits Mr Huillard would be entitled to receive at 31 December 2021 are subject to a payment limit equal to eight times the annual French social security ceiling, as provided for all beneficiaries under this plan.
