2022 Universal Registration Document

• Governance structure

All actions taken to deliver on VINCI’s environmental ambition are founded on the commitments embraced by the Group’s Executive Committee, of which the Group’s Environment Director, Isabelle Spiegel, has been a member since April 2022. These commitments are taken up by each business line in three priority areas: acting for the climate, optimising resources thanks to the circular economy and preserving natural environments. These actions also involve the empowerment of all operational staff of VINCI companies and open dialogue with national, European and international public authorities and environmental protection organisations.

These discussions are pursued within the Group through the meetings of the European Works Council. As set out in the environmental guidelines signed in November 2020 (see paragraph 3.1.1.2, “Identifying and managing risks”), the CSR Committee meets every year to contribute to the deployment of the Group’s environmental ambition.

The Environment Committee, overseen by VINCI SA with representatives from each business line, coordinates the three key areas covered by the Group’s environmental actions. This committee brings a response to global issues by defining the components of VINCI’s environmental ambition and by leading cross-business projects, while ensuring that Group companies adapt the measures introduced in line with the new goals to their local context. Alongside this, several working groups have been set up, comprising operational experts from each business line, such as the Biodiversity Task Force and the Circular Economy Task Force, as well as special focus groups created to implement climate change action plans.

For business lines, the environmental strategy is approved at the highest executive level and taken up by all of the operational departments. Each day, they help drive forward this environmental ambition, through actions aligned with realities on the ground. They rely on a worldwide network of over 800 correspondents who are in charge of managing environmental risks, developing action plans to protect the environment and supporting their implementation.

• Including environmental criteria in the remuneration policy for managers and operational staff

Twenty-five percent of the short- and long-term variable remuneration of Xavier Huillard, Chairman and Chief Executive Officer of VINCI, is linked to environmental, social and governance (ESG) performance indicators and criteria (see paragraph 4.2.1, “Decisions relating to the Chairman and Chief Executive Officer’s remuneration”, of chapter C, “Report on corporate governance”, page 159). The Group’s business lines increasingly follow this example and apply it at an operational level. For instance, the performance of managers at VINCI Energies Sweden East is routinely measured based on the Triple P model (people, planet, profit), and their annual performance-based bonuses are calculated accordingly. VINCI Immobilier has included an environmental criterion in its developers’ individual remuneration to enhance progress towards its target to generate more than 50% of revenue through land recycling by 2030.

3.1.1.2 Identifying and managing risks

Incorporating environmental issues within the Group first requires a strong understanding of how to identify and manage environmental risk, as defined under the concept of double materiality. But it also involves anticipating these issues and creating environmental, social and economic value in the medium and long term. The environmental risk management processes and measures are detailed in paragraph 4.4, “Duty of vigilance with regard to the environment”, of the Group’s duty of vigilance plan, page 272.

Looking beyond the main focuses of the Group’s new environmental ambition and compliance with regulations, VINCI companies develop and maintain continuous improvement processes to better understand the local context and attitudes about the environment. The environmental guidelines signed in November 2020 by VINCI’s Chairman and CEO and the Secretary of the Group’s European Works Council provide a framework for reducing environmental impacts and risks associated with the Group’s activities. All VINCI companies are expected to apply these guidelines and are responsible for ensuring that appropriate actions are also taken on the ground by subcontractors and joint contractors throughout projects (see paragraph 4.4.3, “Tailored actions to mitigate risks and prevent serious impacts”, of the Group’s duty of vigilance plan, page 278).

VINCI encourages its subsidiaries to obtain environmental certification such as ISO 14001 to improve the effectiveness of their environmental management system. All of VINCI Autoroutes’ construction, maintenance and operation businesses are ISO 14001 certified. In 2022, 38 VINCI Concessions entities, including 24 airports, obtained this certification. By 2030, VINCI Airports aims to achieve ISO 14001 certification for all of its airports handling more than 100,000 passengers each year. The proportion of revenue generated by certified entities increased at VINCI Concessions and VINCI Construction.

Environmental assessment and certification