In accordance with the provisions of Article 26.3.3 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 holding period for the shares as set by the Board, where applicable.
Since 2022, Mr Huillard has 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 2023 are subject to a payment limit equal to eight times the annual French social security ceiling, as provided for all beneficiaries under this plan.
With respect to the defined benefit pension plan mentioned in paragraph 4.1.2.5, “Pension and insurance plans”, page 159, and as required by Decree 2016-182 of 23 February 2016, the following points should be noted:
| Estimated amount of future pension payments at 31 December 2023 | Company’s obligation at 31 December 2023(*) |
|---|---|
|
Estimated amount of future pension payments at 31 December 2023 €351,936 per year, equivalent to 10.63% of the short-term fixed and variable remuneration received by Mr Huillard in 2023 (*). |
Company’s obligation at 31 December 2023(*) VINCI’s obligation in respect of the supplementary pension plan for Mr Huillard mentioned in paragraph 4.1.2.5, “Pension and insurance plans”, page 159, amounted to €7.5 million, including tax and social charges. |
(*) Retirement benefit obligations are also described in the Notes to the consolidated financial statements beginning on page 368.
Employment contract, specific pension plans, severance pay and non-competition clause
| Executive company officer | Employment contract | Supplementary pension plan | Allowances or benefits that could be due as a result of the cessation of duties or a change in duties | Allowances for non-competition clause |
|---|---|---|---|---|
| Xavier Huillard, Chairman and Chief Executive Officer |
Xavier Huillard, Chairman and Chief Executive Officer Employment contract No |
Xavier Huillard, Chairman and Chief Executive Officer Supplementary pension plan Yes |
Xavier Huillard, Chairman and Chief Executive Officer Allowances or benefits that could be due as a result of the cessation of duties or a change in duties No |
Xavier Huillard, Chairman and Chief Executive Officer Allowances for non-competition clause No |
| Xavier Huillard | 2023 | 2022 |
|---|---|---|
| Remuneration due in respect of the year |
Remuneration due in respect of the year 20233,303,580 |
Remuneration due in respect of the year 20223,284,718 |
| Value of awards under the long-term incentive plan set up on 12 April 2022 |
Value of awards under the long-term incentive plan set up on 12 April 2022 2023
|
Value of awards under the long-term incentive plan set up on 12 April 2022 20222,689,750 |
| Value of awards under the long-term incentive plan set up on 13 April 2023 |
Value of awards under the long-term incentive plan set up on 13 April 2023 20233,379,988 |
Value of awards under the long-term incentive plan set up on 13 April 2023 2022- |
| Total | Total20236,683,568 | Total20225,974,468 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Xavier Huillard | Amount due for the year as decided by the Board | Amount paid during the year by the Company | Amount due for the year as decided by the Board | Amount paid during the year by the Company |
| Gross fixed remuneration(1) | 1,300,000 | 1,296,944 (4) | 1,271,944 | 1,275,000 (4) |
| Total gross short-term variable remuneration | 1,998,006 | - | 2,007,200 | - |
| Of which: | ||||
| Gross short-term variable remuneration | 1,984,176 | 1,993,370 | 1,993,370 | 1,848,650 |
| Remuneration as a Board member(2) | 13,830 | 13,830 | 13,830 | 13,830 |
| Benefits in kind(3) | 5,574 | 5,574 | 5,574 | 5,574 |
| Total | 3,303,580 | 3,309,718 | 3,284,718 | 3,143,054 |
(1) See paragraph 4.1.2.2, “Short-term fixed component”, page 157.
(2) In 2022 and 2023, Mr Huillard received remuneration as a Board member from a foreign subsidiary of VINCI. These amounts are considered as included in the total remuneration for the year as decided by the Board, acting on a proposal from the Remuneration Committee. Consequently, they are deducted from the amount of the total gross short-term variable remuneration payable to him in respect of the year during which this remuneration as a Board member was paid. Mr Huillard does not receive remuneration as a Board member from VINCI SA.
(3) Mr Huillard had the use of a company car in 2022 and 2023.
(4) A €3,056 adjustment was made to the payment received in the month of January 2023.
