Kering shareholders approved on Wednesday, at 78% of the votes, the remuneration of the CEO François-Henri Pinault, amounting to 21.8 million euros for 2018 against 2.7 million for 2017, due to the unlocking long-term performance-based compensation.
The luxury group Kering - which owns the brands Gucci, Yves Saint Laurent and Bottega Veneta - recorded strong growth last year, with sales jumping 26% to 13.66 billion while net profit totaling 2 million. , 8 billion euros.
A "multi-year variable remuneration" of 18.6 million euros
According to the documents submitted Wednesday to the shareholders' vote at the annual general meeting, the gross amounts paid for the 2018 financial year to François-Henri Pinault amounted to € 21.8 million. This sum breaks down into 1.2 million euros of fixed compensation, 1.9 million annual variable compensation - elements that change little compared to 2017 - as well as a "multi-year variable compensation" of 18.6 million euros. euros.
The latter corresponds to the release of Kering's own monetary units, the "KMUs" (for Kering Monetary Units, Ed), which were awarded to the CEO in 2014 and 2015 as board of directors and which are subject to performance conditions. financial group (the latter having been achieved).
The remuneration adopted at 78.73% of the votes
Wednesday, the general assembly has adopted 78.73% of the votes this remuneration. Last year, the shareholders approved at 83% of the votes the compensation of François-Henri Pinault for the 2017 financial year.
Artemis, the holding company of the Pinault family, holds 40.9% of the Kering Group's capital, for 57.75% of the voting rights. At the end of March, when the reference document disclosing the amount of François-Henri Pinault's salary was published, the group's management stated that it was explained "exclusively by long-term variable compensation mechanisms, subject to a formula". mathematical indexed on the performance of the group ". The group also specified that "all of these remunerations are subject to social security and income tax, of the order of about 50%".