As part of its remuneration policy, Bureau Veritas grants options to subscribe or to purchase shares (“Options”) and Performance shares (“Shares”) to a number of Group employees around the world. On 14 June 2022, the Board of Directors decided to grant Options and Shares to 496 employees of the Group. The grant amounts to a total of 2 167 310 shares (1 041 900 Options and 1 125 410 Shares) representing approximately 0.48% of the share capital.
In the frame of this plan, 240 000 Options and 120 000 Shares have been allocated to the Chief Executive Officer.
The Option exercise price amounts to 26,52 Euros, equal to the average of the trading opening price of the shares on the Stock exchange during the 20 days preceding the grant date, without any discount to the share price.
This grant is conditional on meeting three performance conditions. Depending on the level of achievement of the Group Adjusted Operating Profit (AOP) (1) for 2022, the Adjusted Operating Margin (ratio of Group AOP to Group revenue) for the years 2022, 2023 and 2024 and the achievement of performance conditions linked to Corporate Social Responsibility criteria over 3 years.
The vesting period for the Options and the Shares is 3 years from the grant date. At the end of this vesting period, the Chief Executive Officer will be able to exercise or acquire between 0% and 100% of the granted Options/Shares.
