Rewarding performance & sharing results
Objectives :
- To attract and retain staff.
- To develop a sense of belonging amongst Group employees,
- To lend greater value to the Group's image amongst its workforce and to reinforce its culture,
- To continue to extend the Global Employee Share Ownership Plan throughout the Group.
Monetary compensation consists of a fixed salary which rewards the skills required for a position and, where applicable, variable remuneration which is based on collective and individual performance in line the objectives set at the beginning of the year (financial and non-financial, behaviour development, etc.) and the economic context of that year.
Société Générale's monetary remuneration policy is based on common Group-wide principles which are adapted to the particular markets in which the Group operates. It is implemented by the Group entities according to remuneration surveys carried out by business and by market. Depending on staff availability, a Group-wide review between functions and businesses is carried out in order to ensure consistent, objective remuneration levels between the Group’s different activities and facilitate their implementation across the board.
The remuneration policy for the whole of Société Générale is governed by the Group Human Resources Department, and includes an annual multi-stage policy review by each subsidiary and division, and then by the Group Human Resources Department and General Management. The review is then validated by the Board of Directors, on the recommendation of the Compensation Committee.
AII Société Générale Group entities are required to manage the social security and tax charges applying to salaries and staff benefits.
Société Générale Group's Human Resources policy is outlined in full in Chapter 6 of the 2009 Registration Document which is available online at: www.socgen.com.
Each year, Société Générale also offers employees the chance to become shareholders. Remuneration of employees working in the financial markets The principles governing the Group's remuneration policy, in particular with respect to those working in the financial markets, are set out in Chapter 5 on Corporate Governance in the Registration Document.
Société Générale is committed to upholding the professional standards of the French Banking Federation, which are among the most stringent in the world, and the French Government Order of October 2009. Before the 2010 Annual General Meeting, the Group will publish a specific report on its 2009 remuneration policy for those working in the financial markets, in compliance with Articles 43.1 and 43.2 of the French Government Order of November 3, 2009 pertaining to the compensation of persons whose activities are liable to have an impact on the risk exposure of lending institutions and investment companies.
NOTES
- basic salary + variable component (excluding profit-sharing and top-up payments)
- the scope covers all professionals (employees and persons acting on behalf of the companies) operating on the markets or in corporate and investment banking, regardless of the legal status of their company: bank, investment company, management company, all types of companies with similar activities as well as capital investment companies.
- AFG (Association Française de la Gestion Financière), AFIC (Association Française des Investisseurs en Capital), AMAFI (Association Française des marchés financiers), FBF (Fédération Bancaire Française), FFSA (Fédération Française des Sociétés d'Assurances)