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Corporate governance
Compensations
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Meeting on 29 March 2009, the Supervisory Board of Peugeot S.A. appointed Mr Philippe Varin as Chairman of the Managing Board, effective from 1 June 2009, and decided on his compensation package.
Mr Varin will be paid a fixed annual salary of 1,300,000 euros. Barring exceptional circumstances, he will receive a variable bonus ranging from 0% to 110% of his fixed salary, based on performance on the objectives set by the Supervisory Board.
Mr Varin will receive no variable bonus for 2009, in line with the commitments made to the French government.
Mr Varin has been a salaried employee at Peugeot S.A. since 15 April 2009 and is a member of the Executive Committee. As such, he has been eligible since this date for the collective pension plan introduced in 2002 for members of the Managing Board and the Group Executive Committee. He will remain eligible when he leaves his salaried position on 31 May 2009 to take up the position as Chairman of the Managing Board.
Mr Varin is entitled to no benefits linked to the termination of his salaried position on 31 May 2009 or linked to the termination, for whatever reason, of his position as Chairman of the Managing Board.
Meeting on 21 April 2009, the Supervisory Board of Peugeot S.A. appointed Mr Jean-Marc Gales as a member of the Managing Board.
Mr Gales will receive a fixed annual salary of 618,000 euros and, barring exceptional circumstances, a variable bonus ranging from 0% to 100% of his fixed salary, based on performance on the objectives set by the Supervisory Board.
The Supervisory Board decided that no variable bonus would be paid to members of the Managing Board in 2009.
Mr Gales, Managing Director of Citroën since 1 April 2009 and a member of the Group Executive Committee, is eligible since this date for the collective pension plan introduced in 2002 for members of the Managing Board and Group executives.
Mr Gales is entitled to no benefits linked to the termination, for whatever reason, of his salaried position or his function as corporate officer.
No stock options will be granted in 2009 to members of the Managing Board or to Group employees.
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