” VS‘is a pleasure to meet for an assemblystarand physical. L‘assemblestare is always a highlight for your group but living it together is‘is always better“, rejoiced Florent Menegaux, president and general partner manager of the Clermont tire manufacturer, in front of the shareholders gathered at the Zénith d’Auvergne after two years of meeting by videoconference due to the health crisis.
” In this environment actsstarthe house does better than rstarsister, she behaves mêI amès good “, he then congratulated himself. Yves Chapot, non-general manager and financial director of Michelin, for his part indicated that, within a few weeks, supplies from Russia, in particular of carbon black (a reinforcing agent used in the manufacture of tires) will be completely replaced by products from other countries. In addition, the factories currently shut down in China should restart during the month of May, even if the group has “ little visibility” in this domain.
As usual, the tire manufacturer focused on educational presentations with two presentations, one devoted to decarbonization and the other to the potential that the development of electric vehicles represents for the company. Thus, Jennifer Bravinder, the company’s environmental expert, simply explained what the different “scopes” used to define the objectives corresponded to.
Carbon neutrality by 2050
She recalled the ambition to achieve carbon neutrality by 2050. Initially, CO2 emissions from industrial sites should be halved in 2030 compared to 2010, for example thanks to the development of cooking presses electricity, which reduce energy consumption by five during this phase of tire manufacturing.
For his part, Bruno de Feraudy, director of the original equipment auto business line, explained that the development of electric vehicles was “ a unique opportunity to showcase Michelin’s technology and know-how », particularly in rolling resistance and wear. Two specific ranges for electric vehicles have thus been successfully launched since Michelin has a market share in electric cars three times greater than that held in “thermal” models.
Two new ESG criteria
Only one resolution was contested, the 9and, relating to the remuneration of Florent Menegaux in 2021, who obtained only 74.2% of the votes. All the others were voted 90% or more. The 29and resolution related to the division of the nominal by four. It was adopted but the date of the operation has not yet been specified. The goal is to “make it more accessible‘acquisition of‘actions by employees “.
The dividend of 4.50 euros is up 22% compared to 2018, the last before the health crisis. The payout ratio is 42%. Ultimately, the company is aiming for a level of 50%.
It should be noted that two new qualitative ESG criteria will now be taken into account for executive compensation: the rate of feminization of positions of responsibility and the level of CO2 emissions.