combined general shareholders' meeting june 7, 2018saint-gobain employees, temporary workers,...
TRANSCRIPT
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Combined General Shareholders' Meeting
June 7, 2018
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Annual General Meeting Claude Imauven - June 7, 2018
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Safety A steady commitment
15.6
2.6
Frequency rate of lost-time accidents (LTAR)*
Frequency rate of non-lost-time accidents (TRAR)*
5.4
1.3
* Saint-Gobain employees, temporary workers, permanent contractors – For one million hours worked.
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Materials that power life
Digital services for all of our customers
A continuous international expansion
Our major projects
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XILEC refractories An ecological and high-performance solution for next-generation glass manufacturing
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ECLAZ glass A breakthrough innovation for improved thermal and visual comfort
©Grenade & Sparks
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New Isover glasswool A soft and ecological material with high thermal
and acoustic performance
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Overlength An exceptional view and
a unique sensation of space
© Michener Art Museum Doylestown
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Annual General Meeting Claude Imauven - June 7, 2018
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Materials that power life
Digital services for all of our customers
A continuous international expansion
Our major projects
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Building Distribution New services to become our customers’ partner of choice
© Adobe Stock
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KANDU Our solution to improve every
aspect of comfort
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Sweeten A ‘’matchmaking’’ service between homeowners and general contractors for renovation projects
in the United States
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saint-gobain.fr Our new website to provide end
customers with inspirationnal ideas
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Saint-Gobain SHAREHOLDER Our new mobile application for our shareholders
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Materials that power life
Digital services for all of our customers
A continuous international expansion
Our major projects
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Materials that power life
Digital services for all of our customers
A continuous international expansion
Our major projects
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Paris Law Court complex
©Laurent Zylberman-Graphix-Images
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Shakespeare Theater, Chicago
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Calgary Airport
© Neil Koven Photography
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Louvre Abu Dhabi
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Annual General Meeting Claude Imauven - June 7, 2018
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DIGITAL TRANSFORMATION AT SAINT-GOBAIN
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THE DIGITAL REVOLUTION HAS CHANGED THE WORLD
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Living hyperconnected
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THE DIGITAL REVOLUTION HAS CHANGED THE WORLD
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Living hyperconnected
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THE DIGITAL REVOLUTION HAS CHANGED THE WORLD
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Value chains now serve a multitude of highly informed consumers
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THE DIGITAL REVOLUTION HAS CHANGED THE WORLD
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We access knowledge and learn in new ways.
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THE DIGITAL REVOLUTION HAS CHANGED THE WORLD
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Automation is on the rise.
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THE DIGITAL REVOLUTION HAS CHANGED SAINT-GOBAIN
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We now provide services and solutions from a single platform.
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THE DIGITAL REVOLUTION HAS CHANGED SAINT-GOBAIN
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Strengthen customer intimacy and our employer appeal with the brand
of sales covered by PIM in our distribution system
60 %
mobile apps created 210
sessions on our websites 130 M
followers on social networks 3 M
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THE DIGITAL REVOLUTION HAS CHANGED SAINT-GOBAIN
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Services at the worksite
Digital modeling
Customer training
It means broadening our range.
Prefabrication
Integrated production & supply chain
The integrated roof system
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INVENT NEW CAREERS
32
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ACQUIRING NEW SKILLS
33
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ACQUIRING NEW SKILLS
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ACQUIRING NEW SKILLS
35
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
36
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
37
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
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UPDATING OUR TRAINING AND KNOWLEDGE MANAGEMENT
41
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INVENTING NEW CAREERS
42
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ADOPTING NEW WORK METHODS
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Organisation horizontale et polymorphique
Primauté du client
Vision partagée
Agilité
Responsabilisation des employés
Autonomie
Les bonnes incitations au changement
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ADOPTING NEW WORK METHODS
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ADAPTING TO NEW WORKSPACES
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ADAPTING TO NEW WORKSPACES
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IMPROVING OPERATIONAL EFFICIENCY
47
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THE SAINT-GOBAIN ATTITUDES: ALL ABOARD THE DIGITAL EXPRESS!
48
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DIGITAL TRANSFORMATION AT SAINT-GOBAIN
49
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COPYRIGHTS
50 / Titre présentation
Slide 1: ©Saint-Gobain
Slide 2: ©ktsdesign - Stock Adobe
Slide 3: http://www.ecommercemag.fr/Thematique/data-room-1223/Breves/Comment-convaincre-les-Fran-ais-des-bienfaits-des-objets-connectes--307421.htm#QA1Cm2MZFw1ehx2m.97
Slide 4 : ©bluebay2014 – CanStockPhoto Inc.; ©Saint-Gobain
Slide 5 : ©viperagp – Stock Adobe, Lunettes connectées © https://www.epson.fr/products/see-through-mobile-viewer/moverio-pro-bt-2000
Slide 6: ©Getty image – Dong Wenjie, ©iStock, ©Shutterstock , ©Shutterstock
Slide 7: ©Saint-Gobain
Slide 8: ©http://www.bunshin-do.co.jp/catalogue/book4922_RS02.html, ©Saint-Gobain
Slide 9: ©Saint-Gobain, ©Saint-Gobain Sekurit
Slide 10: ©Saint-Gobain, ©GettyImage
Slide 11: ©Saint-Gobain, ©iStock, ©GettyImage
Slides 12 and 13 : ©Saint-Gobain
Slide 14: ©Saint-Gobain, ©GettyImage
Slide 15 : ©Saint-Gobain,
Slide 16: cercle © http://recit.org/wiki/BuffetMSTWeb20Oct07 ; Organisation horizontale et polymorphique - ©iStock
Slides 17, 18, 19 and 20: ©Saint-Gobain
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General Meeting
June 7, 2018
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2017: ANOTHER YEAR OF PROGRESS
52 /
Growth in Net Sales like-for-like
13/12 14/13 15/14 16/15 17/16
+4.7%
Growth in Operating Income like-for-like
Growth in recurring Net Income
Growth in Operating margin % +20 bp
Growth in ROCE % +110 bp
13/12 14/13 15/14 16/15 17/16
+9.6%
13/12 14/13 15/14 16/15 17/16
+16.7%
6.6% 6.8% 6.7%
7.2% 7.4%
13 14 15 16 17
9.4 9.6 9.6 10.1
11.2
13 14 15 16 17
2017 OI 7.4%
2017 Sales €40,810m
2017 OI €3,028m
2017 RNI €1,631m
2017 ROCE 11.2%
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GOOD DYNAMIC IN VOLUMES AND PRICING
41 761 41 054
2016 exchangerates
structure price volumes 2017
39,093 40,810 -1.2%
+2.7%
53 /
+4.7% like-for-like
+2,0%
NET SALES EVOLUTION
+1.6% +2.0% +2.0% +2.7%
+6.0%
-2.1%
+3.6% +3.8%
Q1 Q2 Q3 Q4
PRICE AND VOLUME EFFECT, by quarter Volume Price
+0.9%
+2.0%
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54 /
OVERALL WELL-ORIENTED MARKETS
+2,2%
France Dynamic new-build activity Progress in renovation
Other Western Europe Growth in main countries UK uncertain
+2,2%
North America Strong construction markets Good improvement in industrial markets
+2,2%
Asia and emerging countries
Growth in all regions
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GOOD PERFORMANCE ACROSS ALL REGIONS
+2,2%
France Sales +3.5% O.I. 2.9% 3.1%
Other Western Europe Sales +3.1% O.I. 6.2% 5.9%
+2,2%
North America Sales +6.0% O.I. 10.5% 11.3%
+2,2%
Asia and emerging countries
Sales +9.2% O.I. 10.9% 11.5%
Net Sales: like-for-like evolution Operating Income as a % of Sales: 2016 et 2017
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INNOVATIVE MATERIALS: Solid growth
Net Sales
+5.3% 38% of Group Industrial assets
2016 2017
11.2% 12.4%
1,106 1,286
Industrial assets at end of 2017
Operating income & operating margin
(€m - %)
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CONSTRUCTION PRODUCTS: Improvement against an inflationary backdrop
Industrial assets at end of 2017
+6.2% 37% of Group Industrial assets
3.4% 3.4%
2016 2017
1,106 1,143
9.3% 9.1%
Operating income & operating margin
(€m - %) Net Sales
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BUILDING DISTRIBUTION: Growth in volumes and prices
Industrial assets at end of 2017
25% of Group Industrial assets
616 631
2016 2017
+3.6% 3.4% 3.4%
Operating income & operating margin
(€m - %) Net Sales
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CONTINUED FINANCIAL DISCIPLINE
59 /
Cost savings: €290m calculated on 2016 cost base target exceeded, industry 4.0 initiatives
new program 2017 – 2020: €1.2bn
Operating WCR: 28 days’ sales demonstration of Group’s ability to remain below 30 days on a sustainable basis
Cash Flow: +10.0% strong cash flow generation
free cash flow: +7.6%
Net Debt / EBITDA: 1.4x solid balance sheet
rating confirmed
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A RENEWED AMBITION
60 /
Research & Development: €446m 400 patents filed 3,700 R&D employees
Acquisitions: €641m +77% vs. 2016 acceleration of small and mid-sized acquisitions
Capital expenditure: €1,538m focus on growth capex outside Western Europe productivity and digital transformation
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+3.1
2017/2016 Q1-18/Q1-17
1ST QUARTER 2018: CONFIRMATION OF UNDERLYING TRENDS BUT ADVERSE EFFECTS OF WINTER WEATHER AND WORKING DAYS
61 / Growth in Net Sales, %, like-for-like
+5.3
2017/2016 Q1-18/Q1-17
+3.7% +3.2%
-0.7%
Innovative Materials
+6.2
2017/2016 Q1-18/Q1-17
+3.6
2017/2016 Q1-18/Q1-17
+3.5
2017/2016 Q1-18/Q1-17
+1.3%
-1.1%
+6.8% +9.2
2017/2016 Q1-18/Q1-17
+6.0
2017/2016 Q1-18/Q1-17
+4.6%
Construction Products Building Distribution
France Other Western Europe
North America
Asia & emerging countries
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SIKA: POSITIVE FINANCIAL SOLUTION
62 /
Saint-Gobain
Sika Burkard Family
-17% of Sika Capital sold at
CHF 7,470 per share
+7% of Sika Capital bought at
CHF 11,760 per share
+10% of Sika Capital bought at
CHF 4,490 per share
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SHARE PRICE: A LESS FAVOURABLE YEAR 2017-2018
63 /
8.1%
3.7%
2.6%
8.3%
6.9%
Privatization
20 years
10 years
5 years
2 years
Total Shareholder Return since …
80
100
120
140
160
juin-13 juin-14 juin-15 juin-16 juin-17 juin-18
+30%
June-13 June-14 June-15 June-16 June-17 June-18
Share price
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2017 DIVIDEND
64 /
€1.30 PER SHARE
Dividend yield at Dec. 30, 2017: 2.8%
Payout ratio based on recurring net income: 44%
CALENDAR:
June 7, 2018: AGM
June 11, 2018: Ex-dividend date
June 13, 2018: Payment date
1.24 1.24 1.24 1.26
1.30
13 14 15 16 17
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BREAKDOWN OF VALUE ADDED BY STAKEHOLDER
Operational costs
€28bn
Added value
€13bn
Salaries and retirement
contributions
66%
Growth
22%
Taxes 4%
Interest repayment 2%
Dividends 6%
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General Meeting
June 7, 2018
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Annual General Meeting Pierre-André de Chalendar - June 7, 2018
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A STRONG AND GROWING GROUP
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2017: ANOTHER YEAR OF GROWTH
* like-for-like
sales growth*
+4.7%
operating income growth*
+9.6% €1.30 per share
increased dividend
+17%
recurring net income
growth
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ACTION PLANS RESOLUTELY IMPLEMENTED
Invest in fast growing geographies and markets
Accelerate value-creating acquisitions
Strengthen our innovation capabilities
Develop our customer intimacy
Take operational excellence to another level
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ACTION PLANS RESOLUTELY IMPLEMENTED
©K
irso
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Invest in fast growing geographies and markets
Accelerate value-creating acquisitions
Strengthen our innovation capabilities
Develop our customer intimacy
Take operational excellence to another level
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ACTION PLANS RESOLUTELY IMPLEMENTED
© N
ico
las
Gal
lon
/Co
nte
xtes
Invest in fast growing geographies and markets
Accelerate value-creating acquisitions
Strengthen our innovation capabilities
Develop our customer intimacy
Take operational excellence to another level
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ACTION PLANS RESOLUTELY IMPLEMENTED
Invest in fast growing geographies and markets
Accelerate value-creating acquisitions
Strengthen our innovation capabilities
Develop our customer intimacy
Take operational excellence to another level
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ACTION PLANS RESOLUTELY IMPLEMENTED
Invest in fast growing geographies and markets
Accelerate value-creating acquisitions
Strengthen our innovation capabilities
Develop our customer intimacy
Take operational excellence to another level
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POSITIVE OUTLOOK FOR 2018
Further implementation of our action plans
Good macroeconomic prospects in our main markets
A further like-for-like increase in operating income
Another year of high level of cash generated by operations
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A GROUP STRENGTHENED BY AN ONGOING DIALOGUE WITH ITS STAKEHOLDERS
Employees
Customers and specifiers
Civil society
Local communities
Suppliers
Investors
Regulatory authorities
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AN ENGAGING AND RESPONSIBLE VISION
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Saint-Gobain designs, manufactures and distributes…
…materials and solutions…
…which are key ingredients in the wellbeing of each of us and the
future of all
©Getty Images
MATERIALS THAT POWER LIFE
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WORK FOR THE WELLBEING OF EACH OF US
• Ageing population: 60% increase in rate of people aged 65 and over by 2030
• Urbanization: 5 billion city-dwellers in 2030
• Growth of middle classes: +1.8 billion by 2035
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© Ryan Mc Vay/Getty Images
• +40% energy consumption in 2030
• 70% GHG emissions coming from towns in 2030
• 36% GHG emissions due to buildings in Europe
CONTRIBUTE TO PROTECTING THE FUTURE OF ALL
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OFFER PRODUCTIVITY AND PERFORMANCE TO ALL OUR CUSTOMERS
• Manpower shortage
• Loss of productivity in construction in developed countries (-9% in 20 years in France)
• Need for tailor-made innovation for our industrial customers
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TWO PRIORITIES: AGILITY AND OPENNESS
©Getty Images
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A WORLD IN MOTION
Geopolitical instability
New competitions
Digital transformation
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SIKA: A POSITIVE OUTCOME, DEMONSTRATING AGILITY AND PRAGMATISM
A tripartite deal eliminating
any legal risk
Saint-Gobain, largest shareholder of Sika
A positive net contribution higher
than €600m
© Paolo R
osselli
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A MORE OPEN AND CUSTOMER-CENTRIC INNOVATION
Harness all forces driving open innovation
Steer innovations closer to our
customers’ needs
© Shutterstock
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MORE FLEXIBLE AND RESPONSIVE OPERATIONS
Shift from mass to customized small
series production
Offer greater supply chain efficiency
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FASTER STRATEGIC MOVES
Speed up investments on the most
profitable markets
Speed up portfolio rotation
© Zou Pei Jun
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Make our organizations more
agile
Place the Attitudes at the core
of our culture
Attract talents
© Shutterstock
A MORE AGILE STRUCTURE AND A RECOGNIZED ATTRACTIVENESS
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Annual General Meeting Pierre-André de Chalendar - June 7, 2018
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Anne-Marie IDRAC
Chairman of the Nomination and Remuneration Committee
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BOARD OF DIRECTORS
91 /
The Board of Directors comprises 14 members
Average seniority: 6.3 years
Compagnie de Saint-Gobain refers to the AFEP-MEDEF Corporate Governance Code
73% Independent
Directors, Committee
Chairmen all independent
42% Women
96% Attendance rate
10 meetings
1 Lead
Independent Director
2 Employee Directors
1 Director representing
employee shareholders
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DIRECTORS’ SKILLS AND EXPERIENCE (1/2)
92 /
Non-French Directors: 27% (excluding employee Directors)
A majority of Directors has or has had a very strong international exposure: managing groups with a significant proportion of their activities, or exercising significant duties, outside France
Varied and complementary expertise and
experience
Innovation / Digital
CSR
Strategy Management
Governance
Finance
Industry or Group’s Activities / Businesses
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DIRECTORS’ SKILLS AND EXPERIENCE (2/2)
93 /
Diversity policy at the Board
In the context of future appointments (results of the Board self-assessment):
o Retain the Distribution and Digital skills
o Increase international exposure
o Maintain the ratio of executive Directors in office within other large groups
The co-optation of Ms. Dominique LEROY on November 23, 2017 as an independent Director fully satisfies these objectives
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BOARD OF DIRECTORS’ COMMITTEES
94 /
Audit and Risk Committee
• 83% attendance • 4 meetings • 100% of independent
Directors, including its Chairman
• 96% attendance • 4 meetings • 2/3 of independent
Directors, including its Chairman
Nomination and Remuneration Committee
Strategy and CSR Committee
o Strategic orientations of the Group’s business (budget, plan) and other strategic issues submitted to the Board
o Integration of CSR topics in the Group's strategy
• 100% attendance • 6 meetings
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CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORS PROPOSED TO THE GENERAL MEETING (1/2)
95 /
o Chaiman and Chief Executive Officer since 2010
o Member of the Strategy and CSR Committee since 2008
o The Board of Directors intends to reappoint Mr. de CHALENDAR as Chairman and Chief Executive Officer if the General Shareholders’ Meeting approves the renewal of his term of office
o Full biography on page 18 of your Notice of Meeting
Proposed renewal of the Director’s term of office of Mr. Pierre-André de CHALENDAR
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CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORS PROPOSED TO THE GENERAL MEETING (2/2)
96 /
o Chief Executive Officer of Proximus, member of the Supervisory Board and of the Sustainability and Innovation Committee of Ahold Delhaize
o Independant Director, co-opted on November 23, 2017 following the resignation of Olivia Qiu for personal reasons
o Dominique LEROY, a Belgian citizen, will bring to the Board of Directors of Saint-Gobain her experience as a non-French executive officer of a listed group and her operational knowledge of the distribution sector and of digital transformation matters.
o Full biography on page 19 of your Notice of Meeting
Proposed ratification of the co-optation of Ms. Dominique LEROY as an independant Director
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GENERAL PRINCIPLES OF THE COMPENSATION POLICY OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
97 /
The compensation policy o Is decided by the Board of Directors at the proposal of the Nomination and Remuneration
Committee o Reflects the Group’s strategy and aims at aligning the compensation of the Chairman and
Chief Executive Officer with the Group’s performance and the long-term interests of its shareholders
The Board of Directors, with the Nomination and Remuneration Committee o Ensures the remuneration complies with the recommendations of the AFEP-MEDEF Code
and meets transparency and performance measurement requirements o Ensures the compensation of the Chairman and Chief Executive Officer evolves taking into
account the Group’s performance and market practices o Takes into consideration benchmarks of CAC 40 companies comparable to Saint-Gobain in
terms of sales, workforce and international scope of operations CSR commitments of the Group
o Are one of the qualitative objectives of the Chairman and Chief Executive Officer’s variable compensation since 2013
o Are now part of the criteria applicable to the 2017 long-term compensation
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COMPENSATION COMPONENTS PAID OR GRANTED TO MR. PIERRE-ANDRÉ DE CHALENDAR FOR 2017 (SAY ON PAY EX POST)
98 /
(in euros, before social charges and income tax) Fiscal year 2017 Fiscal year 2016
Fixed compensation 1,100,000 1,100,000
Annual variable compensation 1,487,270 1,529,879
Benefits in kind (company car) 3,607 2,652
Stock options (IFRS valuation) 58,000 options, i.e. 293,626 58,000 options, i.e. 244,200
Performance shares (IFRS valuation) 67,000 shares, i.e. 1,710,478 67,000 shares, i.e. 1,189,900
Total 4,594,981 4,066,631
Summary of his compensation components
The fixed compensation is commensurable with the Chaiman and Chief Exective Officer’s experience and responsibilities
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Quantifiable objectives (2/3, each accounting for 1/4)
assess the operational and financial performance of Group
Qualitative objectives (1/3)
reflect the Group’s strategic orientations
ROCE Continuation of the Group’s digital transformation
Group operating income
Group recurring net income per share Implementation of the CSR policy
OFCF Continuation of the Group’s development strategy
Achievement rate: 79% Achievement rate: 80%
Overall achievement rate: 80%
COMPENSATION COMPONENTS PAID OR GRANTED TO MR. PIERRE-ANDRÉ DE CHALENDAR FOR 2017 (SAY ON PAY EX POST)
99 /
2017 variable compensation (cap: 170% of the fixed compensation)
The variable compensation encourage the achievement of the Group’s annual financial and non-financial objectives
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2017 LONG-TERM COMPENSATION OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER (SAY ON PAY EX POST)
100 /
Performance shares Stock-options
Performance conditions • Saint-Gobain Group ROCE: 65% • Performance of the stock price versus the CAC 40 stock market index: 20% • CSR: 15%
Caps
100% of the total maximum gross compensation (in 2017, LTI grants to the Chairman and Chief Executive Officer amounted to 68% of the total maximum gross compensation) 10% of the overall grant of performance shares and performance units and of the issuance authorization
Number (23 November 2017 grants) 0 to 67,000 0 to 58,000
Vesting date /Starting date of exercise period 23 November 2021 23 November 2021
IFRS value (in euros) 1,710,478 293,626
Service condition yes
Prohibition to hedge the risk yes
Demanding obligations to acquire and/or hold Saint-Gobain shares 5 years of gross fixed compensation
The long-term compensation encourages financial and non-financial value creation over the long-term
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2018 COMPENSATION POLICY FOR THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER (SAY ON PAY EX ANTE)
101 /
Compensation policy o Is decided by the Board of Directors at the proposal of the Nomination and Remuneration
Committee o In the context of the renewal of its term of office: fixed compensation increased from
€1,100,000 to €1,200,000 for its full term □ Lower increase than that of the Group employees in France since 2010 □ Level at the median of industrial CAC 40 companies comparable to Saint-Gobain in terms
of size (sales, workforce or international footprint)
Long-term compensation □ Cap for grants of long-term compensation instruments to the Chairman and Chief Executive
Officer set at 85% of his 2018 total maximum gross compensation (compared to 100% for 2017) □ Compulsory proratisation if the Board of Directors decides to exempt the Director
from the service condition in the event of his departure as Director
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OTHER COMPONENTS OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S COMPENSATION
102 /
No variable deferred compensation
No multi-annual variable compensation
No exceptional compensation
No attendance fees from Group’s companies
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UNDERTAKINGS TO BE APPROVED BY THE 2018 GENERAL SHAREHOLDERS’ MEETING (1/2)
103 /
Mr. Pierre-André de CHALENDAR waived his employment contract in 2010 Compensation for loss of office
o Capped at 2 years of gross annual total compensation
o Due in the event of forced departure
o Performance condition: the variable compensation must have been at least equal to, on average for the last three full fiscal years, 50% of its average maximum amount
Non-compete indemnity o Equal to one year’s total gross compensation
o The Board may waive the application of the non-compete indemnity provision
The sum of the non-compete indemnity and the compensation for loss of office may not exceed twice the total gross annual compensation
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UNDERTAKINGS TO BE APPROVED BY THE 2018 GENERAL SHAREHOLDERS’ MEETING (2/2)
104 /
Supplementary pension plan o Applicable to all employees who joined Compagnie de Saint-Gobain prior to January 1,
1994 (i.e., as of December 31, 2017, 234 retired employees and 25 potential active employees)
o Amount (assuming retirement with the maximum number of years of service – 35 years – and excluding pension benefits paid under the basic and compulsory pension schemes): approximately 37% of his latest fixed compensation (significantly lower than the AFEP-MEDEF Code’s recommended ceiling set at 45% of the sum of the fixed and variable compensation)
o Eligibility condition: to retire at 60 or over on a full pension under the compulsory government-sponsored schemes
o Service condition o Performance condition: same as for the compensation for loss of office
Renewal of the benefits under the Group health and personal risk insurance contracts applicable to employees of Compagnie de Saint-Gobain
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Jean-Dominique SENARD
Lead Independent Director
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LEAD INDEPENDENT DIRECTOR: 2017 REVIEW
106 /
Key Board activities
Board assessment
Principal other activities
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KEY BOARD ACTIVITIES IN 2017 (1/3)
107 /
At each Board meeting, including during its yearly seminar : review of a specific aspect of the strategy of the Group or of its Activities or Delegation
Planned acquisitions or strategic transaction
Benchmark with competitors
Strategic plan
Digital transformation: follow-up on the implementation of the roadmap
Group’s strategy
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KEY BOARD ACTIVITIES IN 2017 (2/3)
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Risk mapping and risk management system (annual review)
Cybersecurity
Main litigation proceedings
Compliance: implementation of the Compliance program and impact of the so-called « Sapin II » law
Risk management
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KEY BOARD ACTIVITIES IN 2017 (3/3)
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Strong focus of the Board on climate change o During the yearly strategic seminar: review of the initiatives in terms of CO2
emissions and energy consumption reduction o During a specific half-day seminar devoted to climate change with international
experts o Saint-Gobain’s objective: playing a role in the fight against climate change
► Reduction of CO2 emissions (2025 objective, internal price of carbon) ► Promotion of the contribution of Saint-Gobain solutions
CSR politics: human ressources, safety/health, environment Non-financial results
Corporate Social Responsibility/Climate change
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2017 BOARD ASSESSMENT (1/2)
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Conducted between September and November 2017 and led by the Lead Independent Director
Scope, as every year o Operation of the Board and the Committees o Composition of the Board o Assessment of the individual contributions
Main conclusions o Operation of the Board: positive opinion o Composition of the Board: varied and complementary experiences o Potential future nominations: recruit a younger non-French Director with
experience of digital and/or distribution matters o Covered matters: continue the in-depth analysis of strategic matters; plans
for acquisitions, value creation and digital transformation; risk analysis
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ÉVALUATION DU CONSEIL D’ADMINISTRATION EN 2017 (2/2)
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Conclusions on the combination or separation of the Chairman of the Board and CEO roles: confirmation of the combination of the Chairman of the Board and CEO roles o Well suited to Saint-Gobain and to the experience and highly transparent
approach of the Chairman and Chief Executive Officer o Various counterweights
► High ratio of independent Directors (including the Committees’ Chairmen) ► Lead Independent Director ► Executive sessions ► Main shareholders’ representatives (the employee shareholders’ - the PEG
corporate mutual fund - Wendel) ► Employee Directors ► Prior approval of the Board for specific significant transactions
o Usual governance structure in France
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PRINCIPAL OTHER ACTIVITIES IN 2017
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Risk identification (none) and risk management (as the case may be)
Examine the independence status of the Directors and of potential independent Directors
Succession plans for the Chairman and Chief Executive Officer in the event of an unanticipated vacancy as well in the long-term
Executive sessions
Meeting and engaging in dialogue with several shareholders about Saint-Gobain’s principles of governance
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STATUTORY AUDITORS’ REPORTS
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REPORTS ON THE FINANCIAL STATEMENTS
114 / Statutory Auditors’ reports
Reports on the consolidated financial statements and on the parent company financial statements (pages 271 to 275 and 304 to 307 of the 2017 Registration Document respectively)
o 1st and 2nd resolutions of the Ordinary Shareholders’ meeting
25%
30%
30%
15%
Purpose o Obtain reasonable assurance that the financial statements and information contained therein give a true and fair view of the Group and parent company
Opinion on the financial statements and specific verifications
o Unqualified opinion on the consolidated financial statements
o Unqualified opinion on the parent company financial statements with an emphasis of matter concerning the change of accounting policies due to the first-time application of ANC regulation 2015-05 on forward financial instruments and hedging operations
o The information given in the management report of the Board of Directors and in the Notes to the financial statements is appropriate
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REPORTS ON THE FINANCIAL STATEMENTS
115 / Statutory Auditors’ reports
Justification of our assessments
Key audit matters Main specific procedures
Consolidated financial statements
o Measurement of provisions for liabilities and litigation
o Understanding the method applied when measuring the corresponding provisions, reviewing internal analyses, legal or technical opinions and assessing the appropriateness of the data used and the positions made by Management
o Measurement of goodwill, intangible assets and property, plant & equipment
o Assessing the procedures implemented for impairment testing, verifying the effectiveness of the controls performed by Management, carrying out an independent analysis of certain key assumptions and examining, for a selection of cash generating units, the calculation parameters used by Management
o Planned acquisition of a controlling interest in Sika
o Measurement of supplier discounts in the Building Distribution Sector
o Assessing the appropriateness of the assumptions used by Management to determine the accounting treatment of the hedging transaction related to the acquisition
o Understanding the method applied when measuring the accrued supplier discounts, assessing on a multi-year basis the consistency of the supplier discount rates and verifying, through a sample, the calculation of supplier discounts obtained
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REPORTS ON THE FINANCIAL STATEMENTS
116 / Statutory Auditors’ reports
Justification of our assessments
Key audit matters Main specific procedures
Parent company financial statements
o Measurement of financial investments
o Assessing the procedures implemented for impairment testing, verifying the effectiveness of the controls performed by Management, carrying out an independent analysis of certain key assumptions and examining, for a selection of investments, the calculation parameters used by Management
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OTHER REPORTS
117 / Statutory Auditors’ reports
Special report on related party agreements and undertakings (pages 175 to 180 of the 2017 Registration Document)
o 88, 9 et 10th resolutions of the Ordinary Shareholders’ meeting
o Agreements and undertakings to be submitted for the approval of the Annual General Meeting:
□ Undertakings given to Pierre-André de Chalendar concerning the compensation and benefits potentially due, in certain cases, on the termination of his duties as Chairman and Chief Executive Officer
□ Pension plan for Pierre-André de Chalendar in his capacity as non-salaried executive corporate officer
□ Benefits under the Group health and personal risk insurance contracts applicable to employees of Compagnie de Saint-Gobain to be maintained for Pierre-André de Chalendar in his capacity as non-salaried executive corporate officer
o Agreements and undertakings previously approved by the Annual General Meeting:
□ 2 were implemented during the year
□ 2 remained in force but were not implemented during the year
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OTHER REPORTS
118 / Statutory Auditors’ reports
Report by one of the Statutory Auditors, appointed as an independent third party, on the consolidated human resources, environmental and social information presented in the management report (pages 328 to 329 of the 2017 Registration Document)
o We have no matter to draw to your attention regarding this report
Special report on the share capital transactions
o 13th resolution of the Extraordinary Shareholders’ meeting
o Your Board of Directors is asking you to delegate authority to carry out equity or equity-linked securities issues reserved for certain categories of beneficiaries
o We have no matter to report on the information given in the report of the Board of Directors regarding the proposed transaction
o In accordance with the French Commercial Code, we will establish an additional report, where appropriate, in case of use of this authorization by the Board of Directors
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Summary of the resolutions proposed to the Annual General Shareholder’s
Meeting of June 7, 2018 Mr. Antoine Vignial General Secretary
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1. ORDINARY MEETING
The resolutions’ titles presented herein are summarized for information purposes. Only the full French version of the draft resolutions published in the BALO shall prevail.
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APPROVAL OF THE NON-CONSOLIDATED AND CONSOLIDATED FINANCIAL STATEMENTS (1st AND 2nd RESOLUTIONS) APPROPRIATION OF INCOME AND DETERMINATION OF THE DIVIDEND (3rd RESOLUTION)
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Refer to the Chief Financial Officer’s earlier presentation
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Refer to the earlier presentations of the Chairman of the Nomination and Remuneration Committee and of the Lead Independent Director
RE-ELECTION OF MR. PIERRE-ANDRÉ DE CHALENDAR AS DIRECTOR (4th RESOLUTION) RATIFICATION OF THE CO-OPTATION OF MS. DOMINIQUE LEROY AS DIRECTOR (5th RESOLUTION)
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Refer to the earlier presentation of the Chairman of the Nomination and Remuneration Committee
COMPENSATION COMPONENTS OF MR. PIERRE-ANDRÉ DE CHALENDAR FOR 2017 (« SAY ON PAY » EX POST) (6th RESOLUTION) COMPENSATION POLICY OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER FOR 2018 (« SAY ON PAY » EX ANTE) (7th RESOLUTION)
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RELATED-PARTY AGREEMENTS AND UNDERTAKINGS TO THE BENEFIT OF MR. PIERRE-ANDRÉ DE CHALENDAR (8th, 9th AND 10th RESOLUTIONS)
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Refer to the earlier presentations of the Chairman of the Nomination and Remuneration Committee and of the Statutory Auditors
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RE-APPOINTMENT OF KPMG AUDIT FIRM AS PRIMARY STATUTORY AUDITOR (11th RESOLUTION)
125/
6-year term
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SHARE BUYBACK PROGRAM (12th RESOLUTION)
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Authorization given to the Board of Directors to trade in Saint-Gobain shares
o Maximum purchase price: EUR 80 per share
o Maximum number of shares that may be bought back: 10% of the share capital
o No trade while a public tender offer is in progress
o Duration: 18 months
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2. EXTRAORDINARY MEETING
The resolutions’ titles presented herein are summarized for information purposes. Only the full French version of the draft resolutions published in the BALO shall prevail.
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CAPITAL INCREASE ALLOWING EMPLOYEES OF THE GROUP BASED OUTSIDE FRANCE TO BENEFIT FROM A DEVICE EQUIVALENT TO THE SAINT-GOBAIN GROUP SAVINGS PLAN (13th RESOLUTION)
128/
Renewal of the 18th resolution approved by the 2017 General Shareholders’ Meeting
Cap (nominal amount): 0.04% of the share capital, included in the cap of the 17th resolution (Group Savings Plan) approved by the 2017 General Shareholders’ Meeting
Duration: 18 months
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AMENDMENTS TO THE BY-LAWS RELATIVE TO THE NUMBER OF DIRECTORS REPRESENTING EMPLOYEES AT THE BOARD OF DIRECTORS (14th RESOLUTION)
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Current drafting: appointment of a single Director representing employees if the number of non-employee Directors is less than or equal to 12
Proposed drafting: two Directors representing employees irrespective of the size of the Board of Directors
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POWER TO CARRY OUT FORMALITIES (15th RESOLUTION)
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Powers to the bearer of an original, copy or extract of the minutes of the Meeting to enforce decisions taken by the General Meeting and to carry out formalities
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Combined General Shareholders' Meeting
June 7, 2018
Q&A Session
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Combined General Shareholders' Meeting
June 7, 2018
Voting on the resolutions
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Combined General Shareholders' Meeting
June 7, 2018