RUEIL-MALMAISON, France--(BUSINESS WIRE)--Regulatory News:
Carlos Tavares, Chairman of the Managing Board, has informed the Supervisory Board of Peugeot S.A. (Paris:UG) of his desire to reduce the amount of his long-term compensation 2020 by 50,000 shares, equivalent to 35% 1 of his fixed compensation and 38% under the plan LTI 2020. In addition, the 3 other members of the Managing Board also expressed their desire to reduce their long-term compensation in shares by 25% for 2020.
The company's TOP 100 Executives also wanted to be part of this solidary action by reducing its share allocation rights under the LTI 2020 Plan, to an average of 21%.
This is the equivalent of 335,000 shares, valued at more than 4 million euros1 which will be collected for the benefit of the Fondation PSA, in order to strengthen its actions to fight against exclusion by lack of mobility. The selection of the projects will be made within the framework of the Fondation process, controlled by its Board of Directors.
This voluntary initiative by the Group’s Top Management completes the solidarity actions undertaken by the Groupe PSA, with the distribution of near 700,000 masks to date, the manufacture of 10,000 respirators in 50 days in support of Air Liquide in complement of identical initiatives in the United Kingdom with Smiths-Medical and in Spain with Bionix, 3D printing of protective screens in France, Brazil, Spain, Germany and Poland, as well as the free provision of several hundred vehicles to facilitate the mobility of first line workers.
About Groupe PSA
Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all customer expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall and provides a wide array of mobility and smart services under the Free2Move brand. Its ‘Push to Pass’ strategic plan represents a first step towards the achievement of the Group’s vision to be “a global carmaker with cutting-edge efficiency and a leading mobility provider sustaining lifetime customer relationships”. An early innovator in the field of autonomous and connected cars, Groupe PSA is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia..
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1 Based on a share price at € 12