153
Annual Report -
2013
-
Vivendi
Information About The Company |
Corporate Governance
| Reports
3
Performance Shares
3.4.3.
Performance Shares that Became Available in Fiscal Year 2013
(AMF Recommendations, Table 7)
Performance Shares that Became Available
for each Management Board Member
Plan Number
and Date
Number of Shares
that Became Available
During the Year
Conditions
of Acquisition
Jean-François Dubos
2009/04-2
04/16/2009
14,342
Yes
Philippe Capron
2009/04-1
04/16/2009
14,342
Yes
3.4.4.
Assessment of Performance Criteria for Fiscal Years 2012 and 2013 for Final Award in 2014
of the 2012 Performance Share Plans (Applicable to Stock Option Plans Awarded in 2012)
At its meeting of February 21, 2014, after review by the Human
Resources Committee, the Supervisory Board approved the level of
satisfaction of objectives for the cumulative fiscal years 2012 and 2013
for the performance share plans and the final stock option plan awarded
in 2012. It confirmed that not all the criteria that had been set were
satisfied for fiscal year 2013. The final award of the 2012 performance
share and stock option plans represents 88% of the original award.
Consequently, 239,207 rights to performance shares and 335,784 stock
options awarded in 2012 were canceled.
The level of satisfaction of objectives for the cumulative fiscal years
2012 and 2013 are shown in the table below.
Cumulative objectives for fiscal years 2012 and 2013
Weight
Criteria
Objective (100%)
Achieved
Success rate
70% Group objectives
(a)
Group EBITA margin
(adjusted operating income)
(b)
16.6%
16.5%
67%
30%
Average stock market performance
for the 2012 and 2013 indices
(reinvested dividends)
Vivendi’s performance
Success rate
70%
Performance Dow Jones Stoxx Telecom
index
33.3%
33.3%
21%
30% Performance of the Vivendi Media basket
92.3%
33.3%
0%
Total
88%
(a)
Adjusted Maroc Telecom income targets in 2013, following application of the IFRS 5 standard (assets held for sale and discontinued operations)
and income targets for Activision Blizzard, which was sold in October 2013.
(b)
EBITA margin rate before off-budget restructuring expenses, the SFR fine in 2012, and after adjustment for extraordinary items in 2013.
3.4.5.
Conditions for Acquiring Performance Shares
Following assessment of satisfaction of the performance criteria
attached to the plans, performance shares vest at the end of a two-
year period, subject to a condition of presence (vesting period), and
the shares must be held by the beneficiaries for an additional two-year
period (retention period). Shares of US, Brazilian and British residents
vest four years after the date of award of the rights.
The period for assessment of the performance criteria attached to the
plans is expected to be increased from two to three years.
In 2013, 1,409,602 shares were awarded to beneficiaries following the
vesting period (2009 plan for US resident beneficiaries and 2011 annual
plan). In 2013, 198,708 rights were canceled following the departure of
certain beneficiaries.
