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Performance Shares
Information about the Company |
Corporate Governance
| Reports
3.4.3.
Performance Shares that Became Available in Fiscal year 2014 (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
2010/04
(2)
04/15/2010
14,336
Yes
3.4.4.
Assessment of Performance Criteria for Fiscal Years 2013 and 2014 for Definitive Grant in 2015
of the 2013 Performance Share Plans
At its meeting held on February 27, 2015, the Supervisory Board, after
review by the Corporate Governance, Nominations and Remuneration
Committee, approved the level of satisfaction of objectives for the
cumulative fiscal years 2013 and 2014 for the performance share plans. It
confirmed that not all of the criteria that had been set were satisfied for
fiscal year 2014. The definitive grant of the 2013 performance share plans
represents 76% of the original grant to Vivendi SA Corporate Officers
and beneficiaries. This rate varies between 62% and 80% for Corporate
Officers and beneficiaries from the main subsidiaries. Consequently,
828,127 rights to performance shares granted in 2013 were canceled.
The level of satisfaction of objectives for the cumulative fiscal years 2013
and 2014 is presented in the table below.
Cumulative objectives for fiscal years 2013 and 2014
Weight
Criteria
Objective (100%)
Achieved
Success rate
70% Group objectives
Group EBITA margin
(1)
12%
94%
66
30%
Average stock market performance
for the 2013 and 2014 indices
(2)
Vivendi share performance
10
10.5% Performance Stoxx Europe Telecom index (2013)
38.9%
0%
0
19.5%
(3)
Performance of the STOXX
®
Europe Media
index (2013 and 2014)
51.0%
53.6%
10
Total
76
(1)
Adjusted for the impact of the classification of the assets sold or held for sale at December 31, 2014, in accordance with IFRS 5.
(2)
Dividends reinvested.
(3)
Represents a Telecom Index weighting of 21% and Media Index weighting of 9% in 2013, and a Media Index weighting of 30% in 2014.
3.4.5.
Conditions for Acquiring Performance Shares
Following the assessment of satisfaction of the performance criteria
attached to the plans, performance shares vest at the end of a two-year
period (three years for the grants to be approved in 2015), 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 granted to US, Brazilian and British residents vest four years after
the date of grant of the rights (five years for the grants to be approved
in 2015).
In 2014, 2,326,869 shares were granted to beneficiaries following
the vesting period (2010 plan for US and Brazil resident beneficiaries
and 2012 plans). In 2014, 200,565 rights were canceled following the
departure of certain beneficiaries.
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Annual Report 2014