Michelin managing partners, the executive committee, as well as the chairman and independent members of the supervisory board are to reduce salaries.
Managing partners, Florent Menegaux and Yves Chapot, have chosen to cut their remuneration by around 25% for April and May, 2020.
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In addition, Group executive committee members have voluntarily decided to reduce their remuneration by around 10% during the same period. These reductions will be continued as long as Group employees are in partial activity due to the Covid-19 health crisis.
Menegaux and Chapot have also expressed their will to give up part of their 2019 variable compensation paid in 2020, once submitted to the vote of the shareholders at the annual general meeting to be held behind closed doors on 23 June, 2020.
Michelin Group supervisory board chairman, Michel Rollier and its independent members are donating 25% of their attendance fees received in 2020, to foundations in their respective countries, which are part of the fight against Covid-19.
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