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2
Societal,
Social
and Environmental Information
Key Messages
Section 3
Social Information
3.1. Key Messages
3.1.1.
A Strong Employee Share Ownership Policy
Vivendi attaches particular importance to ensuring that employees’
contributions to the group are rewarded and distributed equitably.
Consequently, the group has implemented a profit sharing policy that
exceeds legal requirements and strongly encourages employee savings,
particularly through share ownership.
In its meeting held on August 28, 2014, Vivendi’s Supervisory Board
reaffirmed its desire to pursue its employee share ownership policy.
■
■
3.1.1.1.
Development of Employee
Savings Plans in France
In 2014, the total net amounts received by the employees of the group’s
French companies in the form of optional profit sharing plans, statutory
profit sharing plans and employer’s contributions to the Vivendi group
Savings Plan (
Plan d’épargne groupe
or
PEG
) amounted to €25.6 million.
This corresponds to a gross expenditure of €33.4 million for the group’s
companies.
The total amount of new employee savings was €16.1 million, of which
€6 million was invested in the different Vivendi PEG funds, €7.9 million
in the Canal+ company savings plan (PEE), and €2.2 million in one or the
other of the two new collective retirement savings plans (PERCO) set up
in 2014 by Canal+ and Universal Music France.
In 2014, it was not possible to implement a capital increase reserved
for employees owing to the timetable for disposals of the telecom
businesses, mainly the disposal of SFR. In this rather unfavorable
environment for the growth in employee savings, two-thirds of the
amounts paid to employees under different profit-sharing systems was
nevertheless invested in the various Share Savings Plans.
The percentage of share capital in the company held by the employees
remained above the 3% threshold throughout 2014. After peaking at
3.75% after the July 2013 capital increase reserved for employees, the
percentage of employee share ownership was 3.54% at year-end 2013
and was still 3.11% at year-end 2014.
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■
3.1.1.2.
Plan Granting Free Shares to All the
Employees in the Group’s French Companies
On July 16, 2012, the Vivendi Management Board rolled out a plan for
awarding free shares (
Plan d’Attribution Gratuite d’Actions
or
PAGA)
to
all employees of the group’s French companies (scope France July 2012).
The plan provided for the award of 50 Vivendi shares, on condition that
the employee remains employed at the time the shares are issued, or
after a two-year vesting period. This plan was rolled out following a
collective agreement entered into with the social partners on July 6, 2012
setting the general and uniform nature of the award.
On July 18, 2014, a total of 727,118 Vivendi shares were issued and
awarded to 12,985 employees, each of whom received 56 Vivendi shares
(after adjustment). Pursuant to the option that was offered under the
collective agreement, more than 30% of the recipients (3,975) of this
free share award chose to invest their shares under the favorable tax
system for employee share savings, in exchange for a five-year lock-up
period, instead of two years under the conventional system for holding
registered shares.
This program is a perfect example of the group’s policy of sharing profits
and engaging in social dialog.
3.1.2.
Ongoing Constructive Dialog
At Group Level
At group level, discussions are held between the Corporate Works
Committee, the European Social Dialog Committee (ESDC) and the
Works Council for Vivendi’s headquarters. The social partners in those
organizations are regularly informed of the group’s strategy, financial
position, social policy and main achievements for the year.
2014 was marked by a number of special meetings of the governing
bodies or of the extended Executive Committee of the group’s Corporate
Works Committee and ESDC, focusing on the disposal of the telecom
businesses, especially the disposal of SFR.
In addition to the annual plenary ordinary and extraordinary meetings of
the group’s governing bodies, five extraordinary meetings of extended
Executive Committees were held with the Chairman of the Management
Board. These meetings helped inform the social partners promptly of
Vivendi’s strategic guidelines.
The two-day joint annual training session for the Corporate Works
Committee and the ESDC has been postponed until 2015, owing to the
renewal of the main governing body and the time needed to nominate
new members.
The terms of office of the members of the group’s Corporate Works
Committee were renewed at year-end 2014 in accordance with the legal
deadline of four years, for an equivalent period. This made it possible to
incorporate new business segments into the group’s scope, specifically
those making Vivendi Village.
Moreover, under the employment security law of June 14, 2013 providing
for the appointment of an employee representative as a member of the
Supervisory Board, Vivendi chose to have the employee appointed by the
Works Council from among the possible methods for appointment under
this law. The Vivendi Works Council issued an opinion in favor of this
nominating procedure, which was then approved by the Shareholders’
Meeting on June 24, 2014.
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Annual Report 2014