May 17, 2022

The Michelin Group’s 2022 General Meeting

All resolutions submitted for shareholder approval were adopted, including the following:

  • The payment of a dividend of €4.50 per share, payable in cash as of May 19, 2022.
  • The re-election of Monique Leroux and Thierry Le Hénaff and election of Jean-Michel Severino as members of the Supervisory Board for a four-year term.
  • The corporate officers’ 2021 compensation packages and 2022 compensation policy.
  • The renewal of the appointment of Deloitte & Associés and PricewaterhouseCoopers Audit as Statutory Auditors.
  • The four-for-one stock split, which will make the Michelin share more accessible to individual investors and employees and thereby contribute to the Group’s commitment to effectively share value.

During the meeting, shareholders were given a detailed presentation on the Group’s tire offering for electric vehicles. Michelin is currently a leader in this fast-growing segment and has the technological know-how to offer customers the best products. Michelin’s climate strategy was also presented at the meeting. The strategy has two main focuses: the climate transition and the climate change adaptation through a plan to decarbonize all of the Group’s operations.

In his message to shareholders, Florent Menegaux explained how the “Michelin in Motion” strategy is being deployed and how Michelin is developing its businesses with, around and beyond tires. He then reiterated the need to continue transforming the Group, which is essential to attract the best talent and to seize growth opportunities. This transformation will be achieved through training and increased diversity in the workforce, digitalization and simplification, innovation and a reduced environmental footprint.

In conclusion, Florent Menegaux touched on the serious events happening in the world today and their consequences for Michelin, both in terms of support for its employees and the challenges its businesses are facing: “The crises we are currently experiencing are having far-reaching effects and profoundly transforming the world in which we operate. Every day, Michelin’s teams show courage and determination as they work to overcome these challenges. In this highly turbulent environment, the Group is more than resilient. Dear shareholders, Michelin is on the move. Your Group is efficient, robust and value-creating. We will tackle the challenges we are facing in the world today and achieve the ambitious objectives of our “Michelin in Motion” strategy, which is already yielding initial results. I know I can count on your commitment.”

See results of the vote on the resolutions, answers to written questions, and replay of the webcast of the Annual General Meeting from May 13, 2022 onwards on the corporate website.

Video Highlights

Source: Michelin

Tire and Rubber Association of Canada

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