Principles of the compensation policy
Group policy is to offer everyone compensation that is personalized, fair and competitive on the market, which reflects the performance and level of responsibility of each person. The Group uses external information provided by specialized firms to establish its positioning in relation to the local reference market . It also ensures compliance with the minimum wages applicable in the different countries in which it operates. Particular attention is paid to equal pay, with the calculation of the index. The overall compensation structure consists of a base salary and, depending on the level of responsibility and the country, variable compensation schemes to reward collective and individual performance. Since2022, variable compensation provisions for the Group’s executive managers include CSR objective for 15% of the total. For 2022, in recognition of employees’ commitment and contribution in a time of unprecedented crisis, and due to the inflationary context and the Group’s favorable financial performance, an exceptional gross bonus of €1,500 was paid to all Group employees.
Social protection and pensions
ENGIE ensures that it adheres to the best practices of major international groups. The Group ensures the competitiveness of its entities’ systems in relation to local practices in terms of social protection and pensions. In 2020, ENGIE rolled out the ENGIE Care social protection program worldwide. This program allows each employee to benefit from health coverage, guaranteeing reimbursement of at least 75% of costs in the event of hospitalization. It also protects the employees’ family or loved ones in the event of their death by paying a benefit equal to at least 12 months’ salary. The signing of the new global agreement on fundamental rights and CSR is meant to guarantee protection of every employee by 2024 in the event of disability, as well as continuation of salary in the event of parental leave. A minimum capital amount equivalent to 12 months’ wages must therefore be paid to employees who are permanently and totally unable to work. Moreover, employees must have received full pay for fourteen weeks in the event of maternity leave and a minimum of four weeks for paternity leave. This parenting pillar strengthens the work/ life balance and equal opportunities between women and men.
More generally, ENGIE Care thus raises the level of social protection for its employees and helps contribute to employee retention and strengthens ENGIE’s CSR policy.
Finally, ENGIE Care is accelerating the Group’s performance in terms of social benefits (including retirement) by mapping them to its various entities. This facilitates the pooling, and therefore optimization, of its plans. The entities also have access to international insurance networks which provide optimized subscription options, with the potential to share local and global surpluses.
Group employee savings plans policy
In France, since the end of 2009, the Group’s employees have had access to a Group Savings Plan (Plan d’Épargne Groupe – PEG). The plan includes employee shareholding funds as well as a large range of diversified savings options. The total is close to €2 billion in assets at the end of 2022. Provisions have also been introduced in certain countries outside of France. These allow employees to save under terms adapted to local laws.
Retirement savings plans
In France, since 2010, all employees may, at their own pace, build funds for retirement through contributions to the Collective Retirement Plan (Plan d’Épargne pour la Retraite Collectif – PERCO). In 2022, ENGIE finalized the transformation of its PERCO plan, within the framework of the Pacte law. A call for tenders was carried out with social partners to overhaul the plans. Outside France, plans exist in some countries that allow employees to supplement their pensions by making voluntary contributions on favorable terms.
In France, the ENGIE solidarity employee mutual Fund (FCPE) called “Rassembleurs d’Énergies Flexible” is one of the largest dedicated solidarity funds in the French market. This fund is classed as an impact fund and has supplemented the range of Groups Savings Plan and Retirement Savings Plan investment products since 2012. It enables employees to take part in a social initiative that is consistent with their occupations.