Executive Compensation
In 1993, Claude Bébéar was one of the first business leaders in France to publicly disclose his compensation. This decision is indicative of the level of disclosure and visibility that AXA seeks to provide with respect to executive compensation.
Disclosure of executive compensation of AXA Management Board members
In accordance with the AFEP / MEDEF Code of corporate governance dated December 2008, AXA discloses the executive directors' compensation as soon as it has been approved by the Supervisory Board.
Equity grants of June 10, 2009.
Compensation approved by AXA's Supervisory Board on February 18, 2009.
Compensation policy
The general principles of AXA's executive compensation policy are regularly presented to the Compensation Committee of the Supervisory Board.
Supervisory Board
The members of the Supervisory Board receive fees for attending meetings
Management Board
The compensation of the Management Board members is approved by the Supervisory Board on the basis of recommendations issued by the Compensation Committee.
2008 figures
In 2008, AXA stock options were granted as follows:
- 9,176,347 subscription options at a weighted average price of €21.50 granted to 5,428 employees, representing 0.43% of the share capital as of December 31, 2008,
- 10,650 purchase options on ADRs granted by AXA Financial at an average price of $36.11 to 10 beneficiaries in the United States.
A performance shares plan was launched on April 1st, 2008 and 1,367,967 Performance Shares were initially granted to 1,566 beneficiaries in France.
In 2008, a second Performance Shares plan was launched on April 28, 2008 with 50,000 Performance Shares granted to 13 beneficiaries. On the one hand, 27,500 Performance Shares were granted to 7 beneficiaries domiciled in France. On the other hand, 22,500 Performance Shares were granted to 6 beneficiaries domiciled outside of France.
In 2009, based on 2008 membership and attendance, the Company paid director's fees for a gross amount of €1,100,000 to members of its Supervisory Board.
The total compensation paid to the members of the Management Board in respect of 2007 totaled €9,549,782, including fixed salary, bonuses, directors' fees and benefits in kind.