In accordance with the Afep-Medef Corporate Governance Code, AXA discloses the corporate officers' compensation as soon as it is approved by the Board of Directors.
The general principles of AXA's policy on the compensation of corporate officers and management teams are regularly presented to the Compensation & Governance Committee of the Board of Directors.
The members of the Board of Directors receive fees for attending meetings. The annual amount of directors' fees are set by the Shareholders' Meeting.
No fee shall however be paid to directors exercising in the Executive Management.
The compensation of the Executive Management members is approved by the Board of Directors on the basis of recommendations issued by the Compensation & Governance Committee.
Mr. Henri de Castries, Chairman & Chief Executive Officer, and Mr. Denis Duverne, Deputy Chief Executive Officer, renounced their employment contracts in accordance with the Afep-Medef Code of corporate governance.
In 2015, 3,014,469 subscription or purchase options with a strike price of €20.90 were granted to 148 employees, representing 0.12% of the outstanding share capital as of December 31, 2015 (disregarding the dilution related to the potential future exercise of these options).
A new Performance Shares plan was launched on June 19, 2015 and 2,459,256 Performance Shares were initially granted to 2,250 beneficiaries in France. The acquisition period of this plan will end on June 19, 2018. The acquired shares will be then subject to a 2-year restriction period.
In 2016, based on 2015 membership and attendance, the Company paid director's fees for a gross amount of €1,600,000 to members of its Board of Directors.