Michelin couv courteGB

Additional
information
Corporate Governance:
Mandates, compensation,
stock options
List of directorships and other functions held
in other companies by the Managing Partners
Mr. Edouard Michelin
Managing Partner Manufacture Française des Pneumatiques Michelin
General Partner Compagnie Financière Michelin
Mr. René Zingraff
Managing Partner Manufacture Française des Pneumatiques Michelin
General Partner Compagnie Financière Michelin
General Partner Michelin Reifenwerke KGaA
Net fees paid to the Managing Partners
and Supervisory Board
(by the Company and its subsidiaries)
The Managing Partners
The Managing Partners, Messrs. Edouard Michelin and
René Zingraff, in their capacity as General Partners, are jointly
and severally liable for Michelin’s debts. In compensation for
their responsibilities, they are collectively entitled to a statutory
share of Company profits (1). Their remuneration, therefore
is proportional to and dependent upon Company profits
and they, therefore, have the same goal as the Shareholders.
They moreover receive no remuneration, advantage or benefit
in kind (2).
Statutory share of profit
In their capacity as General Partners, the Managing Partners
received in 2004 an aggregate amount of €4,697,161,
in connection with financial year 2003. As a result of financial
year 2003 earnings relative to 2002, this amount is down 45%
on that received in 2003 with respect to 2002 earnings.
Directors’ Fees (in euros)
Mr. Edouard Michelin Mr. René Zingraff
Salary 0 0
Variable pay 0 0
Benefits in kind 0 0
Director’s fee 0 0
Complementary retirement benefit 0 0
Total 0 0