Michelin announces a dividend of €1.25 per share

Clermont-Ferrand, France -The Michelin Group’s Annual Meeting was held May 12th in Clermont-Ferrand under the chairmanship of Florent Menegaux, Managing Chairman.

All of the resolutions submitted for shareholder approval were adopted, including, in particular: The payment of a dividend of €1.25 per share, payable in cash as from May 19, 2023. The renewal of Barbara Dalibard and Aruna Jayanthi as members of the Supervisory Board. The corporate officers’ 2022 compensation packages and 2023 compensation policy.

During the meeting, Yves Chapot, General Manager and Chief Financial Officer, gave a presentation to the shareholders on Michelin’s business model, which is based more than ever on finding the right balance between its various stakeholders. At Michelin, developing People and safeguarding the Planet go hand in hand with generating Profit. Yves Chapot detailed the Group’s solid results in each of these three pillars over the last two years, in an environment shaped by overlapping crises.

Yves Chapot then presented the Group’s tax policy, illustrating Michelin’s commitment to being fully transparent with the tax authorities of the countries in which it operates. Lastly, Yves Chapot explained the Michelin employee share ownership plan, and in particular the mechanisms put in place to encourage the sharing of value-added.

A presentation was then given on life cycle assessment, a scientific method that quantifies a product’s environmental impacts. Applying this method to tires enables Michelin to make continuous progress towards its objective of making all of its products from entirely sustainable materials by 2050, while ensuring that this objective does not cause any negative environmental side-effects.

To illustrate how Michelin’s businesses “Around tires” are growing, a film was shown presenting Watèa by Michelin, an innovative company that offers connected solutions for fleets to help them operate more efficiently while facilitating their decarbonization.

Lastly, Florent Menegaux reviewed the Group’s 2022 performance and the rollout of the “Michelin in Motion” 2030 strategy, highlighting the remarkable progress made in the past year. He noted that: “As we expand in, around and beyond tires through our Michelin in Motion strategy, Michelin is becoming more robust and less dependent on the tire market alone, thereby improving conditions for sustainable growth. This is essential at a time of geopolitical, social and environmental uncertainties and in an increasingly competitive environment. I have full confidence in our Group’s ability to meet the many challenges that lie ahead, for the benefit of all its stakeholders.”