REMUNERATION

For two years in a row, you have not provided a definition of living wage to the FIR. This question is particularly important for responsible investors, and it takes on even more meaning in a context of global inflation. For us, it is essential to have a clear definition in order to assess the group’s vision of its overall strategy. A living wage can be defined as: “The remuneration received for a normal working week by a worker in a given place, sufficient to ensure a decent standard of living for the worker and his family. Elements of a decent standard of living include food, water, shelter, education, health care, transportation, clothing, and other basic needs, including provision for unforeseen events », definition of the Global Living Wage coalition. The living wage is also quite distinct from the local legal minimum wage. a) So, since last year, have you adopted a definition of living wage such as the one mentioned above or equivalent? If yes which one? b) What specific measures have you put in place to ensure that all your employees and those of your suppliers are guaranteed a decent salary (work with specialized initiatives, studies to determine the level living wage for each country, inclusion of the criterion in your supplier charters, supplier due diligence, etc.)? c) Have you set minimum wage thresholds in all your host countries for your employees and the employees of your suppliers and where do they stand in relation to local minimum wages? If so, do you carry out audits to ensure that these thresholds are respected and evolve according to the cost of living? d) Have you considered and mapped the systemic risks that could hinder the payment of a living wage to your employees and the employees of your suppliers (such as the non-respect of freedom of association)?

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Continue ReadingFor two years in a row, you have not provided a definition of living wage to the FIR. This question is particularly important for responsible investors, and it takes on even more meaning in a context of global inflation. For us, it is essential to have a clear definition in order to assess the group’s vision of its overall strategy. A living wage can be defined as: “The remuneration received for a normal working week by a worker in a given place, sufficient to ensure a decent standard of living for the worker and his family. Elements of a decent standard of living include food, water, shelter, education, health care, transportation, clothing, and other basic needs, including provision for unforeseen events », definition of the Global Living Wage coalition. The living wage is also quite distinct from the local legal minimum wage. a) So, since last year, have you adopted a definition of living wage such as the one mentioned above or equivalent? If yes which one? b) What specific measures have you put in place to ensure that all your employees and those of your suppliers are guaranteed a decent salary (work with specialized initiatives, studies to determine the level living wage for each country, inclusion of the criterion in your supplier charters, supplier due diligence, etc.)? c) Have you set minimum wage thresholds in all your host countries for your employees and the employees of your suppliers and where do they stand in relation to local minimum wages? If so, do you carry out audits to ensure that these thresholds are respected and evolve according to the cost of living? d) Have you considered and mapped the systemic risks that could hinder the payment of a living wage to your employees and the employees of your suppliers (such as the non-respect of freedom of association)?

n terms of remuneration policy, I have been at SG for more than 30 years, and am outraged by the gap the indecent remuneration policy that you attribute to yourself and the lack of consideration for employees. Should the terms decency and fairness be included in SG’s values?

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Continue Readingn terms of remuneration policy, I have been at SG for more than 30 years, and am outraged by the gap the indecent remuneration policy that you attribute to yourself and the lack of consideration for employees. Should the terms decency and fairness be included in SG’s values?