Michelin CGDE : Engagement Governance Roadshow – Investor presentation

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Barbara Dalibard	Florent Menegaux
Chair of the Board	General Partner, Managing Chairman

Chair:	Yves Chapot	Vincent Montagne
	General Manager	Chair
Oversees the quality of	Administer and manage	Plays a key role in Manager
the Company's	the Company	succession planning and
management		compensation

Unlimited joint and personal liability for the Company's debts

Tight alignment

Limited Partners

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Organized as a partnership limited by shares

• with customized characteristics
• continuously enhanced
• serving the Company and its shareholders

A flexible legal framework, with sound principles perpetuated and modernized over the years

• a balanced governance structure, that is a key driver of Michelin's long-term success
• providing all the necessary controls and oversight to ensure shareholder protection and convergence of interests between the different stakeholders
• providing stability and helping to protect the Company against short-term pressure that could be detrimental to shareholder value

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• Overseeing the quality of the Company's management
• Reviewing the Group's strategy
• Issuing recommendations regarding significant investments and external growth transactions
• Setting performance criteria for the Managers' compensation
• Reviewing the Supervisory Board members' independence
• Assessing the Supervisory Board's performance
• Organizing executive sessions (led by the Senior Independent Member of the Supervisory Board)

Supported by 3 committees

• Audit Committee
• Compensation and Appointments Committee
• Corporate Social Responsibility Committee