Compensation Report

Introduction by the Chairwoman of the Compensation Committee

Dear Shareholders,

On behalf of the Board of Directors of GF and of the Compensation Committee, I am pleased to present the 2020 Compensation Report.

As in previous years, the Chairman of the Board and the Chairwoman of the Compensation Committee continued the dialogue with shareholders and proxy advisors. Based on their feedback and in the context of the new five-year strategy cycle 2025 starting in 2021, the Compensation Committee has conducted a thorough review of the compensation system. Further to this analysis, the Board of Directors decided to introduce the following changes:

The changes were discussed in detail with investors and proxy advisors at an early stage. The proposed changes have been supported and positively valued. Additional feedback from these conversations has been considered in the design and implementation of the new regulations. Details of the changes can be found in the Outlook section. 

This Compensation Report includes all relevant information concerning the compensation policy and programs, the governance around compensation decisions, and the compensation awarded in the reporting year. You will be asked to approve the maximum compensation amount for the Board of Directors for the period until the next Annual Shareholders’ Meeting and the maximum compensation amount for the Executive Committee for the next financial year (prospective binding votes) at this year’s Annual Shareholders’ Meeting. Additionally, your opinion will be valued in regards to the Compensation Report by a consultative retrospective vote.

We trust that the adjustments made to the compensation system will help us to achieve the ambitious strategy. We are looking forward to continuing the dialogue with you as our shareholders and stakeholders.

Sincerely,

Eveline Saupper

Chairwoman of the Compensation Committee

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