The table below shows the grant dates of restricted shares outstanding as of August 31, 2024, the assumptions used to estimate their fair value at the grant date and the number of restricted shares outstanding at the period end:
| DATE OF GRANT | not-included | VESTING PERIOD (in years) | EXPECTED DIVIDEND YIELD (in %) | RISK-FREE INTEREST RATE (in %) | VOLATILITY* (in %) | NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31, 2024 |
|---|---|---|---|---|---|---|
| February 1, 2022 | International | 3 | 3.0% | 0.0% | 39.0% | 809,444 |
| June 22, 2022 | International | 3 | 3.8% | 1.4% | 43.7% | 31,181 |
| January 31, 2023 | International | 3 | 3.3% | 2.8% | 37.9% | 886,969 |
| June 28, 2023 | International | 3 | 2.9% | 3.0% | 27.8% | 27,030 |
| February 23, 2024 | International | 3 | 3.7% | 2.8% | 26.1% | 825,509 |
| June 27, 2024 | International | 3 | 3.2% | 3.0% | 24.6% | 28,732 |
| TOTAL | not-included | not-included | not-included | not-included | not-included | 2,608,865 |
* Applicable for the portion of the restricted share grants subject to the TSR performance condition. Volatility is determined by reference to the share’s historical weighted average volatility over a certain period prior to the grant date and the implicit volatility expected by the market.
The expense recognized in the Fiscal 2024 income statement for restricted shares (excluding those granted to headcount of Pluxee (ex the Benefits & Rewards Services activity) is 37 million euros (39 million euros in Fiscal 2023).
The following table shows the headcount of Group employees:
| not-included | AUGUST 31, 2024 | AUGUST 31, 2023* |
|---|---|---|
| AVERAGE HEADCOUNT | 423,981 | 424,250 |
| TOTAL HEADCOUNT | 423,467 | 429,941 |
* Restated information to exclude headcount of Pluxee (ex Benefits & Rewards Services activity).
The compensation, loans, post-employment benefits and other benefits granted to Board members and to the Sodexo Leadership Team, including the Chairwoman and Chief Executive Officer in office, as of August 31, 2024 comprise the following:
| (in million euros) | FISCAL 2024 | FISCAL 2023(2) |
|---|---|---|
| Short-term benefits(1) | Short-term benefits (1)FISCAL 202417.2 |
Short-term benefits (1)FISCAL 2023(2)13.4 |
| Post-employment benefits | Post-employment benefits FISCAL 20240.1 |
Post-employment benefits FISCAL 2023(2)0.1 |
| Fair value of free shares at the grant date | Fair value of free shares at the grant date FISCAL 202410.5 |
Fair value of free shares at the grant date FISCAL 2023(2)9.6 |
(1) Short-term benefits correspond to compensations paid by the Group during Fiscal 2024 (including variable compensation for previous fiscal year paid in current fiscal year).
(2) Excluded compensations paid related to Pluxee (ex Benefits & Rewards Services activity) for fiscal 2023.
These benefits include directors’ compensation, and all forms of compensation and benefits paid (or earned during the period for offices held) by Sodexo S.A., other Sodexo Group companies or Bellon SA.
In addition, members of the Sodexo Leadership Team, holding an employment contract with one of its French subsidiaries, are beneficiaries of a defined benefit pension plan governed by article L.137-11-2 of the French Social Security Code. This pension plan was introduced in 2021 in line with the following rules: subject to one year of seniority within the Group, pension rights of up to 0.5% per year are granted for the first five years of the plan, and then up to 1% beyond five years, not exceeding a total of 10%. The rights are determined based on the fixed and variable compensation received during the calendar year. The rights vest subject to an achievement rate for annual variable compensation targets. The resulting pension will top up the pensions provided by the basic compulsory plans and will not generate any corresponding obligation on the Groupe’s balance sheet.
As a reminder, Sophie Bellon, Chairwoman and Group Chief Executive Officer since October 1, 2021, is paid by Sodexo S.A. but does not have an employment contract with Sodexo S.A.
The Company has entered into non-compete clauses with a maximum term of 24 months with the Chairwoman and Chief Executive Officer and the Sodexo Leadership Team in order to protect the Group by restricting their freedom to hold a position as employee or director, or carry out any consulting work, for any of Sodexo’s competitors, either directly or through another legal entity. This commitment applies to Sophie Bellon, without payment of any financial consideration.
No loans have been granted to the Board or the Sodexo Leadership Team members.
