Risks, challenges and governance CSR

Thermador Groupe evolves and interacts in an environment made up of players who influence its activity. In all our economic and social relations, we favour exchange, transparency and listening attentiveness.

This ongoing dialogue enables us to take their expectations on board and make them part of the Group's strategic orientations, activities and commitments.
Thermador Groupe identifies six major stakeholders:

✣ Employees, who contribute their work, talents, know-how and interpersonal skills.
✣ Customers, whether they are distributors or users. They are the economic lifeblood of the Group through their purchases.
✣ Investors, shareholders and bankers, who provide the capital needed for investment, stability and growth.
✣ Suppliers and partners who provide the goods and services that are essential to the business.
✣ Civil society represented by the professional unions, associations, and schools with which we interact.
✣ Public authorities, local authorities and regulators.

Our stakeholders influence our business and our corporate responsibility strategy on three levels:

LEVEL 1: They are essential for the existence of the Thermador Groupe.
LEVEL 2: For projects or the key business fields of Thermador Groupe, their influence is considerable.
LEVEL 3: Their influence is limited to a given project or business area of the Group.

CSR governance

Social responsibility has been at the heart of our values and concerns since 1968. In 2012, for the first time, we mentioned our CSR approach in our annual report and began to describe the initiatives and achievements of our employees and management teams regarding governance, the environment and social responsibility.

✣ Our subsidiaries have grown and developed their organisations around this theme:

- Management committees encourage, motivate and empower their teams to carry out their social and environmental missions.
- Each subsidiary has appointed a ‘carbon manager’, whose role is to carry out carbon audits and monitor plans to reduce carbon emissions.
- Some subsidiaries have a CSR officer who monitors the subsidiary's overall action plan.

✣ Cross-functional groups have been set up to share, coordinate and standardise best practice where appropriate:

- The Thermavert group, a voluntary group which aims to promote eco-habits and practices that concern all employees, including soft mobility, waste sorting, resource-saving and biodiversity.
- The Low Carbon group brings together carbon managers to monitor our carbon plans.

✣ The Executive Committee sets sustainable development targets and decides on action plans to be implemented to achieve them. It is a decision-making body, but also a forum for swapping ideas on initiatives taken by the subsidiaries.

✣ A Sustainable Development Unit was created in 2022, reporting to Group General Management and a member of the Executive Committee. The Sustainable Development Unit is a team of specialists working at the service of the subsidiaries to make a concrete contribution to achieving our objectives. It is also invited to challenge the Group's management and put forward proposals for further progress.

✣ The Board of Directors challenges the Executive Committee on its strategy. The directors monitor the progress of the action plans and share their experiences from their activities outside the Group with the Board.

✣ The Sustainable development committee was set up in 2020. Its members are Mathilde Yagoubi, an independent director, who chairs it, Laurence Paganini and Olivier Villemonte de La Clergerie, independent directors, who chair the Earnings & appointments committee and the Audit committee respectively, an employee-director, and four permanent guests whose mission is to assist the Board of Directors in monitoring CSR issues.

2021 marked the integration of CSR criteria into the compensation system for executive directors. The variables of the Chairman and CEO Guillaume Robin and the Deputy CEO Patricia Mavigner are based on social, environmental and governance criteria. These criteria represented 21.1% and 20.9% of their variable earnings in 2023 for Guillaume Robin and Patricia Mavigner respectively. In 2022, the Earnings and appointments committee suggested moving to a single consolidated indicator, representative of the Group’s extra-financial performance. It is measured according to the rate of achievement of the 19 quantified objectives presented in Chapter 3.1.8., with a score of 104.1% in 2023.

Similarly, the variable earnings of all executive directors will include these performance criteria in 2024.