Press releaseIn compliance with the AFEP-MEDEF corporate governance recommendations issued in December 2008, the Board of Directors of Fimalac today announced its decisions regarding the Chairman and Chief Executive Officer's compensation.
The Board of Directors met on September 29, 2009 to determine the compensation due to Mr. Marc Ladreit de Lacharrière, Chairman and Chief Executive Officer, in respect of the fiscal years ending September 30, 2009 and 2010. Its decisions were based on the recommendations of the Selection, Nominations and Remunerations Committee.
During the 2009 fiscal year, Mr. Ladreit de Lacharrière received fixed compensation of €1,300,000 from Fimalac and $500,000 from Fitch, unchanged from recent years. The Board of Directors decided to award him the same amounts for the 2010 fiscal year.
In addition, the Chairman and Chief Executive Officer is entitled to receive variable compensation from Fitch, set at €707,000 for the 2009 fiscal year. However, in light of economic conditions, Mr. Ladreit de Lacharrière declined to receive this compensation and asked for an equivalent amount to be donated by Fimalac to the "Culture & Diversité" Foundation. The Board of Directors noted that he had already declined to receive his fiscal 2008 variable compensation in the amount of €780,000.
Similarly, Mr. Ladreit de Lacharrière declined to receive Fimalac stock options proposed by the Selection, Nominations and Remunerations Committee in respect of the fiscal year ending September 30, 2009.
Further information regarding the Chairman and Chief Executive Officer's compensation will be provided in the fiscal 2009 Registration Document.