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    Mr Justice Linden: “If it contains excess fat, sugar or salt, that product is adverse to a child's health"

    Kellogg’s loses court case over sugary cereal

    Farmer Andy Pimbley examining ripening strawberries inside a polytunnel at Claremont Farm in Bebington on the Wirral © Colin McPherson/FT

    Labour shortfall leading to ‘catastrophic’ food waste

    The Longview Power Plant, a coal-fired plant, stands on August 21, 2018 in Maidsville, West Virginia. The plant’s single unit generates 700 net megawatts of electricity from run-of-mine coal and natural gas. Spencer Platt | Getty Images

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    Super bug that arose in pigs can jump to humans

    Martin Lines, UK chair for the Nature Friendly Farming Network, says farmers will continue moving away from fertilisers and pesticides

    Fertilisers: going cold turkey in a time of crisis

    European Commission Vice-President Frans Timmermans, European Commissioner for Health and Food Safety Stella Kyriakides, and European Commissioner for the Environment Virginijus Sinkevicius

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    Mr Justice Linden: “If it contains excess fat, sugar or salt, that product is adverse to a child's health"

    Kellogg’s loses court case over sugary cereal

    Farmer Andy Pimbley examining ripening strawberries inside a polytunnel at Claremont Farm in Bebington on the Wirral © Colin McPherson/FT

    Labour shortfall leading to ‘catastrophic’ food waste

    The Longview Power Plant, a coal-fired plant, stands on August 21, 2018 in Maidsville, West Virginia. The plant’s single unit generates 700 net megawatts of electricity from run-of-mine coal and natural gas. Spencer Platt | Getty Images

    US Supreme Court limits EPA authority

    “Understanding the emergence of CC398 in European livestock is vitally important for managing the risk it poses to public health”

    Super bug that arose in pigs can jump to humans

    Martin Lines, UK chair for the Nature Friendly Farming Network, says farmers will continue moving away from fertilisers and pesticides

    Fertilisers: going cold turkey in a time of crisis

    European Commission Vice-President Frans Timmermans, European Commissioner for Health and Food Safety Stella Kyriakides, and European Commissioner for the Environment Virginijus Sinkevicius

    EU to halve use of pesticides, heal nature

    trade deals

    WTO strikes global trade deals after ‘roller coaster’ talks

    inflation

    Food inflation is swallowing Latin America’s dietary staples

    Protestors outside UK Parliament with a placard reading, "Keep the protocol, keep the peace."

    New EU legal action over post-Brexit deal changes

    Buyers at Risk Countries in Africa and Asia are among the most reliant on Ukraine grain

    US quietly urges Russia fertiliser deals

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    Mr Justice Linden: “If it contains excess fat, sugar or salt, that product is adverse to a child's health"

    Kellogg’s loses court case over sugary cereal

    Farmer Andy Pimbley examining ripening strawberries inside a polytunnel at Claremont Farm in Bebington on the Wirral © Colin McPherson/FT

    Labour shortfall leading to ‘catastrophic’ food waste

    The Longview Power Plant, a coal-fired plant, stands on August 21, 2018 in Maidsville, West Virginia. The plant’s single unit generates 700 net megawatts of electricity from run-of-mine coal and natural gas. Spencer Platt | Getty Images

    US Supreme Court limits EPA authority

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    “Understanding the emergence of CC398 in European livestock is vitally important for managing the risk it poses to public health”

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    Martin Lines, UK chair for the Nature Friendly Farming Network, says farmers will continue moving away from fertilisers and pesticides

    Fertilisers: going cold turkey in a time of crisis

    European Commission Vice-President Frans Timmermans, European Commissioner for Health and Food Safety Stella Kyriakides, and European Commissioner for the Environment Virginijus Sinkevicius

    EU to halve use of pesticides, heal nature

    Executive director of Nourish Scotland, Pete Ritchie: “If the UK could just get over itself, alignment on sustainable food with the EU would be helpful”

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Home Topics Governance

Danone’s Emmanuel Faber gives himself a 30% pay cut

Shareholder dividend will be paid despite Covid-19 impact

by Lise Colyer
June 16, 2020
in Business
Reading Time: 2 mins read
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Danone CEO and Chairman Emmanuel Faber

Danone CEO and Chairman Emmanuel Faber. Pic: © Sipa Press / L'opinion

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This month’s Danone annual general meeting will ratify substantial self-imposed pay cuts for the food giant’s CEO and Chairman Emmanuel Faber, as well as all members of its board.

In “a spirit of solidarity” Mr Emmanuel has proposed a cut in remuneration by 30% for himself. Each member of the Board of Directors will forgo payment for the second half of 2020, and these savings will be directed into expanding employee health cover.

At the AGM on June 26th, the board will also recommend Danone become the first listed company to adopt France’s new Entreprise à Mission. The company’s largest subsidiary, Danone North America, is already the world’s largest Public Benefit Corporation.

Introduced in France in 2019, “entreprise à mission” companies align purpose and objectives to social, societal and environmental wellbeing.

Mr Faber said, “The ordinary course of business will change forever. This is an extraordinary moment. It could not be timelier and more meaningful, as employees, consumers, customers, partners, governments and shareholders now see the critical importance of a balanced multi-stakeholder approach to value creation and sharing.”

Mr Faber thanked shareholders and confirmed their dividend of €2.10 per share would be paid. He said, “We would not have been able to do this without the support of our shareholders, the people whose savings were invested in Danone… Their interests need to be recognised. This is why our Board made the decision to maintain the initial recommendation for the 2019 dividend.”

Measures included securing employment contracts and guaranteeing wages

Mr Faber said that in the face of the Covid-19 crisis, Danone’s people had been its first priority, adding “We moved quickly to ensure their safety and took unprecedented measures to protect their incomes.”

The measures included securing employment contracts and guaranteeing wages for all Danone employees worldwide until June 30. Extensive health and childcare coverage was provided for all employees worldwide. And bonuses were paid to all employees working onsite during the pandemic lockdowns.

Financial support worth around €300 million was made available. This included €250 for extended payment terms and credit to farmers, suppliers and smaller customers, a US$10 million relief fund for entrepreneurs in the Danone Manifesto Ventures’ portfolio, and €20 million extra funds to support partners in Danone’s business ecosystems with employment, skills and employability and micro-entrepreneurship. Around €6m of funds and 32 million of products have been donated since the beginning of the crisis. And the company ensured it paid social charges and taxes on time during this period so authorities could help companies needing it most.

Becoming an Entreprise à Mission follows Danone’s mission decision in 2005 to “bring health through food to as many people as possible”. The company’s objectives are designed to support United Nations 2030 Sustainable Development Goals.

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Lise Colyer

Lise Colyer is a founding editor of Quota. She seeks to improve food systems by communicating effectively across the business, policy and research sectors. Contact LiseColyer@quota.media.

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