Ladies and gentlemen, good morning and good afternoon to all of you. I hope that you and your families, friends and colleagues remain safe and secure. On behalf of the board, I'm very pleased and we are monitoring their well-being day by day. Thankfully, so far, they are safe and out of harm's way. I would also like to report to you that we committed EUR 1 million in humanitarian aid to Polish Humanitarian Action to support the Ukrainian refugees and civilians. PHA, the Polish NGO we're working with, is helping to meet the immediate humanitarian needs of refugees, is providing food, medical and psychological support and also has plans to expand its school program to help feed Ukrainian refugee children. More than anything, though, we hope for a quick end of this horrible conflict.
Let me now return to our meeting today. Stellantis was born with the courageous and visionary spirit of our founding fathers to seize the great new mobility opportunities of the 21st century by leveraging our scale, agility and our ability to execute. With a direction driven by the unifying purpose that our leadership team defined last summer. Powered by our diversity, we lead the way the world moves. Powered by the energy and the passion to accelerate and execute, capitalizing on the diversity that is written in our DNA, because this is without doubt our greatest competitive advantage. At Stellantis, we respect the three dimensions of diversity: gender, nationality and generation and we're rolling out our new global diversity and inclusion 2025 and more than 35% by 2030.
We strongly believe this objective to be one of the crucial drivers of innovation and competitiveness. Because the diversity of our brands, our people, our services, all make us stronger. The wording in our purpose statement is also particularly important to us. We are building this great company together, bringing a positive and collaborative mindset every day, everywhere and in everything we do. In a world that Stellantis will not be a follower and we now have the scale to deploy our ambitious ideas to stay firmly ahead of the curve. We will lead the way the world moves with innovative, clean, safe and affordable mobility, supported by our four core values. We are committed to their solidarity, talent and great determination. Stellantis took bold, early steps to set its foundational strategic objective. We are a meritocratic culture.
Paying for performance is part of how Stellantis acknowledges the commitment of our people and their effective contribution in achieving the ambitious goals we set. It is only right that our employees have benefited from our outstanding first full year financial results and we rewarded our colleagues to their entrepreneurial spirit with a well-deserved performance compensation totaling EUR 1.9 billion. This is EUR 770 million more than the aggregate amount distributed last year. In Stellantis, success has been the strong accent we placed on ambitions that excite and motivate at every level of the company. Of the many goals we announced, becoming the industry champion in the fight against climate change is amongst the most crucial because it really does set the tone for everything we're doing, truly capturing our pioneering spirit.
With this in mind, Stellantis has committed to reaching carbon net zero emission by 2038, while in the midterm, by 2030, we will cut our emissions by half. This was a very proud moment for us, knowing that we're playing our part to decarbonize and support a healthy planet for future generations. It is with great pride that I would like to share with you a few more of the achievements we accomplished in our first year. Despite headwinds, we posted record financial results. We announced our electrification and software strategy and we are now the fifth largest battery electric vehicle maker in the world. We launched more than 10 new models, ranging from our most high-end super sports car to the small electric-powered city car. We began building strategic partnerships with leaders across industries to create leading ecosystems.
We designed and announced our long-term strategic plan called Dare Forward 2030. These offer a glimpse of what we accomplished together in just our first 12 months. I really want and wish to thank Carlos for his leadership, his team and all of our people for their truly outstanding work. We will achieve the ambitious targets outlined in Dare Forward 2030. In closing, I believe that we all can agree that these are indeed unprecedented times, marked by unusual levels of uncertainty. However, Stellantis agility will make the difference to drive the achievement of our targets set out in our long-term strategic plan. There are also huge opportunity to be grasped by those who dare.
The unity and common purpose we have created in Stellantis has never been more important as we continue to build this great company for the good of our customers, our people, our community and of course for you, our shareholders, for supporting us in this exciting journey. Thank you all and I'll now hand over to you, Carlos.
First year, the workload of three different years and we delivered on those three different dimensions for the first year of Stellantis. First, we set up the top leadership team, the business governance way, all the decision committees of the company and we put ourselves on the driving seat to run the business as efficiently as possible. Secondly, we set up all the necessary countermeasures to fight against the headwinds. As you know, 2021 was a very challenging year in terms of headwinds. I will just mention three. The semiconductor supply shortage, the raw material cost inflation and the new regulations on CO2, which were imposed on the automotive industry. We could face those three headwinds and come up with all the necessary actions to achieve the goals of the company.
Third, last but not least for 2021 and then I will give you a few highlights on the Dare Forward 2030 plan. So if we look at the 2021 highlights, first of all, we delivered a record 11.8% adjusted operating income margin, which is record compared to the pro forma results of the former companies. Not only we delivered the record result but we could achieve in H2 an even better result at 12.2%. We were able to sell 388,000 low emission vehicles, which is up by 160% year-over-year. We expect in 2022 to increase this number up to 600,000 LEV sales, as we have right now in our plans.
We also were able to deliver to our investors and to the public our electrification plan and our software plans, which will benefit from no less than EUR 30 billion euro flow of no less than EUR 6.1 billion euros, which was supported by EUR 3.2 billion euros of net cash synergies. This is a very important number, EUR 3.2 billion euros of net cash synergies, which demonstrates that our company and our people, they get it. They understand why it makes sense to create Stellantis and they are really supporting bottom up this merger process by creating significant amount of synergies, which is a significant differentiator of Stellantis vis-à-vis the other car makers.
We also came up with a continuous leadership in the commercial vehicle market, not only in Europe, where we lead the market with 33.7% but also in South America, where we lead the market with 30.9%. Last but not least, we were able to establish several strategic collaborations with Foxconn and with Amazon that will add EUR 2 billion significant additional revenue and profitability. We were in the U.S. market, among the three Detroit car makers, the one that has the highest average transaction price, which means that our pricing power strategy is delivering significant results as we are leading the pack in the U.S. market in terms of transaction prices.
We were also able, with our iconic Jeep brand, to be number one with the Wrangler 4xe, number one selling PHEV in the U.S. retail market, with no less than 29,000 units. Last but not least, we also entered in two separate battery JVs, where we have now the capability to supply at least 63 gigawatt hours by 2025 to support the electrification journey of Stellantis in the North American market. Of course, I don't want to forget the fact that we achieved excellent results and improving profitability for Europe. We kept our market share flat at 22%, 0.1% year-over-year in a situation where many of our peers lost market share, mostly to the Asian car makers.
We also delivered a very strong compliance in terms of CO2, as we did better than our own internal targets and we are now fully compliant against what is requested of us by the European Union. We continue to have a very strong position on the light commercial vehicle market but not only in leading this market but also in making sure that we grow very fast our sales. We'll come back to that one on the LCV later on. More generally speaking, on the LEV mix, we could double the LEV mix of our sales from 9% and it should be the more efficient distribution model for the European market in the future. So far, I can share with you that the discussions are productive and very collaborative.
Let me now move to the next region, which is about South America. South America is a success story. Not only we could lead the market as an automotive group in the region, in Brazil and in Argentina, with a 22.9% market share in the region, 32% in Brazil and 29.1% in Argentina. Significantly leading the region, the Brazilian market and the Argentinian market, which means Mercosur. We could also improve by more than 5 times our profitability in South America to reach an AOI margin of 8.3%. Not only we are leading the market as an automotive group, we are leading the region, we are leading the Mercosur but we are also leading by brand as to grow this business.
This downtown mobility device as the order book is very strong and as we have already increased our capacity to supply our customers. If we move from Africa and Middle East to Asia, China and India and Asia Pacific, we have over there also a very robust margin of 11.1% and we could increase our net revenues by 24% year-over-year. We have now an agreement, a signed agreement with GAC to change the majority stake in our JV and to take the lead of that JV to develop even more our Jeep brand, which is a very profitable business in China. We are now waiting for the approval of this change in the shareholding by the Beijing central authorities. We are also going to introduce the all-new Citroën C3, which will be launched.
Those are some of the highlights for the rest of the world in terms of addressing those three additional regions. I know that the investors and all of you, our shareholders, you are very much interested in knowing how fast are we ramping up in the electrification journey of our company. It's a very important question and I would like to give you a very straightforward answer. The speed is quite tremendous. As I can tell you today, we have already on sale no less than 19 pure EVs, BEVs, battery electric vehicles. 19 are on sale. Over 22 this year and next year, we will add 13 additional BEVs, which means that by the end of next year, we'll have no less than 32 pure EVs on sale.
If I look at the EVs and the plug-in hybrids, this number goes from 32. Just highlights. I would like to start by simple things, which means first that 2021 were record results compared to the pro forma previous results of the former companies. Financial record results. We could improve our shipments by 4% to nearly 6 million, obviously driven by the semiconductor supply shortage. We delivered results which were above the expectations of all the analysts. We could grow our revenue by 14% up to EUR 152 billion, which means that in terms of auto business, we are now the third largest OEM in terms of revenues in the automotive world. We could nearly double the AOI amount to EUR 18 billion with, as I mentioned, a margin of 11.8%, which was a record.
Industrial free cash flow, which is one of the reasons why, combined with the synergies we are proposing to pay a dividend this year. This is important that we also realize that this free cash flow improvement represents 85% increase year-over-year. As a consequence of all of this, our liquidity position by the end of the year is quite robust at EUR 62.7 billion. If we look at the rest of the P&L, we just need to mention here that we reached a net profit that nearly tripled against the previous year at EUR 13.4 billion. If we move now to the 2022 guidance, I would like just to mention that we confirm our guidance to be double-digit AOI margin in 2022 and to have positive net industrial cash flow.
We will continue to invest significantly in our transformation towards an automotive tech company, both in electrification and also in software. We will keep the direction that was presented to you last year. We will certainly expect to update our outlook by mid-2022, when we will see clearly where the markets are now going. This is for the guidance. I would like to finish this first part by telling you that we are extremely excited and confident about the journey of Stellantis. Not only we are blessed with a very strong diversity, we have more than 170 nationalities in our company and we are leveraging this diversity to understand the world in which we are operating in a more precise and efficient manner to meet the needs of our customers.
We see that we have the capability to pursue strategic partnerships, not only in electrification but also in software. We will continue the journey towards an automotive tech company, as we have already stated. From here, I would like to share with you some of the highlights of our Dare Forward 2030 plan. As it was introduced by our chairman, this plan was presented in March 1, 2022. It's a plan that will drive us up to 2030 and the plan has three different legs. A first leg of three years, up to 2024 and the numbers that you will see for 2024 represent our commitment. A second leg from 2024 up to 2027 and you can see the numbers in 2027, they will represent our objectives.
A third leg from 2027 up to 2030 and those numbers will be the direction that we are taking to build our roadmaps as an ethical matter, when we look at our children and our grandchildren, is to commit that our Stellantis automotive tech company will become a carbon net zero company by 2038. This goes beyond the plan but the plan up to 2030 will put the company on track to deliver this commitment of being carbon neutral by 2038. It's a very important ethical commitment that we take in front of you today and we will ensure full transparency on the journey so that you can trust that this will happen as it is here committed. We will lead the industry on this matter, as you can compare our commitment to other car makers.
We will lead the industry in being carbon net-zero by 2038, from a well-to-wheel and through the entire supply chain. More than ever, what we are saying here is that we are part of the problem to be fixed. We will expect to be the reference against many of your peers and we will reduce therefore emissions on Scope 1, Scope 2 and Scope 3 and we will limit the compensation by 2038 to the bare minimum. We expect to take a leadership role in the decarbonization and we believe it is the best path to protect our company, our employees and the generations to come. What about the plan itself by 2030? We have four major pillars and four major core targets for this plan.
Number one, in a consistent manner with the previous commitment, we'll reduce our carbon footprint by 50% by 2030. That's a very important target. Number two, we do whatever it is necessary to be ready to be 100% EV sales in Europe by 2030 and ensure the sustainability of the company is to make sure that we are number one in quality, product quality, service quality and the quality and the joy of the customer journey. This is a very clear goal and we have internal metrics to measure where we stand across all of our brands. This is a very important commitment to our customers. We want you to be happy. We want to delight your journey when you are using our services and our products.
Last but not least, the result of a well-done job is very simple. We expect our revenues to double. We expect the company to move from EUR 152 billion of net revenues in 2021 to more than EUR 300 billion by 2030 and we expect to keep the company running with more than a double-digit margin as an overall economic efficiency measurement of what we do. That's the fourth core target as a result of a well-done job on every other core stakeholders by the actions I'm going to describe to you now. Let's start with the operational excellence. We believe that operational excellence is still something that we can achieve and improve.
And now we have the opportunity of the scale of Stellantis to implement synergies that will bring us to the leadership position in this area across the industry. We will keep our break-even point below 50% of consolidated shipments, which is the best way to ensure the sustainability of the company by protecting the company from external headwinds and external adverse conditions. This is a very strong commitment to you, the investors. We will keep our break-even point below 50%. How are we going to do that? We are going to continue on manufacturing. We believe that we can still improve our manufacturing costs by 40% and we have ideas for that.
The way we use our R&D and CapEx, which means for a given amount, we'll use, we'll do 30% more or for the same kind of activity, we'll do it for 30% less expense in R&D and CapEx. It's the sense of frugality and using the resources in a wise and efficient manner. Last but not least, using the reengineering of our distribution model, we believe that we can reduce by 40% our sales and marketing expenses overall. Those four components should help us to keep our break-even point below 50% and this is going to give the company a very strong sustainability. As I mentioned to you, we have a significant bottom-up flow of synergies which have been proposed by our people, which means that the merger is a bottom-up merger.
Not only a top-down direction but a direction that is fully supported by our people and they give us very clearly something that will create trust vis-à-vis our teams. Let me move now to the next topic, which is about our brands. We are the automotive tech company that has the best brand portfolio in the world. It is a very significant asset to have this house of iconic brands, because it gives us the capability to cover the market in a very efficient way. I will give you here only one example. Between the Citroën Ami, which has sold EUR 6,000 and the Maserati MC20 sold more than EUR 200,000. We have a significant capability to cover the market in many different price bands and segments.
By using the 14 iconic brands, we will increase through our product planning strategy, our global revenue pool coverage from 65% in twin brands to bring an even better result to our business model, which is to multiply by 4 the revenues, by 5 the profits and to be 100% BEV sales by 2030. The luxury brand Maserati and the premium brands Alfa Romeo, DS and Jeep and Lancia will play a very significant role in this premium contribution. We will continue to develop the Jeep brand as the global sport utility of our company, expanding the success that has been already delivered in former FCA with this brand. This is some important things.
I would not like to forget to mention that we will do all of this with a very strong product offensive, with more than 100 launches of new products between 2022 and 2030. Which is to say that technology, product and brands will be very strong. It's going to grow from 19 BEVs on sale in 2021, up to 75+ by 2030. You see that we are growing by the year the number of BEVs that we are going to launch and sell in the different markets. You see that it's no less than 60 in Europe, no less than 25 in the U.S. market. The BEV rollout is going to be powerful, is going to be very consistent across the world on the two major markets where we are operating, which is Europe and North America.
You can see also that from 2024, the luxury brands will launch only BEVs. From 2025, the premium brands will launch only BEVs. From 2026, all of our brands in Europe will only launch BEVs and I can tell you this after making all the tests of the very near future pure EV Jeeps that will be launched in the marketplace. Let me move now to a specific zoom of the zoom, which is a zoom on BEVs for the U.S. market. On the unique U.S. market from 2024, you can see here all the new launches that will include a BEV version. You can see that the US pure BEV product portfolio will grow to more than 25 models by 2030. You can see here the sequence and the frequency at which we are going to make those launches.
All of this is right now, I would say, in the pipeline, being executed with a lot of passion, a lot of rigor and an extremely high focus that we can see every day in our meetings. From there, I would like to just confirm and we have the capability, the knowledge and the expertise to transform the current conventional plants into pure BEV plants. I can confirm to you that we are moving with our e-powertrains and specifically in terms of developing and manufacturing electric motors in-house with our partner Nidec. That we are moving with the five gigafactories that will deliver no less than 400 gigawatt hours by 2030, which is an enormous amount of battery cell storage capacity. We are doing this with ACC, as we are shareholders of ACC.
We are doing this with our partners from LG and our partners from Samsung. Our five gigafactory footprint is now being executed as you can see through the individual announcements that were made. We also confirm that we have made a specific investment in Factorial to develop. We are growing the capacity and we are expanding the number of vehicles that will use this technology. I will give you more news in the near future on that matter. In a nutshell, we are confirming the Capital Markets Day commitments that was organized in July 2021. We fully confirm the execution of what was presented to you at that point in time. Let's move now to software, as we had also a capital day late 2021 to explain to you what we were going to do on this matter.
Four major targets, more than 34 million connected vehicle car park, which is an enormous number. More than 400 million over-the-air updates per year capability to generate more than EUR 20 billion of additional business. And a very good business, as the growth margin is around 40%. Very accretive to challenge all of our peers in any kind of business that you could imagine. We are doing this not only by ourselves but also with some very talented and very experienced partners like Foxconn, Amazon, BMW or Waymo and we are fine with this way of proceeding as we don't want to be developing everything. We want also to enjoy the dynamics of some of our respected partners. What is also very important for us is that we educate our people.
The industry is right now in a very fast and very deep transformation. People would think that companies like ours would not be able to adapt, which is absolutely wrong. We are adapting very fast and we are adapting very strongly. We are helping our people by making this transformation in terms of giving them more education. We have set a specific software and data dedicated for the transformation of the company. I want also to tell you that the educational program will be decided by the best worldwide experts from outside of the company. The worldwide experts that we will contact will decide what is the sharpest education that we should be giving our people to be on the front driving seats of this transformation.
Let me move here from this software topic to what we call the seven accretive businesses for which we want more breathing space. We want more business sense. We want more accountability. We will give to this seven business you have on this slide all of this. A clear P&L, a clear autonomous management team, a clear capability to drive the business at a faster pace with less bureaucracy, with more speed and still those startups and make sure that we can, to a certain extent, utilize some shortcuts to accelerate the progress and accelerate the innovation capability of our company. We are already identifying those targets and some important discussions are already ongoing on this matter.
Keep in mind that we have given this corporate venture fund no less than EUR 300 million to give us the capability to accelerate the development and innovation in some of those areas. Let me mention a few of them and let me start with the circular economy, which is very important because it's part of our carbon neutrality strategy and we have to move from a linear economy to a circular economy. It seems like a simple statement. It's not. It's a very deep transformation of the way we address our different developments, a major new business model that we are now preparing for and we are setting up the talent pool that will take care of this business.
Because the most important thing here is people who have different ideas, a different vision of what this cradle-to-cradle new way of doing business represents. Of course, we are taking our time to identify the right talent so that we can set up the right autonomy with the right talent at the top to make this new business model not only a big tool to achieve carbon neutrality but also a growing business for the future. Of course, we will do all of this without compromising quality. In terms of data, I would like to confirm what we have already said in the late 2021 Capital Markets Day. We'll bring EUR 9 billion of additional revenues. As you can see, the growth rate is very strong.
You can see also that the business software as a service and fleet services for external businesses by crunching those data in order to create value. This is what we intend to do and we are now already running on this kind of business direction. Last but not least, I would like here to mention Free2move. On the Free2move, this is an already existing initiative, so we are just going to accelerate. What is important to notice is that not only we have been growing over the last few years but we have been able to keep our mobility services profitable, which is quite unique in the industry. As you know, in the industry, most of the mobility services are making red ink. It's not our case.
We are black and we have been able to grow the business, staying in the black, still growing, perhaps for more companies. In terms of financial services, we have a very powerful engine of growth and we have taken 4 different initiatives. First, we have created a fully owned captive Stellantis Financial Services in the U.S. market, which was sort of something that needed to be done to support our North American business and the U.S. profitable business. This has been done and from 2023, all major products will be launched to the market to support the sales and marketing business. We have completely rearranged and reengineered our operations, our banking operations in Europe. It has been done and from 2023, we have one single financial company per country, based on a 50/50 JV with Santander.
We intend to challenge some of the other leasing entities and we see, compared to our peers, that we have a very significant opportunity to grow profitably this business in Europe. Last but not least. We are now accelerating on the affinity insurances, where we believe we have also significant opportunities to grow to more than EUR 4 billion of revenues by 2030. You see, we intend to move from a net banking income of EUR 2.9 billion in 2021 to more than EUR 5.8 billion in 2030. We have a very significant growth rate of 100% in this matter. If we move to the next business, which is the pre-owned cars, we want to move from being tactical to becoming strategic, which means we will use one single pre-owned car label across the world, which is SPOTiCAR.
We expect SPOTiCAR to sell more than 2 million with a 360-degree offer with Mopar, with Eurorepar, bproauto or Bolk brands. We want, specifically, the independent aftermarket product revenues to be multiplied by 4. We also believe that in our independent channel offensive with Mister Auto and Distrigo, we can increase the mix of independent aftermarket brands to 50%. We believe that we can also improve the logistics efficiency by reducing by 20% the area of our warehousing, which will contribute to improve the CO2 footprint and the carbon footprint of the company. Overall, we have a plan to increase by 50% the revenues on the aftermarket business on all vehicles, all brands and all customers. If we move to our light commercial vehicles, as you know, this is our leadership position in Europe, leadership position Latin America.
We are racing to take the leadership position worldwide and we are getting very, very close to it. We believe that our new business unit, which will be given more autonomy and more breathing space in the future, we'll have no less than 26 new products to launch between now and 2030. We believe that our van and pickup electric offer will be at 100% by 2027 in Europe and in the U.S. In terms of technology, we'll bring not only a BEV but other technologies to electrify the products, including fuel cell. We'll bring OTA, over-the-air capabilities to each new vehicle that will be launched from 2026. Last but not least, we believe that we can continue on the overall transformation to electrification.
You see that we are using our brand portfolio in a very powerful way in the different regions of the world, that we are bringing significant ambition to the AOI margin. More than 15% in North America, more than 10% Enlarged Europe , more than 12% in Middle East and Africa, around 10% in South America, more than 13% in India and Asia-Pacific and more than 8% in China. You see that we have also strong ambitions for the market shares and that is going to be supported by the strong product plan, product launch plan that I presented to you in the previous slide. If we move to the financials, what are the results that will come out of this Dare Forward 2030 plan by 2030?
As you can see, we expect to double the revenues when we pass the volatility of the markets in all weather conditions. We believe that our industrial free cash flow has much more potential. As you see, we believe we can grow this potential up to EUR 20 billion of industrial free cash flow by 2030 and certainly more than EUR 6 billion by 2024. Last but not least, we will keep our CapEx and R&D at around 8% of net revenues. This is not a cap, this is a guideline. We don't need to put a cap in the sense where we are making money. As long as we are making money, we can fund not only the development of the company but also we can pay the dividends to our shareholders.
From there, talking about dividends, I would like to comment on the fact that we are announcing to you today but we presented this on 1 March , our dividend policy through this period of 2022 to 2025. This is what we would like to announce to you today on this matter. In a nutshell, if we sum up the Dare Forward plan, number one commitment to our children and our grandchildren and the generations to come, will be a carbon net zero corporation by 2038. In order to achieve that, on the care pillar, we'll be reducing our carbon footprint by 50% in 2030 and we'll be number one in customer satisfaction, product, service and customer journey.
In terms of technology, we get ourselves ready to be 100% sales BEV in Europe and 50% sales BEV in U.S. by 2030. We will make our digital revolution in software, AI and AD. In terms of value, we'll create more value by growing the businesses to which we are giving more breathing space, more autonomy. We'd like to hand over back to our chairman, Mr. Elkann. Thank you.
Thank you very much, Carlos. We have an exciting present and an even more exciting future. I would like now to move to the formalities of our meeting. The meeting will be held in English. I am the remote chairman of this meeting. Also, the CEO of Stellantis, Mr. Tavares, is remotely present at this meeting. The same applies to Mr. Giorgio Fossati, the company's General Counsel and Mr. Richard Palmer, the company's Chief Financial Officer. Ms. Bregje Smith is appointed as secretary of this meeting. I also welcome Mr. Yvan Salamon , Mr. Oscar Jonker and Ms. Alessandra Davi, all representative of Ernst & Young. The company's external auditors who are present through a remote connection to answer questions relating to their audit report and the company's 2021 annual accounts.
The annual general meeting was properly convened and the publication for the meeting was published on the Stellantis website on 2 March 2022. The setup of this meeting is in line with the temporary Dutch legislation allowing virtual meetings. As explained in the notice to protect the health and safety of all shareholders and participants in connection with COVID-19, no physical access was provided to this annual general meeting. Instead, those wishing to follow the meeting have been given the opportunity to do so remotely via this webcast that is being publicly broadcast tonight on the Stellantis website. I thank all of those who are connected via the webcast.
To facilitate interaction at this meeting while still observing the applicable restrictions, we have provided our shareholders with the opportunity to submit written questions regarding the agenda items in advance of the annual general meeting. Relevant submission instructions have been included in the convening notice and are published on Stellantis website. We have received a number of properly submitted questions prior to the deadline 10 April 2022 at 3:00 P.M. CEST. To the extent appropriate in view of the orderly conduct of the meeting, we will address these questions at the end of the relevant agenda item. Where appropriate, questions will be combined and answered per theme. Answers will be given orally in English. Shareholders who have properly submitted questions in advance will be given the opportunity to ask follow-up questions.
Follow-up questions can be sent via email. The email has to include the shareholder's name and surname, the number of shares held by the shareholder, the agenda item in which the questions refer and the bank or broker statement providing the shareholder's shareholding at the record date. Shareholders are requested to pose their follow-up questions in English and ultimately prior to the end of agenda item four. We will do our best to answer these follow-up questions properly submitted at the end of agenda item four. Our response will be in English. As you're aware, no votes can be cast during this meeting. Shareholders have been given the opportunity to exercise their voting rights prior to the meeting via proxy or web procedure. The voting results received will be displayed after the discussion of each agenda item.
The voting results will be published on the company's website after the meeting in compliance with applicable laws and regulations. Only votes submitted before 11:00 P.M. CEST on Wednesday 6 April 2022, have been taken into account when calculating the voting results. As to the number of shares issued and related voting rights, I note that as the record date for this annual general meeting. 3,132,800,784 common shares and 178,622 Class B special voting shares were issued and outstanding in Stellantis share capital with an equal number of voting rights exercised. The holders of 2,223,883,511 outstanding shares in Stellantis share capital as of the record dates are represented at this meeting. This represents approximately 70.98% of Stellantis issued and outstanding share capital. These shareholders have cast a total of 2,223,883,511 votes prior to this annual general.
As further set out in the company's articles of association, no person acting alone or in concert, together with votes exercised by affiliates of such person or pursuant to proxies or other arrangements conferring the right to vote may be able to exercise directly or indirectly voting rights or shares at a general meeting reaching or exceeding 30% of the votes that could be cast at that general meeting of the company. The maximum voting threshold for this meeting is 667,165,053. This threshold has been published on the Stellantis website on 7 April 2022, in accordance with the company's articles of association. Now that I have addressed all the formalities, I will turn to item two of the agenda. The annual report for 2021 was made available on the company's website and at the company's office from 2 March 2022.
I will now spend a few moments providing a brief summary and explanation of all six agenda sub-items of this agenda item two. The first two agenda sub-items will not be voted upon as they are in discussion zone. The third agenda sub-item is an advisory voting item. The last three agenda sub-items of this agenda item two are voting items. The first sub-item, two A, concerns a report of the board of directors for the financial year 2021, which is contained in the company's annual report 2021. This is a discussion item only. Sub-item two B concerns a policy on additions to reserves and on dividends and is a non-voting item for discussion only.
The company's dividend policy contemplates an annual ordinary dividend to be distributed by the company to the holders of common shares, targeting a payout ratio of 25%-30% of the company's net profit for the relevant prior financial year. The actual level of dividend to be distributed by the company will be determined by the board of directors in its sole discretion and will be subject to factors that the board of directors may deem relevant at the time of the dividend distribution. The company is proposing to the shareholders to approve a EUR 3.3 billion distribution on common shares under agenda item 2E. I will further elaborate on that when we come to agenda item 2. Sub-item 2C concerns the 2021 remuneration report.
The results of the voting will be regarded as an advisory non-binding vote with respect to the remuneration report for 2021. Pursuant to Dutch law, the remuneration reports for 2021 must explain how the voting by the shareholders in the previous annual general meeting has been taken into account. At the annual general meeting held in 2021, the general meeting of shareholders voted for the 2021 remuneration report with a slight majority of votes for. Based on feedback from several institutional shareholders and that the report reflected pre-merger financial and remuneration information, the company made changes to the 2021 report to address this feedback and provide additional clarity, transparency and disclosure of its remuneration practices. The remuneration report for 2021 is contained in the company's annual report 2021. Sub-item 2D concerns the adoption of the company's 2021 annual accounts.
This is a voting item. The company's 2021 annual accounts have been drawn up by the board and audited by Ernst & Young Accountants LLP. The Netherlands, who have issued an unqualified opinion. The external auditors are available to answer any question relating to their report on the financials of the 2021 annual accounts. The board proposes to the shareholders' meeting to adopt the 2021 annual accounts. Sub-items 2 E concerns the 2021 dividend. This is a voting item. The proposed dividend entails the payment to the holders of common shares of EUR 1.04 per outstanding common share, equal to a payout ratio of 25% of the company net profit. Upon approval, the expected calendar for the common shares listed on New York Stock Exchange Mercato Telematico and Euronext Paris will be as follows.
Ex-date 19 April 2022, record date 20 April 2022 and payment date 29 April 2022. The board proposes to the shareholders to approve the EUR 1.3 billion dividend on common shares. This is equivalent to $3.7 billion. The final sub-item 2F concerns both the granting of discharges from liability of the Executive Directors in respect to the performance of their management duties in the financial year 2021 and the non-Executive Directors of the board for the performance of their non-executive duties in the financial year 2021. This is a voting item. Now, we have dealt with all the subsections of the agenda item 2. It is time to address the questions that have been submitted by Stellantis shareholders prior to the meeting with respect to this agenda item and in accordance with the instructions set forth in the meeting notes.
We have received questions in respect to the agenda item two, that we have thematically grouped. Mr. Fossati, Stellantis's General Counsel, will read out the questions received and the company's answers. Thank you, Mr. Fossati.
Thank you, Mr. Chairman. For an orderly conduct of the meeting, only questions timely submitted prior to the meeting in accordance with the instructions or raised as follow-up questions by entitled shareholders will be answered. Material questions received and not specifically addressed in the company's annual report have been thematically grouped and will be answered under the relevant agenda item. We will start with the question received from the Forum pour l'Investissement Responsable on ESG matters. The first question relates to alignment of revenues and investment to the Paris goal to limit global warming to 1.5 degrees Celsius, how such alignment is ensured and related action plans and investment in the short, medium and long term.
Stellantis is committed to achieve carbon neutrality by 2038, with a single-digit % of compensation of residual emissions from well-to-wheel and through the entire supply chain. The 2030 intermediate targets cover in absolute the GHG emission from Scope 1 and 2 and well-to-wheel CO2 emissions from Scope 3 are also in line with the Paris Climate Agreement and the 1.5 scenario. Stellantis referred to a science-based methodology to define its targets. This commitment rely on global BEV sales of 5 million units in 2030, reaching 100% of passenger car BEV sales mix in Europe and 50% passenger cars and light-duty trucks BEV sales in the United States. Stellantis is investing more than EUR 30 billion through 2025 to execute its electrification and software strategies.
Stellantis has built partnership with game-changing partners to master the technology and produce batteries and powertrains with the highest level of performance worldwide. The relevant plans include 3 GBs to produce batteries, 1 GB to produce e-motors and 1 GB to produce e-dual clutch transmissions. The second question relates to the percentage of our business directly dependent on biodiversity and our expenditures in favor of biodiversity. A small percentage of Stellantis business is directly dependent on biodiversity. Except for tires made of rubber and some parts like seats, in case they are made of natural fibers, there are few other automotive components that depend on natural cycle and biodiversity. Materials in a vehicle directly depending on biodiversity are less than 1% of the total weight. Stellantis has nevertheless implemented dedicated measures aimed at further minimizing this issue.
In 2021, around 60 plants were located within or near a natural protected area less than 5 km. They developed 55 biodiversity projects, mainly focused on biodiversity, inventories, awareness campaigns for employees and other stakeholders, such as the local community and working with students, all for preservation of natural habitats near areas of operations. These activities determine an expenditure of around EUR 300,000-EUR 500,000 yearly. Another question relates to the strategic natural resources necessary for our activity, impact of scarcity of these resources on our business models, actions to respond to supply difficulties and seize opportunities for circular business models and objectives in this area. Natural resources necessary for our activities are water in manufacturing and some natural derived materials contained in our vehicles.
Mapping of material risk for both current and forecasted production is performed according to specific criteria for each raw material, including scarcity and geographic location. Actions to combat supply difficulties and size opportunities to develop circular business models include reducing our consumption, developing further our circular economy business, notably by extending the lifespan of our products through the remanufacturing, repairing, repair and reuse of parts, including batteries, as well as refurbishing of vehicles for pre-owned car business. Increasing the use of green materials coming from renewable resources or recycled materials, allowing to decrease carbon footprint and decrease the use of some critical raw materials. Our main business objective in this area is to develop our circular economy business from cradle to cradle and to reach more than EUR 2 billion in 2030.
With revenues multiplied by 4 versus 2021 for extended life revenues, meaning part repair, part remanufacturing, parts reuse, vehicle reconditioning and battery refurbishing, multiplied by 10 versus 2021 for the recycling activities. Another question received is about the proportion of our corporate officers and employees, the variable compensation of which is affected by ESG criteria. The Board is responsible for selecting such criteria and our alignment of such criteria to the company's ESG strategy is ensured. 100% of our corporate officers and employees eligible for Stellantis annual incentive plan are concerned by integration of environmental and social criteria in the determination of variable compensation. For the former PSA Group perimeter, the profit-sharing scheme is conditional upon a trigger linked to the CO2 emissions and the company compliance with the CAFE regulations in Europe.
This will be enlarged to the whole Stellantis perimeter in the coming years. The Remuneration Committee is responsible for assisting and advising the Board of Directors in determining executive compensation, notably related to the environmental and social criteria. At the operational level, the executive vice presidents are accountable for reaching the economic, environmental and social performance targets preset for their perimeter of responsibility in line with the strategic plan. The environmental and social related targets are made public in the CSR report. A further question relates to lessons learned about the impact on working condition of new work organization methods in the COVID-19 pandemic. Remote work, digitalization of communication, increased flexibility, et cetera and their integration in our human resources strategies and related social dialogue. Through the COVID-19 experience, the group has identified more flexible work arrangements.
The New Era of Agility program is an innovative hybrid concept of working based on 70% of remote work and 30% on-site presence. The main takeaways of the implementation of these programs are benefit for the health and safety of employees, preventing stress, improvement of their work-life balance, motivation and wellbeing, greater use of the digital and collaborative tools, as well as better environmental performance. It is also a factor of attractiveness and new flexibility in talent acquisition. In most host countries, joint management worker organizations oversee and monitor the applicability of employee health and safety practices. 95% of company employees are represented by joint management worker health and safety committees. During 2021, due to COVID-19, there were dedicated discussions with the employee representatives regarding the application of preventive measures by following specific guidelines in the workplace.
Another question concerns whether Stellantis has a definition of living wage going beyond the local legal minimum wage and how it ensures that its employees and the employees of its suppliers receive it. Stellantis promotes a comprehensive compensation policy that rewards performance. As evidence of the ability of the employee representatives to reconcile cost control, competitiveness and rewarding performance, 62 salary agreements were signed. The company compensation policies has three main objectives to reward the performance, to provide a fair, competitive, market-driven compensation package to retain and attract key talent. Our compensation policies and practices are designed to follow human rights principle and comply with applicable laws with a focus on diversity and inclusion. A base salary is determined on the scope of job responsibilities, experience and the competitive market.
Collective variable compensation is a component of the comprehensive compensation programs offered by Stellantis to its employees. As mentioned in our code of conduct, Stellantis also encourages the adoption and sharing of sustainable practices among our business partners and our suppliers. By signing our purchasing guidelines, our suppliers are committing to reach worldwide standards, even if local laws are not sufficient. We regularly assess whether our suppliers, with the help of certified and well-known partners. This audit assesses whether those employees are receiving decent wages compared to local industry standards and their working hours, as well as decent rest periods. Another question relates to the proportion of employee saving funds offered to our employees which are labeled responsible SRI, Greenfin, CIES or Finansol labels or meet ESG criteria.
In France and in other countries, our subscription of these type of funds is encouraged. Our responsibility as a company is to create sustainable and shared value for our people, also inspired by previous experience at former PSA and former FCA. Former PSA employees are offered a saving plan with employee share ownership. In addition, in France, they are offered to invest in a saving fund, Impact ISR Rendement Solidaire, Label ISR . 43% of employees in France are also eligible to a supplementary retirement plan for which an ISR fund, AXA Génération Tempéré Solidaire, is proposed. Concerning former FCA employees, 74% of employees eligible for supplementary retirement fund plans fall into two categories: defined contribution plans and defined benefit plans.
In the U.S., defined contribution plan offers a self-directed brokerage account, whereby the plan participant may invest in a broad range of investment funds, including ESG. Another question relates to fiscal responsibility, including whether the company has a charter detailing our commitments to fiscal responsibility, whether such charter is approved by the board and whether the company reports on its application. Stellantis has implemented a tax policy which has been approved by the Audit Committee of the Board of Directors and is available on our website. Annual tax disclosures are included within the financial statements and accompanying footnotes, which are also available on the company's website. A tax policy has been adopted to ensure that tax compliance, tax planning and tax risk are effectively and consistently managed at the regional, sector and group levels.
We believe that taxes are key contributors to the economic and social development of the communities in which we operate and play a vital role in creating long-term value. We are committed to fulfilling our fiscal obligation by administering and paying all required taxes. We support the alignment of tax approaches within the regions to ensure fair competition. We work to maintain an open, honest and transparent relationship in all dealings with tax authorities. A further question relates to responsible lobbying and membership of professional association; those positions can be considered controversial to the general interest and the resources devoted to interest representation. Stellantis has not yet published a responsible lobbying charter policy. However, Stellantis closely monitors its relationship with public authorities with the intention that interaction with government officials are transparent, responsible and ethical.
We follow the guidelines issued by the European Commission and European Parliament and the U.S. Congress to disclose all appropriate information on our activities, including spending on lobbying activities and the specific topics addressed in interaction with particular public officials. The amount spent on lobbying activities is EUR 3.4 million, which includes notably labor cost, amount paid to trade association and that trade association used for lobbying. The main associations Stellantis is member of are car manufacturers associations in areas of operations. Usually, these associations determine position based on a consensus among its member but with the possibility to veto the position if this could contradict the position defended by Stellantis. None of the associations mentioned above publish positions that are controversial with regards to general interest .
Another question relates to how Stellantis involved its social partners in the various stage of the development, evolution and implementation of its compliance plan and the resources they use it. Since the merger of PSA and FCA at the very beginning of 2021, Stellantis started dialogue with employee representatives and promote both contractual and constructive approach. Stellantis has a long commitment to fundamental human rights. In 2021, the company continued strongly to exercise vigilance in this area within its various activities and subsidiaries and across its supply chain, disclosing the Stellantis responsible purchasing guidelines for suppliers. A mechanism for alerting and for gathering reports on the existence of materialization of human rights-related risk is in place. All employee representatives can exercise vigilance and can report non-compliance and their opinion is regularly solicited on the application of the agreements commitments.
Each month, representatives from about 30 countries participate to a poll and share about working rate and atmosphere, manufacturing and sales activities, union activities and local policies. Our Always Act with Integrity campaign highlights the availability of the reporting system for all types of concerns, including vehicle safety and regulatory concern. This system is open to workforce members, business partners and other stakeholders and is accessible on Stellantis website. Through our internal controls and the use of specialized independent service providers, the company's whistleblower channel is designed to protect the confidentiality of persons who make a report. Reports might be made anonymously unless local law provides otherwise.
We received a couple of questions on the compensation of our Chief Executive Officer, particularly regarding its basis and the amounts received by the Chief Executive Officer in 2020 as the CEO of PSA. We welcome the opportunity to provide some clarity on a matter which can easily be distorted by misinterpretation and approximation. The compensation of our Chief Executive Officer is 11% fixed and the remaining 89% at risk, depending on the company's performance versus predetermined stretch performance goals, including ESG aspects, as determined by the board. The fixed portion consists of approximately 1.9 of yearly base salary. Such base salary represents 17.6% increase versus his previous salary at PSA.
This compares to the fact that Stellantis represents an increase of 145% in turnover and 172% in employees versus PSA and is one of the top 10 industrial companies in the world with approximately 300,000 employees and a turnover of EUR 152 billion. The variable part consists of a bonus directly linked to performance goals, which amounted to EUR 7.5 million in accordance with the company's remuneration policy approved by the shareholders one year ago. Under his leadership, the new company, formed in January 2021, posted record results that allowed a 70% increase in redistribution to all employees with respect to the cumulative amount redistributed last year by the previous legacy companies. Under his retirement scheme, the cost will be EUR 2.3 million, of which 50% will be dedicated to tax payment and 50% to a pension fund.
In addition, in 2021, the CEO received a one-time award of EUR 1.7 million to reward his decisive role in the merger between PSA and FCA. The value of the long-term incentive, pending achievement of precise KPIs over a longer performance period, reflects the accounting expense of EUR 5.5 million. This amount has not been paid but only recorded by the company and will be paid if and when the relevant threshold performance will be achieved. The CEO's compensation is therefore largely driven by overall company performance. As you compare pay for performance analysis with relevant peer companies in Europe and USA with similar worldwide reach, please keep in mind Stellantis' extraordinary financial results and relative to its peers, in particular to a significant merger and in a challenging industry.
The one-time CEO transformation incentive 2021-2025 aims at rewarding the leading role of the CEO in the transformation of Stellantis into a global mobility tech company, emphasizing the electrification and software of its vehicle in a very competitive, uncertain and challenging environment. The incentive is subject to the continuous employment of the CEO through January 2026. The CEO transformation incentive consists of a transformation incentive of up to 250,000 performance cash units with a target value of EUR 25 million upon the achievement of significant and strategic innovation milestone over a five-year period and of a shareholder return incentive consisting of up to 1 million performance share units with a five-year vesting period, subject to an 80% appreciation in value of the company's stock in that period and an additional two-year holding period applied to 50% of the award payout.
The above is fully consistent with Stellantis' pay for performance philosophy and the need for Stellantis to compete with peers worldwide, including in attracting talents. Another question we received relates to why there is no disclosure about Aramis Group in the 2021 Stellantis annual report and why there is no disclosure about sales of used cars. Note 27 equity to the consolidated financial statement included in the 2021 annual report discloses that in June 2021, one of the company consolidated subsidiaries, Aramis, listed a portion of its shares on the Euronext Paris stock exchange. Prior to the listing, the company held 70% interest in Aramis and as a result of the IPO, the company interest has been diluted to 61%.
As there was no loss of control as a result of the listing, the transaction has been accounted for as an equity transaction, with EUR 178 million recognized as an increase in non-controlling interest and EUR 121 million recognized as an additional retained earnings. Regarding used vehicle sales, Stellantis' segment reporting is structured by regions primarily representing geographical areas and not structured by activity. The revenues from used cars are not considered material for separate disclosure. Another question relates to offer of E85 flex fuel cars in the French and European markets. Stellantis' long-term strategic plan, Dare Forward 2030, is targeting to halve our carbon emissions by 2030 on the path to achieving carbon net zero in 2038 and set the course for 100% battery vehicle sales in Europe and 50% in the United States.
Consequently, the main focus of Stellantis engineering developments in Europe and in the U.S. is already on electrification. Nevertheless, Stellantis engines are compatible with E85 flex fuel with some adaptation. Indeed, they will reduce greenhouse gas emissions as Stellantis is currently selling flex fuel vehicles in Brazil, 500,000 registrations in 2021, where electrification ramp-up will probably be slower than in Europe and in North America. Further detail on the use of alternative fuels can be found in Stellantis' CSR report published last week. Another question is about the possibility of simplifying the loyalty voting structure in order to integrate the employees' mutual funds without the need to exclude the trading of the common shares they own in the regular trading system, which is not compatible with the liquidity rules to which such funds are subject.
The loyalty voting structure is defined in the constitutional documents of the company and the requirements for the shareholders to benefit from it do not deviate from standard practice. Those requirements are intended to ensure that the conditions for benefiting from the loyalty voting structure are met and all shareholders are treated in the same manner. Although the matter has been explored, exceptions or deviations remain problematic and none is available at the moment. We received a question on the cost of the corporate aircraft in 2021 and whether they are only used for corporate trips or they are also available for personal use by the top executives. The two corporate aircraft are used for business purposes and are instrumental to better management of time in a global company active across the world with important operations in different continents.
Executive directors are entitled, pursuant to their employment contracts, to use the company aircraft for personal travel as part of their benefits. When such use occurs, the relevant value is regularly disclosed as part of the compensation. The cost of the aircraft in 2021 was not material to the company. Those costs are regularly reviewed for efficiency purposes as part of the continuing efforts of the group to control costs. Another question relates to the number of Stellantis employees in Italy in January 2021 and on 31 December 2021. Total employees of Stellantis subsidiaries in Italy were 53,250 as of 31 December 2020 and 49,192 as of 31 December 2021. This trend is current with other European countries and in line with the agreements negotiated with the unions.
We were requested to clarify the differences between the roles of the Chairman of the Board of Directors and the company's Chairman. Pursuant to Dutch law and Dutch Corporate Governance Code, the Chairman of the Board of Directors is entitled, among other matters, to chair the board meetings and coordinate relevant discussion. This position shall be covered by a non-executive director who qualifies as independent. In Stellantis N.V., the chairman of the board of directors is the senior independent director. In addition, the board of directors, acting in accordance with Dutch law, Dutch corporate governance and the company's bylaws, can resolve to grant titles to the directors. In that respect, the board resolved to grant the title of company's chairman to Mr. Elkann, who is an executive director.
With this, the last question in respect of agenda item two that was received prior to the meeting has been addressed. I am now handing back to Mr. Elkann. Thank you.
Thank you very much, Mr. Fossati. I now close the discussion of agenda item two and turn to relevant voting sub-items results received ahead of the meeting. I establish that the general meeting advises with 47.894 and 52.12 against in relation to the remuneration report. As we have notified before, it is our conviction as board that it is important for us as a meritocracy to pay for performance. Which is our recommendation and we will take on this vote, which is, again, a recommendation. It is in the value of Stellantis that we are and will be a meritocracy and as we said in the introductory remarks, we will pay for performance. I note that the proposal has been approved and that the 2021 annual accounts have been adopted by the meeting.
I note that the proposal has been approved and that the 2021 dividend has been adopted by the meeting. I note that the proposal has been approved and that the granting of discharge from liability of the directors has been adopted by the meeting. I now move on to the next item on the agenda. Agenda item three concerns the reappointment of the independent auditor. The audit committee has reviewed the performance of the independent auditors and the effectiveness of the audit. Based on such review, the audit committee has recommended the reappointment of Ernst & Young Accountants LLP as independent auditors of the company until the annual general meeting of shareholders of 2023.
The board of directors concurs with the audit committee's recommendation and submits to the shareholders the proposal to reappoint Ernst & Young Accountants LLP as the company's independent auditors until the annual general meeting of shareholders of 2023. We have not received questions in respect of agenda item three. I now close the discussion of agenda item three and turn to the relevant voting results received ahead of the meeting. I note that the proposal has been adopted by the meeting. Let us move on to the next agenda item. The board of directors proposes that the general meeting of shareholders delegates the authority to acquire common shares in the company capital to the board of directors, either through purchase on a stock exchange through a public tender offer.
An offer for exchanges or otherwise at any time during the period of 18 months from the date of the annual general meeting of shareholders and therefore up to and including 12 October 2023, up to a maximum number of shares equal to 10% of the issued common shares of the company, as determined on this date. The prices applicable shall be within the margins stated in the explanatory notes to the agenda. This delegation of authority does not impose an obligation on the companies to acquire its own common shares but gives the board the right to acquire common shares in the capital of the company with sufficient flexibility and discretion to the board to give effect to such acquisition if and when it considers it to be appropriate.
The adaptation of this proposal by the general meeting of shareholders will replace the current authorization for the board of directors to repurchase common shares in the company's capital, which was granted by the general meetings of shareholders for a period of 18 months from 15 April 2021. We have received questions and the floor is yours, Mr. Fossati.
Thank you, Mr. Chairman. One question we have received is on the next actions to promote Stellantis employees' share ownership and when will they be implemented. The response to this question, we note that there are many HR work streams as we integrated former companies into Stellantis. As we continue our journey as one company, focus has been on creating a harmonized organizational structure, common incentive levels, pay practices and governance. At the same time, we are reviewing the harmonization of benefit programs as it compares to local market practices. An employee stock purchase program might be considered in 2023. Another question that we have received relates to targeted spending in short-term share buyback versus long-term investment on energy transition, improving market share in China, Asia and/or on people competencies.
With our strategic plan, we intend to double our revenues to EUR 300 billion by 2030 while transforming our business models and sustaining double-digit operating margin throughout the plan. Our number one priority is to continue to execute on the extensive investment program to transform our company, investing in product, electrification, software and other key activities. Our capital allocation philosophy is also to reward our shareholders. For the period 2022-2025, we expect to maintain strong liquidity and generate free cash flows, allowing a dividend policy with 25%-30% targeted payout ratio and also a share buyback program, if deemed appropriate by the board. This was the last question on this agenda item, Mr. Elkann. I hand back to you.
Thank you very much, Mr. Fossati. On the vote of point 4, the proposal has been adopted by the meeting. On the question that we had on promoting Stellantis employees' share ownership, I also wanted to add that the leadership team has a very clear policy of which we are all shareholders and committed shareholders of Stellantis. I would want to thank you all for our AGM today. If there's any other and further questions, Mr. Fossati will have arrived.
Yes, we have a question, okay, that is again a request to disclose the total compensation of Mr. Tavares in 2020 from PSA. The point here is that there was the merger and there was no annual general meeting in PSA in 2020. Due to the merger, PSA was no more existing. The deferred remuneration has not been published. We have mentioned that his base pay has been increased by 17% from EUR 1.7 million in 2020 compared to 2021 at EUR 2 million. It's very challenging to compare with 2020, given the scope of the CEO responsibility is completely different and there were a number of events like the COVID pandemic and its impact that had a material effect on compensation.
We think that our answer was for comparison purposes appropriate. The element that we have provided with respect to the past for comparative reason is sufficient. This is the last question we have received.
Thank you very much, Mr. Fossati. Thank you all. I would like to declare the meeting closed. On behalf of the board, I would like to thank you all for attending and participating to our meeting and for supporting us in what has been an incredible first year and more importantly, supporting us for the future we're all building together at Stellantis for you and all of our stakeholders. Thank you.