Good morning and thank you for waiting. Welcome, everyone, to the webinar on the management's presentation for the General Shareholders' Meeting that would be taking place on the 26th of April of 2024. For those of you who need simultaneous translation, I would like to mention that we have this tool available on the platform. In order to do so, please select the interpretation button through the globe icon on the bottom part of the screen and choose your language of preference: Portuguese or English. We'd like to let you know that this earnings call is being recorded and will be provided on the IR website, on ir.assai.com.br. During the company's presentation, all participants will have their mics off. Then after, we'll begin the Q&A session.
To submit a question, please select the Q&A icon on the bottom part of your screen, write your name, company, language, and the question you want to make to enter the queue. All questions should be submitted at once, please. Now I'll pass the floor on to Gabrielle Helú, the Investor Relations Director at Assaí. Hello, good morning, everyone. I'm Gabrielle, and thank you so much for participating in this webinar. It's a pleasure to be with you guys today. We're going to use this time to discuss our management proposal for the General Meeting in 2024. This webinar will be presented by the Chairman of our board, Oscar, and the coordinator for People and Management.
Today we also have other members of the board as well with us, such as Guimarães Monforte and Leonardo Pereira, and other members of management like Belmiro Gomes and our VP of People and Sustainability. At the end of the presentation, we will also have a Q&A session. As Rodrigo mentioned previously, we'll send the questions, and we would like you to send them in writing through the chat icon. We'd also like to ask you to please use this form to discuss topics related to the management's presentation exclusively. Now I'll pass the word on to Oscar to begin his presentation.
Obrigado a todos.
Good morning, everyone. Well, I'd like to know if we could talk about how the governance in the company has evolved recently and in the past three years. The next slide, please, Gabrielle. Let's remember that Assaí is a company that has been around for almost 50 years, but as a true corporation, it's a little more than three years only. When the spin-off from GPA happened in December 2020, the listing in 2021, then we had the two follow-ons with Casino that led to having a complete exit in June 2023. And with the elections of this board on the 27th of April last year that you guys elected, and then we had the surprise of the non-approval of the compensation package, and then the board presented a new proposal in July.
Then with the exit of Casino, we had the substitution of one board member in September 2023. So today, when it comes to governance, we have eight members that are completely independent on the board and Belmiro. Next slide, please, Gabrielle. As you can imagine, the work of a new board that still didn't know the company and board members that had never been working together before, we did have intense interactions. We had 24 board meetings, 22 committee meetings for Culture and Compensation, which became the main item on our schedule, and 15 meetings on the Audit Committee, 10 meetings with the Investment Committee, and 7 for Corporate Governance. What's interesting is that we had 100% participation of everyone in all meetings. So it was a period where we had intense dedication, which does not mean that the board got into the operational aspects of the company.
We were very cautious about this in keeping this strict perspective on the role of the board and the executive management team. Of course, we'll be very close to the company, but we don't expect the same level of dedication from now on as happened in the last year. Next slide. Now, what we heard from you guys and got into a lot of was the need to align the interests of the executives with long-term value creation for all shareholders and also adopt the best governance possible, not only when it comes to Brazilian reality but also global reality. We did perform some big adjustments like the Clawback Policy. This was implemented in December last year. From now on, we created a policy for the Stock Ownership Guideline.
This will require that a CEO has at least five years of fixed compensation in stock in the company, and the other directors would have three years of fixed compensation in stock, which is going to be deployed if this is Ordinary General Meeting that's going to be occurring at the end of this month. Next slide, please. Now, the biggest bit of news here when it comes to governance was the engagement with you guys. Even when it comes to the Brazilian reality, I think Assaí innovated a lot when it comes to the dedication that we've had interacting with the biggest amount of shareholders to be able to look at all the contributions that were very valuable and that helped us to design what you will see up ahead or have already seen in our General Shareholders' Meeting Manual.
So in the last year, pre-board, Belmiro really dedicated his time to this before the General Meeting in April 2023. And this was so interesting, and we actually had the election of the board as proposed. And so we had help from specialists during that process, and that worked. So then after we elected the board and we had the rejection of the compensation plan that was presented, we had a second phase of engagement where we spoke to at least 30% of the shareholder base and we listened to the reasons for the non-approval, concerns with the program. We adjusted all of this. We created an intermediate proposal in July that you approved, and then we committed to, in this meeting in April 2024, present a definite plan.
So then we had a second third where we talked to about 44% of the shareholding base, and we had extremely valuable contributions. As you can imagine, it's impossible to please everyone, but there are many different perceptions, of course, about what are the adequate metrics, how to define these targets, how to not define targets. But we think that we are convinced, actually, that the proposal being made addresses in the best way possible the concerns you have and is also the best for the company. What we're going Extraordinary General Meeting and the general meeting is that we have these financial discussions, how we're going to be dedicating our profits in 2023, and that there won't be payment for dividends. As all of the profit was attributed to fiscal operations that cannot be distributed, we'll request the ratification of the election of Dr.
Enéas Pestana as a board member since he joined as a substitution of the Casino rep. Then we will also request the approval for the compensation plan in 2024. So we wanted to approve this standard plan for long-term in the company, and we're going to be presenting a new program that we call the Executive Partner Program in the company that will be strongly connected to performance, and we'll have a global limit for this program as well. Then on the next slide here, before we start discussing the compensation programs, it would be interesting to take a closer look at the long-term history in the company. Casino Group bought the first stock in Assaí in 2008. Then in 2010, they had the purchase of the rest and then the opening of these 20 stores.
So from 2010 to 2011, the operation generated losses, and there was a cash gap of about BRL 120 million. Then in 2011, Belmiro and his team were attracted to administer Assaí, bringing in their long-term experience with Atacadão. They had extraordinary success receiving about BRL 200 million as investments. And from then on, there were no more financial payments in the company. So all of the growth was generated with its own capital generation. So then there was the split between GPA and Assaí in 2020. At that moment, we had 123 stores open, and then we had the purchase of the Extra stores. Now we have 288 stores with coverage in 25 states and BRL 72 million of sales. So what was the value generated in this period? Here we're just mentioning the values generated for the former controller.
Between 2017 and 2022, we had dividends paid of BRL 957 million to the former controller. We had 3 offerings, which the former controller had made that generated BRL 8.9 billion of results. In the split with GPA, Assaí took on a debt of BRL 9.3 billion that was not connected in any way to assets in the company. It was a debt that was pretty much generated by the purchase in Colombia. If we add up these numbers, we have BRL 19 billion in value to the former controller generated. This is a really good indicator of the capacity to generate value that the company has. It's also a good indicator of what we can expect for the future. That's why we are presenting the package for compensation, as Leila will describe now.
So we are convinced that this company has the extraordinary capacity for growth and value generation, and we would like to keep the team that generated these results up until now. Thank you so much, and I'll pass the word on to Leila. Well, good morning. Thank you for your presence, everyone. As Oscar mentioned, after the last General Meeting, the board was committed to perform an in-depth analysis of all of the programs for compensation in the company, going from fixed salaries, variable, and long-term. This was the work we performed in the People's Committee. We have another four independent members that are members that were CEOs, and they had a lot of experience in people management. Then we had a specialist in the market also that specialized in people and compensation.
We also have all of the support for the VP of Human Resources, Sandra Vicari, and all of the management team in the company. We hired specialized consultancy firms, and we wanted to explain this process a bit to understand everyone's engagement in the board, not only this committee. We had some specialized consulting services in Brazil and abroad on the compensation and the long-term and assessment, as well as the value of the company. We had major market research with peers, and they had characteristics that are similar to Assaí's when it comes to volumes and being public companies, publicly held companies. We spoke to other investors to understand the criteria also used to approve compensation programs. As Oscar mentioned, we also participated with the board considering the engagement of our base of shareholders.
And then through all of these conversations and research and the work, we had 22 meetings that were mentioned. And then we started preparing the plan, and that's where the purpose and the guidelines we worked on were, first of all, alignment of the interests of executives and shareholders. And a significant part of this compensation should be long-term in a different stock and related to performance. So this was a strong message. And then after, as Oscar mentioned, we really want to attract and retain these executives and recognize or acknowledge them for making the company what it is today with this journey of success so that they can support and capture this for the new investments in the company. And then the compensation must be competitive. Based on this, we moved on to we started analyzing the criticism as well that we received last year.
So ever since the General Meeting before last, the compensation already fixed this last board within the average in the market and fixed. We still had some months with the former controller with some variable impacts, but 2024 will be the first year with a full year with a fixed compensation for the board. We had a cost of BRL 35.8 million. And this, of course, related to the new fixed compensation for the new board. This year, this number will move on to BRL 10.8 million. We had a reduction of two-thirds, 70% of the board's compensation. And once again, we kept the compensation in line with the market practices or standards. Then about the two other plans, ICP and ILP, long-term and short-term, as I mentioned back then, we were really concerned about having a better alignment with the shareholders and maximize value generation results.
We also heard that sometimes plans are not necessarily awarding the best results. In this short-term incentive, before we started talking about it, it became like a single profit-sharing plan. We had a lot of short-term incentive plans. We had some metrics and indicators that were reviewed and analyzed, and we had an emphasis on financial indicators. All of these were resulting from the conversations and internal analysis. We also included this in the new plan with a cutoff of 80% of the EBITDA target pre-IFRS, which in our vision reflects the performance of the company better. The condition for profit-sharing is applicable if you reach the 80%. If you don't reach that, there's no profit-sharing, right? The PPR, as they call it in Brazil.
Then the new payment curve was also reduced from 50 and 150, and the achievement, which was 200, is now at most 120%. So 50% is paid if there is the achievement of 80% of the target, and 150 is paid if there is achievement of the 120% of the target. So the intervals were reduced significantly. And the metrics, as we mentioned, we had a bigger emphasis on financial metrics, and we created this set of indicators for the company, which are common among all employees participating in the program and are the main indicators that assess the performance at Assaí in our vision. So, of course, worked on together with management. So the net sales and same-store base, that's going to be 10% for everyone. The net income, 10%. Net debt, 12.5%.
The consolidated EBITDA pre-IFRS is a percentage of sales, considering stores open till December 2022, plus 12.5. Women in leadership positions, which is a target that's short-term, and we've evolved a lot in this. The reduction of CO2 emissions that we have ambitious targets to achieve in the next years. So these indicators together generate a score for the corporation that represent 50% of the ICP, which are the short-term incentive plans. From the other 30%, 30% are related to indicators from their own department or area that are specific to assess performance in a specific area because retail has a lot of details, and we try to simplify this as much as possible, the amount of indicators and metrics. But there are some departments that have some of their own metrics that were kept here in these 30%.
And then you have individual indicators also, which are quantitative and qualitative. We haven't worked on discretionary points. We want to have quantitative and qualitative targets for leadership, etc. So here, it's a short-term incentive, and the second chart on the right side is the long-term incentive. Here, you also have a big shift. The long-term incentives were associated to the short-term results, and then we started having and also associated to cash payments. And the long-term incentive plans are 100% stock-based, and it used to be 50% performance, 50% retention, also 30% retention, 70% performance. We also increased the share of performance in the long-term incentive plan, and we also changed the targets and metrics, privileging financial results. And the operational cash flow and ROIC, which are two indicators that are very important for a company like Assaí, represent 35% each.
70% of the long-term incentive plan is connected to these two indicators. Then we have other indicators like Black people in leadership positions, which is a challenge here in Brazil. We've evolved a lot. We have targets for the next few years, the reduction of CO2 emissions, which are also long-term targets. Here, we introduced the concept of training and preparing successors, which we valued a lot. I wanted to explain this a lot because what happened is the company had growth that's very quick, and this very quick growth made us promote a lot of people very quickly. Now we need to reestablish this succession pipeline, let's say, among all of the executives that participate in the long-term incentive plan and also our business model. Assaí privileges decentralized decisions. We have to have executives that are trained and prepared.
But in Assaí, it's very big when it comes to regional perception. We have a big focus on preparing succession executives. We have a plan to. And the long-term incentive plans. In three years, should be one or more successors prepared to occupy their position. And in this case, five years would be the case. So we're going to be monitoring development, but also considering the end of the period, we'll have the succession plan prepared to guarantee the growth of the company. And I talked about the succession. The CEO is up to five years. And up until the CEO will have five years to reach the targets that are going to be defined. And in the case of the other directors, it's three years that are direct, considering the assessments of these targets.
Then we'll have the opportunity to clarify any questions, and I'll follow this in the presentation here. We have two graphs to show you the compensation of the board that incorporates this long-term component. It's the most significant, actually. Here you have the accounting vision and also the reference primary of the accounting vision, but we monitor the administrative vision as well. What we're already proposing here for 2024 is very similar to what we proposed in 2023 in the last general assembly. In regards to what we performed, it's a bit above this because considering the variable compensation, we paid a little less than what is expected in our curve. We always consider we are reaching all of the targets, and we didn't reach some of them, which is why we had a value that's a little smaller.
But the proposal for 2024, which is almost 39%, almost 40% long-term, 37% fixed, and a parcel of 24%. So these numbers vary a little bit from year to year, but a very similar value. So in 2023, we had an extraordinary grant of a retention plan that I mentioned, and we had a lot of programs in the short term. We had this parcel that was expired in 2023, and we're not going to have this in 2024 anymore. So that's why in this grant vision, it's BRL 10 million lower than the accounting vision, which is what needs to be applicable in our Reference Forms. So here's just to mention our work intended to mention the numbers that are already approved and are lower than what was achieved in 2022. So then we have this proposal that was already included in our manual, which is something we're calling.
This is focused on this executive partner vision. This program is common in the U.S., and there they call it CEO shareholder, which is the idea where you can make these key executives that are more strategic to the success of the company up ahead participate in the growth and value of the company. This is not like a besides the long-term incentive plan, it's not like a traditional compensation program for executives. It's a partner program, an actual Executive Partner Program, strong alignment to the objectives of the shareholders. The targets are very challenging, and you probably saw this in the General Meeting manual. These are value creation targets for shareholders that are very challenging long-term, 7 years, and another 3 years of lockup. This is a very long-term prospect and an actual right to share stock connected to create value.
So we performed different international consulting firms to understand which would be the possibilities of this program, which is long-term, and the wealth sharing that these executives if this program is approved, it doesn't even reach 3% of the company's value. So there's significant value to shareholders in our proposal to these three executives, which are Belmiro, of course, obviously, because of all of his work he's been implementing ever since the beginning, and the leadership there as well, and Wlamir and Anderson are responsible for areas that are extremely strategic. And as the Commercial VP of Logistics and Anderson, as the VP for Operations, have been in the company for 12, 13 years, so practically at the same time as Belmiro. And so this group of three people here really needs to be acknowledged and recognized. And this is what we're proposing with this program.
It's limited to 2% of the total amount of stock issued by the company. We won't have a dilution because the stock will be bought and kept in the treasury. 30% of the program will be retention regardless of this performance based on then from the fifth year onwards. 70% of the program will be due to the achievement of these goals that I mentioned that are very aggressive, and we chose the EPS. So we know that there are lots of indicators. We assessed many indicators. We discussed with many investors as well, even the TSR that's very used. But in Brazil, the sample of companies is very small. So we don't have companies that are very similar. Like I said, we had many distortions, that's why we chose EPS.
We understand this is an indicator that reflects the performance a lot of the executives in the company. The minimum to start paying for this program is the IPCA plus 20%. We consider the base of the 31st of December, 2023. In seven years, this will add up to a huge level of growth, and we'll still have the three years of lockup. It's an innovative program, and we understand that there are some companies in Brazil that already adopt this, but we think that Assaí deserves this, and it's really adequate to have this situation with Assaí really becoming this corporation and this accumulated growth. They have this growth project for the consolidation of the company that's also very strong in the next year. This is a new program. We're also going to be available here to discuss any questions you may have.
But we understand that this is a program that's fundamental and relevant and very opportunistic at a moment we're living and experiencing at Assaí and the responsibility that these three executives have and the success and value they bring to the company. Then on the next slide, we demonstrate how the evolution will happen. This is the payment curve for this program throughout seven years. And if we reach the minimum, which is already high, 20% + IPCA, the payment will be 0.4 for performance + 0.4 for retention. And then this is going to grow on a curve until you reach 1.6 and 0.4 of retention, which is those 2%, which is the most we're requesting and asking you to approve. So the vesting will be seven years, and 30% will be retention that's also going to have scalable vesting.
So 30% in the fifth year plus 70% in the seventh year. So that's why this is a program that is very different than the other programs that I just presented. And we understand that it really contributes to this entire project to retain value and attract talents in the company as the company's in a moment with a market very competitive, with a lot of competition and regionals growing and a decentralized model. So we have major reliance on regionals, and so we tried to present this program, not only this one for the Executive Partner Program, but all of the fixed salary competitive and short-term incentives, long-term incentives, and the Executive Partner Program, which could cover all of the company's challenges. Thank you so much. And then we have a last point here. Sorry.
We have this history here and the proposal for 2023, which had this global compensation. So here we're considering BRL 61.1 million for this program. Here BRL 25.5 million, which is this parcel of the Executive Partner Program that's going to be accounted for in 2024. Then we will only know if this is going to be paid or not and what's going to be the effective value by the end of the seven years. So we must account for this throughout the period of this program. Thank you so much, everyone, and I'll be available here. Now we'll start the Q&A session. To submit a question, use the Q&A button, write your name, language, and company, and the question you would like to submit. All of the questions must be submitted in writing. Now I'll pass the floor on to Gabrielle as she coordinates the Q&A session.
Thank you, Rodrigo. We received three questions related to the compensation program, and the first two ones are related to indicators. So I'm going to read them here. These are questions from Ruben Couto, asset analyst at Santander. And Leonardo Pereira will answer both of these two questions. So you guys talked about total value of the Executive Partner Program, BRL 336 million related to 2% of the company's stock at a price of BRL 12.43. Can you explain how you're going to consider this from an accounting perspective in the long-term incentive? How and when will this happen if the proposal is approved as it is? And if in the next years the EPS trigger is achieved, is there going to be an additional effect, or is this already provisioned for?
Then the second question is, considering that the entire incentive long-term plan and variable compensation provides impact on the results, can we consider that you guys will not exclude these expenses from the EBITDA and in the calculation of the profits per share to achieve your goals? And then Leonardo, please, you're on mute. Okay, thank you. Thank you, Gabi, and thank you, Belmiro. So now you guys can hear me, right? Yes. So I will answer the question from Ruben here first. Ruben, the approval of the program as it was presented must be done. Considering the maximum on the green line presented, when you consider retention, it can go up to 1.6, and the distribution will be 2%. But when you account for this, you must consider the expected value, and the expected value is supported by the strategic plan in the company.
Maybe the expected value we're talking about the middle of the screen line, which would be 1%. And then the provision, instead of being 336, it would be BRL 235 million. Since in the first year, you have 8 months, and from the 30th and 4th up until the 31st of December, the value is BRL 25.5 million, which is the amount that Leila presented on the last slide. This amount will be remeasured at the end of each year, and the launches of these adjustments will be made as credit and net equity. But then about adjustments in the EBITDA and the earnings per share, the answer is no. There won't be adjustments. Okay? Thank you. Thank you, Leonardo. There's a third question still from Ruben, which is a question for the Compensation Committee, and it's going to be for Leila.
So how is the Compensation Committee guaranteeing or feeling comfortable that the proposal for incentives in the long term does not encourage maybe an excessive risk approach beyond usual to reach the proposed targets? Ruben, thank you for the question. We assessed this, and we have a set of metrics and targets, ICP, like long-term and short-term incentives, and the executive partner program, which is the most challenging. If you have excessive risk, you can benefit or harm one program or the other program. And actually, the risks are assessed by the Risk Committee and Audit Committee and by the board, not only by the Compensation Committee. So we understand that taking on excessive risks to reach these targets will have to be controlled by the entire governance structure in the company, starting off with the board, the committees, etc.
We don't think this is a topic that concerns us that much. We think that there are ways to control this and mitigate this kind of risk. I don't know if any other colleagues would like to add on to this. Yeah, I would add on to the fact that this is why you even have a 3-year lockup, right? So there's really no incentive to try to maximize earnings in 7 years and then have a big drop. The lockup is also an incentive to avoid excessive risk. But that's why it's important to remember that who defines the capital structure, who determines the level of debt, and monitors risk is the board. It's not only the executives that have the authorization to do this. Okay? These were the questions we received in writing up until now. So not sure anyone else has any questions.
You would like to send this through the Q&A icon? If not, we'll move towards the end of the webinar. I think we have one more question coming in. This is a question that's not about the manual. It's a question about initiatives in the company that we're going to handle directly with the journalist. So I think we can move on to Belmiro for his final remarks. Wait, we have 147 participants. I wish we would have more questions about this. Anyone else? Let's give it a few more minutes. I'll have a quick speech, but even if we do have any other questions, it'd be great to take advantage of this opportunity with our analysts, investors, and especially with so many members of the board. So I'm encouraging all to submit your questions from these 147 people. I would like to encourage this.
Of course, afterwards, I wanted to—well, first of all, I want to thank the board for their understanding. As Oscar mentioned, you want to understand the company, which is one of the biggest in Brazil, and you have this understanding at the moment and situation when it comes to governance. We must hear investors and really prepare this plan that we're seeing, as well as the other changes also in the long-term incentive plan. So we really have this reflection on this journey with major challenges overcome and also huge achievements. So this is listed in our revenue, but also because we're the company that's most present in the Brazilian households. So I think the transformation history is one of the biggest success stories in Brazilian retail.
I don't want to be arrogant here, but I think we were able to transform this model and really become a reference. So this took place through the dedicated work and efforts of our executive teams and employees, and we're committed to growth in a sustainable way, and especially valuing value generation to shareholders. As Oscar mentioned, Leila highlighted, is recognized for strong cash generation capacity. The last investments we received was back in 2011. So the plan is really in line with the objectives and the strategy in the long term for the company, which is now entering this new phase and this new market with Corporate Governance and social responsibility, and the practices we have for compensation are fair, balanced, and really have an alignment between the management and shareholders of the company.
So I think the idea was to generate more trust in the construction of the future in this new phase at SA. I want to thank you all once again for your help and the board. We have a management that is completely aligned with this, but the plan is aligned with the objectives we have for the next seven or 10 years. Thank you, and that's what I had to share. Well, now, thank you, Belmiro. We received another two questions here. Let's actually three. If you encourage people to ask, they will ask. But anyways, the first question comes from Maria Paula Cantusio; she's a Santander analyst. Her question is the current long-term incentive plan. I think Leila could answer this, but the current ILP will be effective shares in the company and not options, right?
What will be the limit in percentage of the company's shares? Does this change generate a greater dilution? It will be stock-based in the company and not stock options, that's for sure. And we have a limit of 1.5%. There will not be a dilution because we will also buy and keep these in treasury. Okay? Sandra, do you have anything to add on? No, Leila. That's exactly it. Okay, thank you, Leila. We also received another question from Antônio. He's an analyst at Ruane Cunniff, and it's a question to Oscar. He says, "Oscar, what is your dream and what will this program be translated to you as you desire towards SA?" So that's Antônio's question. Well, Antônio, we can answer in Portuguese, and he understands that as well.
But Antônio, I think my dream is to start off with a little more of the same stuff because the history of Assaí success is Extraordinary, and if we keep this pace, it's going to be spectacular. But this program should bring a commitment, absolutely, from the three main executives as real owners of the company. They will be partners and shareholders, and they will have the same incentives as you. They'll have the same horizons and lockups, minimum 7-year lockup. And in my experience, I think the company has a reference shareholder that's dedicated to the business, but they generate more value. And here we're going to have three shareholders that are reference shareholders and dedicated to the business, and that will generate a lot of value. They're not going to think as executives.
They're going to think as shareholders because that's where you have the biggest value generation for them and all the other shareholders. And this is my dream, that we can have three executives that think more as shareholders than just as executives. And this is going to be reflected in all of the company's employees because a great experience I had, and I even recommend shareholders to experience because Belmiro has invited a lot of people, but come watch a store opening to understand the spirit of the Assaí team. And come and visit, schedule this with Gabrielle, go have lunch at a store. When we have board meetings, we eat with the employees. We sit down with the employees in the same restaurant. That's where you get a feel of the environment, and that's what we want to create.
We want to create this environment as absolute partners with all levels of the company, from the board, top management, all the way to employees in the stores because it's a full set of people and a group that generates value. You can't maximize only one link in the chain. You need to value the entire chain. And this is my dream, really being able to perpetuate this in the best way possible. Perfect, Oscar. Thank you so much. And we have one last question now. João Soares from Citi, he wants to hear a little more about the succession process. He said, "I think the new proposal approaches this clearly and places this as a target for compensation." But I wanted to know how Belmiro has been preparing his succession. This question can be answered by Leila. Well, the question's for Belmiro, but I'll answer for you, Belmiro.
Good luck. Yeah, so anyways, what we are working towards in the personnel committee and the board, of course, together with Belmiro, is that we can create some succession alternatives for him internally. And we have a development plan that some executives have been working on at the central side and also for the regionals, and of course, mapping out the market. The target for Belmiro is that he will have well, we have two targets, actually, an intermediate one for three years of the long-term incentive plan with this person defined. And in five years, have this person ready for succession. We don't want him to leave in three or five years, but we want him to have the chance to experience a succession in this period. So we are supporting him in this assessment and this evaluation and the development programs.
First of all, looking at the internal talents, which is how SA works, first look inside first, and then also mapping out and looking at possible successors in the market if necessary. So we've been looking at this closely, and I don't know if Belmiro wants to add on, but your answer is perfect. Thank you. Obviously, we are working a long-term plan, and there's a deadline we have to look at. But of course, the company must be prepared for possible changes that could occur with any human. So Leila was perfect in presenting her answer. Okay, Gaby? Very good. So officially ended the Q&A. We have no other questions. Well, guys, thank you so much, and we hope to have your participation in our Ordinary General Meeting.
If you have any additional questions, if there's something Assaí innovated and knows how to do is to speak with shareholders. We speak with shareholders. If you have more questions, you can get in touch and contact us, okay? Thank you so much, everyone. Thank you. The investor relations department is also available if necessary. Okay, the webinar on the management's proposal Ordinary General Meeting is officially ended, and the investor relations department is available to answer any other questions that may appear. Thank you so much for your participation, and have an excellent day.