Ladies and gentlemen, dear shareholders, I'm very happy to see you for this general shareholder meeting of Eurazeo today. As every year, this meeting is an opportunity to bring together shareholders, executives, members of the board, and the companies that are with us, and our partners. During this stage, we will present the results, the ambition of the group, and we will answer all your questions before we put before you the motions of the day for approval. I would like Mr. Olivier Merveilleux du Vignaux, and Monsieur Bruxelles, who act for Cercle Coigny. They are representatives of the greatest number of shares. I would ask them to supervise this general shareholder meeting. Thank you for accepting. Mr. Gabriel Kunde, General Secretary of Eurazeo, is now the secretary for this general shareholder meeting.
He will remind us of the legal formalities and present what we will be doing today. Thank you, Mr. President. Dear shareholders, ladies and gentlemen, I'm glad to see you all here today. I would like to thank the members of the board for being with us today, and our Statutory Auditors, PricewaterhouseCoopers and Mazars. The general shareholder meeting is public because it's been published on our website. As I describe the administrative formalities, you can see on screen our agenda. You will see the contents of this report in the general documents, so we won't be reading them out completely. We meet in our first convocation. This was done within the legal delays, and it was published legally in due time. The convocation letters were addressed on the nineteenth of April to every shareholder who is present here.
Every shareholder has been validly summoned. Accounts, reports, and all documents that need to be made available to shareholders were done so within the current legal framework. A presence sheet has been made available, and each member of the assembly has signed off on it. I will give you the final quorum at the end of this general meeting. We will stop counting at 10:30. I can tell you that a quarter of the shares that have voting rights are present here, and that we can thus deliberate in a valid way. And now, I give the floor back to the president, Chairman of the Board.
Ladies and gentlemen, I'm glad to see you once more. This was a very good year for Eurazeo. 2023 was a year of clarification and acceleration. Clarification, first and foremost, of our strategic roadmap.
The mutation of our business model is fully engaged, and the board, under the co-presidency of Christophe Bavière and William Kadouch-Chassaing, are fully working on it. The equity story of Eurazeo is being changed. We are differentiating ourselves in a very competitive market. Eurazeo is now clearly saying that it wants to create a leader platform in Europe on the mid-market segment. Since our last general meeting, Eurazeo has also accelerated its transformation with the improvement of its operational foundation and the merger of its French management companies. We've also worked with management and the support of the supervisory board to redefine the product offer, to organize our commercial forces, and to look at the profitability of each of our strategies. We're also accelerating our ESG policy. Its criteria are prevalent criteria in all of our investment.
We also have dedicated strategy with EUR 5 billion for decarbonization and inclusion. The grades received by Eurazeo confirm our status as a European leader in this regard. Here, I want to highlight the key role of the teams of Eurazeo, each at their own level, are contributing: the investment teams, the funding teams, the corporate teams. They have this double approach of operational excellence and of sustainable financing. This is the heart of our culture. The culture of our company, we want to represent it at each step of our activity, in the choice of the business models of the companies we help, and we want to treat information in an exemplary fashion for our investors and partners.
We can rely on the coherence of the Eurazeo platform and the complementary nature of these strategies, but also on the diversity of its investors, both public and private, with a Wealth segments that continues to develop. Since we are a relay for savings and investment, the ecosystem of private equity is an incredible vector for making the economic environment more dynamic and accelerating transformation. Our common ambition is to help these resources to be deployed within the European continent, even as there is a generational transformation in many companies for this ecosystem. We are convinced that beyond financial performance, which is the number one driver of our activity, our business model must also be sustainable in its choices, and this is not the least important thing. It also has to be balanced in its governance in the quest for shareholder sovereignty and service of companies.
Governance is a reflection of philosophy and a vision of society. At Eurazeo, we want it to be symbolized by a good relationship by the management board and the supervisory board. This year was an opportunity for our group to align interests among all stakeholders. This means that we have redefined the way in which we will allocate the extraordinary competitive advantage, which is the balance sheet of our company. Now, it's used as an accelerator for raising funds aligned with the interests of our customers, rather than as a substitute for it. This new policy is symbolized by an ambitious goal to redistribute value creation of the group to shareholders over the next four years. I am happy that this alignment was well met by the market through a very positive evolution of our share value.
It increased by 30% in 2023, which is a great over-performance compared to the reference index. It's better than the CAC 40, about 15% better on average. This means that our strategic plan is relevant, and our renewed market communication approach has had the right effects. I would like to thank each of the administrators of the group present here today for their contribution, very active contribution. I would like to, first and foremost, commend Mr. Roland du Luart and Madame Victoire de Margerie, whose tenure is ending today after 20 and 12 years of collaboration, respectively.
Your board and its specialized committees have met almost 40 times this year to oversee structural elements of our group strategy, allocation of the balance sheet in many of our core strategies, the buyout, growth, private debt or secondary markets, but also the compensation policy and co-investment programs, and also the way we are moving forward with extra financial plans and digitalizations. Today, we will put before your vote the nomination of three new board members: Ms. Isabelle Ealet, Ms. Katja Hall, and Mr. Louis Stern. I would like to say that another of the strengths of Eurazeo is the quality and the stability of its shareholders. Dear shareholders, I want to thank you collectively for your support to the Eurazeo company. Your trust is what allows it to continue its strategy with determination and excellence to face the challenges of our society.
As you know, these last 25 years, we've had a period of growth and innovation which has been unprecedented. We've seen global GDP triple, and we've seen the digital revolution. Our societies, at the same time, have been confronted to many crises, major events that have challenged global balance in a way no one could predict, with many armed conflicts right outside Europe today and inflationist tensions, which slowed down markets. In order to stay the course with these strong headwinds, we will have to be resilient, we will have to be agile, and we will have to be creatively frugal, which means we will have to preserve our financial capacities by steering our resources and by activating them in service of innovation and the development of our companies.
With a clarified roadmap, an efficient governance, and more attention on execution, I am convinced that Eurazeo will be up to the task. This ambition, we will continue to bring into life in 2024 in the interest of our investors and shareholders. This is also this ambition, which I will continue to support with my family, and I would like to submit to your vote the renewal of my tenure for 4 more years. This renewal comes within the context of a confirmation of our holding pact in order to confirm our support for it. I am convinced of all the things I have reminded you of on the nature of the group, and this renewal will also be a proof of the trust I have in the future success of Eurazeo by your side.
Now we will watch a short video on the history of Eurazeo before we give William Kadouch-Chassaing the floor.
Of Eurafrance and Azeo, two affiliates of the prestigious Lazard Bank. Eurazeo has a heritage of more than 50 years as a landmark European investor. For more than 50 years, we have identified, supported, and built European champions with global ambitions. We have been involved in outstanding successes in the banking and insurance sectors. We have helped to build world-renowned consumer brands and media companies. We have backed cutting-edge business services and technology companies. We've invested in the health and well-being of the population. We were there right from the start in the ongoing energy transition. We have been enjoying the trust of entrepreneurs from the start.
From the entrepreneurs who founded Gaz et Eaux in the nineteenth century, to the Michel David-Weill and other partners of the Lazard investment bank, the Richardsons, an industrial family from the south of France, or the Decaux family, with their long experience in media and telecom. We have enjoyed the trust of a loyal shareholder base through our listing on Euronext Paris, which our teams draw upon as they work to create value for our institutional and private clients. In the past 50 years, we have embraced changes and transformed ourselves. From a utilities service and trading company, we became a successful investment holding company in the 1970s, and a pioneer in buyouts, managing co-investments for third parties in the 2000s. Then, with the acquisition of Idinvest in 2018, we became a genuine alternative asset management platform, with a diversified offer in private equity, private debt, and real assets.
Today, with more than 400 talented employees spanning 25 nationalities in 12 offices, managing more than EUR 34 billion of assets from more than 250 institutional clients and 120,000 private clients through more than 200 partners, we focus on our mission: creating European champions and building the leading alternative asset manager on mid-market growth and impact in Europe. Power Better Growth.
Dear shareholders, welcome to the general shareholder meeting of Eurazeo. We now have the opportunity to look at 2023, to look at our strategic undertakings, and to present you the financial and extra financial results of the group. Let's start with what we did in 2023. For over a year now, 15 months in total, Christophe Bavière and myself were named co-presidents by the supervisory board of Eurazeo, and all of the management of Eurazeo and the supervisory board, many of them are present here, have focused on three priorities. First of all, we have defined our strategic roadmap through a four-year plan, presented with an investor day in last November. We have also built solid foundations.
We have remodeled the organization, we've merged our management companies, and we've started important work to reinforce the quality of our operations, of our customer service, and accelerate our digital roadmap. Finally, third, we have gotten our first results with collection above targets announced to the market in 2023, an increase of the margin on asset management, and a new progression of shareholder returns. You've seen in this video, the greatest successes of these companies have been long-term. Our our strategy for the future uses this prestigious legacy. For the last 50 years, the purpose of Eurazeo is to create value by helping European champions with global ambitions. For the last 50 years, Eurazeo has benefited from the trust of great entrepreneurs, clients, and loyal shareholders. For the last 50 years, Eurazeo has managed to adapt to change and change its economic model.
During the last years, Eurazeo has managed to evolve its business model towards asset management. After a transformation phase, we're now looking at a conquest phase, where we will move up in scale and assume leadership. What is our ambition? We reminded you of our ambition. We want to create a leader for private asset management in Europe on the segment of medium values with growth and impact. We've defined four great strategic goals to accomplish this ambition. We want to reinforce our value proposal by focusing on our strengths. Christophe will tell you more about this. The second point is that we will accelerate the transition towards a business model that uses up less of our balance sheet, which is coherent with our shift to asset management. Third, we will improve our market shares by extending our client base. Fourth, we will improve our operational efficiency, as we've said.
This strategy should allow us to guarantee a regular growth of our results, to have increased profitability for you, our shareholders, and to reduce the impact on our share price, given the intrinsic value of the company. We have ambitious financial goals within this plan. We anticipate an increase of our management premiums of 15% by year. We are looking for operational margin between 35%-40%. The performance commissions will, in the long term, be around 10% of our third-party revenue. We anticipate creation of value within the portfolio of about 12%, which is in line with our historic average. Finally, in terms of return for shareholders, rotation of our portfolio will allow us to make EUR 7 billion available through disposals. EUR 3 billion will be reinvested in our fund, and we will have an excess of EUR 4 billion, thanks to these operations.
These EUR 4 billion will be redistributed to our shareholders, EUR 2.3 billion over the period. EUR 800 million will be distributed in dividends, and there will be share buybacks worth EUR 1.5 billion. As you've seen, the announcement of our new strategic plan was commended by the market. The share price has gone up 28%, reinvested dividend, which is above the main reference index. This has been the case since the start of 2024 as well, +19%. Of course, our goal is to continue to improve the value of the Eurazeo share so that it reflects the real value of your group. And now we will be looking at the results for 2024... 2023.
We have done a disposal of Rhône Capital in 2023, and the numbers have been reprocessed for the contribution of Rhône Capital. Let's start with asset management. We have had a dynamic growth. We've collected EUR 3.5 billion from our clients this year. This represents an increase of 21% compared to the previous year outside of Rhône, which is to compare to a decrease of 20% in the European market at large. We've managed to increase our fundraising in every asset class. Assets under management have increased by 9% in 2023, reaching EUR 35 billion, and assets under management outside of the balance sheet are up 12% only. Assets under management generating commissions have increased by 12%, reaching EUR 26 billion, and the only assets for third-party accounts have had a more dynamic growth at 16%.
The management commissions have been EUR 398 million, which is up 9% compared to last year on equivalent comparison basis. The recurring results of asset management or fee-related earnings for 2023 has had a strong increase, EUR 138 million, which is an increase of 22% compared to last year on a stable comparison basis. Our FRE margin has increased by 380 basis points to 34.8%, which is close to our lowest limit for our midterm goal of 35%-40%. This progress of the operational lever of Eurazeo shows that we control costs while we continue to invest in future growth. We are, as you know, a company that works with growth. As... And now a word on what we've deployed and accomplished.
As you know, 2023 was a slow year for mergers and acquisition worldwide. In a macroeconomic environment, which was quite uncertain, the European M&A market has gone down 40% in 2023. Eurazeo has done better in this context. We've deployed almost EUR 4 billion, 20% less than last year, but better than market. And in terms of accomplishments, we've done better than our peers. We have executed EUR 2.2 billion in disposals in 2023, which is 24% less than 2022, including the announced transactions. In conclusion, the contribution of asset management is EUR 128 million in 2023. As indicated, the current operational result is strongly increasing. However, performance commissions are down because of a lower realization level than last year. Now, let's look at the value of our portfolio.
As you know, we present our accounts with the IFRS 10 standard since January 1, 2023, and now the main driver of the balance sheet is the variation of the fair value of the portfolio during the year, that is to say, creation of value. Net value of our portfolio was EUR 8.3 billion at the end of 2023, up 6% compared to last year. The value per share of the portfolio was EUR 109.6, up 9% compared to 2022, which means that the impact of our share buyback program is +3% of the value of the portfolio per share. Disposals of Eurazeo, which are the best indicator of the quality of this portfolio, were done in good conditions.
On the 5 main operations we've done or announced in 2023, the multiple for cash-on-cash was 2.8x on average, which means an IRR of 33%. These operations were done with an average premium of 23% above the last recorded value in our books of the assets disposed... Overall, the transactions announced and realized in the balance sheet are worth EUR 1 billion in 2023, which is 13% of the value of the portfolio of last year. We expect that the outflow will be more significant in 2024. Now, let's look at the P&L.
The contribution of the investment company was negative ninety-one million euros in 2023, with the main following factors: the creation of values has contributed positively for EUR 106 million, and management costs have been EUR 122 million. These are costs for the investment company, but they are a revenue for the asset management company. The net result group share for Eurazeo in 2023 is EUR 1.824 billion with the following elements: first, the positive contribution of asset management, EUR 128 million; the negative contribution of investment activity for EUR 91 million; and finally, a positive impact of EUR 1.9 billion with the revaluation of the accounting value of the balance sheet in application of the IFRS 10 standard.
We propose this year to the assembly, the distribution of an ordinary dividend of EUR 2.42 per share, which is an increase of ten percent compared to the previous year. The increase of the dividend last year was 26%, this year it's 10%. Investors who are on the register for the last two years can enjoy a loyalty premium of ten percent. In the years to come, we've indicated it in November, our intention is to continue to increase the ordinary dividend. Concerning share buybacks, we have purchased EUR 129 million of our own shares in 2023 to cancel them. In the investor day, we announced EUR 200 million of share buybacks in 2024, which we've started to execute upon, and we've done 25% at the end of March.
Finally, a word on our financial structure. We have a very strong capital base, EUR 8.4 billion, low debt. And now I give the floor to Christophe, which is going to highlight our strategy and our positioning.
Thank you, William, for these very clear and precise and detailed explanations as concerns the progress and the earnings of Eurazeo. Our ambition, as you will have understood, is to really become the leading alternative asset manager in Europe for mid-sized companies for growth and for impact. So how can we succeed in doing so on a fairly competitive market and become a European leader? Well, we feel that we have to focus on the three categories in which Eurazeo has a competitive edge. First of all, and also to really ascertain our leadership in this and to sharp up, sharpen up our development strategy. First of all, mid-market.
Well, as a reference investor for mid-sized companies across Europe for the last 50 years, Eurazeo really has a unique experience, and we are constantly strengthening this by broadening our local foothold with our 7 offices scattered across Europe. Secondly, growth. Well, we identify, we support small and medium-sized companies in the high-growth sectors, and we help turn them into European champions with a global ambition through our transformational approach. So we don't just invest, we transform. And then impact. We really make the most of our leading and pioneering approach on ESG to become a leader in this high-growth segment. We are convinced that the European market for mid caps is indeed one of the investment segments with the broadest and greatest number of opportunities.
Now, I think we really need to understand that Europe is a market with great depth for mid-sized companies. There's something like 50,000 companies with a turnover more than EUR 100 million a year. In that context, many of those are, in fact, up-and-coming future growth champions. So traditional funding, banks, capital markets are no longer quite enough. They need all other investment sources, capital sources, such as investment funds. And as you can see, this is successful. LBO European funds, over time, have shown that they are appealing for investors with yields that are higher than other LBOs investing in large companies, and this is true in Europe and in the American market. And lastly-...
There's another opportunity in that, the market still is fairly fragmented, and there are a number of operators, but no large platforms a bit like ours. So as competition goes, this is an opportunity, an interesting opportunity for Eurazeo, which will be able to set itself aside and really change things for the business entrepreneurs and managers. We've therefore chosen to position ourselves on the most appealing, most attractive companies in segment. In buyout, we have eleven billion in assets under management for small and medium companies, and we generally invest anywhere between EUR 15 million and EUR 250 million. Our secondary funds account for about 5 billion in our assets under management, and this is a strong growth segment.
As concerns private debt, we also are positioned on the unitranche, a very attractive segment for small and medium-sized and small and mid-cap companies, and we offer flexible funding cashflow generating, supported by leading investors. Lastly, in real assets, we focus on added value, both in real estate and infrastructure. So Eurazeo really has a clear roadmap to create value, focusing on our specific DNA. For instance, we identify the companies which have a potential to go international, and we help them grow faster. So how do we actually bring about this value well and create it? Well, first things first, we bring all our expertise and contribute all of it to these medium-sized businesses to help them develop their business and develop their business model too, if necessary. Look at Aroma-Zone.
It's a do-it-yourself cosmetics company, and as soon as we'd financed the company, we helped modernize the online e-commerce platform, and at the same time, we rolled out brick-and-mortar store shops to support growth. This transformational approach has been very successful. Eurazeo also has a strong experience in developing the companies we invest in, and we can do so through external growth, by consolidating a sector, so doing buy and build, by supporting them grow internationally or by repositioning them from a strategic point of view. Now, William mentioned earlier D.O.R.C., on which the exit was quite impressive, but the way we supported D.O.R.C. internationally is a great illustration. They are located in the Netherlands and focus on eye surgery equipment.
We've relied on the local Eurazeo team in Shanghai, so they've been there for a dozen years or so, and we helped them register with the Chinese FDA and hire a CEO, and doing so, we managed to establish a link between D.O.R.C. and the 20 leading eye hospitals in China. There again, it works, and it's just one of the fascinating examples of what we do in our portfolio. Again, that shows why Eurazeo really wants to be the ideal partner and is the ideal partner for these mid-market companies who wish to grow internationally and grow sustainably. Let me now move on to the second aspect of our growth proposal and proposition. Growth. We've identified 5 leading sectors: corporate services, on based on technology, health, specialized financial services, new consumption trends, and energy transition.
This sectoral approach enables us to really identify the best market opportunities at every stage of the development of the companies, from start-up to buyout. Our investment specialists pool their knowledge of all these sectors and their expertise of support to these companies. As you can see on the screen, the growth is effective, and we've grown 10% a year over the last 5 years, despite the crisis leading to buyout in our buyout portfolio. And if you discount for travel and entertainment that was affected in 2020, we would actually have a 13% growth. And as concerns the growth portfolio, the annual growth is actually 4 times that, reaching somewhere around 40%.
If you consider our venture and growth strategies, so we're talking about EUR 8 billion in assets under management and a return on investment of more than 20% over the last few years. So this does confirm that Eurazeo is the leading tech platform in mainland Europe. As a group, we also have all kinds of assets that help us make the most of our resources, our expertise, our networks, our market analysis, and identify new market trends upstream, as we did for artificial intelligence, meaning that Eurazeo is in a position to seize the best investment opportunities. Look at tech, for instance. This is a great idea, a great illustration of how we make the most of our sectoral expertise. I'm sure that when you see this very impressive list of companies, you recognize quite a few.
Our investments really cover the entire cycle from start-ups to SMEs to unicorns to mid-sized companies to international groups to venture capital to buyout to growth. Now, which brings me to my third aspect, impact. What are we actually talking about? Well, when we speak about impact at Eurazeo, we want to finance very profitable companies whose products, and services, and technologies enable us to address societal and climatic issues. As you can see, there is a tremendous need for investment in them estimated somewhere around $3 trillion. And because there is a need, of course, there's a new market dynamic that emerges, and you can see that in public investment, somewhere around $1.5 trillion, but that's not quite enough.
Add to that, there's regulation that channels the investments in those fields. And indeed, over the last 15 years, AUM for impact has increased tenfold, and this should probably increase further, with 85% of institutional investors stating that they wish to maintain or increase their impact allocation. So this is something that you can see in the way we raise funds. Our Sustainable Infrastructure Fund has gone big beyond the EUR 500 million raise, and Smart City II is now one of the leading European venture capital funds on climate issues with EUR 400 million.
So with more than EUR 5.3 billion assets dedicated to products, sustainable services, sustainable technologies, that is 15% of our assets under investment, Eurazeo has already financed more than 150 companies. Now, this means that there are also new and numerous investment opportunities, and we also have positioned ourselves there. Of course, there's ESG, which helps reduce the risks, and we at Eurazeo consider that impact investment, impact allocation, it does lead to a real profitable growth potential. Now, of course, you can't have everything here on the screen, but we have Electra, for instance, which is charge points for EVs, high speed, easy to use across Europe. Then Back Market. Ooh, they recondition electronic devices.
There's Vestiaire Collective, a second-hand clothes platform, French, and both of them are leaders in their field and offer more sustainable consumption patterns. There's something else that doesn't fit on this slide, Samskip SeaShuttle, the first joint propulsion, hydrogen, and fuel container ship in the world, also funded by Eurazeo. Now, let's look at third-party management. We have the right kind of possibilities to support our investment strategies, and we want to focus on two main growth drivers. We want, first of all, to broaden our geographical footprint and also move into wealth management. So let's start with a loyal customer base of institutional investors, something like 350 of them, twice the number we had five years ago.
Our leading investors generally have invested in nine of our funds, and we have more than 120,000 private investors, thanks to our B2B, B2C system, meaning that we work with banks, with insurance companies, and therefore, they interface with private investors. And we also have the 350 family offices and wealth managers who we partner with. So our customers or clients are increasingly international. You can see that here. If you look at things and compare the position to date to what it was in 2018, in those days, our investors were historically mainly French. They are still present, but we are getting successes in Northern Europe, in the Middle East, and Asia, and North America.
Meaning that, in 2023, 69% of our institutional funds are international, compared to 37% in 2018, 2020. So, most of our international fundraising is of our annual fundraising is therefore international, and this is growing and broadening. Let's now move on to wealth management. Well, to date, the funds for private investors account for 17% of third-party assets under management, so a far greater share than our main competitors have. Our fundraising on wealth management has increased 30% per annum on average over the last 5 years, thanks to new retail partners, banks and invest and insurance companies. In 2023, wealth-...
accounted for 25% of our fundraising, and we feel that this will go on increasing over the next few years, and we expect that to account for up to 20% of our assets under management. Now, this may look all very impressive, but let's look at what this means in practice. What you have here is an example, the example of private debt, just to try and give you an illustration of how we change our funds through internalization of our investor base and of wealth. Look here at Eurazeo Private Debt VI and compare it to Private Debt IV, launched in 2016. International fundraising has increased fourfold. The internal we have increased our third-party management significantly.
It was closed at EUR 2.3 billion, over our EUR 2 billion target, and private investors accounted for something like EUR 900 million. So again, I'll just say that it works. So thank you very much, ladies and gentlemen, dear shareholders. Let me just briefly introduce a short video that will give you an idea of our ambitions over the next few years.
Thank you, William, and thank you, Christophe, for this very detailed presentation and this ambitious presentation, as you will have seen, I believe, through this video. This says and shows what we are, what our role is, in European society and across the continent to try and support these companies and turn them into something truly global. We're here to help.
Let me now give the floor to Sophie Flak, and she will tell us more about something that is truly vital in our ESG strategy, our climate plan.
Ladies and gentlemen, dear shareholders, good morning. A transition to a low-carbon economy society is unavoidable, and companies can have no future if they don't get ready for this new context. The real key will be to go on being having high performance in a world in flux, in this phase of adaptation. That's why Eurazeo intends to contribute to the emergence of services, technologies, and products that enable us to address these social and environmental issues, and we do so in two ways.
First of all, we invest in companies that offer concrete solutions to the environment and bringing about a more inclusive society, and that's exactly what impact is all about. When you speak about impact here at Eurazeo, we talk about impact that is economically profitable, and our clients recognize us as being in the lead here with our 20 years of experience. With our investment strategies, we offer, as I said, investments in practical solutions through three funds accounting for EUR 1.9 billion. We also have social impact funds with four health funds accounting for EUR 3.4 billion. And we are also launching a fund focusing on the planet's limits, focusing on circular economy and regeneration of resources. Second-...
approach supporting transitions, and that what is exactly what our O+ strategy is all about, as it focuses on net carbon zero and supporting a more inclusive society. Now, this is very ambitious in that it commits Eurazeo as a group and the 600 companies in our portfolio, which we support in very practical ways in securing decarbonization of their operations. On climate, there are a number of actors out there, and at Eurazeo, as you know, we rely on a scientific approach. We're being very mindful and careful not to promote any kind of greenwashing, so that we can indeed promote trust with all our stakeholders. Which is why, on a voluntary basis, and for a number of years now, we have been subjected to the CDP, the Carbon Disclosure Project, an independent body.
In 2023, we were very pleased to be ranked A, and that is the highest possible rating, and we are therefore within the top 2% of the companies rated in the world. I'd like to thank our teams for their support, and I hope that we can secure a similar ranking next year. I know our staff and employees are working hard to secure that. Let's now move on to our carbon footprint. As you know, we set ourselves a very ambitious... Our objective being carbon neutral by 2040, and we are doing so in our decarbonization pathway, applicable to ourselves and our portfolio companies. So you can see different discs in different shades.
You have in blue down the bottom—in green, down the bottom, Eurazeo and its staff, somewhere around 8,000 tonnes of CO2 equivalent. In blue, you see the emissions of our, of the companies, we invested, proportionally to our shareholdings, and that accounts for something like 3.5 million tonnes of CO2 equivalent, or, the yearly emissions of something like 450,000 Frenchmen. We've calculated this, with the, the SBTi, the Science Based Targets initiative, which is a, recognized scientific methodology, at a global level, and this can show you and prove you that it's not just, greenwashing, that this is genuine. If you zoom in to what happens at Eurazeo, we have committed to reduce our CO2 emissions related to energy consumption by 55% by 2030.
We've already reached to 59% by in 2023, mainly due to our energy mix, which now relies on 96% renewables and by more restrictive travel policy. This is all positive, and we have to stick to this, even though our employee base is increasing. Similarly within our portfolio, 100% of the eligible companies will have to have a decarbonization pathway compliant with the Paris Agreements by 2030, with a milestone of 25% in 2025. We've therefore rolled out all sorts of expertise, tools, training, and financial support to do so, and it was launched in October 2022. By year's end, 2023, 26% of our portfolio, of the companies in our portfolio had embarked on this decarbonization process.
This being done, and once it's started, there is an 18-24 month period to achieve the Paris objective. By the end of 2023, 4% of the eligible societies had been SBTi validated. There again, that is encouraging. We'll have to fine-tune this and monitor it as our portfolio grows and it changes. As you know, our ESG commitment is also... feeds into our compensation policy. As you know, 15% of the variable compensation of the management board and of senior management are directly indexed to ESG goals, including 15%, the 15% of climate objectives that account for 50%. So, basically, when you invest in Eurazeo, you invest in speeding up the transition to a low-carbon economy.
You support companies that de-risk, you help grow European champions, you support profitable impact, and this is all seen and visible in our market value and our share price, and by investing in Eurazeo, you are making the choice of a sustainable investment. Thank you.
Thank you, Sophie, and thank you for outlining this climate plan, which is so important to, to us. Let me now give the floor to Gabriel Kunde, who will tell you more about what the supervisory board members have done over the last year.
Mr. Chairman, after introducing the work of the board in 2023, we will have an overview of the CSG committee's work by Françoise Mercadal-Delasalles. Your supervisory board had 12 members, two representatives of the employees, and a censor. We also have an auditor. The company is in line with regulatory rules for women's presence up to 44%, and Ms. Victoire de Margerie and Monsieur Roland du Luart will not be renewing their term, proposing it up to vote. Instead, we will be presenting three new members of the board. Their profile will be presented shortly. Your board will be composed of 13 members, 60% independent, and I hope the slides will return to us shortly. The board is in line with our need for diversity and professional experience.
It's balanced with members who have historic knowledge of the companies and others who've arrived more recently at the board. The three members proposed for new terms are proof that our board wants to reinforce its skills in terms of financial analysis, in terms of private equity, and also, they will be welcome for their expertise when it comes to companies that are traded. The statutes should have been on the slides, but you're going to have to trust me. I'd like to remind you that the strategic transformation of Eurazeo on a limited number of geographies to a diversified asset management platform involved a fundamental transformation of the missions of the supervisory board over the last years. And now, the slides are finally back, and your board now spends a lot of time reviewing the activities and general strategy of the company.
So actually, only I see the slides, not everyone in the room. So we control the investment divisions, we control equity within the funds, and we overlook the performance of the fund. And as Sophia said, we overlook the CSE strategy, the ESG strategy of the group. There are four permanent committees. If you turn your head, you will see them. As the best practices recommend, we have an audit committee, a compensation committee, which are chaired by independent members, Stéphane Pallez and Ms. Mercadal-Delasalles. And the three new members will be reinforcing these committees with more independent members in a context of high intensity for the work of these committees. So this intensity is on screen for myself. We've had 39 meetings in 2023, with an initial governance agenda for 2 meetings.
This is because of all of the governance work at the beginning of 2023, and because of the involvement of the supervisory board in the strategic thinking, which was presented at the Capital Market Day last November. As you've seen on screen, presence rates during these meetings are particularly high, which shows that its members are on board to help Eurazeo grow with five executive session, which is to say, members of the supervisory board, without members of the management board meeting. The main topics that were talked about are now on the slides. We have had four big thematics: follow up on the execution of the strategy of the group, governance and compensation, allocating equity, and performance review for funds.
As every year, the compensation committee has overseen the work of the members of the supervisory group, as is compliant with resolution. Mr. Decaux has had individual interviews with each members, in order to scrutinize their ideas of the work that's been done. This shows that there's a high degree of quality in the way the supervisory board works. Among the recommendations for 2023, there's a review of the composition of specialized committee, and making available for the supervisory board new KPIs for each meeting, so that we can better supervise the performance of the group. For the specialized committees, the global appreciation is very satisfying. The company has given the audit committee the task of following up on our reporting in terms of sustainability within the context of a joint meeting with the RSE committee.
Thank you, Gabriel, and sorry for these technical problems, which have been solved since. Now, I give the floor to Ms. Mercadal-Delasalles for the Compensation, Selection, and Governance Committee, which is going to give you the work of the committee for 2023.
Hello. Thank you, Mr. Chairman. Dear shareholders, I'm going to give you the report on the work of the Compensation Committee, which took place this year. On December 31, 2023, the CSG committee had four members. I would like to thank my three colleagues, Olivier Merveilleux du Vignaux, Serge Schoen, and Emmanuel Russell, who represent JCDecaux Holding. Half of these members are independent, myself included. I have the honor of chairing this committee.
We considered that because there are new members of the board, who you will be voting on at the end of this general shareholder meeting, and because we want to have governance up to the best standards of the market, I wanted to integrate in this CSG committee a new independent member to reinforce our collective. We wanted this year. We had 15 meetings this year. This was an important and intense workload. Our activity focused on recomposing the supervisory board following the events of the previous year. We looked at a reforging of the compensation policy, which was presented and supported by the general shareholder meeting last year, if you remember.
All of this, of course, was also connected to a common desire of the committee and the company's management to re-question our policies and the market practices on the aggregates of compensation for Eurazeo collaborators. We're talking about both fixed and variable compensation, but also long-term compensation and co-investment programs. All of this represents a compensation scheme which is a bit more complex than what we usually see. The committee has also worked on structural issues within its purview, recruiting new Supervisory Board members, the gender equality policy in terms of wages, which is an important element, which is highly supported by the Executive Board of Eurazeo. Regulatory compliance and the way the Board is functioning for 2023. I will start with variable compensation for members of the Board for 2023.
As I was indicating, a redefinition, a full redefinition of the quantitative criteria for variable compensation was done in 2023 to better align the interests of the supervisory board with that of the shareholder, and to reevaluate them on the big objectives of the strategic plan, which was presented earlier by the two chairs of the management board. We're talking about 89.44% of variable remuneration. This is linked to performance criteria, which will be designed by the supervisory board. These are more ambitious, voluntarily. This is in line with the fact that we haven't reached the criteria for the evolution of a net accounting assets for 2023 because of a fragile environment, and also because, as William Kadouch-Chassaing reminded, we have a prudent and disciplined management within the group. We have good performance on the FRE.
We've also met the criteria for raising funds once more in a year, which was described by Christophe Bavière previously as a difficult year. The market is down a significant way, and we've had an overperformance on the criteria for the progress of the share value compared to our peers. I also want to say that the committee unanimously commends the excellent managerial transition, which was accomplished by the new management board in 2023. Once more, in an economic context and a very specific context for Eurazeo. Please find on screen all of the variable compensations for the members of the management board for 2023, as designed by the compensation committee, which will, of course, be submitted to your approval at the end of this general meeting.
I also want to talk about variable compensation for older members of the management board for 2023. We have to look at compensation between the first of January and the fifth of February, 2023 of old members of the board. This is the date at which they left this post. This compensation is based on the application of the old criteria for performance of the company, and they are on screen. Now I would like, as we've announced, to talk about the evolution of the composition of the supervisory board. As the president highlighted earlier, I would like to remind you that the mandates of Ms. Victoire de Margerie and Mr. Roland du Luart are coming to their term.
They've been there for 12 years or more, and in accordance with internal regulations, the loss of independence of a member of the board forbids him from being a candidate for a new tenure. I want to thank, in the name of our entire committee, Victoire and Roland, for their active and loyal contribution to Eurazeo. In September 2023, our CSG committee has started a new selection process for members of the supervisory board for nomination, which will be put before you today. In collaboration with an external consultant, we've established several profiles which we believe fit the needs expressed by the board in terms of experience, skill, and inclusion in order to maintain proper governance. We wanted these new profiles to meet independence criteria as defined by the AFEP-MEDEF code.
We wanted them to know private equity and asset management well, and we wanted them to have experience in traded companies and, of course, an appetite for financial topics. At the end of this process, three candidates were selected by our committee: Ms. Isabelle Ealet, independent member; Ms. Katja Lawson-Hall, independent member as well; and Mr. Louis Stern, as member and representative of the David-Weill family, a great shareholder of Eurazeo. Now we'll look at a video which will present these three personalities.
Until the end of 2023, I was head of customer relations and investment banking for Africa at Société Générale. I was specifically involved in M&A financing and financial restructuring. Today, I sit on several boards of directors of listed multinationals.
I run an investment company called IRR, which invests in a wide range of asset classes, both indirectly through funds and directly with management teams and talented entrepreneurs. I've lived in the United States for almost 25 years. I started my career in investment banking, then worked in private equity and venture capital, both as an investor and as an operator. I started my career at TotalEnergies, who sent me to London as a commodities trader. Then I moved to Goldman Sachs, where I've spent my entire professional career. I started with a rather, special activity, which was, commodities trading, and then with two partners, I was in charge of all market activities, equity, bonds, commodities, currency exchange. I've known Eurazeo for a very long time, through my family, in particular, through the conversations I had with my grandfather, Michel David-Weill.
I have a very special attachment to this company. I see Eurazeo as a European lender that can become the benchmark player in private equity markets in the mid-cap growth and impact segments, with a window on the United States and Asia. My image of Eurazeo is that of a very dynamic company that has been able to evolve and change from its historical roots. Several things attracted me and intrigued me right from the start. Both its structure, a very strong governance due to the supervisory board and the management board, and in general, I would say the culture and energy of the people I met. I think that Eurazeo's history and core business make it an attractive company with great potential. I think that this leadership conquest goes hand in hand with a profound transformation.
What also impressed and attracted me to Eurazeo was its ability to transform itself. I believe I bring to Eurazeo's board a fresh international outlook, but one that is nonetheless steeped in the history of this fine company. I bring to Eurazeo's supervisory board my 25 years of experience in the world of finance, my experience in governance of listed companies, both in France and abroad, and finally, my immense enthusiasm and desire to put this experience to work for Eurazeo's shareholders. I was specialized in European and Asian markets, so I hope to bring this international experience to the table. Eurazeo, in one word, I would say potential. In one word, Eurazeo, for me, is the definition of energy. Well, I'll give two: conquest and transformation.
Thank you very much to all three of you, Isabelle, Katja, Louis.
We are glad to welcome you within the supervisory board for the rest of the Eurazeo adventure. The CSG committee has also submitted to the supervisory board the renewal of Jean-Charles Decaux as Chairman of the supervisory board. He was also renewed as a Chairman. If the general meeting was to vote positively, we unanimously considered that it was decisive for the company to continue to benefit from the international experience of Jean-Charles Decaux and his knowledge of financial sectors, of capital investment, and his great understanding of governance and his commitment to ESG, and he is, of course, constantly working for the best possible governance of this company. The supervisory board is composed in the following way, as displayed on the slide: 10 members, one censor, two representatives of the employees.
There will be a perfect parity between men and women, and 60% of the members of the Supervisory Board will be independent, which means Eurazeo is up to the best standards for governance. Now I'd like to talk of the evolution of the compensation committee for 2024, and present a few adjustments, technical adjustments, which we wanted to implement within the frame of the big redefinition, which we presented last year. Concerning the compensation policy for 2024, there's been a few technical adjustments, but we are not undermining the general philosophy of the compensation policy, which was decided by you during our last general shareholder meeting. The first adjustments is that we will focus the evaluation of the performance of the Supervisory Board only on creation of value.
For the management board, we will no longer be looking at the previous evaluation, which had many biases in its evaluation. The second decision is that we decided to no longer attribute stock options to Eurazeo employees but only give them performance shares. We also wanted to implement the possibility for the supervisory board to propose extra variable compensation in case of exceptional circumstances, as most listed companies do. This possibility would be done under very strict terms, which may concern a transformative acquisition or a major modification of the scope of the group because of their importance in the company or the implication these demand and the difficulties they will represent.
We also have introduced the possibility of applying the rule of pro rata temporis if the supervisory board decided to maintain long-term instruments for a member of the management board which would depart. You can see on screen the fixed compensation for members of the management board. It is unchanged. For the compensation policy for 2024 of the supervisory board, we wanted to make a few changes. Of course, we haven't modified the global budget, which has been fixed since 2018, nor the fixed part for this compensation. Within this budget, however, we've considered that the variable share should be identical for all committees, because we believe that the commitment of each of these committees is equal, and we need to change the amount of this variable share because there has been a very strong growth.
Concerning performance shares, so this long-term instrument, they are done under the same terms as last year. No changes there. The attribution to our two Co-CEOs represents eight months of their compensation and six months for the other two members of the management board. I would like to highlight an important point this year, which is the fact that we will change the shareholder pact between Eurazeo and JCDecaux Holding. The interpreter apologizes, but there's no more sound currently. Sound is back. The main changes are the following: a modification of the ceiling for the participation of JCDecaux Holding from 23% to 30% of Eurazeo's equity, and a right for the nomination of a third representative within the Supervisory Board of Eurazeo.
Of course, if he, of this supervisory board, remains, mostly composed of independent, members, and in case of, certain, disposals, the consultation of Eurazeo in the case where shares are sold. The supervisory board of Eurazeo allowed signing this change in the shareholder pact. Its goal is to reflect the long-term orientation and trust between Eurazeo and JCDecaux Holding through limited, balanced, and pragmatic modifications, which further correct unusual dispositions within the current market. Now we will review the co-investment programs to conclude this presentation. We are undertaking a big change. We have undertaken a big change in the CSG committee in 2023.
The review of the co-investment programs of the group, they will be put before your vote today, and these aligns the interest of the group on those of our clients, and also that of Eurazeo as an investor of its own balance sheet in the funds. We have reviewed to make sure that this was coherent with market practices. We also wanted to harmonize practices within the group, which was very important from a managerial standpoint. We've done very detailed control of the terms for each of these programs, that is to say, vesting, waterfall, allocation clause, and all legal clauses. After this examination, we've allowed 9 new programs which we will be voting upon. This will be resolution 4.
We finally wanted to make sure these programs were transparent within the universal registration documents to make sure that these are easily understandable by all, especially by you, our shareholders. The terms of these co-investment programs are now detailed in chapter 5.14 of your document, and I think I understand that voting agencies this year had applauded this evolution. Thank you, ladies and gentlemen, for your attention. Thank you, dear Françoise, for this presentation. Very exhaustive presentation and very articulate presentation on these key issues for our group. I'd like to take this moment to also applaud our departing board members and thank them for their commitment by our side all these years, and also applaud and welcome our new board members. And now, Mr. David Clairotte, PwC associate, will give us the statutory auditor's work for 2023.
Thank you, Mr. Chair. Good morning, everyone. The Statutory Auditors have issued five reports for this year, which you will find in the universal registration document, submitted to the markets authorities. Three reports relate to the ordinary shareholders meeting and two to the extraordinary one. The first two relate to the company accounts and the consolidated financial statements, so found on pages 348 and 309. These, the accounts are submitted under French GAAP and IFRS, and we consider that they are a true and fair view of the assets and liabilities, and of, the the, assets and liabilities, both of the company and of the group.
In accordance with the commercial code, we cover in our reports the key items of the audit conducted over the financial year and the responses to be brought, and these are covered in the report. As you can see, there's one under financial statements and two key items under consolidated financial statements. These have been discussed extensively with the management and with the audit committee. Third report relating to related party agreements, you'll find it on page 400 of the document. In the report, and for each of the related party agreement, we describe the agreement, the relevance for the company, the financial conditions related to the agreement, and the persons, physical or legal, concerned.
In the first part of the report, we review the previously agreed part, related party agreements, signed over the course of the last financial years, which we are called upon to endorse. There are nine for this year. They cover the co-investment programs, the following ones that you can see up on the four. So, stemming from October 17, 2023, Supervisory Board Meeting, Eurazeo Capital V, France-China Cooperation Fund, Eurazeo Secondary Fund V, Eurazeo Strategic Opportunities III, Eurazeo Digital IV, Eurazeo Growth Fund IV, Eurazeo Hospitality ELTIF, and FCPI Venture. At the fifth of December meeting, we had Eurazeo Entrepreneur Club II, and Planet II, for the March 2024 meeting. Add to that two amendments, so two to the agreements, as you can see on the screen.
The second part of the report recounts and restates the previous agreements agreed and approved at previous AGMs and implemented this year, and those also endorsed at the AGM of the twenty-sixth of April last year. Lastly, as concerns our report under the extraordinary general meeting, there are no specific comments as concerns of what the management board has said. The final conditions under which the issues might be made have not been finalized, and we therefore have nothing to say about, for instance, the issue of ordinary shares or preemptive subscription rights. We will issue an opinion when the decisions have been taken. Thank you very much.
Thank you, sir, for this presentation. Let me now give the floor to Gabriel Kunde, who will tell you more about the resolutions.
Thank you. We have 31 resolutions this year, so I hope you will bear with me. 22 under the ordinary AGM and 9 under the extraordinary general meeting. You have the full text in the documents and on page 371 in the notice. Resolutions 1 and 3 relate to the approval of the financial statements and consolidated statements. 2, allocation of net income and dividend payout. As you can see on the screen, this year, we are suggesting a EUR 2.42 dividend, and that's also a 10% increase. The increased dividend is EUR 2.66, and this is for registered shares. For those who have been registered up until from December 31, 2021, and who will stay to it.
For one given shareholder, you cannot get the increased dividend for more if you hold more than 0.5% of the share capital. It will be paid out on the 16th of May. Resolution 4, agreements of the related party agreement. As Monsieur Clairotte mentioned, they are in the special report of the financial auditors. And we're talking mainly here of relations between members of the management board and their relationship with third-party investment. 9 co-investment programs have been mentioned over the course of 2023 and are subject to your approval. Also, allocations and transfer of allocations in various funds from outgoing board members to incoming ones. Fifth one, related party agreement with JCDecaux Holding SAS, Madame Mercadal has mentioned this.
Here we have a second amendment to the agreement, signed on the 11th of March, 2023, relating to governance rules and transfer of shares, as covered in the initial agreement, and shoring up and confirming the stability of the shareholdership of JCDecaux of the Decaux family. We have, for instance, the increase from 23 to 30% of the maximum share capital held, a right to request the appointment of a third representative to the supervisory board, provided the board remains independent on the whole, and adjustment to the Eurazeo prior consultation clause. In Resolution 6, 7, and 8, we suggest you appoint Isabelle Ealet, Katja Hall, and Louis Stern as members of the supervisory board for a four-year term.
Resolution 9, renewal of the term of office of Jean-Charles Decaux, the current Chairman of the Supervisory Board. This, on the sixth of March, he has been reappointed as Chairman, subject to your confirmation here. Resolutions 10 and 11, the say-on-pay for the 2024 compensation policy, as outlined in the document referred to by Madame Mercadal. Resolution 12 to 17, confirmation of remuneration and compensation to Jean-Charles Decaux, Chairman of the Supervisory Board, to Christophe Bavière and William Kadouch-Chassaing, and to Mr. Olivier Millet and Sophie Flak, members of the board, and relations to the company officers. So resolutions 18 to 20, confirmation of compensation paid to Virginie Morgon, Marc Frappier, Nicolas Huet for FY 2023, given they were members of the board until February 2023.
All of this was covered by Madame Mercadal-Delasalles earlier on, sorry. Resolution 21, renewal of the share buyback program within the usual 10% of share capital limit. You have the main features of this up on the screen, and we suggest you also renew for 26 months the financial authorizations given in the April 2022 AGM, coming to their expiry date this year. Then, resolutions 23 to 24, renewal of financial authorizations. You see it here. First of all, share capital increase by capitalizing reserves, issue of shares and/or securities with access to future preferential access rate, 2023, resolution 23, and then 24th resolution without preferential subscription rights.
Then, 25, issue of shares with cancellation of preferential subscription rights in connection with the public offering. 26, authorization to set the issue price in the event of the issue of shares. And 27, authorization to increase the number of shares, securities, and other instruments, should there be oversubscription. 28, issue of shares with cancellation of preferential right to contribution in kind granted. 29, share capital increase by issuing shares with a general limit of EUR 115 million sub-ceiling. And the overall sub-ceiling will be EUR 23 million for issues without preferential subscription right. And these financial authorizations, of course, cannot be used during the specific periods set out by regulation. 29, share capital increase with issuing shares and/or securities for the company savings plan. Maximum amount, EUR 2 million.
And lastly, thirty-first ordinary resolution, powers to carry out formalities. Thank you very much for your kind attention. Thank you, Gabriel, for that. Ladies and gentlemen, now we come to the question and answer session. We'll be delighted to answer. A number of people will go and walk through the room so that you can tell them you wish to ask your questions. Please make yourselves known. And do introduce yourselves, please. Sir, madam?
Claude Roche for two questions. The first questions will be about the fraud attempt that Eurazeo has been a victim of, and a second on individual share ownership. By accessing the institutional website of Eurazeo yesterday, I saw a warning at the opening of the session, and I quote, "Attempt of fraud and identity theft. This practice is trying to take people to invest in fictitious saving products with high rates by using the name and identity of Eurazeo, its group, or some of its employees." End of quote. So I've looked at the universal registration document, page 121, which shows the mapping of risk, but nothing is said about fraud, identity theft, and Eurazeo is currently a target of that. So I have two questions, a double question. Is this fraud attempt...
Did it happen after the elaboration of this document, which is why it's not in the risk mapping? And second, what are the steps you have taken to protect yourself from these attacks in the future? And now my second question: During the 2018 general shareholder meeting, during the takeover, I asked you in the Q&A sessions, what kept the company from raising the participation of its individual shareholders to 10% of the capital? It used to be 8.5%. The chairwoman of the board at the time, Virginie Morgon, said, and I quote, "Our ambition is to reinforce individual share ownership of Eurazeo. You said that you wanted to be much more active and communicate much more to increase that in the future," she said, end of quote.
I learned with some satisfaction that there are many shareholders that represent 13% of the capital of the company. I understood that you also had a few roadshows outside of Paris, but you were not present here in the capital. No investor days in Paris. Might I suggest that you would organize, in the future, webinars for important events in the life of the company, communication of quarterly results, acquisitions, important share acquisition? Could you also make available, during the general shareholder meetings, a paper, a document, a brochure for summoning with the text of the resolutions at the very least? It will be more palatable and sexier than the QR code.
Thank you, sir, for your question. I propose that Gabriel Kunde answers your first question concerning fraud.
... and William Kadouch-Chassaing will answer with the same degree of passion you put in your question on the position of Eurazeo for individual shareholders, which shows your attachment to our company.
Thank you, sir, for your question. We know how loyal you are to Eurazeo. We know you are not a shareholder of our competition, but you would see if you were, that on their websites, they have the same prevention message. The attempts for fraud and identity theft are unfortunately commonplace, and at Eurazeo, they remain attempts and not attacks, which is why they are not in the document. But our governance is very clear on the topic. It's expressed on three levels to fight these fraud attempts.
The first one is that when it comes to the subscription of clients themselves, an individual or an institution wants to invest in a fund, we have a team that's dedicated to the conformity of this client, which verifies their identity. It's a team of 10 people that makes sure of that for each of our customers. The second level is a rather more global and strategic fight against this. It's a cybersecurity committee, which is chaired by William, with Dimitri Daud, who's our leader of digital, who hosts it, to make sure we are all always up to the best standards in terms of equipment, practices, and governance to fight these attacks. The third level of answer is, of course, the audit committee. It is in charge of reviewing our cybersecurity policy for the company. This is the answer I can provide.
Mr. Chairman, I know what your opinion is of paper documents. For four years now, we've decided to change and move to digital. With respect to our ESG policy, we've made an innovation this year with the QR code you mentioned. Of course, if you need the paper, we are available to take your contact and send the document to you, and I have it here available if you want to look through it, of course.
Thank you, Gabriel. William?
Thank you, Chairman. Thank you for your question. This gives me the opportunity to converge with your opinion on several points. First of all, we've improved in terms of our percentage of individual share ownership, because you said yourself, we went from 8.5% to 13%. We have 25%... 25,000 individual shareholders for 2023.
The amount of individual shareholders has gone up 8%. Over the last three years, it's gone up 30%. Among these shareholders, we've noted a strong progression of those who've opted for registered, which allows you for a 10% premium, and 2,000 individual shareholders have registered. We also need to have appropriate communication standards. We could always improve. I note your wish to see us more present on conferences in the Paris region. We were present in Bordeaux this year. Our director of investor relations hosted this conference, and I believe, Pierre, you will be in Lyon in September. We've made a few innovations. We've reactivated the information letter for individual shareholders. After the investor day, it was rather popular because it was read and commented, maybe not by 9,000 people, but it was read, viewed by 9,000 people.
We want to have videos for each, for each semester, so it's a 4-5-minute video. You will see me on the video. Of course, we can diversify the audience if you would want that. We've also diversified webcasts. We can have webcasts on more specific issues if it's justified. For instance, we want to do focuses post-investor day on specific questions. We can have themes for specific investors on debt, on real estate. This is the sort of thing we could do. But you will also have the opportunity... It's not on paper, but you could also go on the Eurazeo app, which was renovated when it comes to following a share price and information. But I will remember your comment on the Paris region, which is an important comment for us.
We have a question over there.
Hello, gentlemen. I would like to thank you for the presentation you've made, which allows us to see more clearly, which allows me to see more clearly what investment I've made as an individual shareholder and as a supporter of your products through various channels. My question is, you are a part of the Big Four – mid four, mid-cap. Is it not a way to... Wouldn't it be better to invest on these mid caps without being attacked by every financial genius? Is it better to invest on your share or on the products you make available? And then when it comes to shareholdering, in order to have the benefits of this premium, we need to be registered. I'm used to administered, registered, and I've seen a bit of inertia from centralizers, especially Uptevia, when we want to do this formality.
Furthermore, I wanted to ask you, Ms., on a question on Mr. Stern. Is it, is it connected to the ex- to the late Stern Palace Bank? William, maybe you will take the first part of the question, and Gabriel will answer concerning the technical part.
Thank you for your questions. Concerning the mid-cap segment, as Christophe reminded us, it's a core activity for us, and it's been that way for a long time. This company, in terms of know-how, has a long-term approach, and as a platform we probably offer in Europe, and certainly among listed players, we are the most complete platform when you want to invest in mid-cap values, and you know that they are less and less eager to go to become listed themselves.
Less and less mid-cap companies want to become listed, so the way to invest in value creation for these, gems of, small and medium-sized companies is either to invest in our funds or Eurazeo. I think you should have a cumulative approach because, of course, we don't offer the same as, Eurazeo, a listed company, with... Our main criteria is the liquidity profile, and liquidity is immediate because we are listed every day. The funds you can invest in, for instance, in terms of a life insurance or have a more, narrow liquidity windows. In terms of dividend premiums, I hope you didn't face any difficulties, but I believe I will let Gabriel answer the question.
Thank you, sir, for this feedback.
We haven't had this feedback previously, but Tivia, who is our supplier, is in the room, and we will have a discussion with them because they're the ones that are operating this service. Concerning what Mr. Stern said, he is the grandson of Michel David-Weill, which is why he's a non-independent member of the supervisory board. Concerning his ancestors, I don't believe this falls within the purview of this general shareholder meeting. Are there any other questions in the room? The gentleman over there has a question. You're going to get the microphone soon. What I see, I regret that there is no document. You have given no documents to the shareholders, and I regret that. Furthermore, I did not understand what your turnover was and what your profit was.
William, can you give us the turnover and profit, William, and Gabriel, maybe the request for paper documents?
So I will start with our profit for 2023, EUR 1.824 billion. The turnover for management of assets is EUR 398 million. And then we look at this in terms of contributions, because we don't have the similar evolution. So there is a contribution of EUR 128 million for assets management for 2023, minus EUR 91 million for the investment company, and exceptional profit for EUR 1.9 billion, which is why you have EUR 1.824 billion in the end. EUR 1.823 billion. Concerning your other question, sir, I will have to give the same answer as to your colleague previously on paper.
So we have a zero-paper policy. We've had it for the last four years because of corporate social responsibility. But you can access all of the documentation digitally or via paper. If you give us your contact information when you exit the room, we will send it to you. Yes. Afterwards, sir, we will take your coordinates, and we will send you all of the documentation at your home.
Mr. Chairman, hello. Mr. Dessoulange for l'APERi, the Association for Patrimony and Individual Shareholdership. I have only one question. We are more and more going towards standardization. AI is going to amplify that. CSRD applicable to French companies is going to force you to have...
transparent extra financial documents, all of these new regulations and standards plus AI, will they make it easier to spot and develop European gems versus international champions? Or will these simply mean extra costs without any competitive benefit?
Thank you for your question. I unfortunately believe it's both, but I will let the experts answer the question. Maybe Sophie, on the regulations, which is both a risk and an opportunity when you look at things from an entrepreneurial standpoint, which is what we do at Eurazeo.
Thank you, sir, for this question. Corporate social responsibility, the reporting, extra financial reporting obligations, which are going to involve companies that have over 250 employees, create a need for further publication. But there is some good news, which is that it is regulating these publications, because today there are as many ways to do extra financial reporting as there are customers or regulators or stakeholders. So this is going to allow us to have a convergence of formats towards a single format. And to answer your question when it comes to AI, we are automating the production of reporting of questionnaires for our clients, thanks to AI. So of course, maybe there is a bit of an administrative overload, but digital tools are going to allow us to compensate for this.
Of course, this also allows us to find new applications and new opportunities in the development of our opportunities.
Maybe a quick word, Christophe, on our business. Yes, well, on AI, it can help us identify the best possible investment targets. After all, we are covering the whole of Europe, and that's quite a broad geography. However, this will not, of course, replace the investment committees. That's where the final decision is taken. Can I maybe also add something about the fact that the best entrepreneurs nowadays, the best investment targets, have a very high financial education and knowledge, and therefore, they choose their investors. Of course, we can use AI to help us identify them faster, but they are the ones who are identifying us, Eurazeo, as the best potential partner for them for their growth prospects.
As you know, we invest generally for 5 years, roughly, maybe a little more, and we really want them to choose us because we are the best partner for them.
Thank you. I don't know if there are any further questions. If there aren't any, thank you. I'll thank you for your interest in our company. Can I maybe move on to voting, Gabriel?
Before we start, can I tell you the quorum is at 78.82% of shareholders. Before we move on to actual voting, can I maybe ask you to watch this short video?
Ladies and gentlemen, this voting contraption is personal. The number of votes you hold has been loaded onto the system and shows on the screen. You can use, and you only have to use, the yellow, green, and red buttons.
Yes, green is yes, yellow is abstain, red is against. After each resolution has been read out, the vote will occur following the words, "Voting open," after which you will see a green rectangle appear on the screen, counting down to the end of the vote. Once it has run out, someone will say, "Voting complete," and you will no longer be in a position to vote. The results will appear on the screen a few moments only after the end of the voting procedure. Please also switch off your mobile phones during the voting procedures, and to give the device back afterwards.
Vote on resolution 1, approval of the company financial statements for the year ended December 31. Please vote. Voting complete. Resolution carried. Resolution 2, allocation of net income and dividend distribution. Please vote. Voting complete. Motion carried.
Resolution 3, approval of the consolidated financial statements for the year ended December 31, 2023. Please vote. Voting complete. Resolution carried. Resolution 4: approval of agreements and commitments governed by and related party agreements. Please vote. Voting complete. Resolution approved. Resolution 5: approval of the agreement governed by Article L225-86 of the Commercial Code between Eurazeo and JCDecaux Holding SAS. Please vote. Voting complete. Resolution approved. Resolution 6: appointment of Isabelle Ealet as a member of the Supervisory Board. Please vote. Voting complete. Approved. Seven: appointment of Katja Hall as a member of the Supervisory Board. Voting complete. Approved. Eight: appointment of Louis Stern as a member of the Supervisory Board. Please vote. Voting complete. Approved. Nine: renewal of the term of office of Jean-Charles Decaux as a member of the Supervisory Board. Voting complete. Approved.
Approval. Resolution 10: approval of the 2024 compensation policy for members of the Supervisory Board. Please vote. Voting complete. Approved. 11: approval of the 2024 compensation policy for executive board members. Complete. Approved. 12: approval of the information relating to corporate officer compensation, as mentioned in Section 1, Article 22-10-9 of the French Commercial Code and presented in the corporate governance report. Please vote. Complete. Approved. 13: approval of compensation and benefits paid or awarded in respect of FY 2023 to Jean-Charles Decaux, Chairman of the Supervisory Board. Please vote. Complete. Approved. 14: approval of compensation and benefits paid or awarded in respect of FY 2023 to Christophe Bavière, a member of the Executive Board. Voting complete. Approved. 15: approval of compensation and benefits paid or awarded in respect to FY 2023 to William Kadouch-Chassaing, member of the Executive Board. Please vote.
Voting complete. Approved. Sixteen: approval of the compensation and benefits paid or awarded in respect to FY 2023 to Sophie Flak, Member of the Executive Board. Please vote. Voting complete. Approved. Seventeen: approval of compensation and benefits paid or awarded in respect to FY 2023 to Olivier Millet, Member of the Executive Board. Please vote. Voting complete. Approved. Eighteen: approval of compensation and benefits paid to, and or awarded in respect to FY 2023 to Virginie Morgon, Member of the Executive Board, until February fifth. Please vote. Voting complete. Approved. Resolution nineteen: approval of compensation and benefits paid or awarded in respect of FY 2023 to Marc Frappier, Member of the Executive Board, until February fifth of 2023. Please vote. Voting complete. Approved.
20: approval of compensation and benefits paid or awarded in respect of FY 2023 to Nicolas Huet, member of the Executive Board member until February 5, 2023. Please vote.... Voting complete, approved. 21, authorization of a share buyback program by the company for its own shares. Voting complete, approved. 22, delegation of authority to the executive board to increase share capital by capitalizing reserves, profits, or share premium or contribution premiums. Please vote. Voting complete, approved. 23, delegation of authority to the executive board to issue shares and/or securities granting access immediately or in the future to share capital with a potential preferential subscription right usable outside takeover bid periods. Please vote. Complete, approved.
24, delegation of authority to the executive board to issue shares and/or securities granting access immediately or in the future to share capital with cancellation of preferential subscription rights by way of a public offering other than an offering referred to in Article L. 411-2, Section 1 of the French Monetary and Financial Code, or in connection with the takeover bid comprising a share exchange offer. Please vote. Voting complete, approved. 25, delegation of authority to the executive board to issue shares and/or securities granting access immediately or in the future to share capital with cancellation of preferential subscription right by way of a public offering referred to in Article L. 411-2 of the French Monetary and Financial Code. Please vote. Voting complete, approved.
26, authorization to the executive board to set the issue price in the event of the issue of shares and/or securities granting access immediately or in the future to share capital without preferential subscription rights, representing up to 10% of the share capital. Please vote. Voting complete, approved. 27, authorization to the executive board to increase the number of shares or securities or other instruments to be issued in the event of oversubscription. Please vote. Voting complete, approved. 28, delegation of powers to the executive board to issue shares and/or securities granting access immediately or in the future to share capital with cancellation of preferential subscription rights in consideration for contribution in kind granted to the company. Thank you. Please vote. Voting complete, approved.
29, delegation of authority to the executive board to issue ordinary shares and/or securities granting access to share capital reserved to members of a company savings plan, with cancellation of shareholder preferential subscription rights in their favor. Please vote. Voting complete, approved. 30, overall ceiling of the amount of shares and securities issued under the resolutions 23 to 28. Please vote. Voting complete, approved. 31, and final resolution, powers to carry out formalities. Please vote. Voting complete, approved. Thank you very much.
Thank you, Gabriel. Ladies and gentlemen, dear shareholders, we now come to the end of this AGM. Let me thank you on behalf of all the supervisory board, the management board, and everyone at Eurazeo for attending here today. I can assure you of our full commitment, and we'll meet again next year in 2025 for the next AGM of the company.
Thank you very much.