Bonjour. Bonjour à tous. [Foreign language] Good afternoon, everyone. I hope you've had a pleasant afternoon. It's been almost three years since we last saw each other in person, so it's really a pleasure to see everyone here. We've almost gotten rid of the plague. I hope there won't be another one upcoming, but let's just enjoy this while it lasts. Ladies and gentlemen, it's a pleasure for me to welcome you to this combined AGM, which I'm chairing as Chairman of the Board of Directors, and I'd like to thank you for your attendance. After two AGMs held behind closed doors due to the COVID-19 pandemic, it's a great pleasure for us to be able to welcome you here and to see you once again.
I suggest we begin by the preliminary formalities before beginning the session as we establish the bureau and we go through some of the legal formalities. As you can see on the screen, with Olivier Rigaudy, Deputy CEO and CFO, we will be outlining the key figures, the highlights of 2021, as well as the objectives for 2022, 2025 for our company's development and the strategy. We will go through 2021 annual results in detail. We'll talk about stock market performance, shareholdership and outlook for 2022. Madame Clémentine Gauthier, general manager in charge of group CSR, will talk to you about our policies in this area, and you'll see things have changed a great deal here.
Mr. Patrick Thomas, independent director and lead director, will then give us a summary on governance and compensation policy. After that, the statutory auditors will present a summary of their reports. After that, we'll be only too happy to answer your questions before presenting the resolutions and beginning our vote. I'd also like to specify you can follow our AGM on the website and via the website you can begin asking your questions now. We will answer the questions that you will have asked through the website. It says in my paper, "Click." Now I suggest that we officially call the meeting to order and establish our bureau. Our provisional quorum, which was given to me a few moments ago, is 69.9%.
A few shareholders are still arriving, so we will give you the final quorum before voting on the resolutions. To establish the bureau, I call as tellers the two shareholders present that themselves and as representatives have the largest number of votes, and they've accepted to serve this office, Mr. Riyadh Ali and Mr. Thierry Revah. I suggest that we appoint as secretary for the AGM Ms. Sherfa. Fortunately, they're keeping an eye on me. The combined AGM is duly convened and established and can therefore deliberate, so I declare our AGM open. I'd specify this AGM is also being broadcast through our website live. I greet our shareholders who are watching us through the internet.
I'm pleased to greet all the members of the board of directors who are present here today, except for Mr. Winningham, who's absent and who has told us he would be absent. Unfortunately, he's come down with COVID. Furthermore, we have present here Ms. Shelley Gupta and Ms. Carole Toniutti. Next to Mr. Louis, whose appointments as members of the board will be proposed to you today. Ms. Ariane Bucaille, representing the firm Deloitte and Partners, and Mr. Jacques Pierre, representing the KPMG firm, are both in attendance as well. Maître Raphaël Perrot, bailiff of the court, has checked signatures and will also ensure a proper and smooth voting process today. I'd like to give the floor now to Ms. Sonia Cheurfa to go through the regulatory points.
Thank you very much. Good afternoon. Your AGM is meeting on its first invitation. The invitation was published in the Official Gazette on twenty-third January, twenty-fifth March 2022, and the legal announcements journal called Actu-Juridique, twenty-fifth March 2022. In compliance with legal provisions, all the documents required have been made available to shareholders at the head office and at Teleperformance website, such as the resolutions text and the opinions published in the Official Gazette, as well as the invitation letters sent to the statutory auditors, universal registration document for 2021, statutory auditors' reports on the financial statements and resolutions, as well as the internet votes and the proxies, as well as votes by mail.
I also specify to shareholders that, as requested, they received documents and information provided for under legislation and were able to look things up at the head office as well. Today you will be deliberating on 18 ordinary resolutions and 7 extraordinary ones. The text of the resolutions is contained in the invitation, pages 39 and following. The resolutions pertain to approval of statutory financial statements and consolidated financial statements for the fiscal period ending 31 December 2021. Appropriation of profits and establishment of dividend. Observation that there's no new regulated party agreement. Approval of information and compensation information under the Code of Commerce for all of the corporate officers.
Approval of compensation elements for 2021 of the Chief Executive Officer and the Deputy Chief Executive Officer. Approval of compensation policy for directors, CEO and Deputy CEO, and the Deputy CEO. Appointment of two new directors, as well as the renewal of four directors. Establishment of the overall amount of compensation allocated to directors. Authorization to be given to the board of directors for the company to buy treasury stock. Then in under the extraordinary session, authorizations to be given to the board to increase company capital, with and without preferential subscription rights for shareholders. Authorization to increase the amount of issues that could be decided and implemented.
Furthermore, authorization to increase capital reserved for members of a company savings plan. The last authorization has to do with granting free shares to employees and/or corporate officers. Lastly, powers to carry out formalities. You have the floor again. Thank you very much, Sonia Cheurfa. [Foreign language]. Key figures and highlights 2021. First of all, Teleperformance global footprint, which we can see. There's an event that's taken place since beginning of 2021, and that's the war that Russia began in Ukraine.
I specify that to date, Russia represents under 1% of the group's revenue. Teleperformance halted its sales there, its marketing activities, any new investing and any financial transfers stopped. Which means we will only serve preexisting contracts. Other than that, your group is strong, 420,000 employees, which means we net created several tens of thousands of jobs in 2021. To date, we continue to have 70% of employees working remotely. 30% are working in the offices and our call centers, but 70% working from home remotely. And as you know, we built a good management platform at Teleperformance Cloud Campus to manage this workforce. Several hundreds of thousands of remote workers.
We're located in 88 countries. We work in 265 languages for over 1,000 client companies in 170 markets. Hello. [Foreign language]. 2021, as you all know, was a year of new growth records. Our earnings in 2021 made it possible for us to achieve our medium-term 2017-2022 plan a year ahead of schedule. We went beyond the threshold of EUR 7 billion in revenue in 2021, whereas it had been slated for us to reach that in 2022. Growth in revenue plus 25%, more than plus 25% like for like. Now of course, this was driven by continuation of digital transformation. We realized that the players in the digital sector, e-commerce, social media, entertainment and so on and so forth, currently represent almost 50% of the group's business.
Furthermore, we've continued with our active policy of highly targeted external growth, acquiring in our dominant market, the U.S., two companies with very specific skills, great bolt-ons for Teleperformance. I'm alluding to Health Advocate and Senture, and I will explain more about them later. Profitability has grown. EBITDA, this is recurring EBITDA, almost EUR 1.5 billion, up by 31%, which means a margin of 20.7%, which is up a hundred basis points compared to 2020. EBITA. Recurring EBITA, EUR 1.071 billion, up 45.7%. With a margin of 15.1%. We've finally gone beyond the threshold of 15%, up by 230 basis points compared to 2020. This is a level, a margin level, which is higher than the EBIT margin we had before the COVID crisis.
Growth in the margin has taken place across the board in all group activities in all geographies. In the end, we have strongly generated cash flow. Net available cash flow for the group is EUR 661 million, which is up more than 35.7% compared to the previous year. Standard & Poor's was able to upgrade our credit rating, from tripple B to minus tripple B . One day. Time will tell. Is it a promise? The treasurer is saying that. Two acquisitions in the United States. The first one, Health Advocate. This is assistance to employees to find their way through the highly complex healthcare system in the U.S.
We've got 12,000 client companies to whom we offer, for their employees, the ability to contact Health Advocate to make it easier for them to access healthcare and defend their needs if they need such defense. 20% of the Fortune 500 are clients of Health Advocate. Their revenue is $140 million, dollars, sorry. It's highly profitable. They provide a very effective service in the U.S. market. I live there. I know about it. It's the most complicated market possible when it comes to trying to get access to healthcare. The second company, Senture.
There's a significant player in outsourced businesses, business process outsourcing our core services to the U.S. government administrations, both the federal administration as well as state governments. The company's revenue, almost $200 million. This is an important thing for us. Our presence in the U.S. administration for core services used to be quite limited, whereas it's a major market. These two acquisitions boost the group's positioning in activities with high added value and that improve the overall profitability profile of this group.
The second highlight, and I'm very pleased about this, even though our development was boosted by the digital economy, at the same time, we were able to create a net of 30,000 jobs during 2022. Sorry, 2021. In 2022, we also hope to continue going that same road. We developed a stable hybrid labor organization, which means both remote working and office working in the call centers. Our group was certified Best Employer by Great Place to Work, which is an independent organization that uses a very precise methodology, and everybody can refer to it, in 60 countries, and that covers 98% of the group's headcount. We are pushing for greater gender balance in management structures. Current percentage of women in senior management is up, reaching 30%.
Our objective, we know full well, women make up half of the population, so our target is to go toward 50%. Last year, we reduced our carbon footprint by 15% per employee in 2021. We're highly committed to the targets of corporate social responsibility, and Madam Clémentine Gauthier will talk you through that. Clémentine. Sorry, Clémentine will report to you on this later. I apologize for misspeaking. Okay. It's worth what it's worth, but it's a great thing to have been appointed by Fortune in the U.S. as one of the top groups, top 25 worldwide and top 25 best employers worldwide. Furthermore, what's very important, and this is out of a ranking of 10,000 candidate companies.
Very important though is the substantive work that's been carried out to meet the criteria by the Great Place to Work Institute, which enabled us to reach the results I talked about. Now to give the floor. Oh, wait a moment. I'm not giving the floor. No, I'm going through the next one too. 2022, 2025. I think we've done a good job, and we can just sit back and relax. No, seriously, what are we gonna be doing during this time frame? Well, first of all, we can say that our foundation is strong. We've got a unique global position in terms of geography and also diversity of service, and also in terms of specialization by sector of activity.
We're making investments, really major investments in digital transition, in Robotic Process Automation, and also in advanced analytics systems, predictive systems, and also in improving business processes. Furthermore, we make very significant investments in data security. We intend to be a benchmark in that area. We realize that data security is a major challenge for all of our economies in future years.
This is true around the world. The virtual world is not safer or better than the physical world. This is why there is a significant investment in technology and creating new professions for ensuring the security of data. We are also developing specific expertise in clientele management by employing bankers, people from the travel industry, that is people from the specific sectors, including e-commerce and so forth. We don't like to disappoint anyone, and that is why we have tried to make the best calculations about where in 2025 we might like to be, and we think that we should be able to reach revenues of over EUR 10 billion.
That we will make targeted acquisitions during this period, $1 billion or $2 billion worth of acquisitions. We will continue to work to increase our profitability ratios. We will be reasonably satisfied if our EBITA margins were to reach 16%. As I said, we've just crossed the threshold of 15% at this time. Our strategy is very simple. It's a Rubik's Cube. It's quite simple. Imagine a Rubik's Cube. You can turn it around in all different directions. You need to practice a bit, of course, in order to line it up, to line the colors up correctly. We have three dimensions plus one. We have the geographic or country dimension with management in each country, chairmen for regions, and at the head of all that, the Chief Operating Officer.
We have a management organization for each sector of activity, banking, finance, insurance, retail, telecom, e-commerce, and so forth. We are developing skills, specialized skills, and specialized solutions in each of these sectors. The third dimension is the service lines that we implement for our customers. Also, in addition to regular customer care, we have soft connections, technical advice, customer relation advice, and moderation of content on social media, back office services, and other services will be coming along too, including instant interpretation, Health Advocate in the American health sector.
These are just some examples. You have these different dimensions, and then you have your Rubik's cube. Inside the Rubik's cube, each cube is measured in three-dimensional terms. That is, we like good performance. For that reason, our group is based on measurements, knowledge of figures, and decisions made based on our figures. Added to these three dimensions, we can add the digital transformation and the fact that we can bring more added value to our services. How do we bring more added value? Through our team that we call Technology, Analytics and Processes or TAP. These teams are developers working in robotics and computers and data scientists and process engineers. They're all working on consistency.
This TAP team that we met with for the first time when we integrated Intelenet in 2017, if I recall. In 2017, Intelenet was a high-quality Indian company that had a great TAP team of about 250 people. That TAP team today in 2022 is now 1,740 people, and there will be 200 people in the TAP team by 2023. This team adds a huge added value by building ad hoc solutions to deliver services that are simpler, more reliable, and of better quality, as well as being less expensive.
That's the promise we make to our customers, and it will soon be 5,000 people by 2025. I'd like to take advantage of this meeting to introduce you to the former chairman of Intelenet, who is now one of the main actors, one of the main players of the executive committee of your group. This is Mr. Bhupinder Singh, who is today in charge of business transformation for your group. Bhupinder. As you can see, he's a bit younger than I am, and there are a few other differences. Bhupinder, as president of transformation, was a brilliant student at the Indian Institute of Technology and also of Management, two of the major schools in the world. He is an individual who has been through many highly selective processes, unlike me. This Rubik's Cube is surrounded by a strategy.
This strategy is related to a sentence by Kasparov, who was beaten in a chess match by Deep Blue. After that defeat, he thought about it, and he thought, artificial intelligence is very narrow. Narrow intelligence of this kind will enable us to increase our capacity to transform reality for the good of humankind. Of course, artificial intelligence, when it becomes, generalized and when it takes control of everything, then that will be another kettle of fish. Thinking about what Kasparov said, we've seen the first bots that have emerged a few years ago in California, and our decision was to embrace AI to give more sophisticated, better services to our customers and to use AI to do all kinds of work for spotting data, analyzing data,
and giving immediately usable data to our advisors so that our advisors could then focus on what is important in the relationship with the customer once you have all the data. That is to listen to the customer, give the correct answers, and to build up the relationship of trust between us and the customer. High touch, high tech, and we are very much engaged in emotional intelligence and empathy. Our managers need to get the greatest potential out of the personnel, and 71% of the promotions that are made at Crédit Agricole are in-house promotions. We work with TP Academy, TP University, and I won't insult you by repeating the five values of the group which are here on the screen.
We try to create a flexible hybrid work environment that's diverse and multicultural, and all of this is measured by in-house and external audits. That's what we call high touch, and high tech is everything that I went through before. I won't repeat it all again. The results of this high touch, high tech strategy mean that we have created a better quality of service, and we can measure it objectively. How long have our customers been on board? What is their loyalty?
Today it's 13 or 14 years, and that's because we're growing every year. I'm very happy to say that our oldest customer at Teleperformance is a French company, and I've been working for them for about 40 years, and I am one of the oldest employees. That's Orange. The second point, I made this joke with the former president of Orange a few months ago. I told him I was the oldest employee around. What's important as well is stack ranking. That means that our customers share the distribution of their outsourcing. They don't wanna put all their eggs in one basket, and they're right to do so, and so they measure the performance of all of their suppliers, and their service providers that are on the top of the ranks typically gain the market shares with that customer.
Those who are low performing don't stick around very long. This is something that we're constantly measuring. We measure this through a customer satisfaction survey. This goes very deep. We calculate the Net Promoter Score, the NPS, and whenever the NPS is not above 8/10, then we set up specific follow-up programs to ensure that our NPS is above 8 out of 10. Finally, we try to be agile. In a group with 400,000 people, it's not very easy to be agile and reactive. I would say that since we have a very specific strategy, and since the managers have a lot of autonomy within this strategy, and where everything is measured very precisely, when something gets off track, we can immediately correct it.
We always tell our managers, "Whenever you have to make a decision, whether you're in Peru, the Philippines, India, or Lithuania, try to look at your decision in the light of the five group values." And if your decision is in accordance with those five values, then it's not a bad decision. It may work or it may not work. Of course, not everything works 100% of the time. That wouldn't be human. But if your decision does match to the five values of the group, then it's a good decision, and if it doesn't, then it's a bad decision, in which case we'll have to discuss it, because the five group values are really the element that creates trust that the group has built up over 40 years with the biggest customers on the planet. That means that we try to be agile.
We don't like bureaucracy and red tape. We try to be reactive. We measure everything all the time. We're coherent. We're flexible. Any system is good if it has an end purpose. When a system tries to challenge the purpose, then you have to change the system, and we are also global. I'm wrapping up here. Don't worry. Our priorities, verticalization of the offer around the world. Today at Teleperformance, we're bringing in specialists in different business lines where we work today, banking, financing, fintech, insurance. We have bankers everywhere around the world who have worked 20, 25, 30 years in the banking universe.
They work with our outsourcing teams, and that's how we build high added value solutions. We're offering new additional services linked to the digital transformation, and you'll see a few examples of this later, in the years that come. In the group, we have launched four or five years ago content moderation on social media. That was an additional service. Today, I think it's about 7% of our group activity. That's a big business in itself. We're also developing an integrated offer of one-stop shopping for mid-sized customers. In particular for English and the Philippines, we will continue to make acquisitions that are disciplined and complementary. We want companies that are in good health. We'll pay the right price if the company is in good shape.
We want profit ratios that are at least equivalent to the groups. We don't want to bring our ratios down, whether it's for growth or bottom line. It should be easier for smaller companies to achieve these ratios. In no case do we want to dilute our shareholding. That is, we will never accept to pay prices or multiples that are greater than Teleperformance's multiples. That is our acquisition strategy, and we have been sticking with that for years. We have scrupulously followed it for the past 10 years. You've seen that the group has really metamorphosed, and this will continue. That's our long-term vision. Now, let's have a look at 2021. Thank you very much, Daniel.
Thank you. Good afternoon, everybody. I would like to talk to you about the 2021 financial statements. As Daniel said a few moments ago, the financials are truly exceptional. This is one of the best years the group's ever had. Growth of 24.1%, 25.7% like for like scope. This is about EUR 1.4 billion more in revenue in one year's time. That's pretty significant. Even more than significant, it's truly impressive. Now in that growth, some of it, of course, as we already said several times, comes from assistance lines for the COVID crisis from some governments. Aside from that portion, which we continue to consider to be non-recurring, growth was very good. Nonetheless, 16.5%.
Now, recurring EBITDA almost EUR 1.5 billion and almost 21% profitability ratio divided by revenue. That's strongly up by 45.7% versus the previous year. EBITDA, which is our accurate measurement of our profitability, also goes up by almost 46% at reaching EUR 1.071 billion, which is going beyond the 15% mark, which Julien talked about earlier. Net profits, EUR 557 million, EUR 9.36 per share. 71% growth in terms of group share and 69% in earnings per share. Truly exceptional figures, and I'll give you further details on these later. To talk about business as such, this slide helps us understand the various components in our revenue. For fiscal 2021, we're checking...
We see in 2020, we had EUR 5.732 billion. We then put this at the 2021 exchange rate, and then we can have our initial baseline of EUR 5.606 billion. Now we see organic growth reaching almost 26% and non-organic growth, scope effects, acquisitions, which were mentioned earlier. The bulk of growth was organic, as we see. Two main components. Organic growth from COVID assistance contracts, EUR 515 million. That's a tidy sum. Then we've got sustainable growth, fundamental business growth of almost EUR 1.927 billion. That's growth for the year, and it's especially striking because it's quite significant and a significant good basis and sustainable for the future.
Scope effects due to consolidation of Health Advocate, the first acquisition we talked about earlier, consolidated as from July 1, 2021. The second acquisition Senture was at the very end of the year and doesn't have much of an impact, almost no impact whatsoever on growth and revenue. That will have an impact next year. Let's talk about revenue per activity. The main conclusion and main takeaway here is growth levels are high everywhere, in every geography and in every business area. In our phraseology, what we call the EWAP world, which includes Anglo-Saxon countries, North America, U.K., growth is around 20%. What we call Ibero-LATAM, Iberian Peninsula, and South America. Growth is 26%.
Europe, broadly seen, excluding Iberian Peninsula and the U.K., growing by almost 41%, which just shows you how much growth we're talking about that is focused in these areas. India only growing by 11%, so to speak. Specialized services, including interpretation and visa services, which were hit last year due to the COVID impact, grown nonetheless by 26%. Broad growth in all business areas and in all geographies. This is the general growth. In addition to this, of course, we've got general growth in profits. We are 15.1%, is the percentage. Now, of course, we grew compared to 2020. That's not just tangible because part of the business had been hit by COVID.
As we said earlier, we also see growth versus the pre-COVID time, 14.3%. We've improved earnings profitability versus a so-called normal year, which is 2019, which was a fairly good year in itself. Profitability level is high pretty much everywhere. Iberia, LATAM, Europe, India, and specialized services. We know that they've got very high profitability. Where is this coming from? From the leverage effect due to growth in revenue, of course. Also, nonrecurrence of some spending which was made during the health crisis. Also, we already mentioned we've been highly disciplined in terms of cost containment. We've been hunting costs and not hunting eggs. Now, operational profitability to talk about what you've got between EBITDA and operating income.
There are several items that are fairly stable from year to year. Amortizations of intangibles relating to acquisitions around EUR 100 million there, plus non-recurring items, slightly up, though their composition has changed a little bit, resulting mainly from growth in our share price, which leads to some booking amounts but no cash out. Overall, operating income up 56.6%, standing at EUR 869 million. Briefly, to talk to you about tax and financial results. Financial results deteriorate slightly due to the decisions with the Treasury Department the team around me deciding to make an early repayment of a U.S. loan toward the end of the year. That has a significant improvement on our financial income starting in 2022, and probably also 2023. The amounts are entirely reasonable, EUR 94 million.
Tax rates come back to normal level, 28%-29%. That's what we're accustomed to booking. Last year was a little bit unusual, particularly due to COVID and some of the COVID-related consequences. Net earnings after taxes, as I mentioned earlier, EUR 579 million, EUR 9.36 per share. That's growth of over 70%, which is quite unusual for listed companies. Briefly now to talk to you about cash flow. Probably the most important thing is that we've got growth, profitable growth. Profitable growth, which is also generating cash. Profitable growth is great, but generating cash is also very important. As you can see, cash flow is up by 35%, reaching EUR 661 million versus EUR 487 million last year.
A couple points we didn't mention in terms of cash flow, which is from our business. First of all, we've kept a careful eye on changes in working capital requirements. I thank the teams on this one. We know that cash consumption related to growth is only EUR 75 million. We increased our revenue by EUR 1.4 billion and only used EUR 75 million for these cash items. I think that's a good thing. OpEx down in absolute terms and also in relative terms. Two reasons for this.
First of all, because we continue to keep a very careful eye on cost items, but also, as I said earlier, a significant portion of our activities are now being conducted remotely, which means we have less need for OpEx brick and mortar because people are in their homes. That's one of the reasons for the decline. It probably won't be sustainable on this order in the future. Nonetheless, we have been able to contain investments. Available cash flow is EUR 661 million. This cash flow enables us to do what? That's the important point. Last year, beginning of last year, we had EUR 2.2 billion in debt. We finished the year with EUR 2.6 billion. What's happened?
We spent around EUR 1 billion, 900 and some million to buy Health Advocate and Senture. We increased our debt by only EUR 382 million. Why? Because paying the dividend, a big dividend, all the while we were able to reduce our debt. We did what we wanted. In other words, we maintained a big payout to shareholders. We did not reduce the dividend last year. Remember, in spite of the relative drop in business due to COVID. We continue to make major investments, financial investments as well, and we've got an ability to generate cash flow, which keeps our debt under control. That's precisely what happened. Our debt ratio, net gearing over EBITDA is under 2. EBITDA is under 2.
If you restate for acquisitions end of the year because there is our debt but not the proceeds from the operation, we're at 1.75. We can say that we're very much in a good position. This is one of the reasons our rating by Standard & Poor's was improved at the end of the year, going from BBB- to BBB. This is very beneficial to us today to tap into financial markets during troubled times. Dividends, you might be interested in this. We're maintaining the dividend payout at 35%, which has been our payout for seven, eight years now. We think this makes perfect sense, and it applies to net earnings per share, which are up, so increasing the dividend therefore by 37.5%. That was 2021.
Let's talk about the outlook we've given to the market for 2022. We'll announce Q1 revenues soon. We're expecting recurring organic revenue in excess of 10, above 10%. Our business will continue seeing double-digit growth, which is significant. Of course, we're expecting a drop in contribution from COVID assistance contracts. I restated for that reduction, which makes sense, which is understandable, expected. Organic growth in revenue should be above 5%. In spite of this situation, which may seem difficult, we're expecting a further improvement in our operating margin by 30 basis points. As Julien said, we're continuing with targeted acquisitions. That was our 2021 results and the outlook for 2022. I give the floor back to Daniel Julien.
Yes, our stock market performance. I suspect you're familiar with it. Shareholdership, an important point here, 85% of investors are institutional investors. Out of that 85% institutional investors, over 50% of them are Anglo-Saxon, as we term them. 45% are European. It's about 50-50. 24% outside of France. There's some from Asia and so forth. The remainder, the 15 remaining percent, these are individual investors, group employees, financial intermediaries, and myself. Now, I wanted to give the floor to Clémentine Gauthier because she is going to be reporting to you on yet another aspect of your group.
Thank you very much, Daniel. Good afternoon, everyone. It's my great pleasure to talk to you about the group CSR policy. Our policy focusing on four key commitments, designed to provide long-term value to all of our stakeholders. The first commitment has to do with commitment to our employees. This means adhering to best HR practices in all countries of establishment. We're wanting to be preferred employer in all countries where we operate with good practices in terms of compensation, work and private life balance and social benefits and so forth.
We do satisfaction polls among employees, organized internally and also by Great Place to Work. We intend to promote diversity, inclusion, and gender equality. This was recalled by Daniel Julien at the beginning. We want to target the proportion of women in management entities, particularly reaching at least 30% women in executive committee by 2023, in line with the 30% Club recommendations. Furthermore, we're highly committed to the environment. We've taken on board ambitious objectives as of last year. I'll talk about that later.
Something at the very core of Teleperformance Group, we intend to be a good, a force of good, corporate good citizen and have a positive impact on local communities. Two main actions here. One, through local jobs. We created 30 net jobs in 2021. This also means partnerships with NGOs in all of our operations designed to assist the most vulnerable families and local communities. Furthermore, we've signed the UN Global Compact since 2011, so we commit to promote these principles and contribute to sustainable development objectives. Let's talk about our number one objective, which is to be the preferred employer in the markets. We're continuing to get certification of Best Employer from the independent institute, which is well known in this matter, called Great Place to Work.
Last year, over 180,000 of our employees answered the anonymous questionnaires, which entail about 60 questions on their job satisfaction, their well-being, and their commitment. Our employees gave us a 79% trust score, trust index, well above the threshold is 65%, which is required to be qualified. Eighty-seven percent of our employees feel that we are a reference employer, and that's significant as well. We need to underscore. All of this made it possible for us to be certified as Best Employer in 60 of our countries, covering 98% of our global workforce. We're one of the top 25 places to work by Fortune and a Great Place to Work.
We're also a group that's highly diverse, very much multicultural. This is a special feature of ours we wish to emphasize. We've got a presence in 88 countries. We speak, two of us, 65 languages. We push for inclusion, equality and diversity in several aspects. First of all, we want to have equality at every level, gender equality in all entities. We want to have a balance throughout the group. This has to do with management, but also board of directors. We target currently to further grow the proportion of women in management entities. This is the reason for the TP Women Initiative in 2019. Several initiatives here. For instance, creating a mentoring program for high-potential women.
Also, reviewing hiring procedures and promotion procedures, particularly for management positions, making sure there's no bias. We're also setting up purpose-based dashboards to see trends, and we're also doing awareness raising internally and externally on these matters. Diversity goes hand in hand with inclusion. Something Teleperformance very much believes in. We've been committed for over 10 years now to a program called Impact Sourcing, designed to hire people coming from minorities or vulnerable groups that conventionally have been kept out of jobs and didn't have any prospects. To illustrate this, let's listen to a testimonial. Maureen Danielle, a customer advisor at Teleperformance Greece.
Hi, my name is Maureen Danielle. I was born in Nairobi, Kenya. I spent most of my life with my grandmother in the slum neighborhood of the city. Life was not easy. At the age of 14, I got pregnant and had to leave home. After giving birth to my first child, I had a very tough time raising it, and it was around that time that I got pregnant again. I got a ship, and I was able to reach Greece. I was very lonely and went through a lot until I applied for Teleperformance through an NGO. First of all, I want to say a big thank you to the Almighty God for giving me this opportunity to be here. Secondly, I want to thank Teleperformance for making me to see the positivity of the other side of my life, not the negative side of it. Really, Teleperformance, you are a big and wonderful family. I love you all, and God bless you. Thank you.
Now to talk about our environmental approach. We're highly committed to the environment ever since 2008 with our initiative, Citizen of the Planet. In 2021, we took strong commitments to step up our ambitions here. Earlier, we had our objectives to cut carbon emissions validated by the Science Based Targets initiative. We've got ambitious objectives that are sufficiently objective to be in alignment with the Paris Agreement. Twofold objectives, to cut by 49% per employee the carbon emissions in our operations between 2019 and 2026. Furthermore, to reduce emissions in our value chain by 38% during the period, targeting carbon neutrality by 2040. Several things we can leverage here. Firstly, optimize energy use with efficiency measures as well as improving IT infrastructure, which is high impact for us.
Furthermore, to increase use of renewable energy in our consumption, and then rolling out our remote Cloud Campus program.
That's some of the results of 2021. In 2021, our carbon balance per employee decreased by 36%. Between 2019 and 2021, it decreased by 51%, partly due to COVID and lockdown. Also, we can see the results of some of our first energy efficiency policies that were put in place between 2019 and 2021. We doubled our share of renewable energy use from 11%-21%. As I said at the beginning, it's also important for us to be a citizen actor and to have positive impact on local communities.
You have perhaps seen that just a few weeks ago, we launched an international partnership with UNICEF for $6 million over three years, supporting 2 main causes. First of all, education, with education programs in India and the Philippines. These are the 2 main countries where we are working, but also 2 countries that were hard hit by the COVID pandemic and their schools were shut for a long time. The second cause is aid to victims of natural or human-caused catastrophes, disasters. We are a global partner for UNICEF with regard to providing emergency aid.
This pillar includes the Ukraine at this time. We have been touched by the crisis in Ukraine and have decided to give $1 million for aid to Ukraine, half to the Red Cross. This includes medication, hygiene products, food. Also, we are enabling our staff members to take time to support refugees. We have set up a telephone assistance line, a logistics and technical line for employees and their families, for those who have been able to escape Ukraine. Finally, I would like to show you a short video that tells a bit more about the partnership between Teleperformance and UNICEF.
Ladies and gentlemen, hello. As the Lead Director, I am going to give you an overview of the governance of Teleperformance in 2021. The governance of the company is found in the document on page 145, and it's available on the Teleperformance website. It gives you the principles of the structure of governance and the different elements of remuneration, and also the different corporate officers and the remuneration that is voted on. We currently have 16 members, including two administrators, including two women. The Board of Directors is nine members out of the 16 are independent. They're all well-experienced and have experience in international fields. The Board of Directors met four times, including a five-day seminar devoted to strategic reviews. The rate of attendance was 100% in 2021. For the three committees, they are made of independent directors and chaired by an independent director.
There were 11 meetings that were held in 2021, and also was a 100% presence rate last year. You can have specific information in the reference document. Your Board of Directors will be nominating two new members, and we'll be renewing the terms of office of four of the directors. We think it is important to remain independent and to keep experienced members and to keep members from different nationalities. We ask you to take into consideration the fact that in 2022, we will be losing two independent managers. There will be eight men and nine women, and there will be many independents and many different nationalities.
I would like to thank Mr. Philippe Dominati and Madame Ryan, whose terms of office are reaching their end. I'd like to thank them for their work and their active participation in the Board's work. For the structure of the General Management Committee, it is set around the Executive Committee. This structure in 2020 and 2021 has proven to be agile, reactive, and efficient in meeting the many challenges that were brought about, in particular by the health crisis. Today, I'm going to talk a little bit about our policies for remuneration in 2021 as they were voted on by the shareholders and also what we are suggesting for 2022. With regard to the policy of remuneration for 2021 and given the ex post global vote, the principles and the philosophy concerning are found in the document that are given to the assembly participants.
All of these different proposals were approved by the administrators, the Chairman, and the Delegate Chairman. With regard to the remuneration for 2021 of the CEO and Chairman, in accordance with the rules, this was voted on during last year's assembly. For 2021, this was the ninth resolution. The Board of Directors applied the policies that had been approved and also decided to increase the levels for financial criteria for the variable remuneration, which had been increased in July. We also decided to give the Chairman and CEO 15% fewer shares than had been agreed upon during the general meeting. For the delegate general manager, once again, in compliance with the policies voted upon by the annual general meeting, we also decided to pay the variable annual amount.
For 2022, as applied to the members of the board, we have not changed the policy, and this has been approved by the assembly meeting in May, and there is a fixed remuneration linked to being a board member and being a member of the committee, and special remuneration which is also linked to being a lead director. There's a special remuneration with regards to attendance and to the distance traveled to attend meetings. Finally, there is remuneration linked to a work contract. All of these details are in the report on governance. After at the end of the seventeenth resolution, you will be asked to vote on remuneration for administrators set at EUR 1.2 million. That's the seventeenth resolution. With regard to remuneration for 2022 for the chairman and the CEO, this policy has not changed.
The amount of remuneration as variable is expressed at a maximum and not as a target, and that no extra remuneration can be awarded in the case of over-performance. Annual variable remuneration is subject to financial and extra-financial criteria. The criteria and the levels reached for variable remuneration are set forth in the report on the governance. Finally, the tenth resolution has to do with approving the policy for remunerating the delegate general manager. It is maintained. As for the PDG, the variable annual remuneration is of a maximum amount, and it is subject to financial and extra-financial criteria. Elements regarding these criteria with regard to the term of office are detailed in the report on the governance of the company. Thank you very much for your attention.
Now I would like to ask the two new board members to stand up so that we can see who you are. We have Shelly Gupta, who is Indian and American, and Carole Toniutti, who is of French nationality. You can see that we are getting more and more women on the board, and the board is getting younger as well. Now I would like to ask Senator Philippe Dominati, who was so very kind and so very devoted to work with us for so many years. I would like to ask him if he would be willing to say a word to bid us adieu because it's been fantastic to have him alongside us on what has sometimes been a rocky road.
Thank you very much indeed. This is an opportunity for me to thank the shareholders for trusting me as a board member. I was renewed several times, and it was really an exceptional adventure because when I was appointed, we were proud to have 1 billion revenues. That was in francs at the time. Today, it would be EUR 158 million, and we're very proud of our progress. We now have 400,000 staff members. That's 25% more than the French Gendarmerie Nationale and Police Nationale have together because there are 300,000 people in the Gendarmerie Nationale and the Police Nationale in France. A few years after being a director for Teleperformance,
I held other offices, and in public life, it's quite different from corporate life. Often, we don't stick to the reliability of figures. We don't look at figures. We don't stick to our targets. At Teleperformance, we often went beyond our objectives. We often surpassed our expectations. Jacques and Daniel Julien at the time were there, and I'd like to thank everyone who participated in the creation or the development of this business. A special homage to Daniel Julien, who was there at the creation of this business, because he really had great expectations, high demands, and focused on innovation. I think that Daniel, who I've known for years, and I just have a few minutes to say everything I think about you.
I think that sometimes just one man can really be decisive in a project, especially when it's very ambitious. This was a difficult project. You might think that being a member of the board, quarter after quarter, when you see that the results are present, you might think that it's an easy job. No, it's the opposite. You're constantly calling everything into question, looking for new segments, new solutions, new products. In fact, it's this constant questioning and reorientation that means that this business has been so successful, and I have been honored to participate in this adventure. I'm sure that you will continue, you will go far, and I wish you all the best as shareholders.
Ladies and gentlemen, shareholders. We're going to talk about the accounts closed as of the 31st of December, 2021. I will be presenting you the report having to do with the ordinary shareholders meeting, and then the results for the extraordinary shareholders meeting. These reports are fully available in the document that was made available to you, and I will now be giving you a summary. First of all, reports on the accounts.
Our two firms, Deloitte and KPMG, intervened and coordinated the audit, including the parameter for consolidation, and we presented this to the audit committee and the board of directors, which was held on last February 17. The conclusion is that we certify that the accounts, consolidated and annual, are regular and sincere and give a true image of the result of, and the financial situation of the group and the company as of 31 December 2021. In our work, we pay special attention to significant estimations. In particular, for the consolidated accounts, there were two key points that we identified. The first being the evaluation of goodwill, given their weight in the consolidated accounts, and the importance of the determination of different hypotheses. The second point concerns the acquisition of Health Advocate, which took place last June.
This was a key point for the audit because it was so significant, and of course because of the size. We had to identify the assets and liabilities that were acquired and transferred, and to evaluate them at their true value. For the annual accounts, we only looked at the valuation of shares, about 74% of the total assets they represent. We concluded, and this is new since last year, that based on our work, the presentation of the consolidated accounts and the annual accounts to be included in the annual report is in respect of the format required by European legislation. There are specific provisions, of course, that are provided for by the law that have to do with the management report, and we don't have any particular comments to make on compliance in that regard.
We also made a special report on regulatory agreements during the fiscal year. We did not have any particular remarks on compliance with regulatory agreements. With regard to operations on capital, and this concerns the extraordinary shareholders meeting, we looked at authorizations that must be given by the extraordinary shareholders meeting to the board of directors in order to carry out these operations on capital. There is a report on new ordinary shares or real estate, including preferential rights that are kept or discarded. This is resolution 2021. We don't have any particular remarks, neither with regard to the amounts or the choices that the elements made to calculate. We don't have anything to say either about the suppression of any preferential rights because we have not...
The definitive conditions have not yet been set. If necessary, we will be able to make a comment about any delegated authority. We have comments on the 23rd resolution regarding to new shares. We don't have any observation in this regard because we don't know the final conditions with regard to any such operation. If we were to be made aware of them, we could at that point make observations. Finally, the 4th report, having to do with the 24th resolution, having to do with the authorization of the attribution of free shares for certain categories of personnel, and your board of directors will determine that, and we do not have any remarks to make with that regard.
Last point in the report on non-financial performance. One of our firms checked statements on non-financial performance. We observed no significant misstatement which would question its compliance with regulatory arrangements that apply. Chairman, ladies and gentlemen, shareholders, thank you for your attention. Thank you very much. Thank you. Now, I believe it's time for Q&A. Just before opening up for questions and answers, we have a total of 21 written questions from several shareholders. The answers given to the questions in writing are posted on Teleperformance's website under AGMs. Questions that have come in by the website live will be passed on to us.
Now, everybody's personal data is protected, so any shareholders who speak in this room will not be filmed, they won't be shown on the screen, and they won't be shown on the website. Let me also say that if anyone doesn't want their name to be recorded and given out on the internet, they should not introduce themselves when they begin speaking. Could we please get a microphone for the first gentleman to speak?
Thank you very much.
Thank you. Yes. Thank you for the very detailed presentation on finance and accounts. I'm surprised after such completeness and accuracy to have not heard, as is customary, in talking about compensation to managers, value approximate amounts, even just approximate amounts of free shares granted, because the amounts are quite significant in terms of fixed and variable compensation. I believe this lack of transparency is a negative compared to the very positive rest of the presentation. I believe everything is in the filing. Everything's in the registration document. You know the value of your share? Multiply it by 50,000. That's the answer. It's clear.
Let me tell you, the specific calculation of the figure is on page 207 of the universal registration document. It's fully transparent. Second question. Over there at the back of the room, please.
Hello. I'm an individual shareholder. I have questions about your financial results. The parent company accounts, page 27 of the invitation document. Under the staff heading, 2020, 42 people, 2021, 40. But the wage base, 2020 was EUR 4.7 million, 2021, EUR 5.2 million. 2 fewer people, plus EUR 500,000 in compensation. What really bothers me is the amount of benefits, going from EUR 3 million to EUR 5.5 million. Benefits are greater than compensation. How can you explain that? Well, just briefly, as you've understood, we're talking about page 27 of the parent company, which employs fairly few people. I believe, if memory serves, 65 people are employed out of the 420,000 employees overall.
Some employees of that company have seen changes paid in the U.S. through a subsidiary originally and then were brought back to the parent company. There's an important point to be borne in mind. We attach great importance for reasons of sound management, you can well imagine. We attach great importance to the fact that managers that hold high offices keep their costs under the operational companies. That only holds to a certain degree. When a manager becomes a global manager, we can't keep his expense under the operational companies. That wouldn't be good accounting. Some people were shifted over to costs for the parent company. Nothing to do with him or me personally, but for quite some time we've been in that situation.
On your resolution to buy back shares, you set a price of EUR 500 maximum. Aren't you being too modest considering the current share price? I can remember one year when you had to hold an AGM to increase the buyback price, which was EUR 280 at the time. I remember that very well, sir. Back then, we had to rush and organize a November AGM. Last time it was EUR 400, the figure we reached, you remember probably before September last year. Figures have changed. We wanted to do it right. We have a bit of leeway now. We hope that we will have to convene an AGM quickly to change the figure if it gets that high. A follow-up, to some degree, on that share price.
Could you consider a split, a share split?
Well, personally, I wouldn't really be in favor. There are two effects there. First effect would be it increases the expenses you pay to Euro. Next, you have more shares, and there are charges based on number of shares, and it doesn't really amount to a hill of beans. There's not much of reason to do this. If the share price reached EUR 1,000, possibly we would consider it. The gentleman toward the back.
Good afternoon. I've got three questions. Question one, I'd like to know what your intentions are for Africa. Next, are you working with Doctolib? They take appointments for vaccinations. Question three, on those two acquisitions in the United States, how are you financing them? Thank you. I'll let Olivier answer that last question.
Regarding Africa, already we're probably the most established company in Africa through our establishments in Egypt, Tunisia, Morocco, and South Africa. Above and beyond that, we're interested in developing in Sub-Saharan Africa. We began an establishment with one of our major global clients in Nigeria, Lagos. Africa has two interesting features. First of all, to enable us to serve, like India and English-speaking Africa, to serve certain needs for other markets such as the U.K. and the United States. Furthermore, in some African countries, we're starting to see solvent demand, which we're also interested in, and that's one of the reasons we've begun establishing ourselves in Lagos. At the same time, we're developing our Cloud Campus concept for Africa. In several countries, I believe we started in Togo recently. This will continue. We're interested in Kenya.
We're interested in several areas. Africa, yes. To my mind, it's very straightforward. I know where people are having babies and where the population's to be found. Africa, India and China are geographies that I'm paying very careful attention to. Now, the question on Doctolib. I don't think Doctolib is one of our clients, so it's a client of one of our competitors. I apologize. I don't know the detail regarding French client contracts. The French market's under 4% of our overall business. Third question. Yes, funding. You'll remember the acquisition of Health Advocate was announced end of 2020. At the time, we pre-financed, thanks to my teams. Inter alia, we issued a bond, EUR 600 million, a 7-year maturity. Our record was 0.25% interest rate. We paid for the company in June.
There was a delay between when we signed. We refinanced when we closed, unwound. As to the Senture, reasonable deal, and we used our available cash and our credit facilities at the end of the year. Go ahead, sir. Thank you. I'd like to come back to a point in your presentation. You referred to a rating. Now, that rating, who devises it? You, your teams, your clients, your clients' clients? Well, we've got three metrics systems to measure satisfaction. We've got employee satisfaction measurement systems by our employees asking about how they are satisfied with working here. Then we have a measurement system of our customers, consumers, their satisfaction with the service we've provided them with. That system isn't something we are in charge of. Our clients are in charge of that system.
Measuring customer satisfaction entails an in-depth interview of our clients, the decision-makers, at our clients' premises. During the interview, we review all the services we're providing to these clients, whether you're talking about operations, IT, innovation. It's the clients that then give us the rating. We never self-rate, don't score ourselves. We'd like to sometimes. Hello. I'm an individual shareholder. The results are brilliant, but there's one area less brilliant than others. Your level of debt worries me a bit. I think your debt level really is one of the worst amongst the CAC 40 large caps. If you look at your gearing ratio, it doesn't look very good. What is it? Over 80% over shareholders' equity, and I don't think it's one of your priorities to try to address indebtedness. A brief comment.
What you need to look at is debt divided by EBITDA. It's our ability to generate resources to repay the debt. If you look at this, in a simplified way, EUR 2.6 billion in debt and just over EUR 1.6 billion in EBITDA, just over 1.7 years' work to repay the debt. It's a pretty good level. This has been recognized as such by Standard & Poor's. In terms of shareholders' portion of... Shareholders' equity is not as good. Yes, but that's another point, sir. That's, shareholders' equity is a booking element. The important is flows, not stocks, and the capacity to generate resources to repay debt is good. The level of financial expenses that we carry in, on our debt, this level is entirely reasonable, very reasonable. Yes.
Rest assured, we're taking all measures with our teams to cap debt and to make sure that debt cost doesn't skyrocket, using the financial instruments to hedge. Precisely the opposite. I'd say that we're quite satisfied at the level of debt. I'd emphasize this way we don't dilute shareholders to make our acquisitions, and we can also consider changes in upcoming years if need be. If in the future a big acquisition were to be necessary, we could conceivably change tack, but that's not the case right now. The gentleman toward the back. This will be probably the last question. Good afternoon, Mr. Chairman. Thank you for giving me the floor. We can't hear you very well.
Good afternoon, Mr. Chairman. Thank you for giving me the floor, despite of the fact I'm at the back of the room. I want to bring up inflation. The economic situation has changed. You said this. The health situation had an impact on the group. We've seen a change in the way people work. Many people working remotely from home. Now we're going to end up in a world where energy is more expensive and inflation may well be higher. Inflation is going to reduce purchasing power of all employees, 400,000 employees in your group. I'd like to know what your view is of this new world, a world of inflation. What's your ability going to be to increase prices? Yes. The inflationary trends are to be seen everywhere now. I feel it much more in our major market, which is the American market, than inflation we may see here in France. Our position is pretty straightforward.
When I started at Teleperformance in 1978, we had inflation between 8%-10% per year. It never kept me from making money. Basically, inflation is cyclical. It can be beneficial when it's around 2%-3%, and it can be a problem when it's not kept under control. The cycle is ongoing. Price hikes equal wage increases. Wage increases equal price increases, and it goes on and on up until interest rates go up, and we take the risk of then breaking the economy, maybe. Regarding Teleperformance, everywhere our position is quite simple. We do not want to sacrifice our profits nor sacrifice the employees' wages. So how do we achieve that? There are two solutions. We go meet with our clients and ask them to increase the price they pay us.
The clients tend to say, "I don't wanna sacrifice my profits," and so on and so forth. The solution is in a country where we have no oil, but we have ideas to redefine, redesign the architecture of customer service. For instance, if we serve a client solely in a high-cost geography and we say, "This portion of your service is very delicate. We'll continue serving from this high-cost area. But this other portion of the service, maybe we could provide it from a lower cost geography. The higher cost geography, you'll have to increase our price you pay us there by 10%," we'll tell them, because it's our wages in the U.S. Previously, it was $12 an hour, then it was $15 an hour. Now we're talking about $17 an hour and so forth.
All in the end, since we've got these various possibilities to adjust using different geographies, in addition, we've got abilities to change the digital proportion we include in our solutions. This means that we've got the resources, the wherewithal to deal with inflation so that our employees aren't affected negatively and our clients aren't affected negatively. I'm not saying it's easy. We have to duke it out every single day. Our operational managers are already working very hard on this and have been since the middle of last year. Most of our clients got their first shot and then the booster shot. Yes, things were stable in this world. Now we're moving into a less stable world. You've gotta be agile and move forward as the new world changes.
I'm not saying it's easy to repeat, but for the time being, we're in control of it.
Thank you very much. There were no questions via internet. If you agree, we will move on to voting. I will let you have some explanations now. We now have 59.9% of voters present. I would like to remind you that there's a double of voting rights attached to certain shares, and we will be looking at a simple majority for ordinary decisions, and for extraordinary decisions, a two-thirds majority. We will be using the electronic voting system. For each resolution, if you want to vote for, push one, against, push two, and to abstain, push three. A message will appear on the screen that will say, "Reçu," and that means that your vote has been taken into account. If you want to correct your vote or change your vote, you can touch any button.
The first resolution, ordinary, concerns approval of the statutory financial statements for the year ended December 31, 2021. The vote is closed. The resolution is adopted. The second resolution for the ordinary meeting, approval of the consolidated financial statements for the year ended December 31, 2021. Voting is open. Voting is closed. The resolution is adopted. The third resolution for the ordinary meeting concerns appropriation of the 2021 results, determination of dividend amount and payment date. The gross amount is 3.30 EUR per share. It will be released on 28th of April, 2022. Voting is open. Voting is closed. The resolution is adopted. The fourth resolution is an approval of the special report of the statutory auditors on regulated agreements and to acknowledge the absence of any new agreements. Voting is open. Voting is closed. The resolution is approved.
The fifth resolution is the approval of the information referred to in paragraph 1 of article L. 22-10-9 of the French Commercial Code for all of the company's directors and executive officers. Voting is open. Voting is closed. The resolution is adopted. The sixth resolution report for the ordinary assembly is the approval of the fixed, variable, and exceptional elements comprising the total remuneration and the benefits of all kind paid in 2021 financial year or granted in respect of the 2021 financial year to Mr. Daniel Julien, Chairman and Chief Executive Officer. Voting is open. Voting is closed. The resolution is adopted. The seventh resolution for the ordinary assembly concerns the approval of the fixed, variable, and exceptional elements comprising the total remuneration and the benefits of all kinds paid in 2021 financial year or granted in respect of the 2021 financial year to Mr.
Olivier Rigaudy, Deputy Chief Executive Officer. Voting is open. Voting is closed. The resolution is adopted. The eighth resolution concerns the approval of the remuneration policy for directors for 2022. Voting is open. Voting is closed. The resolution is adopted. The ninth resolution for the ordinary meeting concerns approval of the remuneration policy for the Chairman and Chief Executive Officer for 2022. Voting is open. Voting is closed. The resolution is adopted. The tenth resolution for the ordinary meeting concerns approval of the remuneration policy for the Deputy Chief Executive Officer for 2022. Voting is open. Voting is closed. The resolution is adopted. The eleventh resolution concerns the appointment of Mrs. Shelly Gupta as a director for a mandate of three years. Voting is open. Voting is closed. The resolution is adopted. The twelfth resolution concerns appointment of Mrs.
Carole Toniutti as a director for a term of office of three years. Voting is open. Voting is closed. The resolution is adopted. The thirteenth resolution concerns renewal of the term of office of Mrs. Pauline Ginestié for a term of three years. Voting is open. Voting is closed. The resolution is adopted. The fourteenth resolution concerns the renewal of the term of office of Mrs. Wai Ping Leung as a director for a three-year term. Voting is open. Voting is closed. The resolution is adopted. The fifteenth resolution concerns the renewal of the term of office of Mr. Patrick Thomas as director for a term of three years. Voting is open. Voting is closed. The resolution is adopted. The sixteenth resolution concerns renewal of the term of office of Mr. Bernard Canetti as a director for a term of two years. Voting is open. Voting is closed.
The resolution is adopted. The 17th resolution concerns the determination of the annual amount of director's remuneration. EUR 1.2 million. Voting is open. Voting is closed. The resolution is adopted. The 18th resolution concerns authorization to be given to the Board of Directors to allow the company to repurchase its own shares pursuant to the provisions of Article L2210-62 of the French Commercial Code. Voting is open. Voting is closed. The resolution is adopted. The 19th resolution is part of the extraordinary shareholders meeting. It concerns delegation of authority to be given to the Board of Directors for the issue of ordinary shares and/or securities giving access to the capital of the company or of a subsidiary and/or to debt instruments with application of the preferential subscription rights for shareholders. Voting is open. Voting is closed. The resolution is adopted.
The twentieth resolution concerns delegation of authority to be given to the board of directors for the issue of ordinary shares and/or securities giving access to the capital and/or debt instruments without preferential subscription rights for shareholders, with the option to confer priority right by offering public offering and/or as consideration for securities transferred under a public exchange offer. Voting is open. Voting is closed. The resolution is adopted. The twenty-first resolution concerns delegation of authority to be given to the board of directors for the issue of ordinary shares and/or securities giving access to the capital of the company or a subsidiary without preferential subscription rights for shareholders by an offer referred to in paragraph one of Article L4112 of the French Monetary and Financial Code. Voting is open. Voting is closed. The resolution is adopted.
The 22nd resolution concerns authorization to increase the amount of capital increases under the 19th, 20th, and 21st resolutions within the limit of their thresholds and within the limit of 15% of the initial issuance. Voting is open. Voting is closed. The resolution is adopted. The 23rd resolution concerns delegation of authority to be given to the board of directors to increase the share capital by issuing ordinary shares and/or securities giving access to the capital in favor of members of a company savings plan. Voting is open. Voting is closed. The resolution is adopted. The 24th resolution for the extraordinary meeting: authorization to be granted to the board of directors to grant, under no consideration, existing shares and/or shares to be issued to employees or certain corporate officers of the company or affiliated companies, waiver by shareholders of their preferential subscription rights. Voting is open. Voting is closed.
The resolution is approved. Finally, the 25th resolution, powers for formalities. Voting is open. Voting is closed. The resolution is adopted. Thank you very much. I just have one more thing to say to you, an important point that I forgot. I know that you will be talking about this with your friends and family, and I want you to know that even if our operations in Ukraine today have been stopped, we have decided to keep our employees in Ukraine on the payroll, and we will continue to pay them during this period. I wanted to be clear on that point. I would also like to thank Philippe Dominati for his kind words. I would like to welcome Shelly Gupta.
Finally, I would like to say to all of the shareholders present that I look forward to seeing you next year, and we will do everything possible to continue moving forward in the same direction. The meeting is called to a conclusion.