Air Liquide Shareholders’ Combined General Assembly
At the recent Combined General Meeting of Air Liquide Shareholders, a comprehensive review of the Group’s performance in 2024 and outlook for 2025 was presented, marking a significant milestone in the company’s strategic and financial trajectory. The meeting, attended by shareholders, executives, and members of the Board of Directors, covered a broad range of topics, from financial performance to governance, sustainability, and leadership remuneration.
The session commenced with a presentation from Ing. Jérôme Pelletan, Chief Financial Officer of Air Liquide. He outlined the Group’s robust financial and extra-financial results for 2024, declaring it a record year. According to Pelletan, Air Liquide achieved unprecedented growth in margins and capital expenditure, reinforcing its strong financial foundation. Moreover, he emphasized notable advancements in all sustainable development indicators, signaling a successful alignment of business performance with environmental, social, and governance (ESG) priorities.
Following the financial overview, Benoît Potier, Chairman of the Board, discussed the strategic framework guiding the Group throughout 2024. He examined the global macroeconomic and geopolitical context, highlighting the challenges and opportunities it posed. Potier articulated Air Liquide’s adaptive capacity and foresight in offering innovative and concrete solutions to future challenges, reaffirming the Group’s strategic resilience and proactive stance.
François Jackow, Chief Executive Officer, then expanded on the operational and strategic achievements during 2024, detailing specific advancements that position Air Liquide favorably for 2025. He pointed to the Group’s operational robustness amid global complexities, including inflationary pressures, energy transitions, and shifting industrial demands. Jackow emphasized the company’s agility and long-term vision in navigating change while capturing new growth opportunities in sectors like hydrogen, healthcare, and industrial gases.
Returning to the stage, Benoît Potier delivered an overview of the Board of Directors’ governance activities in 2024. He outlined the work carried out by the Board and its various committees, underlining their commitment to best practices in corporate governance and strategic oversight. The emphasis was placed on the Board’s active engagement in shaping Air Liquide’s future, particularly in areas of sustainability, digital transformation, and stakeholder engagement.
Xavier Huillard, Lead Director and Chairman of the Remuneration Committee, addressed the meeting next, focusing on executive compensation. He provided a detailed account of the remuneration framework and evaluation criteria for the Group’s corporate officers. Huillard reiterated the alignment of compensation packages with performance metrics, long-term shareholder value, and governance principles.
Subsequently, the Statutory Auditors presented a summary of their audit findings. They confirmed the accuracy of financial reporting, compliance with regulatory standards, and the effectiveness of internal controls. Their audit underscored Air Liquide’s transparency and accountability in financial disclosures and risk management practices.
Dr. Annette Winkler, Chairwoman of the Environment and Society Committee, followed with a presentation on the Group’s sustainability initiatives. She reviewed the Committee’s efforts and Air Liquide’s progress in areas such as carbon neutrality, renewable energy integration, responsible sourcing, and community impact. Winkler highlighted that Air Liquide not only met but exceeded several of its environmental targets in 2024, reinforcing its role as a responsible global industrial player.
A notable feature of the meeting was the open dialogue between shareholders and management. Over the course of more than an hour, a dynamic discussion took place, with questions from shareholders addressing issues ranging from environmental performance and dividends to global expansion plans and innovation in hydrogen technologies.
The meeting concluded with a vote on 23 proposed resolutions. Among these, shareholders approved the proposed dividend, set at €3.30 per share, with an enhanced rate of €3.63 for shares eligible for the loyalty bonus. The ex-dividend date is May 19, 2025, and payment will follow on May 21, 2025.
In governance matters, the Annual General Meeting approved the renewal of the terms of office for three independent directors: Xavier Huillard, Aiman Ezzat, and Bertrand Dumazy. Their new terms will extend until the conclusion of the 2029 Annual General Meeting, which will convene to approve the financial statements for fiscal year 2028.
As a result of these renewals, the Board of Directors remains composed of 14 members. This includes 12 members appointed by the Annual General Meeting – five of whom are foreign nationals – and two directors representing employees. The Board reflects a balanced composition, with gender parity at 42% women and 58% men, and a high independence rate of 83%. The Board’s diversity in terms of nationalities, backgrounds, and areas of expertise is in alignment with the company’s stated diversity policy.
In line with governance protocols, the Annual General Meeting also approved the 2024 remuneration components for key corporate officers. This includes the compensation packages for François Jackow as Chief Executive Officer and Benoît Potier as Chairman of the Board. Furthermore, the AGM ratified the remuneration disclosures for all corporate officers and endorsed the updated remuneration policy applicable to Jackow, Potier, and all non-executive directors.
Finally, on the recommendation of the Appointments and Governance Committee, the Board of Directors convened following the AGM to confirm the continuation of Xavier Huillard’s role as Lead Director. This reappointment underscores the Board’s confidence in Huillard’s leadership and governance expertise.
In summary, the 2024 Combined General Meeting of Air Liquide Shareholders not only showcased the Group’s record-breaking financial results and sustainability achievements, but also reinforced its solid governance foundation and strategic orientation for 2025 and beyond. The collaborative dialogue, informed decision-making, and forward-thinking strategies discussed during the meeting reflect Air Liquide’s ongoing commitment to delivering value to shareholders while addressing global challenges with innovation and responsibility.
