CGG: Combined General Meeting and Board of Directors meeting of May 5, 2022

Rhea-AI Summary

CGG held its Combined General Meeting on May 5, 2022, in Paris, presided by Chairman Philippe SALLE. Key resolutions adopted included the approval of statutory and consolidated financial statements for 2021, director remuneration, and share trading authorizations. Sophie ZURQUIYAH's term as CEO was renewed for four years, maintaining the board's independence with 87.5% independent directors and 62.5% women. The Board confirmed the separation of Chairman and CEO roles, ensuring strong governance moving forward.

Positive

• Approval of statutory and consolidated financial statements for 2021 indicates financial stability.
• Renewed CEO leadership with Sophie ZURQUIYAH may bring continuity and focus.
• High percentage of independent directors (87.5%) promotes strong corporate governance.

Negative

• No new directors appointed, which could limit fresh perspectives.

Combined General Meeting and Board of Directors Meeting
of May 5, 2022

Paris, France – May 5, 2022

CGG’s Combined General Meeting, presided by Mr. Philippe SALLE, Chairman of the Board of Directors, was held today in Paris. The voting results and audio replay of the event are available on the Company’s website at the following address: https://www.cgg.com/investors/shareholder-services/general-meetings.

The General Meeting adopted all resolutions that were submitted to it and notably approved the following:

• the statutory financial statements and consolidated financial statements for financial year 2021;
• the resolutions on the remuneration of the Chairman of the Board of Directors, the directors, and the Chief Executive Officer; and
• the authorizations for the Board of Directors to trade in the Company’s shares and grant performance shares and subscription or purchase options of the Company’s shares.
  
  

In addition, the General Meeting renewed Mrs. Sophie ZURQUIYAH’s term as a director for a period of four years.

Following the General Meeting, the Board of Directors therefore remains unchanged and is composed of 9 directors, of whom 87.5% are independent and 62.5% are women.

The Board of Directors is composed of the following members:

• Philippe SALLE*, Chairman
• Sophie ZURQUIYAH
• Patrick CHOUPIN (director representing the employees)
• Michael DALY*
• Anne-France LACLIDE-DROUIN*
• Helen LEE BOUYGUES*
• Colette LEWINER*
• Heidi PETERSEN*
• Mario RUSCEV*
  
  

The Board of Directors, at its meeting following the General Meeting, confirmed the separation of the functions of Chairman and Chief Executive Officer. Mr. Philippe SALLE holding the position of Chairman of the Board of Directors, the Board renewed Mrs. Sophie ZURQUIYAH’s position as Chief Executive Officer for a term of four years.

During this meeting, the Board of Directors also decided to modify the composition of its committees. In particular, Mrs. Anne-France LACLIDE-DROUIN is joining the HSE/Sustainable Development Committee and is consequently leaving the Investment Committee. From this point forward, the committees are composed as follows:

Audit and Risk Management Committee (3 directors, all independent)

• Anne-France LACLIDE-DROUIN*, Chairwoman 
• Helen LEE BOUYGUES*
• Colette LEWINER*
  
  

Appointment, Remuneration, and Governance Committee (4 directors, of whom 3 are independent)

• Colette LEWINER*, Chairwoman
• Patrick CHOUPIN
• Heidi PETERSEN*
• Mario RUSCEV*

Investment Committee (3 directors, all independent)

• Helen LEE BOUYGUES*, Chairwoman
• Michael DALY*
• Mario RUSCEV*
  
  

HSE/Sustainable Development Committee (4 directors, of whom 3 are independent)

• Michael DALY*, Chairman
• Patrick CHOUPIN
• Anne-France LACLIDE-DROUIN*
• Heidi PETERSEN*

* Independent director

About CGG:

CGG (www.cgg.com) is a global technology leader specialized in geosciences. With approximately 3,300 employees around the world, CGG provides its clients with a complete range of data, products, services, and solutions for responsible and efficient management of natural resources, the environment, and infrastructure. CGG is listed on Euronext Paris SA (ISIN: 0013181864).

Contacts: Legal Department, 27 avenue Carnot, 91300 Massy

 

Attachment

• Press Release – Combined General Meeting and Board of Directors Meeting of May 5, 2022

FAQ

What resolutions were approved during CGG's General Meeting on May 5, 2022?

CGG's General Meeting approved statutory financial statements, remuneration resolutions, and authorizations for share trading.

Who is the CEO of CGG after the May 5, 2022 meeting?

Sophie ZURQUIYAH was renewed as CEO for a four-year term following the May 5, 2022 meeting.

What is the composition of CGG's Board of Directors after the May 5, 2022 meeting?

The Board consists of 9 directors, with 87.5% being independent and 62.5% women.

What changes were made to the Board of Directors' committees after the meeting?

Anne-France LACLIDE-DROUIN joined the HSE/Sustainable Development Committee, leaving the Investment Committee.

How does the separation of Chairman and CEO roles benefit CGG?

The separation enhances governance by ensuring checks and balances within the leadership structure.