Teleperformance SE (TEP) Earnings Call Transcript & Summary

Ladies and gentlemen, good morning. Welcome to this joint shareholders' meeting that is taking place behind closed doors in Paris from the HQ and which is being broadcast directly on the Internet. Indeed, the context of COVID-19 has meant that our company, this year, again, had to do this in this way for our shareholders' meeting. The health and the safety of our teams and, of course, our shareholders and service providers are a priority. Today, it's also a day of the land, and I wanted to hear this, and you will see that your company is fully committed to fighting global warming as well as pandemia in this day of the earth. Now unfortunately, I couldn't be present in Paris at HQ, so our shareholders' meeting will be presided over by Mr. Rigaudy, our Chief Financial Officer. And I'll give him the floor without further ado.

Thank you, Daniel. Good morning, ladies and gentlemen. I'm also very happy to be able to welcome you here at HQ of Teleperformance SE in Paris that I'm going to chair exception. As Mr. Julien was saying, and given the sanitary regulations, only a small number of people are present, i.e., the people who fulfill the functions that are necessary for the offices, i.e. Jacques Pierre representing KPMG, who are your auditors; Mr. Patrick Thomas, who is the main Director. There is bailiff here also, Mr. [ Perot ], to note that everything is done regularly. No admission card has been delivered for this shareholders meeting. Given the technical difficulties, for instance, authentic -- remote authentication and checking of all the shareholders, no audiovisual system has been set up. But there is a Q&A session that has been organized. We are being broadcast directly from our Internet website. You'll have the possibility of raising your questions immediately, and we can answer those questions. Joint answers will be given to questions that have the same content. So I would suggest that we officially open this session and constitute the offices. Now the functional scrutator has been granted to the 10 shareholders who have the greatest number of votes on the 2nd of April 2021. None of those who had been asked to do so having come forward, Madam Veronique de Jocas have accepted this function. Mrs. Sonia Cheurfa, who is in charge of the stock exchange and corporate law, will be the Secretary. Now all of the votes that were expressed for this shareholders meeting were done so in -- by mail. 3,671 shareholders voted, which represents 41,120,404 shares and 41,121,408 shares, respectively, for an extraordinary part of the voting. So 70% have been reached. We, therefore, have the quorum. The joint shareholders meeting is, therefore, validly constituted, and I declare the meeting open. And I'm going to give the floor to Madam Sonia Cheurfa for the legal obligations.

Thank you. So this is the first convocation. It was set up by notifications published on the value on the 3rd of March and 2nd of April. And in particular, on the 2nd of April 2021. In compliance with the rules that are in force, the documents are being put at the disposal of the shareholders on the Internet website of Teleperformance and at headquarters, for those who wish to have it. And this constitute the offices' file. There is a presentation of the resolution report of the Board, the information concerning the renewal of directors, anything that's been published officially in the conviction brochure and documents for the registration in 2020. And all of the shareholders have received these documents, as per the law. Your meeting will deal with the 16 ordinary decisions and for extraordinary ones. You can find them on Page 30 of the brochure. The first one will be approval of the statutory financial statements at 31st of December 2020. The appropriation of 2020 results, statutory auditors special report, approval of the information and the article L.22-10-9 of the French Commercial Code, approval of Daniel Julien as remuneration as well as Mr. Rigaudy, the policy for the remuneration of Directors, Chairman and Chief Executive Officer. Renewal of 5 directors, Mr. Daniel Julien, Emily Abrera, Alain Boulet, Robert Paszczak and Mr. Stephen Winningham. And the authorizations to be given to the Board for the purchase of its own shares. Now on an extraordinary basis, the authorization to be given to the Board for -- to cancel the shares repurchased by the company, the delegation of authority to be given to the Board corporation of reserves. And/or premium modification of Article 21 of the articles of association so that it be complied with 225-39 of the Commercial Code and powers for formalities. I'll now give the podium to Julien.

Thank you very much. So we are going to look at the highlights for this year. I think that you will be seeing this display. So the highlights for 2020. As you know, our company is one of the world leaders for services to -- corporate services and integrated digital solutions. We ended up with 380,000 employees, talking 265 languages and dialects with 450 sites over the world, most of which, at the end of 2020, were marginally used insofar as we had, during the year, switched 200 -- more than 250,000 employees working from home. And so we have 170 markets in 83 countries. Now 2020 was a record growth, yes. And this like-for-like. Turnover was at EUR 5.732 million, which represents a growth like-for-like of plus 11.6%, and this growth is basically due to the growth of digital economy, where our group is extremely present. We also recorded during the fourth quarter of 2020 like-for-like growth, which speeded up, more than 23%. And this acceleration comes also from the implementation of supporting actions to the governments in Europe mainly, and in Britain in the anti-COVID fight. Our profitability for 2020 turned out to be quite solid with an EBITDA of EUR 735 million, i.e., an operational margin of 12.8% despite the quasi interruption of the visa activities of TLScontact. And despite the acute depression from March to April or May 2020, that we experienced at the time of the emergence of the crisis. Now during the second half of the year, our operational margin came back to pre-COVID levels, second half of the year, i.e., 15.7%. The group experienced a great generation of cash and therefore, creation of value. Net available cash flow was EUR 487 million, i.e., plus 52% compared to 2019 and the dividend action that we're offering is EUR 2.40. Unchanged since '19 -- 2019, which means that the hike of the distribution will be 43% against 35%, and which should go back to normal for 2021. So we have -- as soon as the prices came up, we defined 3 ideas. First, protection of the health of our employees, the protection of the business and financial robustness. This was translated into creation -- net creation of more than 50,000 jobs per year and a long -- a very strong commitment towards diversity. And at the end of 2020, we had 28 certified countries, great place, a certified great place to work. And this certification is done by a third party. And it represents 87% of the headcount of the group at the end of the year. Now in terms of diversity, 52% of the employees are a group of women and 48% of them are members of management committee. And we have clear objectives to increase that percentage further. The transformation of the group and the delivery of services by the group was extremely clever because we converted more than 200,000 jobs into working from home in a period of 2 months at the summit of the prices when all of the economies were locking down. This meant that we developed an integrated digital platform for remote work, which is sustainable. It's called Teleperformance Cloud Campus present today in 32 countries. Finally, we announced the acquisition of Health Advocate in the United States in October of 2020. So how did we manage this standard free this health crises? Well, the first thing is that we looked at things in general terms and then, we defined a dedicated governance. A meeting of the Board every other week, management Committee march to top 35 managers and worldwide task force. The Crisis Transformation Committee, as we call it, that gathered 100 key managers of less than 40 years old and people in charge of the implementation of the anti-COVID actions. So this CTC, Crisis Transformation Committee, operated in PMO mode, Project Management Office otherwise. Now the 3 priorities, as I said, were protection of the employees with the definition of health standards and social distancing that were complied with to the tune of 100% everywhere, followed by weekly assessment audited by a specific team of auditors as to the compliance with these health regulations, projection of jobs by helping both clients and governments, which led to great satisfaction for the customers and an increased part of the market and the protection of the group and enhancing our financial cash flow, first, by adapting our costs to the renewed activities. Avoiding any unnecessary expenses and then securing EUR 1.5 billion in cash flow with new lines of financing. And by confirming our investment grade, BBB- with stable prospects confirmed by Standard & Poor's. Today, Teleperformance, of course, continues to apply all of these measures because the price is not over. And in fact, we're at the peak of a third wave. And furthermore, we are associated to our employees in different countries of the world to give them access, easy access to vaccination. Finally, we accompany governments in Continental Europe and the U.K. in the vaccination campaigns. These measures were held widely by our clients throughout the world, as you can see here a few examples. So from managing the health crisis, we switched to developing a new organization, working organization that be sustainable for the next few years. In other words, there are here to stay. It's a digital platform of the system, which has been entitled TP Cloud Campus integrated, within which you find all of the -- of what is done within the company: recruitment, training, management, animation and also, the virtual social environment. It's a sort of second life, if you like. And Teleperformance Cloud Campus should represent between 40%, 50% of the operational headcounts of Teleperformance after the crisis even. So it's a real transformation. It's an in-depth transformation of the way Teleperformance is organized and that we purport to keep for the future. And I think that we are going to show you a little film, a little video to give you a concrete illustration of this. [Presentation]

Welcome to Cloud Campus. This is our service for the best companies in the world. Our best experts to supply this service, and they have chosen to come and join Teleperformance Cloud Campus without having to commute and produce greenhouse gases. Work hard, play hard and avoid commuting. Our high-performance teams meet together on the Cloud Campus for genuine teamwork. We have a passionate and dedicated workers who work for the brands. Each of them urge to develop their skills through development, training, accompanying it support and mentoring. Wherever they may be, we hire the best talents and set up a collaborative, high-performance team. Go and check it out on Teleperformance Cloud Campus. Discover how to become a high-grade professional for integrated solutions and even why not manage a team working from home where you feel comfortable. According to Great Place to Work, Teleperformance is a company that young talents appreciate greatly, talent, ambition, passion. Those are our key words. What about you? So take up the challenge. Work, wherever you want to live where you want to live and join us with one -- within one of the highest growth digital companies in the world. You see this is an example of what we do in French, and that accounts for a bit less than whatever it is 4.5%, 5% of our business. Obviously, Teleperformance Cloud Campus is being developed in our major languages in our major markets, namely, English, Spanish, Mandarin, Portuguese, German, et cetera. Let me now give the floor to Olivier Rigaudy for the annual results.

Yes. Thank you, Daniel. Let me give you a quick overview of our accounts for 2020 and also briefly revisit the H1 numbers. So 2020 first. As you can see here, the -- this is self-explanatory. 2020 was a year with strong resilience of our financials as Daniel Julien said, our organic growth was up 11.6%, slightly less with the ForEx impact. Current EBITDA, EUR 735 million, more or less the same as last year. Net result per share EUR 5.52, quite remarkable indeed. This is the growth of our sales. This has been here a negative impact of ForEx due to the impact of currencies in Latin America, Indian rupee and U.S. dollar in the second half of this year, cost us some EUR 200 million, but it has not hold us our growth back because of the EUR 600-million-or-so organic growth, meaning that we reached EUR 5.732 billion in sales. Now what's interesting is the variation in our business over the course of the year. At the beginning of the year, the business was normal, above the 7% growth expectations between March and May, overall lockdown, and our sales went down being even negative in April. But as of June, as soon as the situation picked up, our sales increased significantly and also a strong growth in Q4, which clearly shows how healthy they grow business despite the difficult crisis. Briefly here, our growth is underpinned by the diversification of our customer base and the growth of the digital economy. As we've been able to see over the last few years, the sectors in which we do business has changed significantly. We're increasingly active in consumer goods, health, insurance and financial services. This means that there's less concentration and therefore, fewer risks, lower risks. We, also, are increasingly closely connected to the digital world and finding also major accounts, a global business -- businesses with global companies. Now you see here the numbers for 2020 were down to EUR 735 million. So yes, there was a drop in H1. As you can see, we dropped from EUR 327 million in H1 2019 to EUR 253 million, whereas there was a strong increase over H2. And not only was there a strong increase, but also the margin was the same in 2019 and 2020, which, clearly, there again illustrates the strong health of the group. Now let me say that as Mr. Julien just said that TLScontact, the visa business was completely at a standstill across the world and led to some significant losses over H2. So I don't think I want to look at all these numbers in detail once again. I think you'll find them in work. But maybe just to key messages. First of all, our sales have gone up 11.6%. But maybe what's more significant is the tremendous growth over Q4, and that is a good sign for 2021. This is the result of strong business on our core services and maybe more significantly in Europe. Not to mention, of course, our specialized services business, which includes visas, but also online interpretation in the U.S. This was only just starting to rejoin with positive numbers in Q4. And this clearly shows how positive this online interpretation business is. Profitability now. Here, you see, once again, the 15.7% in H2 2020, exactly as it was in 2019. So that's very promising indeed as concerned 2021. On the basis of the savings that we mentioned and also its stickiness towards global accounts and global companies, we've been able to pick up our business and have high profitability in H2 2020. If you look here at the operating profit, you see that it's slightly down because of a accounting operation, goodwill were EUR 37 million, but nothing more. Net income after tax EUR 324 million. Here, what's worth mentioning is a reduction of the cost of financial -- financial costs, it doesn't show up here, but actually, we were able to bring down our financial costs, although there were some noncash expenses or expenditures that were booked. So the rate might be slightly different, but it's also due to the various tax rates in the different countries. So all in all, EUR 324 million net profit and net profit per share by EUR 52. As was also mentioned earlier, cash flow. Cash flow generated by the group EUR 487 million after investment for 2020. We were, therefore, and that is what it shows, able to go on investing significantly and also strengthening our relationships with our customers and also bringing down our working capital requirements. And this clearly is a result of the very strict and controlled and stringent management over the whole year. Financial structure of the group, it's very, very stable, very strong. As you can see, we paid back 400-and-some-million euro. And the credit rating was confirmed by Standard & Poor's as BBB- in April 2020. Dividend stable in absolute value. The payout rate is slightly down given the -- or up rather, given the drop in sales, but we're pleased to see that we have kept dividend payouts unchanged. So can I maybe briefly move on now to sales for Q1 published a few days ago. There, again, we've got record highs, organic growth worth almost 36%. And we had a very strong growth for initial original business. And it's true that we also enjoyed the government support from a number of governments across Europe, mainly in Europe and in the U.K. So here, the numbers for 2021 -- Q1 2021, core service is almost up 40%. That's exceptional. The numbers are up across the board with slight variations from one area to the next. But depending on the business conducted there, but it is very satisfactory. What's also interesting is that our specialized services are back in the black, even though TLS is still suffering significantly from the crisis, but it does show that all the business of the group is still on the rise, despite the tricky health condition. So maybe also briefly a quick look at the outlook for 2021. On the strength of all the numbers I mentioned, we've adjusted -- decided to adjust our guidance accordingly. We expect a growth of sales at least 12% organic growth, and the EBITDA of sales margin at least equal to 14%, so above 14% for 2021. Also, we intend to integrate health advocate over Q2 once we have the legal authorizations, and it would join the scope of the group by the end of June. Right. Well, outlook for 2021 then. We aren't just adjusting these numbers. We have, in fact, significantly raised our forecast in terms of organic growth. Our initial forecasts were 9% up like-for-like, and now, we're at plus 12% on a like-for-like basis. Our business trend for 2020 -- for the year, as you can see over Q1, is very positive. And we are also increasing market shares on a market that's growing 3%, 4%, maybe 5%. Europe is very dynamic. And I'd like to pay tribute to that. That hasn't always been the case, so I'll mention it here. And I'd like to commend the work done by our managers in Europe. Ibero-Latam has been experiencing growth -- well, untold growth indeed, it's related to the quality of the work done. But also, to the fact that the Ibero-Latam area is benefiting from a rearranging of the American business towards near shoring. So Mexico, Colombia and Central America rather than offshoring to the Philippines. And indeed, given the specific circumstances in the Philippines, the appeal towards the Philippines is not what it used to be for large U.S. corporations. Now barring any unexpected events, health advocates should be integrated in the next few weeks. It's in the U.S., we're just waiting for the last pieces of paperwork and that should broaden substantially the scope of our specialized services business, which incidentally, and I'll say it once again, so add value, more so even than our core services. So this is undoubtedly good news for the company. Let's maybe now move on to corporate social and environmental responsibility. We've decided to spend some time on this because it's a very topical issue. The topical, indeed, but maybe it's not so topical for Teleperformance. For many years now, the company has already been active in corporate social responsibility. So what are our commitments, our undertakings? We want to be the preferred employer or the employee of choice on our market. That means that we have to look at engagement of staff, well-being in the workplace, professional development, health and safety, human rights, diversity and inclusion. Now you will see that in greater detail in a moment, but I can [Technical Difficulty] that, in the most part, the group has been satisfied by independent third parties as being a great place to work. Second item, we want to be a trusted partner, a trusted partner for all those who are within our ecosystem, talking, therefore, here of business ethics. And it's true that we have a major business in the U.S., where regulations are fairly stringent, we naturally, were made aware of this quite some time ago. We are part of the UN Global Compact and have been since 2011. So for the last 10 years, anti-bribery policies, at Teleperformance, have been written up but reviewed and audited for many years indeed. So being a trusted partner means that we have to be an expert partner and having our best practices across the world does increase the trust that our clients have in us. And having more than 800 people in knowledge services, technology and analytics and processes mean that we are in a position to supply architectured solutions for our customer. Now we also knew that data safety is particularly significant, just look at the the GDPR. We also have auditing and auditors from across the world. We also have security operational centers, monitoring our networks day to -- day in, day out around the clock. [Foreign Language] As shareholders, you know that is not only sustainable but really here to stay. Now we are also a force of good. We didn't wait for this to become fashionable. We created citizens of the world in the communities where we operate. And for instance, needy children or education through a program called citizens of the world. And we make sure that we draw the attention, and we teach the best practices for the protection of the planet through this program. These two programs were created in a middle of the years 2000, i.e., more than 15 years ago. We're very happy that such subjects should become fashionable today. Because it goes to show that 15 or 10 years ago, we were right in focusing on such fundamental elements of the corporate responsibility. So in order to have an even more concrete idea of these commitments and to follow up, we decided to create within Teleperformance an -- our senior directorate that reports directly to the Executive Officer that relies on our embassadors that puts in place the policy that -- policy for this CACR. And we've got a CACR committee within the Board, the aim of which being to guide the work which is carried out by executive bodies on this matter. Now the 3 key fields, i.e., to be the preferred employer on the market, well, our objective is to reach 90% by 2021, and we've already reached 87%. [Technical Difficulty] 90% and then 93% and then 95%, et cetera. Of course, we're not starting from scratch, are we? Secondly, the governmental print -- footprint. We wish to accelerate our fight against the climate change. Today is Earth Day, and we are, of course, dedicated to play our role. We are going to enlarge a part of renewable energy in total electrical consumption in the world. We want this to switch to at least 25% by 2023. We've already also committed within the science-based targets, SBTI initiative, which is a very strong commitment towards the fight against climate change. Finally, equality of genders, by 2023, we wish to have a minimum 30% women within the Executive Committee. Let's see more in detail what this might entail. So being the favorite employer on the market, you have a picture of where we stand today. As you can see on the Ibero-Latam soon, I think we're covering every country where we are present. You can see that Teleperformance Brazil was certified for the 11th time in a row. You see that Portugal for the 10th time, Dominican Republic is 6th, and Salvador 7th. And if we look at Europe, you find Morocco, Greece, Tunisia, Albania, they're all certified for the 3rd or 4th time. Germany was certified for the very first time. Britain has just been certified. So our efforts are applied everywhere. By the same token, no. I put England and Europe [Technical Difficulty] lift, forgive me. And now in the English-speaking world, you'll see that in China, we're certify for the third time. And we are the only company in our field of activity that be certified great place to work in the U.S., the way. And finally, in India, 7th time we are certified. So you see this is a commitment that is long-lasting. Now acting for diversity, inclusion and parity. We've got 52% women within the group, 45% in management positions, 25% within the Executive Committee. As I said, we want these figures to go up. But there's one thing I'd like to tell you. And that is that recently, Teleperformance was ranked 32nd amongst 3,700 international company by equity. What does this mean? It means that we are ranking within the 1% of the best companies in terms of diversity, inclusion and parity in the world. And I can tell you that we are going to continue on this line. Now reducing our impact on the environment, it's also commitment in 2020, which was a bit exceptional before because of the lockdowns and very little traveling. We managed to reduce our carbon footprint per employee by 25%. Now at a time, when traveling is going to pick up, this will be fight that we have to lead. Obviously, we have our digital platforms today. But managing a worldwide company also means a lot of face-to-face meetings, which entail traveling to see the teams, to see the clients. Because today, after we've lived this digital life for 1 year, this is needed. This being said, we are going to measure this carbon footprint and select high-performance sites systematically, and we are going to make our employees aware of this need. Now we're going to increase the renewable energy part. It was 17% in 2020, 20% -- we aim at 20% in '21 and 25% in 2023, and we mean to go even further. So this is a recognized model. And here, you have the different entities that acknowledge this, whether the FTSE Stock Exchange, MCIC, Euronext, IAOP, human compact, were part of the advanced club here for the quality of documents. This is a model that is recognized by all this CSER model. Now after talking about our corporate and environmental responsibilities, let me quickly go back to fiduciary responsibility vis-a-vis our shareholders, i.e., creating value for them. Have we created value? Did we in 2020? Just look at this. In -- well, in December 2019, when COVID wasn't even there. So between that date and March 2021, we increased the value of Teleperformance securities by more than 50%. During that same period of time, our reference index, the CAC 40, you know that we became listed mid-2020 increased by 4%. So up to you to judge what this means. Let's see how the -- our shareholders are distributed. We've got a floating account of 100%. This is the hard core. 89% are institutional; 11%, others, mainly individuals and finance brokers and myself. Where are our shareholders? Well, just like a activity, I suppose, more than half of them are Anglo-Saxons, U.S.A., U.K. A little -- a small quarter is French. The other small quarter is European outside of France, and Asia represent 4%. That's what I wanted to tell you. Now I'm going to give the floor to the lead independent Director, Mr. Patrick Thomas.

Thank you, Mr. Chairman. Ladies and gentlemen, I'm going to present a summary of the governance for Teleperformance SE in 2020. The report can be found in the universal registration document on Page 115, and following, it's available on the website. And it is, in particular, the principles of this governance structure. And the elements of remuneration that are paid or allocated to the offices, including those that will be the subject of a vote from your meeting. For the most part, I'd like to underline the following part: the Board is made up of 16 members amongst with 6 women, 7 nationalities are represented within it. In 2022, directors representing the employees were appointed during the year and are now part of the Board. The Board is now independently -- 9 members are independent and compositive experience, recognized professionals in different fields at international level. It will -- you will have to decide on the renewal of the mandate for 5 of these directors. This is a subject matter of EUR 11 million to EUR 15 million. The approval of this resolution will maintain an independent experienced board with a highly [Audio Gap] footprint. And during 2020, the Board met on 9 occasions officially with a virtual seminar for the operational strategy; and many other times, informally. In the midst of the COVID-19 crisis, it the Board would mean every other week to follow the situation and see the effect of the remedial measures. The presence -- the attendance rate was 99% and the description of the work that was carried out is presented in the universal document for 2020. The Board is assisted by 3 specialized committee. Audit for risk, Alain Boulet; remuneration and appointments, Robert Paszczak. And since the first of January 2021, the CSER presided over by Angela Maria Sierra-Moreno. They're all made up either to the general majority or totally by independent directors and presided by a part of project. All of this will be presented on Page 151 and following in the document. Now as to the structure of the general management, you can see on this table, it's hinges around the executive community and the General Board. This governance has shown that it was very efficient in picking up the various challenges that were imposed by the worldwide health crises. Let me sum up the elements that pertain to the remuneration policy for the policies offered for 2021. For the implementation of the remuneration 2020 under the ex-post vote, principles of philosophy of TP are detailed and summed up in the documentation for this meeting. The vote on the fifth resolution aims at approving all of the information relating to the remuneration policy for 2020 for the offices, i.e. Directors, the General Manager and the Chief Executive Officer. Now as far as the remuneration of the General -- Director General, they were approved by the meeting of the shareholders meeting on the 26th of June 2020. Ninth (sic) [ sixth ] resolution. It indicated the policy provided for the alignment of the financial criteria of variable remunerations with a guidance that had been stayed and then published in July 2020. Now as far as the remuneration for the Executive Director, this was done in compliance with the decisions of the shareholders meeting on the 26th of June 2020. This is the 10th resolution, and this was also done in the same way by alignment of the remuneration. So it is proposed today under the seventh resolution to approve it. Eighth resolution is the remuneration policy 2021, that applies to board members. It is unchanged and relies on an annual budget approved on the 9th of May, 2019 with the following idea: fixed part for the members of the Board. Another one, which is specific as the lead director, one of which was a lump sum due to attendance and absence of remuneration for somebody who would be paid by the group. The details of all this can be found in the report on corporate governance. The ninth resolution will aim at approving the remuneration for 2020 as it applies to the General Manager, it's unchanged. The amount of the variable remuneration is exposed as a maximum amount, not a target amount and extra remuneration can only be granted if there is a super performance. And the annual variable part will be grounded in light of financial criteria. All of this being detailed in the report on corporate governance. Finally, tenth resolution aims at approval of the remuneration policy as it applies to the Head of the Executive Director, this remains unchanged. And as for the General Manager, variable amounts are maximum amounts and this annual amount is submitted to financial and extra financial criteria and relates to the various amounts under the mandate and long term as detailed in the corporate government. Thank you for your attention. [Foreign Language] Thank you and let me now give the floor to Mr. Jacques Pierre from KPMG.

Thank you, sir. Ladies and gentlemen, on the basis of the mission entrusted to us by your general assembly, let me introduce to you and present the reports on the audited account for the financial year ending on the 31st of December 2020. We're talking about the annual accounts, the consolidated accounts, the related party agreement and an agreement under a reduction of capital under resolution 17. And as is now practice, let me just recount and restate the main conclusions. As concerns the consolidated account and the financial statements covered by resolutions 1 and 2. Let me, first of all, say that we have conducted on the basis of the rules applicable in France. We conducted our work and the independence rules applicable, and we did not offer any services banned by the code of ethics of our profession. We also checked the honesty and conformity of the consolidated statements and annual statements in any information given to you, including the information relating to compensation benefits and others paid to company offices. We certified that the consolidated statements and the annual accounts for the financial year running to 31st of December 2020, our rate are proper and sincere and give a clear and honest presentation of your company at the end of the financial year. We draw your attention to the following: In the broader context of our work, we paid special attention to a number of key items in the audit. First of all, valuation of goodwill and also depreciation of shareholdings. These -- this was justified by the fact that these assets are significant in the consolidated balance sheet of TP SE and also, because of the assessment that the management must make to value these assets. On those bases, we consider that the presentation of the yearly accounts and the consolidated accounts to be submitted within the yearly financial report does -- do, in fact, comply with the European standard model. As concerns related party agreements under Resolution 4, we were informed -- not informed of any agreement approved by a previous general assembly and still active nor have we been informed of any such agreement to be signed. Lastly, under resolution 17, we also worked relating to the possible repurchase of company shares of a 26-month period within a limit of 10% of social capital. No specific comments on this one. Thank you.

Thank you, sir. Let's now move on to shareholder questions should there be any. Questions asked on the website will be passed on to us, maybe Ma'am Cheurfa can read them out if there are any such questions. Can I, first of all, say that we received 13 written questions from the forum responsible investment, who are our shareholders of the company, questions relating to environmental issues, social issues and governance issues. You will find the answers to these questions under the General Assembly tab on the website. Any questions?

No questions on the chat. Maybe we should wait a few more moments before we move on to the resolutions and the votes.

You have the floor, Madam.

Thank you, Olivier. The resolutions are to be found in the notice of meeting, found on the Internet Pages 30 and following. The quorum, as I've said, is 17.01%. There is a double voting route for those whose shares that have been held of at least 4 years. As concerns majority, let me remind you that we are talking about a simple majority for ordinary resolutions, resolutions 1 to 16, and a 2/3 majority for the resolutions coming under the extraordinary meeting, namely resolution 17 to 20. Given the current statutory and regulatory rules applicable for these assemblies beheld behind closed doors, everything was tallied yesterday. Let me read the numbers out, and this will be published online later. First resolution, approval of the statutory financial statements for the year ended December 31, approved 99.93%. Second resolution, ordinary AGM. Approval of the consolidated financial statements for the year ended December 31, 2020, adopted 99.93%. Third resolution, ordinary AGM appropriation of the 2020 results, determination of dividend and payment to EUR 0.4 per share to be paid on the 27th -- 29th of April after detachment of the coupon 27th of April, approved 99.86%. Fourth resolution, approbation and approval, rather the special report of the statutory auditors on related party agreements and apps acknowledgment of the absence of new -- any new such agreements. Resolution approved 100%. Fifth resolution, approval of the information referred to in paragraph Roman 1 of Article L.22-10-9 of the French Commercial Code for the company's directors and executive officers. Resolution passed 99.3%. Resolution 6, under the ordinary AGM. Approval of the fixed variable and exceptional elements comprising the total remuneration of benefits of all clients paid in 2020 financial year, or granted in respect to the 2020 financial year to Mr. Daniel Julien, Chairman and Chief Executive Officer, resolution passed 61.16%. Resolution 7, approval of the fixed variable, exceptional elements comprising the total remuneration and the benefits of all clients paid in the 2020 financial year or granted in respect to 2020 for -- to Mr. Olivier Rigaudy, Deputy Chief Executive Officer. Resolution adopted 66.24%. Resolution 8, approval of the remuneration policy for directors for 2021. Adopted 99.99%. Ninth resolution, approval of the remuneration policy for the Chairman and Chief Executive Officer for 2021. Approved 85.12%. Tenth resolution, approval of the remuneration policy for 2021 for the Deputy CEO. Adopted 87.38%. 11th resolution. Renewal of the term of office of Mr. Daniel Julien as a Director for a 3-year term. Adopted 76.79%. 12th resolution. Renewal of the term of office of Mr. Alain Boulet -- sorry, my mistake. Resolution 12 relates to the renewal of the term of office of Mrs. Emily Abrera as a Director for a 3-year term, adopted 90.45%. 13th resolution, renewal of the term of office of Mr. Alain Boulet as a Director for a 3-year term, adopted 92.71%. 14th resolution, renewal of the term of office of Mr. Robert Paszczak as a Director for 2-year term adopted 85.62%. 15th resolution, renewal of the term of office of Mr. Stephen Winningham as a director for 2 years, adopted 95.89%. 16th resolution, under the ordinary AGM authorization to the Board of Directors to allow the company to repurchase its own shares, adopted 99.53%. 17th resolution, under the extraordinary AGM. Authorization to be given to the Board to cancel the shares repurchased by the company under the provisions of article L.22-10-62 of the French Commercial Code, approved 99.6%. 18th resolution, extraordinary AGM, again. The delegation of authority to the Board of Directors to increase the share capital by capitalization of reserves, profits and all premiums, approved 99.82%. 19th resolution, updating of Article 21 of the Articles of Association of the company. In accordance with Article L.225-39 of the French Commercial Code, approved 99.21%. Last resolution, powers for formalities. Following the AGM, adopted 100%. And that is it.

Thank you, Sonia. I believe we've gone through the whole agenda, and I'll call the meeting to a close. But maybe give Mr. Julien the floor for a few concluding words.

Thank you. Let me, first of all, thank all the members of staff and employees and managers of Teleperformance, for indeed, they have brought about the performance that was submitted to our shareholders today. Can I also thank our customers for their loyalty. I thank our various business partners for their support. And also, thank all those who are part of the Teleperformance ecosystem. We -- your company is strong and dynamic. 2021 will be a good year, a strong year. We have really gone into the age of digital transformation and are combining individuals, human beings, and the benefits of artificial intelligence. The company will forge ahead on that line, on that path, to go on bringing value to its clients. Thank you.