Saint-Gobain // Universal Registration Document 2021

Message from Pierre-André de Chalendar, Chairman of the Board of Directors of Saint-Gobain	2
Message from Benoit Bazin Chief Executive Officer of Saint-Gobain	3
1. Saint-Gobain Today	5
1. Saint-Gobain in figures	6
1.1 Key figures	6
1.2 Markets	6
1.3 Global presence	7
1.4 Financial and non-financial performance	9
2. Saint-Gobain’s DNA	13
2.1 Major milestones in the construction of the Group	13
2.2 The fundamentals of Saint-Gobain’s identity	14
2.3 The value creation model	18
3. Highlights of 2021	20
3.1 Timeline of significant events	20
3.2 Feedback on a pivotal year	23
4. The Group’s activities	24
4.1 An offer based on the expectations of Saint-Gobain customers	24
4.2 A range of solutions based on business expertise	25
4.3 Main brands and competitive environment	29
5. Organization and governance	33
5.1 The Group’s global organization	33
5.2 Governance	34
2. Strategy	37
1. The Group’s environment	39
1.1 Major challenges and opportunities	39
1.2 Trends in the Group’s various markets	45
1.3 The Group's stakeholders	49
2. Saint-Gobain’s vision: to be the worldwide leader in light and sustainable construction	53
3. The action: a strategic plan based on six priorities	54
3.1 Positioning the Group in high-growth markets	54
3.2 Being a solution provider	56
3.3 Accelerating growth through innovation and digital tools	56
3.4 Embedding CSR at the heart of the business model	62
3.5 Building a culture of trust, responsibility and collaboration	64
3.6 Focusing on talent, diversity and inclusion	64
4. The financial approach: allocating the Group’s resources efficiently	66
4.1 Implementing an investment policy targeting growth	66
4.2 Ensuring agile and value-creating portfolio management	67
3. An efficient and responsible Group	69
1. Demonstrate ethics and responsibility	70
1.1 Ethics and compliance	70
1.2 Main ethics and compliance policies	72
1.3 Respect for human rights in the Group’s activities	74
1.4 Responsible purchasing	75
1.5 Participation in public debate	78
1.6 The alert system - SpeakUp @Saint-Gobain	79
2. Maximize the contribution for the planet and communities	80
2.1 Climate change: towards a just transition	80
2.2 Resource conservation and the transition to the circular economy	92
2.3 Community engagement	94
3. Achieve excellence in operations	96
3.1 A complex model: the Saint-Gobain value chain	96
3.2 Purchasing and logistics optimization	97
3.3 Industrial and distribution operations	98
3.4 Meeting customer expectations	104
4. Promoting a healthy, open and engaging work environment	107
4.1 Deploying an engaged HR policy	107
4.2 Protecting the health and safety of employees	108
4.3 Fostering employee commitment	113
4. 2021 results and outlook for 2022	121
1. Financial results	123
1.1 2021-2025 “Grow & Impact” plan: successful execution of the 1st year	123
1.2 Operating performance	123
1.3 Financial results	129
1.4 Shareholder return policy	132
1.5 Outlook and strategic priorities	133
2. Non-financial results	134
2.1 Alignment of the CSR dashboard with the Group’s challenges	134
2.2 Non-financial indicators	136
2.3 Integration of the United Nations sustainable development goals	147
5. Corporate governance	153
1. Composition and operation of the governing bodies	154
1.1 Composition of the Board of Directors	154
1.2 Operation of the Board of Directors	169
1.3 The Group’s Senior Management	180
2. Compensation of the management and governing bodies	181
2.1 Directors’ compensation	181
2.2 Compensation of Executive corporate officers	183
2.3 Compensation of members of the Group’s Senior Management	215
2.4 Long-term compensation plans (performance shares, stock options and performance units)	215
3. Company stock traded by corporate officers	221
4. Report of the Board of Directors on corporate governance (Articles L.225- 37 et seq. and L.22-10-10 et seq. of the French Commercial Code)	222
5. Statutory Auditors’ special report on related-party agreements	223
6. Risks and control	227
1. Risk factors	228
1.1 Risks specific to the Group and its business sector	228
1.2 Group structural risks	232
1.3 Financial risks	232
1.4 Legal risks	233
1.5 Insurance	236
2. Internal control	238
2.1 Compagnie de Saint-Gobain’s internal control and risk management system	238
2.2 Parties involved in internal control and risk management	240
2.3 The internal control and risk management system in the Group entities	245
2.4 The procedure for monitoring the internal control and risk management system	245
2.5 Guidelines and procedures	247
2.6 Organization of internal control in preparing and processing financial and accounting information to the Shareholders	251
7.Capital and ownership structure	255
1. Capital stock	256
1.1 Share capital	256
1.2 Financial authorizations currently in force	257
1.3 Saint-Gobain treasury shares and acquisition of own shares	259
1.4 Major shareholders	261
1.5 Disclosure thresholds in 2021	262
1.6 Employee ownership structure	262
1.7 Shareholder pacts or agreements involving Compagnie de Saint-Gobain shares	263
1.8 Control of the Company	263
1.9 Aspects that may have an effect in the event of a takeover bid	263
2. Stock market information/Securities market	264
2.1 The Saint-Gobain share	264
2.2 Total shareholder return	265
2.3 Bonds	266
2.4 Non-voting participating securities	266
3. Information policy and financial calendar	269
4. Dividends	271
8. Financial and accounting information	273
1. 2021 Consolidated Financial Statements	274
Consolidated Balance Sheet	274
Consolidated income statement	276
Consolidated statement of comprehensive income and expense	277
Consolidated statement of cash flows	278
Consolidated Statement of Changes in Equity	280
Notes to the consolidated financial statements	281
2. Statutory Auditors’ report on the consolidated financial statements	335
3. Compagnie de Saint-Gobain 2021 annual financial statements (parent company)	339
Income statement	339
Balance sheet	340
Notes to the 2021 annual financial statements	341
4. Statutory Auditors’ report on the financial statements	364
5. Management report Compagnie de Saint-Gobain annual financial statements	368
Significant events during the year	368
Other mandatory disclosures	370
6. Five year financial summary	371
9. Additional information and cross-reference tables	373
1. Additional information	374
1.1 Principal statutory provisions and internal rules of the Board of Directors	374
1.2 Documents available to the public	378
1.3 Persons responsible for the Universal Registration Document	379
1.4 Information about the Statutory Auditors	380
1.5 Address	380
2. CSR Information	381
2.1 Note on methodology	381
2.2 Auditors’ opinion	385
3. Cross-reference tables	389
3.1 Cross-reference table for the Universal Registration Document	389
3.2 Cross-reference table for the Annual Financial Report	391
3.3 Cross-reference table for social and environmental information: Declaration of Non-Financial Performance	392
3.4 Concordance table for social and environmental information: vigilance plan	395
3.5 Classification of activities according to the European regulatory framework allowing the definition of environmental sustainable economic activities	396
4. Glossary	398

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