Société Générale (GLE) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with a review of management changes since 2023, highlighting organizational revamps, improved diversity, and a strategic plan targeting top-tier European bank status by 2026.

• The agenda included financial results, strategy, CSR and climate, governance, compensation, and voting on resolutions.

• Record-high quorum of 64.28% was achieved, with 25,721 shareholders represented.

Financial performance review

• 2024 saw a 7% revenue increase, surpassing the 5% target, with strong performance across all business lines.

• Operating efficiency improved, with a cost-to-income ratio of 69%, better than the 71% target.

• ROTE reached 6.9%, up 2.7 points from 2023, and CET1 capital ratio rose to 13.3%.

• A total distribution of EUR 1.7 billion was proposed, including a EUR 1.09 dividend per share and a EUR 872 million share buyback.

• Q1 2025 results showed net income of EUR 1.6 billion, 2.4 times higher than Q1 2024, with a 65% cost-to-income ratio and 11% ROTE.

Board and executive committee updates

• The board met 14 times in 2024, with a 98% attendance rate, focusing on strategy, CSR, and preparing the first sustainability report.

• Major governance changes included a streamlined executive team and new board appointments, emphasizing technological and banking expertise.

• Gender parity on the board was confirmed at 42%, in line with legal requirements.