Societe Generale

Societe Generale's governance bodies comprise the Board of Directors, its four specialised committees, and General Management (the executive corporate officers). The Board defines the Group's business guidelines, approves its values, Code of Conduct and CSR strategic direction, and approves the sustainability statement, including the climate change mitigation transition plan and the outcome of the double materiality assessment. General Management, composed of Chief Executive Officer Slawomir Krupa and Deputy Chief Executive Officer Pierre Palmieri, proposes the CSR strategy for Board approval, with the Deputy CEO directly responsible for overseeing CSR policies and their integration into the Business and Service Units. A non-voting Director provides CSR support and attends committee meetings on CSR matters. The four Board committees are the Audit and Internal Control Committee, the Risk Committee, the Compensation Committee, and the Nomination and Corporate Governance Committee. General Management relies on cross-functional and business committees chaired by the Deputy CEO, including the Responsible Commitments Committee, the Group Risk Committee, the Complex Transactions and Reputational Risk Committee, and the Group Client Acceptance Committee. Composition, diversity and part of the GOV-1 disclosures are set out in Chapter 3 and incorporated by reference.

The Finance Division is responsible for presenting the draft sustainability statement to the Audit and Internal Control Committee at least once a year, following the same process as for the financial statements. For this first ESRS publication, three presentations on the CSRD and material IROs were made to that committee during 2024. The Committee examined the draft statement and submitted it to the Board of Directors for approval when the financial statements were closed, with the Committee and the Board benefiting from the opinion of the non-voting Director. ESG risk factors are regularly monitored: risk reports are submitted to the Board's Risk Committee several times a quarter, in addition to four quarterly reports sent to the Board of Directors. In general, each report submitted to the Board must contain the relevant social and environmental matters to be considered. The views and interests of affected stakeholders on sustainability are also presented to governance bodies. The main topics addressed by the Board during the year are set out in Chapter 3, and part of the GOV-2 disclosures are incorporated by reference.

Each year, on the proposal of the Compensation Committee, the Board of Directors decides the compensation policy for executive corporate officers, including the performance criteria for the calculation and vesting of annual variable compensation and long-term incentives. These criteria include CSR targets aimed at aligning the compensation of executive corporate officers with the Group's CSR strategy. More detailed information on the integration of sustainability-related performance into the incentive and compensation schemes for executive corporate officers is presented in the section "Remuneration of Group Senior Management" in Chapter 3 on Corporate Governance, and the GOV-3 disclosure is incorporated by reference.

Societe Generale provides a statement on due diligence in the form of a table that maps the core elements of due diligence to the paragraphs of the sustainability statement where their content is described. Embedding due diligence in governance, strategy and the business model is covered in sections 5.1.2.1, 5.1.2.2 and 5.1.3.1. Engaging with affected stakeholders at all stages is addressed in section 5.1.2.3. Identifying and assessing negative impacts is covered in section 5.1.3.2.1. Taking action to address negative impacts is described in sections 5.3.2, 5.3.3, 5.4.1.4.2 and 5.4.2.3. Tracking the effectiveness of these efforts and communicating on them is set out in sections 5.3.2 and 5.3.3.2.2.

In the Group's risk taxonomy, ESG risks do not form a new risk category but a potentially aggravating factor of existing categories, integrated through existing governance and processes covering identification, quantification, risk appetite, monitoring, reporting, control and mitigation. Controls relating to ESG risks are part of the existing control system for the various risk categories within the Risk Division. The Group performed quality and relevance checks on the sustainability statement production process and the double materiality assessment process to improve the reliability of reported data and findings. A double-validation (independent double-control) mechanism was implemented: for the double materiality assessment, controls were carried out at the level of business experts, then reviewed and aggregated under the Finance Division and Sustainability Department for impacts and opportunities and under the Risk Division for risks. For the initial production, a level 1 tactical permanent control system was used, with the Finance Division running level 2 controls. The Audit and Internal Control Committee monitors the process and related internal control framework and reports to the Board. The control framework will be enriched in 2025 with the integration of internal controls into the Group's tools.

For 160 years Societe Generale has operated as a diversified European bank. In 2024 it generated net banking income of EUR 26.8 billion and employed around 119,000 people in more than 60 countries (46% in France, 31% in the rest of Europe, 8% in Africa, the Mediterranean basin or French Overseas Territories, 12% in Asia and Australia, and 3% in the Americas). Its activities are organised into three pillars: French Retail, Private Banking and Insurance (32% of NBI), Global Banking and Investor Solutions (37%), and Mobility, International Retail Banking and Financial Services (31%). The ESRS analysis led the Group to identify two distinct business models, a primary one for banking and insurance activities and a specific one for specialised mobility and real estate development services. The value chain spans upstream procurement (EUR 5.5 billion of external expenditure), own operations, and a diversified downstream of financing, investment, insurance and asset management. The Group's CSR ambition rests on four pillars: environmental transition, positive local impact, being a responsible employer, and the culture of responsibility. Its 2026 strategic plan targets a leading, robust and sustainable European bank, with accelerated ESG ambitions including reduced fossil fuel exposure, a EUR 1 billion transition investment envelope, around EUR 500 billion of sustainable finance, and a EUR 100 billion envelope to reduce the gender pay gap.

The Group engages in dialogue with its key stakeholders, grouped into five families: the investment community (shareholders, investors, rating agencies); civil society (regulators and supervisors, NGOs, media); employees (employees, trade unions, students); clients (individuals, corporates, financial institutions); and partners (suppliers, industry associations, other partners). For each family the statement describes the aims of the dialogue, its organisation and channels, the topics covered in 2024, and the outcomes, with each stakeholder given a privileged entry point within the Group responsible for coordinating the dialogue. Dialogue takes place throughout the year and around specific events such as strategic reviews. In 2024 a mapping of the entire dialogue framework was produced, to be updated annually under the aegis of the Sustainability Department. The views and interests of affected stakeholders are presented to governance bodies and inform strategic thinking, through presentations of specific consultations, when the double materiality assessment is published, and through existing governance channels during strategic reviews, risk reviews and regulatory changes. The outcome of this dialogue is also taken into account in the Board of Directors' evaluation of the performance of General Management.

Societe Generale's double materiality assessment found the material topical standards to be E1 Climate change, S1 Own workforce, S4 Consumers and end-users, and G1 Business conduct. In addition, material impacts on E2 Pollution, E5 Resource use and circular economy, and S2 Workers in the value chain were identified specifically at the Ayvens specialised car-leasing subsidiary, whose business model differs from the Group's main banking and insurance activities. Given the specificities of car leasing, the policies, actions, targets and metrics related to these Ayvens impacts are determined and measured within the boundaries of Ayvens' Group and disclosed in Ayvens' own separately published sustainability statement, while the related GHG emissions are consolidated in the Group's emissions inventory. E3 Water, E4 Biodiversity and S3 Affected communities were not assessed as material. The Group also treats cybersecurity and employee engagement as material even though they are not covered by the ESRS, reporting them in the relevant sections. All material impacts are integrated into the Group's strategy and business model. The analysis found that none of the identified risks required a material adjustment to the carrying amounts of assets and liabilities through impairments or provisions as at 31 December 2024.

The ESRS do not prescribe a specific process, so the Group designed its own double materiality assessment drawing on EFRAG implementation guidance and existing stakeholder dialogue, assessing each IRO separately over the relevant time horizons and across the three value chain levels (upstream, own operations, downstream). Impacts were identified and assessed through a four-step process: preparation and identification of impacts via activity mapping and transmission channels; internal impact assessment using quantitative analysis where data existed (including external sources ENCORE and Maplecroft) supplemented by CSR expert opinion; inclusion of stakeholder views; and aggregation into a consolidated Group-wide view. Impact materiality was scored on severity (scale, scope and irremediable character) and likelihood, each ranked from 1 to 5, with this first exercise focusing on negative impacts. Financial materiality followed EFRAG guidance for opportunities and the ECB guide for risks, quantifying potential financial effects and comparing them against thresholds aligned with the Group's Risk Appetite Framework. Dedicated approaches were applied for climate change (using PCAF and climate scenarios from sources such as NGFS, IPCC and IEA), nature topics, and business conduct. Due to limited value chain data, the assessment focused mainly on direct contractual relationships, to be broadened as data quality improves.

The disclosure requirements covered by the sustainability statement are set out through two cross-reference tables presented in the appendix. The first, based on Appendix B of ESRS 2, lists the ESRS data points that stem from other EU legislation and indicates whether each is included in the statement and where to find it (section 5.6.1). The second lists, for each topical standard, whether the Group considers the topic material or non-material following its double materiality assessment (section 5.6.2). The Group discloses ESRS-required information in Chapter 5 of the Universal Registration Document, with certain disclosures incorporated by reference from other chapters, notably GOV-1, GOV-2, GOV-3 and additional cybersecurity information. The statement is based on the standards applicable to all business sectors, as the sector-specific standards for financial institutions are expected to apply only from the 2026 financial year at the earliest.

Societe Generale joined the Net-Zero Banking Alliance (NZBA) in 2021 as a founding partner, aiming to align its financing of the highest-emitting sectors with net-zero trajectories by 2050, consistent with limiting warming to 1.5C by 2100. The transition plan covers corporate financing and the life insurance business. On corporate financing, the Group focused on 12 of the highest carbon-emitting sectors defined by NZBA, resulting in alignment targets for 10 sectors that accounted for 73% of the Group's corporate client scope 1 and 2 financed emissions at end June 2024. It set a target of contributing around EUR 500 billion to sustainable finance between 2024 and 2030. On life insurance, Societe Generale Assurances (EUR 146 billion of assets under management at end 2024), a member of the Net Zero Asset Owner Alliance, is aligning its asset portfolio with the Paris Agreement and is defining a 2030 target. The transition plan was prepared by the Finance Department, reviewed by the Sustainable Development Department, and approved by the Board of Directors on 6 March 2025.

The Group's climate mitigation policies rest on a general framework for identifying and preventing environmental and social (E&S) impacts. It is set out in public documents: the General E&S Principles, ten sector-specific policies on clients and dedicated transactions (six of which deal directly with climate change mitigation), and the sector-specific policies developed by Sogecap within Societe Generale Assurances. The sector policies covering climate impacts relate to industrial agriculture and forestry, mining, oil and gas, thermal power stations, thermal coal, and shipping. Each policy defines three types of criteria: exclusion criteria, priority assessment criteria, and other assessment criteria, applied proportionately to the E&S risks involved. The Group also applies the Equator Principles for project finance above defined thresholds. Societe Generale Assurances applies its own thermal coal and oil and gas policies and incorporates ESG criteria into investments, ruling out new investments in issuers rated F or below under Amundi's methodology and reviewing rating E issuers case by case. Sector policies are updated for regulatory, scientific, and societal developments, with updates approved by General Management.

The Group implements its alignment methodology through actions planned, communicated, and operationalised per sector. In early 2021 it launched a major transition programme called The Shift to design decarbonisation financing solutions across value chains. Sector actions include: no new dedicated financing for coal mining or coal-fired power plant projects since 2016; a September 2023 target to cut upstream oil and gas exposure by 80% by 2030 versus 2019, plus stopping dedicated financing for greenfield oil and gas projects; and founding membership of frameworks such as the Poseidon Principles, Sustainable Steel Principles, Sustainable Aluminium Finance Framework, and Pegasus Guidelines. The Group set an ambition to contribute around EUR 500 billion to sustainable finance between 2024 and 2030, comprising around EUR 400 billion of financing and around EUR 100 billion of sustainable bonds, split 80% environmental and 20% social. It invested EUR 250 million in Reed Management under a EUR 1 billion energy-transition envelope, and took stakes in EIT InnoEnergy and Partech. An ESG training plan offers more than 150 modules. In 2024, the aviation, agriculture, and residential real estate sectors were presented to the Responsible Commitments Committee, leading to a published aviation alignment target.

The Group set NZBA sector decarbonisation targets for 10 sectors, mostly using the IEA NZE 2050 scenario. Upstream oil and gas exposure (2019 baseline 100) targets 20 by 2030, a reduction of 80%, with an absolute emissions target on scopes 1, 2 and 3.11 falling from 29.6 MtCO2eq in 2019 to 8.9 by 2030, down 70%. Thermal coal is a full exit, reaching zero by 2030 in EU and OECD countries and by 2040 worldwide. Power generation intensity (2019 baseline 221 gCO2eq/kWh) targets 125 by 2030, down 43%. Cement targets 535 kgCO2eq/t by 2030 (2022 baseline 671), down 20%. Aluminium targets 6 tCO2eq/t by 2030 (2022 baseline 8), down 25%. Automotive targets 90 gCO2eq/v-km by 2030 (2021 baseline 184), down 51%. Aviation targets 775 gCO2eq/RTK by 2030 (2019 baseline 950), down 18%. Commercial real estate targets 18 kgCO2eq/m2/y by 2030 (2022 baseline 49), down 63%. Steel and shipping use alignment scores. Societe Generale Assurances targets a 30% cut in the carbon footprint of its equity and corporate bond portfolios by 2025 versus 2018 (already reaching a 66% reduction by 2023).

The Group's carbon footprint is calculated under the GHG Protocol for the 2024 reporting year. Total emissions were around 79 million tonnes of CO2 equivalent (excluding scope 3 of counterparties), split between emissions related to corporate financing and life-insurance investments (41 million tonnes) and Ayvens mobility and car-leasing activities (34 million tonnes). Gross scope 1 emissions were 42,867 tCO2eq. Scope 2 was 110,878 tCO2eq on a location-based basis and 70,108 tCO2eq on a market-based basis. Total scope 3 was 79,278,756 tCO2eq, dominated by category 3.15 investments (44,216,611), category 3.11 use of sold products (14,354,645), category 3.2 capital goods (10,174,224), and category 3.13 downstream leased assets (9,809,355). Total GHG emissions were 79,432,501 tCO2eq (location-based) and 79,391,731 tCO2eq (market-based). Reported separately under PCAF, financed emissions were 41,691,915 tCO2eq for counterparty scope 1 and 2 and 116,424,482 tCO2eq for scope 3 (22% primary data), while insurance-related emissions were 2,524,696 tCO2eq for scope 1 and 2 and 19,841,561 tCO2eq for scope 3.

Societe Generale interacts with employees in line with the Universal Declaration of Human Rights and its covenants, the ILO fundamental conventions, the UNESCO World Heritage Convention, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. All Group policies are centralised in internal standards documentation applying to all employees. Key policies include the Responsible Employer strategy (approved by the Human Resources Department), a Diversity, Equity and Inclusion policy that covered 100% of employees in 2024 (with 98% having local initiatives in at least one of five priority areas), a groupwide occupational health and safety policy, the remuneration policy, a policy to combat inappropriate behaviour introduced in 2019, a global disciplinary policy published in 2019 and a Group whistleblowing procedure. The Group renewed its global agreement on employee rights with UNI Global Union in 2023, covering 100% of employees and improving trade union rights.

The Group engages employees through an annual, anonymous Employee Satisfaction Survey (76% response rate in 2024, up 3 points) and an employee barometer, with results shared and feeding action plans submitted to the Board of Directors. Staff representation is organised through a European Group Committee (meeting twice a year), a Central Social and Economic Committee for Societe Generale SA in France (meeting at least five times a year) and Social and Economic Committees within Societe Generale SA and French subsidiaries. In 2023 the Group signed the renewal of its global agreement with the international federation UNI Global Union, valid four years and covering 100% of employees; an annual monitoring meeting is held, the last of which was in October 2024. In 2024, 191 local agreements were signed covering 68% of the workforce. In France, 99.9% of employees are represented by trade unions or other representatives, and 99.3% of employees were in entities that considered social dialogue good or very good.

The Group has set up systems for employees to raise concerns, including the Employee Satisfaction Survey and a culture of dialogue. A groupwide whistleblowing procedure allows employees, members of the management bodies, Board Directors, shareholders and non-employees to confidentially report situations that breach ethical standards or business rules or could be illegal, including inappropriate behaviour or threats to health and safety. A policy to combat inappropriate behaviour, introduced in 2019, applies a zero-tolerance stance on psychological harassment, sexual harassment and sexism, with mandatory training for all employees and behaviour subject to disciplinary action, criminal sanctions in certain cases, and dismissal where required. A global disciplinary policy published in 2019 formalises principles and sanctions. The Group partners with France Victime to offer anonymous psychological support to employees who are victims of aggressive behaviour or armed robbery. In 2024, 83% of survey respondents said they would systematically exercise their right to whistleblow if confronted with inappropriate behaviour.

To prevent and mitigate potential impacts, the Group applies its Responsible Employer strategy, built on pillars covering employability, an inclusive culture, work-life balance, health and safety, and employee engagement. Actions include a worldwide Strategic Workforce Planning initiative covering virtually all Business and Service Units in 2024, and reskilling programmes run since 2020 in which more than 860 employees have engaged in 90 diversified programmes on Data, ESG and Agile topics. The ACE skills self-reporting platform, with an AI-based recommendation engine, is deployed for more than 76,800 employees across 80 entities and 30 countries, covering 65% of employees. Diversity actions include five priority areas against discrimination, a DE&I Committee, an international network of DE&I managers, employee networks, and disability initiatives such as a Romanian training Academy. The Group also runs an annual employee barometer, performance reviews through a Direct, Mobilise and Review process, and solidarity and skills-based sponsorship programmes.

The Group set 2026 objectives in 2023. On gender equality, it aims for at least 35% women within the Group Leaders Circle (or Top 250) by 2026. On pay equity, it aims to reduce potential pay gaps between women and men within the Group by 2026 by allocating a budget of EUR 100 million as part of the Group's strategic plan. These targets are regularly monitored by the Executive Committee of the Human Resources Department. As of 31 December 2024, women represented 30% of top management (the Top 250).

The Group operates in more than 60 countries and has around 119,000 employees worldwide, with 145 nationalities and 53% of the workforce based outside France. In the consolidated reporting scope (entities with 10 or more employees), the Group had 118,597 employees as of 31 December 2024, comprising 63,704 women and 54,893 men; across the entire financial consolidation scope it had 119,379 employees. France accounted for 55,402 employees. By region: Europe 92,227, Asia 13,567, Africa 9,260, Americas 3,480 and Oceania 63. There were 111,754 employees on permanent contracts and 6,843 on temporary contracts (including work-study participants), plus 7 non-guaranteed-hours contracts across Switzerland, Sweden and the Netherlands. Full-time employees numbered 109,682 and part-time 8,915. By age, employees under 30 numbered 22,172 (19%), those between 30 and 50 numbered 69,550 (61%), and those over 50 numbered 23,392 (20%). The departure rate for permanent contracts was 12.4% in 2024, representing 13,853 employees.

The Group uses the term Human Capital to refer to its employees and to non-employees working on behalf of the Group, excluding service providers who are workers in the value chain. Employees and non-employees are considered as a whole in the double materiality analysis, without distinction or specific characteristics. Reported figures on non-guaranteed-hours arrangements show 7 non-guaranteed-hours contracts across Switzerland, Sweden and the Netherlands, including 4 women and 3 men. The Group's health and safety indicators cover both employees and non-employees (not including the self-employed), including the frequency rate of workplace accidents and the count of deaths related to a workplace accident or disease.

Social dialogue is organised through a European Group Committee, a Central Social and Economic Committee in France and Social and Economic Committees within Societe Generale SA and French subsidiaries. The Group signs collective agreements with social partners covering remuneration and benefits, working conditions, working hours, remote working, strategic projects and workplace equality. In 2024, 191 local agreements were signed within the Group, covering 68% of the workforce. In France, the only European Economic Area country accounting for more than 10% of the workforce, 99.9% of employees are represented by trade unions or other employee representatives such as Social and Economic Committees, elected committees, Works Councils and staff delegations. The global agreement with UNI Global Union, renewed in 2023 and valid four years, covers 100% of the Group's employees and improves trade union rights. In 2024, 99.3% of employees were in entities that considered social dialogue to be good or very good.

As of 31 December 2024, women made up 30% and men 70% of top management, understood as the Top 250 (Group Leaders Circle). Women represented 54.5% of the Executive Committee, 41% of managers and 54% of employees. The Group has around 119,000 employees from 145 nationalities, with 53% of the workforce based outside France. By age, 19% of employees were under 30, 61% were between 30 and 50, and 20% were over 50. In 2024, 100% of employees were covered by a DE&I policy and 98% had local initiatives or programmes in at least one of five priority areas: gender diversity, inclusion of people with disabilities or who are neuroatypical, diversity of ethnic, cultural or socio-economic origin, intergenerational inclusion and inclusion of LGBTI people.

The Group incorporated the notion of an adequate wage into its remuneration approach in 2023, using the living wage references developed for each country and region by the Fair Wage Network, a globally recognised NGO. This living wage is defined as remuneration that allows employees to meet their essential needs and those of their family, participate in social and cultural life and build precautionary savings, adjusted regularly for local context. The Group analysed the fixed remuneration of its employees for 2024 across the countries where it operates. Some deviations from the Fair Wage Network benchmark were identified in three subsidiaries, and corrective measures were decided and implemented. At the end of 2024, there was no gap between employees' fixed remuneration and the adequate wage as determined under the applicable Fair Wage Network benchmarks, and no gap was reported relative to the minimum wage set by national legislation or collective bargaining.

Through the renewal of the agreement with UNI Global Union in 2023, the Group is gradually implementing across all Group entities a minimum of 14 weeks maternity leave and one week paternity leave. These measures are complemented by a guarantee, in the event of an employee's death, of a minimum of two years' salary, in an approach aimed at ensuring a minimum level of social protection in terms of health, life and disability insurance for all employees worldwide. In France, additional measures include expanded eligibility for parental leave covering all family configurations, support for employees suffering from chronic illness or returning after lengthy sick leave, social benefits covering children, and support for employees who are caregivers including schemes for the donation of days between employees.

The Group runs multiple actions to promote the employment of people with disabilities or who are neuroatypical. These include the renewal, for the sixth time, of the three-year agreement 2023 to 2025 promoting the employment and occupational integration of people with disabilities in France; awareness-raising campaigns during the European Week for the Employment of People with Disabilities; a conversation guide titled All together for an inclusive environment with people with disabilities; work on digital accessibility, particularly for clients, and physical accessibility of the Group's premises; and the setting up of an Academy in Romania to train people with disabilities to improve their employability. Inclusion of people with disabilities is one of the Group's five DE&I priority areas. The Group notes that data points on employment and inclusion of people with disabilities are not published in this report because they are not mandatory for this first year of application.

The average number of hours of training per employee per year in 2024 was 38.2 hours, with 38 hours for women and 38.4 hours for men. This count includes distance and face-to-face training, mandatory training, and coaching or mentoring initiatives. Skills development offerings come in a variety of formats (e-learning, face-to-face, MOOC, videos) and target business skills, risk and compliance culture, data and artificial intelligence skills, CSR skills, managerial and leadership skills and behavioural skills. Compulsory training for all employees covers information security, anti-corruption, the Code of Conduct, the General Data Protection Regulation, international sanctions, anti-money laundering and counter-terrorism financing, conflicts of interest and harassment. Since 2020, more than 860 employees have engaged in 90 diversified reskilling programmes. The ACE skills platform is deployed for more than 76,800 employees across 80 entities and 30 countries, covering 65% of employees. The Group notes training data points are not mandatory for this first year of application.

The Group's occupational health and safety policy applies groupwide and aims to provide each employee with a safe working environment covering the physical workplace and working practices, in compliance with local labour laws in all entities. The policy relies on the Group Security Department, human resources for mental and physical health, and managers. In 2024, 98% of employees were covered by a health and safety system and 68% by an audited health and safety system. There were 0 deaths related to a workplace accident or disease (scope covering employees and non-employees, excluding the self-employed) and 631 workplace accidents. The frequency rate of workplace accidents was 2.93%, calculated as the number of workplace accidents divided by employees and non-employees present multiplied by annual working time, times 1,000,000. Measures include a global security approach, monthly Security Hours, a safety and security master plan, protection from aggressive behaviour and travel risk prevention.

The Group promotes work-life balance through compliance with local laws on working hours, a workload discussion during the annual evaluation, awareness raising and support for managers, and dedicated initiatives. In France, the Human Resources Division signed a Quality of Life and Conditions at Work agreement with trade unions in November 2022, effective 1 January 2023 for a three-year term, covering six areas including work-life balance, remote and hybrid working, freedom of expression, workload, living and working with cancer or another chronic illness, and the prevention of psychosocial risks. On remote working, 95% of employees benefit from a remote working system, and 92,268 people were remote working within the Group at the end of 2024. An open-ended Remote Working Agreement signed in January 2021 sets two days of remote working per week as the standard. In the 2024 survey, 75% of employees felt they had a good work-life balance. The Group notes work-life balance data points are not mandatory for this first year of application.

The Group reports gross pay gap and total compensation ratios calculated groupwide. The total pay gap between women and men, defined as the difference between the average total remuneration of male and female employees expressed as a percentage of the average total remuneration of male employees, is 34%. The pay gap based on median total remuneration is 22%. The ratio of the total annual remuneration of the highest paid person to the average total annual remuneration of all other employees is 69, and the ratio to the median total annual remuneration of all other employees is 97. The Group notes these are gross gaps that do not account for differences between countries, markets, professions or functions, reflecting that proportionally more men work in higher-paid activities such as investment banking, while women are in the majority in lower-paid retail banking. A budget of EUR 100 million has been allocated groupwide to close the gender pay gap, and the principle of gender pay neutrality is enshrined in the remuneration policy.

In 2024, 310 alerts of inappropriate behaviour were filed, covering psychological and sexual harassment, sexist behaviour, discrimination, violence at work, and health and safety. After examination, 63 incidents were recorded and addressed within the Group on the grounds of discrimination, sexist acts, and psychological and sexual harassment; all resulted in action plans, including disciplinary sanctions. No human rights incidents were reported through internal whistleblowing channels or by trade unions. The total amount of fines, penalties and compensation for damages related to cases of psychological harassment or discrimination within Societe Generale SA in France, resulting from final convictions no longer subject to appeal, was EUR 47,000 in 2024, corresponding to two convictions for psychological harassment (EUR 35,000 and EUR 12,000). For entities outside France, operational constraints do not allow the collection of this data below a certain threshold.

Consumers and end-users of Societe Generale's products and services are mainly individuals connected through retail banking and insurance activities, referred to as customers. The Group Code of Conduct, available on the corporate website, makes customers a key priority and aims to protect their interests. The Global Customer Protection Policy, in the Group's internal documentation (SG Code), sets out the fundamental principles of customer protection, applies across the entire Group with specific rules for the European Economic Area and France, and is applied with the support of the Compliance function. Policies cover access to goods and services and combating discrimination (in line with Articles 225-1 to 225-4 of the French Penal Code), protection of vulnerable customers, marketing practices in the customer's interest, product governance under MiFID II and the Insurance Distribution Directive, complaints handling and mediation, prevention of conflicts of interest, banking secrecy, and personal data protection under the GDPR, overseen by a Data Protection Officer reporting to the Head of Group Compliance.

The Group engages with customers to identify negative material impacts through stakeholder dialogue and monitoring of the complaint-handling system, and it is a member of the Observatory of Banking Inclusion chaired by the Governor of the Banque de France. It monitors customer satisfaction, with continuous improvement in satisfaction, Net Promoter Score (NPS) and customer experience incorporated into Chief Executive Officers' variable compensation and assessed annually by the Board of Directors. The SG Network gathers more than 50,000 items of customer feedback per month from individual and professional customers and more than 2,200 per quarter from companies. Every year the CSA research institute surveys 15,000 individual, wealthy, professional and corporate customers to benchmark the Group. Around 6,000 messages a month come through SG & Vous on Facebook, X and Instagram. Societe Generale Assurances operates a voice of the customer system using cold NPS, on-the-spot NPS, NPS Customer Journey and digital tool satisfaction. In 2024 the Retail Banking survey covered the Czech Republic, Romania, Morocco, Algeria, Cote d'Ivoire, Senegal and Cameroon.

The Group has a system for handling complaints available to any natural person or legal entity that subscribes to, or is likely to subscribe to, its products and services, including retail, professional and business customers and non-customer third parties. In the event of ongoing disagreement, Societe Generale offers direct and free access to the Customer Relations Department with a response within two months and, if necessary, to the ombudsman; since 2023 French Retail Banking has adhered to mediation with the French Banking Federation. In 2024, the ombudsman for the SG Network in France received 6,671 mediation requests, of which 4,003 cases were deemed admissible and 951 resulted in a decision. For financially vulnerable customers, the Group runs an Incident Prevention Service through its Concilian subsidiary, contacting customers once an account has been overdrawn for 60 days or from the first unpaid loan. Since their inception in 2023, amicable negotiation and special cases services handled more than 18,000 cases, with a 72% return rate to the branch in 2024.

The Group has taken concrete actions to ensure inclusive access, support responsible marketing and protect privacy. On access, it supports financial education (including Bourso Campus and the Dilemme budget education programme, which raised awareness among nearly 100,000 young people over ten years) and microfinance, with outstanding loans to ADIE of EUR 41.2 million at end-2024 (up from EUR 35.9 million in 2023) and EUR 21.5 million of credit lines provided. For financially vulnerable customers it offers the Generis product at 1 euro per month (56,092 customers) and Kapsul at 2 euro per month (6,962 customers), with a free BoursoBank tier and a 15 euro monthly fee cap. On accessibility, physical branch compliance exceeded 98% as of October 2024, with 2,083 accessible sites, alongside ATMs usable with headphones and braille statements. On privacy, a GDPR e-learning module was completed by 97.8% of relevant employees at end-2024, supported by a DPO network, impact analyses and data records management principles of integrity, traceability and access.

Societe Generale seeks a culture of responsibility with strict control and compliance standards, committing employees to act with integrity and within the law. Its culture rests on four values (Team Spirit, Innovation, Commitment, Responsibility), a Leadership Model and a Code of Conduct endorsed by the Board of Directors. The Code applies to all activities and countries, is available in the Group's main languages, and covers confidentiality, market integrity, conflicts of interest, relations with stakeholders, and the prevention of corruption, money laundering, terrorist financing and tax evasion. It aligns with international conventions including the UN Guiding Principles on Business and Human Rights and OECD guidelines. In 2024 the Group created a Group Head of Culture and Conduct role reporting to General Management. Employee conduct feeds into performance assessment, and a disciplinary sanctions policy has been formalised since 2019. A Group whistleblowing system, meeting Sapin 2 and EU Directive 2019/1937 requirements, is open to employees and external stakeholders, prohibits retaliation, protects anonymity and confidentiality through the external WhistleB platform, and all employees receive whistleblowing training at least once a year.

The Sourcing Function, led by the Group Head of Sourcing, handles the commercial and contractual aspects of the Group's external commitments other than payroll. A responsible sourcing policy in place since 2006 covers all value chain stakeholders (vendors, buyers and suppliers, including SMEs) and has two strands: upholding the Duty of Care Plan and promoting positive-impact sourcing. Practices are annexed to the global agreement on fundamental rights with UNI Global Union. The Group holds the Responsible Supplier Relations Label from the French National Ombudsman and National Procurement Council, underpinned by ISO 20400, with exemplary status. Environmental and social (E&S) risks are mapped across more than 150 subcategories of banking procurement, assessed on fair practices and ethics, environment, and human rights and social conditions. Tools include E&S risk mapping, E&S criteria in calls for tender, a Know Your Supplier (KYS) assessment with an exclusion list, third-party extra-financial assessment of targeted suppliers, and controversy monitoring of about 600 suppliers. A CSR clause referencing the Responsible Sustainable Sourcing Charter is integrated into contracts, allowing remedial action plans and on-site E&S audits. Buyers receive Responsible Sourcing training, and a Supplier Relationship Management programme covers strategic suppliers.

Societe Generale is committed to fighting corruption, participating in the Wolfsberg Group and the UN Global Compact, and promotes a zero-tolerance culture in which no form of corruption or influence peddling is accepted. A Code governing the fight against corruption and influence peddling is integrated into the Group's Internal Rules and aligned with the UN Convention against Corruption. The prevention and detection system comprises a Code of Conduct, risk mapping, a training system, third-party evaluation procedures, accounting control procedures, a control framework, a disciplinary regime and a whistleblowing system. The Group identifies employees most exposed to corruption risk (governing bodies, sales managers, purchasing managers, holders of notarial power and interest representatives) and provides tailored training. The structured training plan has five modules covering all staff, most exposed persons, risk-mitigation employees, board directors and finance and accounting staff, with e-learning mandatory for all. For the campaign completed in 2024, coverage reached 95.6% face-to-face and 99.7% online for most exposed persons, 100% for governance bodies and 98.9% for all-staff online. Detection relies on operational and accounting controls, independent second-level controls, Inspection and Audit work, and Compliance Incident Committees. Tools include GEMS, WhistleB, DACI, OSERIS and MyP&P.

Societe Generale reports that it has not been convicted or fined for any acts of corruption in 2024. This is consistent with the lookup table reference to fines for violation of anti-corruption and anti-bribery laws. Confirmed incidents of corruption or bribery for the year therefore stand at zero convictions and zero fines. Compliance incident management, including corruption cases, is handled through Compliance Incident Committees at business-pillar and consolidated Group levels, where suspected or proven cases are systematically accompanied by corrective action plans to prevent recurrence. The Group Compliance Incidents Committee informs the executive body through the Group Compliance Committee, the Board of Directors' Risk Committee via the Group Compliance dashboard, and the Supervisor where applicable.

Societe Generale promotes a responsible approach to supplier payment terms and has held the Responsible Sourcing and Supplier Relations label since 2012. Its commitment to payment deadlines is formalised in the internal Code Societe Generale, in a payment-term commitment clause in all supplier contracts, and in information published on the Group's website. Since 2020 the Group has digitised received invoices and applied a No Purchase Order, no Pay policy, and it offers differentiated processing channels useful for small, SME and local suppliers. Across the Group, the average payment time is 31 days and 89% of payments are aligned with Group practices (payment within 60 days of the invoice date under French law or within the contractual deadline). Country figures include France at 38 days and 87%, Czech Republic at 14 days and 93%, Romania at 23 days and 90%, and the United States at 44 days and 81%. The scope for this first publication is limited to overheads and covers 83% of the Group's overheads. In 2024 there were five ongoing legal proceedings concerning late payments: two in France, two in Sweden and one in Turkey.