Bureau Veritas is a world leader in Testing, Inspection and Certification (TIC) services. The Group helps strengthen trust between companies, authorities and consumers. Its mission is to reduce its clients’ risks and improve their performances. It also supports its clients with their innovations in the areas of quality, health, safety and sustainable development.

Bureau Veritas is recognized for its expertise, impartiality, integrity and independence, acquired over its 190 years of existence.

The services provided by Bureau Veritas are designed to ensure that products, assets and management systems conform to given standards and regulations in terms of quality, health, safety, environmental protection and social responsibility (QHSE).

Depending on its clients’ needs and on applicable regulations, standards or contractual requirements, Bureau Veritas acts:

• ●as a “third party”, independently issuing reports and conformity certificates for products, assets, systems, services and organizations;
• ●as a “second party”, on behalf of and upon the instructions of its clients to ensure better control of the supply chain; or
• ●as a “first party”, on behalf of clients seeking support in ensuring or improving the conformity of their products, assets, systems and services.

The services delivered by Bureau Veritas cover six areas of value creation for its clients:

Companies must prove that they are compliant with a large number of standards and regulations. Bureau Veritas helps them by providing its in-depth expertise on the standards applicable to their businesses. As an independent third party, Bureau Veritas verifies that companies comply with these standards. This allows them to conduct and develop their businesses in compliance with local and international regulatory requirements and thereby to obtain and maintain the necessary licenses to operate issued by public authorities.

International trade relies on third-party players who certify that the goods exchanged comply with the quality and quantities stipulated in commercial contracts. Bureau Veritas plays a key role in these transactions by testing materials, verifying that goods comply with contractual specifications and validating quantities. Exchanges of commodities, for example, are based on certificates issued by companies such as Bureau Veritas.

Capital goods and mass consumer products must meet national and international standards before being sold on the market in a given country. These standards act as technical trade barriers within the meaning of the WTO. Companies design and manufacture their products and equipment in accordance with the standards of different countries. They call on Bureau Veritas to carry out tests and optimize their test plan, with the aim of getting their products to market faster.

Managing risks relative to quality, health, safety, environmental protection and social responsibility improves the efficiency and performance of organizations. Bureau Veritas helps its clients to identify and manage these risks, from project design to completion and decommissioning.

Second- and third-party testing, inspection and auditing methods allow companies to determine the true condition of their assets. This enables them to launch new projects and products with the assurance that costs, timing and quality are under control. During the operational phase, inspections help optimize maintenance and extend the useful life of industrial equipment.

The huge rise in the use of social networks has transformed how global brands are managed. Brands may quickly find themselves impacted by a malfunction in one of the links in their supply or distribution chain. Bureau Veritas helps companies better manage these risks, by conducting analyses as a highly reputed independent global player.

The “Information Office for Maritime Insurance” was founded in Antwerp, Belgium, in 1828, to collect and verify information regarding the condition of ships for insurers. Later renamed Bureau Veritas, the company transferred its registered office to Paris and built up an international network.

To the Group’s knowledge, there is no comprehensive report covering or dealing with the markets in which it operates. As a result, and unless otherwise stated, the information presented in this section reflects the Group’s estimates, which are provided for information purposes only and do not represent official data. The Group gives no assurance that a third party using other methods to collect, analyze or compile market data would obtain the same results. The Group’s competitors may also define these markets differently.

Services related to quality, safety, performance, sustainability and responsibility are termed as Testing, Inspection, and Certification (TIC). TIC tasks range from on-site tests and supply chain inspections to data verifications. They can be carried out at any supply chain stage, in all sectors, and by various private or public parties.

The TIC market size is tied to the value and risk of products or assets. The "TIC intensity" corresponds to the fraction of an item's value dedicated to controlling this asset or product. Typically, this fraction ranges from 0.1% to 0.8%. The TIC market's value is determined by multiplying the TIC intensity by the amount spent on goods and products by manufacturers, operators, buyers and sellers.

Market fluctuations are linked to economic factors like inflation or global economic activity and trade. Using this method, Bureau Veritas estimates the global TIC market to be nearly €300 billion, considering factors like market investment and goods and services’ production value.

Bureau Veritas boasts a vast global network with more than 1,600 offices and labs in almost 140 countries across the world.

Countries with established economies, such as France, the US, Canada, Japan, the UK, Spain, Italy, the Netherlands, Australia, and South Korea, feature a prominent presence of Bureau Veritas. These nations have strong regulatory frameworks, and the Group is recognized for its technical prowess and modern production techniques.

In rapidly developing economies, like China, Brazil, Chile, Colombia, the United Arab Emirates, and India, Bureau Veritas has secured strong footholds for a sustainable growth. The Group has fostered a significant local presence over time in these regions and continues to grow by inaugurating new offices and labs.

The scale of the Group’s network is a core asset, offering value and differentiation on both commercial and operational levels.

• ●On the sales front, this vast network empowers Bureau Veritas to cater to key accounts. This enables securement of significant international contracts, which are becoming an increasingly substantial portion of its activities.
• ●Operationally, the Group capitalizes on its scale to enhance profitability. Economies of scale arise from shared office spaces, back-end operations, IT resources, and the distribution of costs associated with innovating in new services and standardizing inspection procedures over a broader base.

With a regional hub organization in pivotal countries, Bureau Veritas efficiently distributes knowledge, technical aid, and sales teams throughout areas. In the future, the Group envisions fortifying this hub-centric network structure, leveraging the benefits of scale.

Bureau Veritas has built a successful global business based on its long-standing reputation for technical expertise, high quality and integrity. This reputation is one of its most valuable assets and is a competitive advantage for the Group worldwide.

Throughout its history, the Group has honed expertise across diverse technical fields and developed a comprehensive understanding of regulatory landscapes. At present, Bureau Veritas holds accreditation from numerous national and global delegating authorities and accreditation bodies, either as a second or third party. The Group persistently works to uphold, refresh, and broaden its array of accreditations and approvals. Regular inspections and audits by these bodies ensure the Group’s procedures, staff qualifications, and management systems adhere to the necessary standards, rules, and regulations.

Bureau Veritas places paramount importance on values like integrity, ethics, impartiality, and independence. These core values not only shape the brand’s reputation but also enhance its value to clients. In 2003, with the guidance of the TIC Council (an international body representing independent testing, inspection, and certification firms), these values were at the heart of the efforts in the TIC profession. This collaboration culminated in the creation of the Group’s inaugural Code of Ethics, released in October 2003 and regularly updated since then.

Bureau Veritas’ financial structure is built on a robust foundation that hinges on four essential characteristics:

• 1 .Dual growth drivers: The financial model leverages two primary streams for growth:
  • ●organic growth,
  • ●supported by strategic acquisitions.

The past ten years have witnessed an average organic growth of around 3%.

• 2 .Profitable growth model: Bureau Veritas’ historical adjusted operating profit margin stands at circa 16%. It signals the Company’s ability to effectively manage its operations and maintain profitability even in challenging circumstances.
• 3 .Steady cash flow generation: over the last half-decade, the Group has consistently delivered free cash flow above €600 million. This is due to the significant efforts deployed to monitor and optimize its cash flow and liquidity, especially when it comes to working capital requirements.
• 4 .Rigorous capital allocation strategy: Bureau Veritas operates with a strict capital allocation philosophy.

1. ●The net debt remains considerably below banking ratio thresholds.
2. ●Simultaneously, the Group must have the liquidity to fund potential acquisitions and continue its commitment to pay dividends to its shareholders.

Section 1.4.6 – Financial and non-financial ambition, of this Universal Registration Document provides an in-depth look into Bureau Veritas’ financial goals and aspirations.

Bureau Veritas verifies that ships and offshore facilities comply with classification rules, mainly as regards the robustness and reliability of equipment. This mission is usually carried out together with the regulatory certification mission essential for operating ships. Marine insurance companies require such certificates to provide coverage, and port authorities also check that valid certificates exist when ships come into port. It is also essential for operators to make sure that their offshore facilities are in line with applicable safety and quality standards, as well as regulatory requirements.

Bureau Veritas Marine & Offshore services help clients comply with these regulations. They also help them reduce risk, extend asset lifecycles and protect the marine environment.

The Group is involved from the construction phase, approving drawings, surveying the shipyard and inspecting materials and equipment. Experts then make regular inspections throughout the vessel’s lifetime to provide ongoing oversight. Bureau Veritas provides a range of technical services, including asset integrity management. On behalf of its clients, the Group monitors any changes in regulations, identifies applicable standards, and liaises with the authorities. It also informs them about the compliance process and carries out design and execution reviews.

The Group has diversified its services: first by providing loss adjustment and risk assessment for the offshore industry and later marine accident investigations, pre- and post-salvage advice and the refloating of vessels. In 2018, it created Bureau Veritas Solutions Marine & Offshore (BV Solutions M&O). In 2023, 40% of Bureau Veritas Marine & Offshore revenue was generated by the certification of ships under construction, while the remainder was generated by the surveillance of ships in service and complementary services.

Bureau Veritas is a member of the International Association of Classification Societies (IACS), which brings together the largest international classification societies. Together, these companies classify around 90% of the world’s ships. The rest of the world’s fleet is either classified by small companies or not classified at all.

To meet the needs of its clients, the Marine & Offshore network has 2,900 experts in 90 countries. In addition to 19 local design approval offices (located near its clients), the Group’s network of 180 control stations gives it access to qualified surveyors in the world’s largest ports. This means that inspections can be conducted on demand and without the delays that could be detrimental to the ship’s business and owner.

Maritime trade has been on the rise since the early 2000s, except in 2020 due to the Covid-19 pandemic. In 2023, orders for new ships and renewal of the worldwide fleet continued to see good momentum, above the trends observed since 1996. Demand is mainly for LNG carriers and container ships, as orders for bulk carriers and tankers decline.

At the beginning of 2024, global order books stood at a record 3.4 years.

Bureau Veritas is the world leader in terms of the number of classified ships and ranks number five worldwide in terms of tonnage with a greater market share in 2023. The Group has expertise in all segments of maritime transport, spanning different types of vessel including bulk carriers, oil and chemical tankers, container ships, gas carriers, passenger ships, warships and tugs. It also has expertise in offshore facilities designed for the exploration and development of coastal and deep-water oil and gas fields (fixed and floating platforms, offshore support vessels, drill ships, subsea equipment). Bureau Veritas also holds the leading position in the market for highly technical ships such as liquefied natural gas (LNG)-fueled vessels, LNG or liquefied petroleum gas carriers, and other types of specialized vessels and equipment.

Bureau Veritas supports the maritime industry in its various advances and innovations, from Arctic shipping to LNG supply chains. It also supplies new solutions and ratings to ensure on-board safety and supports technologies ranging from alternative fuels to on-board autonomy.

The Group has several thousands of clients. Its key clients are:

• ●shipyards and shipbuilders around the world;
• ●equipment and component manufacturers;
• ●ship owners;
• ●oil companies and Engineering, Procurement, Installation and Commissioning (EPIC) contractors involved in the construction and operation of offshore production units;
• ●insurance companies, P&I (Protection & Indemnity) clubs and lawyers.

In millions of gross registered tonnage (GRT)

International regulations applicable to maritime safety and environmental protection are evolving rapidly, providing classification companies with growth opportunities and momentum. These include:

• ●Reduction in greenhouse gas (GHG) emissions: with the introduction of new regulations adopted under the aegis of the International Maritime Organization (IMO) and the European Union, new and existing ships must improve their energy performance. Bureau Veritas can play a crucial role in certifying compliance with the new EEXI and CII standards.
• ●The EU’s “Fit for 55” package: these measures set out a roadmap for achieving the European Union’s goal of reducing GHG emissions in the EU by at least 55% by 2030 as part of the European Green Deal. Bureau Veritas offers audit, inspection and certification services to help maritime companies comply with these requirements.
• ●The Ballast Water Management (BWM) Convention adopted under the aegis of the IMO: this entered into force in 2017 and gives classification societies a greater role in verifying the effectiveness of ballast water management systems.
• ●Ship recycling: the Hong Kong international convention and European regulations in this area offer opportunities for ship recycling inspection and certification services. Under the EU’s Ship Recycling Regulation (applicable at the end of 2018 for new ships and as from January 2021 for existing ships), ships are required to have on board an Inventory of Hazardous Materials (IHM).
• ●Regulations applicable to ships for inland navigation transporting hazardous materials: Bureau Veritas is one of three classification societies recognized by the European Union.
• ●Cyber resilience: the IACS (International Association of Classification Societies) unified requirement concerning the on-board integration of computer-based systems came into force in 2016. It has since been rounded out by new rules for cyber resilience of on-board systems and equipment.
• ●A “safety case” system for the offshore industry: this development requires the expertise of an independent body which Bureau Veritas can provide.
• ●Monitoring, Reporting and Verification (MRV) and Data Collection System (DCS): the EU and IMO have introduced regulations on the monitoring, reporting and verification of carbon dioxide emissions and on the collection of ships’ fuel consumption data. These rules are designed to further drive decarbonization efforts in the maritime sector.
• ●The Polar Code and ban on heavy fuel oil: the “Polar Code”, or “IMO Guidelines for Ships Operating in Polar Waters” came into effect in January 2017. The IMO’s ban on the use of heavy fuel oil in the Arctic region has also been in place since January 1, 2024.

All these factors require technical and regulatory know-how, which is at the heart of Bureau Veritas’ expertise. As a classification and certification company, the Group is well positioned to help maritime companies navigate this complex and fast-changing regulatory landscape.

Bureau Veritas plays a key role in supporting the maritime industry in its energy transition. In the face of major challenges in terms of the environment and greenhouse gas emissions, the Group is actively committed to steering the maritime industry towards solutions that are both sustainable and environmentally friendly.

The maritime industry recognizes the importance of propulsion technology choices in the current climate emergency. The deadlines set by the IMO from 2023, then 2030 and 2050, entail difficult decisions for ship owners. By the end of 2023, approximately 50% of orders for new ships were based on dual-fuel systems. LNG, with its potential to reduce emissions, is seen as a particularly critical transition fuel. Methanol is also emerging as a relevant option, particularly for container ships.

Offshore markets, meanwhile, are focusing on gas projects, not least because of geopolitical changes in Europe. These developments open up new opportunities over the coming years. In order to maintain current production levels and replace older infrastructure, investments continue to be made in the offshore oil sector. The market has also seen a significant rise in investments from oil companies in offshore projects for both fixed and floating wind farms. Considerable investments were made in wind farm installation and maintenance vessels.

As an independent body, Bureau Veritas plays an essential role in assessing new technologies for ship owners, shipyards and suppliers. It offers critical expertise from the earliest stages of design through to delivery, and throughout the assets’ lifecycle.

Through its Green Line offer, Bureau Veritas provides a wide range of services to support the shipping industry, such as:

• ●developing and implementing standards for new alternative propulsion solutions and fuels, validating their sustainable origin, developing dedicated infrastructures and providing project assistance;
• ●reducing the risks associated with new projects through approvals in principal (AiP), which are designed to provide an independent opinion on the risks and reliability of the design;
• ●voluntary sustainability initiatives, through the Sustainable Ship ratings, which recognize efforts to reduce pollution and emissions, protect marine ecosystems, recycle ships and improve well-being on board;
• ●onshore & offshore wind lifecycle solutions;
• ●engineering services for sustainability performance and sustainable construction in shipyards;
• ●responsible fishing practices;
• ●crew and passenger safety, and on-board health, safety and hygiene protocols;
• ●electrifying sea-going vessels.

Bureau Veritas Marine & Offshore recently published two white papers, the first on alternative fuels (“Alternative Fuels Outlook”) and the second on the decarbonization of the shipping industry (“Decarbonization Trajectories – Sharing Expertise: Realistic Approaches to Shipping’s Decarbonization”). These papers are designed to guide and raise awareness of the challenges facing the shipping industry.

In 2024, the decarbonization of shipping will undoubtedly be at the heart of the industry’s major challenges. Bureau Veritas will continue to support its ship owner, shipyard and charterer clients in transitioning to cleaner energy, lending invaluable technical expertise to solutions for today’s and tomorrow’s world.

The digital revolution in the maritime industry is gathering momentum. Bureau Veritas Marine & Offshore is at the forefront of this revolution, reinventing the role of technology in classifying ships and offshore facilities. By leveraging new tools including digital twins, drones, remote virtual tours, artificial intelligence and cloud platforms, the Group can help its clients make safer, more effective, data-driven decisions.

Digital Classification comprises four key services:

• ●3D classification, which is bringing the design review and monitoring process for the construction of new vessels and offshore facilities into the digital age using a 3D model. By using 3D models, all stakeholders – ship owners, shipyards and Bureau Veritas – can work together more effectively. This real-time collaborative platform offers unrivaled efficiency, enabling rapid adjustments and dynamic exchanges;
• ●remote inspection techniques, whose adoption in the form of drones and other smart devices (exploration robots, remote-controlled vehicles, etc.) is a real advancement. They improve safety by avoiding inspectors having to access hazardous areas, and also increases inspection accuracy;
• ●predictive models, which represent the future of maintenance. Optimized, predictive inspection schemes enable maintenance decisions to be based on specific, dedicated risk analyses. The “BV Machinery Maintenance” solution is an example of how technology can improve maintenance processes in real time, saving time and money;
• ●costs associated with inspections, including for example travel, can be considerably reduced thanks to remote and augmented reality inspections. This means they can be carried out in a safer, more flexible and effective manner.

The introduction of smart functions on-board ships enables better supervision and transparency, key drivers in the transition to a more sustainable shipping industry. Through reduced emissions and improved maintenance, smart ships will help facilitate compliance with international regulations and reduce operating costs.

Classification societies play an important role in facilitating the transition to smart shipping, by helping industry players adopt new data-driven processes.

Through its SMART ratings, Bureau Veritas recognizes the importance of this transition and strives to help its clients on their path towards safer, more connected and more environmentally friendly navigation.

The Group is aware of the need for its clients to be able to access durable digital platforms to guide them through their decarbonization and digitalization strategies over the long term. This is what prompted the collaboration between Bureau Veritas and OrbitMI, a maritime software company whose integration platform provides connected information. This technology facilitates effective decision-making by offering a range of simple digital solutions for collecting, reporting and tracking data during maritime operations.

Developing strong value-added services remains an important growth driver for the Group and its businesses.

Bureau Veritas Solutions Marine & Offshore (BV Solutions M&O) is a separate and independent organization providing clients with specialist technical advice. In this era of energy transition, many players in the shipping industry are looking for solutions to design and operate in a more sustainable way. As an independent consultant, BV Solutions M&O offers engineering and modeling services that enable clients to evaluate and compare various solutions. This entity’s international expansion, most recently in Australia and South Korea, is a response to the growing demand for these types of services.

Particularly in demand are risk and feasibility studies relating to the integration of new fuels such as hydrogen, ammonia and methanol, as well as vessel propulsion systems. These energy alternatives are at the heart of current debates on decarbonizing the shipping industry. In developing expert technical services focused on GHG strategy studies for a variety of stakeholders – from ship owners to banks – BV Solutions M&O uses a global fleet management approach and various management scenarios. These issues are crucial to the industry’s ability to make informed decisions.

To conduct its business, the Group has numerous Licenses To Operate - LTO (hereafter “Authorizations”), which vary depending on the country or business concerned: accreditations, approvals, delegations of authority, official recognition, certifications or listings. These Authorizations may be issued by national governments, public or private authorities, and national or international organizations, as appropriate.

The Group is a certified founding member of the International Association of Classification Societies (IACS), which brings together the 11 largest international classification societies. At European level, Bureau Veritas is a “recognized organization” under the European Regulation on classification societies and a “notified body” under the European Directive on marine equipment. Bureau Veritas currently holds more than 150 delegations of authority on behalf of national maritime authorities.

Bureau Veritas is actively engaged in research and innovation to bolster its market positioning and explore new opportunities. The Group’s major initiatives include:

• ●Technological partnerships: the Group partners with manufacturers and start-ups to jointly develop innovative solutions. These partnerships can result in the implementation of cutting-edge technologies such as artificial intelligence (AI) and blockchain.
• ●Strategic alliances: agreements are signed with various companies focused on specific technologies and segments. In 2023, for example, Bureau Veritas entered into a partnership with a US maritime software company (OrtbiMI) to develop joint digital solutions and facilitate their market launch. The aim is to help shipping companies in their digital transformation and decarbonization efforts.
• ●Cybersecurity: involvement in the work of the European Cyber Security Organisation underlines the importance of this issue, in line with the European Commission’s objectives.
• ●Collaborative projects: involvement in projects funded by institutions such as the Single Interministerial Fund and in European calls for projects underscores the Group’s commitment to large-scale initiatives. Bureau Veritas has joined CLEANHYPRO, for example. This project:
  • ●is a consortium of 28 partners from original equipment manufacturers (OEMs) and research and technology organizations,
  • ●is co-funded by the European Union, and its primary mission is to spearhead innovation in electrolysis technologies and materials. Bureau Veritas’ remit is to develop a quality label for electrolyzer batteries, offering transparency on technology and product quality. Product quality covers reliability, the effects of aging, efficiency and durability criteria;
• ●Hydrogen and renewable energies: by joining the Hydrogen Council and actively participating in ISO and IEC standardization committees, the Group is demonstrating its intention to support and shape the future of clean energies.
• ●Digitalization: the Group is aware of the need to transition to more digital offerings and is therefore stepping up efforts to develop new concepts such as future inspection/audit services.
• ●Continuous innovation: in light of fast-paced changes in the TIC market, the Group is constantly investing to adapt and meet emerging client needs. Bureau Veritas is resolutely forward-looking, harnessing a proactive approach to research and innovation to stay at the forefront of its industry. Initiatives include:
  • ●development of innovative artificial intelligence (AI) for new inspection techniques (shape recognition AI and 3D technologies) and for the use of technical rules and data (natural language-processing AI);
  • ●revamp of production tools to form a collaborative digital platform open to clients, leveraging product lifecycle management solutions (partnership with ARAS Innovator);
  • ●ongoing development of classification services to support the digitalization of maritime shipments through intelligent ratings, developed together with clients and digital solution suppliers.

The Group’s IT department has four main responsibilities:

• ●Defining the Group’s technological architecture. The department sets the standards for applications and infrastructure across all businesses and geographical areas;
• ●Selecting and managing integrated solutions for all Group units. These solutions include messaging, collaboration tools and various systems such as ERP finance, client management, Human Resources and production;
• ●Guaranteeing the availability and security of all of the Group’s infrastructures and solutions;
• ●Managing the Group’s overall relationship with its main suppliers of equipment, software, telecommunications and services.

The department is supported by six regional centers: North America, Latin America, Europe, France/Africa, Asia, and the Middle East/Pacific. These centers provide various services to the countries in their respective regions.

A Global Shared Service Center has also been set up in India to pool certain support processes. In 2023, operating expenses and running costs for the Group’s information systems represented 4% of the Group’s revenue.

Details on Bureau Veritas’ Non-Financial Statement (NFS) appear in the three following sections of this Universal Registration Document (URD):

• ●chapter 1 presents the Bureau Veritas Group and its business model;
• ●chapter 2, which describes the Group’s sustainability policies, is also known as the Sustainability Report;
• ●chapter 4 presents risk management.

Since 1828, Bureau Veritas has acted as trust maker between companies, governments and society. It is an independent, impartial guarantor of its clients’ word.

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has approximately 82,000 employees located in more than 1,600 offices and laboratories across the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

Bureau Veritas is a Business to Business to Society service company that contributes to positively transforming the world we live in. We work closely with our clients to address the critical challenges they face and to link these to the emerging aspirations of society. We work with companies to build and protect their reputations, supporting them as they forge the foundations of trust that are built to last.

This Taxonomy reporting complies with Regulation (EU) No. 2020/852 of the European Parliament and of the Council of June 18, 2020 on the establishment of a framework to facilitate sustainable investment, and with Delegated Regulation (EU) No. 2021/2178 of the Commission of July 6, 2021, amended by the Delegated Regulation (EU) 2023/2486 of June 27, 2023, specifying the content and presentation of information to be disclosed.

The Taxonomy regulation aims to direct funding to activities that significantly contribute to one or more of the Taxonomy’s six following environmental objectives:

• ●climate change mitigation;
• ●climate change adaptation;
• ●sustainable use and protection of water and marine resources;
• ●transition to a circular economy;
• ●prevention and reduction of pollution;
• ●protection and restoration of biodiversity and ecosystems.

Delegated acts set the technical review criteria for determining the conditions under which an economic activity may claim to make a substantial contribution to one or more of the objectives of the Regulation, and for determining whether it does any significant harm to any of the other environmental objectives.

Taxonomy-eligible activities are considered aligned if:

• ●they make a substantial contribution to at least one of the six environmental objectives;
• ●they do no significant harm to any of the other environmental objectives;
• ●they comply with minimum social safeguards; and
• ●they comply with the technical screening criteria set by the European Commission.

TIC Council, the professional association of compliance verification bodies, has published a guide on Taxonomy reporting for the TIC (testing, inspection, certification) sector. This guide specifies which services are Taxonomy-eligible. It was updated in 2023 to cover all six environmental objectives.

TIC services are broken down into four categories, by level of eligibility for the Taxonomy:

• ●services eligible for the Taxonomy:
  • ●Level 1: TIC services explicitly mentioned in the delegated acts of the Taxonomy;
• ●services not eligible for the Taxonomy:
  • ●Level 2: TIC services implicitly included in Taxonomy-eligible activities;
  • ●Level 3: Other TIC services contributing substantially to one or more environmental objectives;
  • ●Level 4: TIC services that do not contribute to environmental objectives.

The Taxonomy reporting is prepared by a Committee spanning the Finance, Operations, Systems and CSR functions. The Committee reviews and validates the reporting method used and verifies the data collected.

Bureau Veritas’ reporting complies with the recommendations of the Taxonomy Reporting Guide issued by TIC Council, the professional association of compliance auditors.

The following rules were used for this statement:

• ●the 2023 report covers the proportion of turnover, capital expenditure (Capex) and operating expenditure (Opex) associated with eligible/not-eligible and aligned/non-aligned activities;
• ●activities that would be eligible under both climate change mitigation and climate change adaptation are reported only under climate change mitigation, to avoid any risk of being counted twice;
• ●eligibility: only level 1 activities are reported as eligible;
• ●alignment:
  • ●SC (substantial contribution):
    • ●SC criteria are met for the activities with which TIC services are associated,
    • ●because of the difficulties involved in collecting SC data owing to the large number of clients concerned; only activities without SC criteria are considered aligned in this report;
  • ●DNSH (do no significant harm):
    • ●none of the reported activities do any significant harm to the other environmental objectives (Article 17 of the Taxonomy Regulation),
    • ●the DNSH requirements for the activities with which TIC services are associated apply only when relevant, as recommended in the European Commission FAQ of December 19, 2022,
    • ●the DNSH requirements listed in Annex A (“Generic criteria for DNSH to climate change mitigation”) of the Delegated Act for Climate Change Mitigation apply;
  • ●Minimum safeguards:
    • ●the minimum safeguards fall into four categories;
      • ●human rights
        • Bureau Veritas’ Human Rights Policy and the Duty of Care Report ensure that Bureau Veritas respects human rights in its operations, subsidiaries and value chain (see sections 2.3.1.2-B-m – Human rights and 2.4.4 – Duty of Care Plan, of this Universal Registration Document),
      • ●corruption
        • Bureau Veritas’ Code of Ethics, which undergoes regular internal and external audits, ensures that Bureau Veritas complies with anti-corruption expectations (see section 2.4.1 – Business conduct, of this Universal Registration Document),
      • ●tax
        • Bureau Veritas ensures that its businesses comply with laws and regulations on tax evasion, and strives to conduct its business in strict compliance with applicable tax regulations (see section 2.1.2.5 – Tax evasion, of this Universal Registration Document),
      • ●fair competition
        • Compliance with fair competition practices is covered by Bureau Veritas’ Code of Ethics, which undergoes regular internal and external audits (see section 2.4.1 – Business conduct, of this Universal Registration Document);
    • ●Bureau Veritas conducts its business in accordance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight core conventions cited in the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work and the International Bill of Human Rights (Article 18 of the Taxonomy Regulation). See sections 2.1.3.1 − Strategy, business model and value chain, 2.4.1 – Business conduct and 2.3.1.2-B-m – Human rights, of this Universal Registration Document,
    • ●no criminal conviction.

This report is presented according to the requirements of Annex 8 of the EU Taxonomy Regulation and Delegated Regulation (EU) No. 2020/852 of the Commission.

Calculation method:

• ●turnover is taken from the Group’s management tool (FLEX), for traceability of the amounts declared. The eligibility of each case is examined through criteria defined for three attributes: 1/ the nature of the service, 2/ the client’s market, and 3/ the object on which the service is provided;
• ●the eligibility and alignment criteria used are those defined in the TIC Council 2023 Guidelines.

Bureau Veritas’ Taxonomy-eligible Turnover represented less than 20% of the total in 2023

The 2023 reporting differs from the 2022 reporting in two ways:

• ●the 2023 Taxonomy reporting covers all six environmental objectives presented in 2.2.1.1 – Background, of this Universal Registration Document. This scope differs from the 2022 reporting, which only covered the climate change mitigation and adaptation of environmental objectives.
• ●The Taxonomy reporting coverage rate is 80%; it was 57% in 2022. This rate corresponds to the proportion of Bureau Veritas’ Turnover that has the three attributes necessary to be analyzed with regard to the Taxonomy eligibility criteria in the Group’s ERP. Thus, in 2023, 20% of Bureau Veritas’ Turnover could not be analyzed and the corresponding activities were deemed ineligible, in accordance with a Note from the Commission that prohibits extrapolation. Taxonomy-eligible Turnover is therefore underestimated in 2023.

In 2023, capital expenditure related to assets or processes associated with economic activities that could be considered environmentally sustainable under Annexes I and II of the Taxonomy regulation include:

• ●office, laboratory and vehicle leases (IFRS 16):
  • ●amount of office and laboratory leases signed in 2023;
  • ●company vehicle leases signed in 2023.

Other capital expenditure is not eligible for the Taxonomy:

• ●property, plant and equipment (IAS 16);
• ●intangible assets (software, patents, etc.) (IAS 38).

Bureau Veritas did not record any capital expenditure in 2023 for the other categories concerned:

• ●investment property (IAS 40);
• ●agricultural land (IAS 41).

Capex is made available to Bureau Veritas businesses indiscriminately. Office and laboratory leases have been classified in category 7.7 (Acquisition and ownership of buildings) of Annex I. Leases of company vehicles have been classified in category 6.5 (Transport by motorbikes, passenger cars and light commercial vehicles). As we do not have the means to quantify the proportion of aligned Capex, Bureau Veritas considers that all of this Capex is non-aligned.

Opex encompasses operating expenditure related to assets or processes associated with economic activities that could be considered environmentally sustainable, including the following:

• ●research and development for €4.9 million;
• ●short-term leases for €51.5 million;
• ●maintenance and repair of assets for €114.8 million.

Opex is made available to Bureau Veritas activities indiscriminately.

This operational expenditure accounts for less than 5% of operational costs (salaries, sub-contractors and purchasing). It is not material for Bureau Veritas business model. Consequently, it will not be reported according to the exemption rule set out in article 1.3.1.2 of Commission delegated regulation (EU) 2021/2178 of July 6, 2021.

The interests, views and rights of the Group’s stakeholders inform the strategy and business model of Bureau Veritas through a number of priorities. These priorities help achieve a workforce for the Group that can meet the growth objectives through the creation of innovative solutions, the provision of expert advice and knowledge and the uncompromising application of ethical standards in the delivery of services to the Group’s customers. These priorities are also reflected in the Group’s human resources strategy and inform the three key components of this strategy: attract, engage, and grow.

The three components of the Group’s human resources strategy ensure the execution of the strategy through policies, processes, systems and initiatives, which reflect the interests, views and rights of the Group’s workforce. It includes:

• ●the provision of secure and sustainable employment;
• ●creating a diverse workforce and inclusive culture;
• ●on-going training and career development;
• ●highly engaged members of the workforce;
• ●a safe workplace;
• ●the respect of human rights, including labor rights.

These impacts, risks, and opportunities link to the Group’s business model primarily through:

• ●the need for the Group to have a highly skilled workforce to meet the changing needs and expectations of its customers;
• ●the competitive advantage in productivity the Group receives from having a workforce that is highly engaged;
• ●innovation and creativity from the Group’s workforce that it leverages to develop solutions for its customers and its own operations that are enabled through a diverse workforce;
• ●a strong organizational and employer brand the Group utilizes to attract and retain members of its workforce and its customers to meet its growth plans through an inclusive, consultative, and safe culture.

Members of the Group's workforce to whom these impacts, risks, and opportunities primarily relate are its employees and non-employees.

• ●Employees have mainly permanent contracts. Due to the specificity of certain activities, Bureau Veritas also uses fixed term, and non-guaranteed hours employment contracts.
• ●Non-employees of the Group's workforce are not significant in number relative to employees and are not managed centrally. They provide to Bureau Veritas additional capacity when facing a peak of activity and additional expertise for specific technical requirements. These non-employees are mainly sub-contractors participating in the delivery of the Group's services. Regardless of where they provide their services, they do so under the responsibility of Bureau Veritas’ Management, and they apply Bureau Veritas’ policies and processes.

The Group currently does not consolidate central records of these non-employees. For this reason, the information provided in section 2.3.1 − Own workforce, of this Universal Registration Document relates to employees only, unless otherwise stated.

The management of the impacts, risks and opportunities for the workforce of the Group is undertaken through the design and execution of the Group’s human resources strategy. This strategy has three core components, ‘attract’, ‘engage’, and ‘grow’.

Key policies within these three components that manage these impacts, risks, and opportunities include:

In order to provide and maximize secure employment for its workforce, the Group needs to continuously attract qualified and skilled individuals to meet the Group’s operational and growth needs. The Group’s strategic workforce planning uses talent analytics with data sourced from the Group’s talent assessment, development, and succession planning processes. This data helps show the key capabilities and profiles needed to achieve the growth ambitions in Bureau Veritas’ strategy. These capabilities and profiles include:

• ●sales specialists and leaders of sales teams to drive organic growth;
• ●sustainability experts and managers to design and market new services;
• ●digital skills to support the transformation of services offerings;
• ●cybersecurity specialists to offer enhanced cybersecurity reviews and consulting;
• ●change specialists to contribute to enterprise transformation programs;
• ●more diverse talent with a focus on achieving greater balance among managers relative to gender, generation, and nationality.

The above talent analytics insights have influenced the approaches used by talent acquisition teams to recruit new hires, including:

• ●selecting and leveraging talent sourcing platforms;
• ●strengthening partnerships with external talent search providers;
• ●training talent acquisition teams and managers;
• ●enhancing the Group’s employer branding strategy, as a distinctive employer brand that focuses on the opportunities available to people in the workforce of the Group to make concrete and valuable contributions to Bureau Veritas that impact the sustainable growth of the communities where the Group operates. The Group’s employer brand, known as “LEAVE YOUR MARK” will continue to evolve and be enhanced in the future through placing increased emphasis on the opportunity the Group’s people have to make a lasting difference to our communities;
• ●digitalization of talent attraction processes, including leveraging artificial intelligence;
• ●introduction and/or expansion of early careers programs, in France, where the Group recruited 232 students as interns in 2023 and in India, where Bureau Veritas recruited 22 graduate trainees as part of its information technology career program.

The “LEAVE YOUR MARK” employer brand is used in global and local channels to attract talent to the Group in targeted social media, such as LinkedIn, Facebook, Instagram, Twitter, Spotify and Deezer with new “dynamic” job advertisements and new joiner “GIFs”. The brand has also been used in training for recruiters and hiring managers to attract talent, in the Group’s website, in specialist recruitment forums, in sponsoring special events at leading engineering and business schools/universities and in awareness programs for external recruitment partners.

The Group’s employer branding and talent attraction, assessment and selection processes also aim to recruit individuals who consistently display the Group’s values (below) which are expected to be displayed by all employees in everyday actions and words.

The Group regularly carries out compensation surveys to ensure that its competitive positioning is maintained, enabling it to attract the right applicants, retain its people, and to compensate employees according to their level of performance for the roles they hold.

Bureau Veritas also has profit-sharing agreements and savings plans, such as in France where all employees participate in profit-sharing based on local labor law. In addition, employees who have worked for the Group for more than three months are entitled to contractual profit-sharing proportional to their seniority. An agreement to convert the Company savings plan into a Group savings plan was signed with the Works Council on July 19, 2007, enabling all Group companies that constitute “related companies” (within the meaning of article L. 3332-15, paragraph 2, of the French Labor Code) to join the Group savings plan. The plan spans seven mutual funds in which €197,738,561 was invested as of December 31, 2023. Bureau Veritas contributes to the savings of its employees by paying a top-up contribution, up to a maximum of €1,525 per employee and per calendar year.

The Group conducts regular surveys to obtain feedback from its employees and then takes action based on the results of these surveys. These surveys include:

• ●an annual employee engagement survey;
• ●onboarding surveys sent to new recruits;
• ●exit surveys sent to employees who are about to leave Bureau Veritas;
• ●special topic surveys, such as on diversity, equity & inclusion.

The Group’s commitment to building, through equity, a sustainably diverse workforce with an inclusive culture is illustrated by multiple policies and initiatives, including:

• ●the Bureau Veritas Inclusion Policy, Anti-harassment policy, and Code of Ethics;
• ●one of the four BV Values, “Open & Inclusive” (below), reflects the Group’s belief that employees can only reach their full potential if they are able to express themselves freely and openly and if the actions and behaviors of Bureau Veritas’ employees encourage such expression. Employees are evaluated each year as part of their performance assessment on their effective demonstration of all Bureau Veritas values;
• ●managers are further expected to enhance the Group’s inclusive culture by demonstrating the Leadership Expectations, Two of them specifically target the on-going development of its inclusive culture: “Lead through Bureau Veritas Absolutes and Values” and “Build Engaged Teams”. Managers are evaluated each year as part of their performance assessment on their effective demonstration of all Bureau Veritas Leadership Expectations;
• ●all managers and team leaders are required to complete the “Leading Inclusive Teams@BV” program that includes core learning on: (i) inclusive behaviors to remove unconscious bias; (ii) attracting, assessing, and selecting talent using inclusive words and actions; (iii) preventing harassment and awareness of relevant policies and their application;
• ●learning programs and awareness on special topics, such as women’s health or menopause awareness sessions for employees and managers in the United Kingdom;
• ●membership of associations, such as Association Française des Managers de la Diversité in France, that provide resources to promote diversity and inclusion;
• ●Bureau Veritas is a signatory of the “Charte de la Diversité” in France;
• ●the Group’s Global Inclusion Calendar which is based in part on the United Nation’s International Days and is supplemented by additional local days. The days in the calendar are celebrated by employees and are used as an opportunity to learn how to improve the diversity of the workforce and the Group’s inclusive culture.

For Bureau Veritas, achieving greater gender balance is a key business priority for which strategies have and will continue to be implemented to meet the Group’s ambitious gender balance goals. These strategies include:

• ●accelerated leadership development programs for high potential women in all regions of the world, including these examples:
  • ●Women in Leadership – Asia Pacific and the Middle East. This program identifies high potential women who, over a six-month period, undertake group and individual assessments and learning on priority topics to accelerate their development in collaboration with Roffey Park Institute. This learning is complemented by individual executive coaching that strengthens participants’ capabilities, as agreed by participants and their coaches and managers,
  • ●Women@BV in France. This program is designed to accelerate the development of high potential women and includes mentoring from senior leaders, guest speakers on priority topics, and tools to develop one’s leadership style. It also aims to increase access to the TIC industry for women through partnership with, “Elles bougent”, which includes inviting teenage girls to the Group’s offices to learn about career options, requiring shortlists with at least one woman wherever possible;
• ●all employees in the Group are provided maternity protection from workplace risks as an application of its Cardinal Safety Rules, and maternity protection from dismissal based on local laws and regulations;
• ●extended paid parental leave beyond local law in several countries:
  • ●in the United Kingdom, paid maternity and paternity leave exceeds that required by local law: for maternity leave, the first six weeks are paid at 100% (vs. 90% required by law) and weeks seven to 16 are also paid at 100% (vs. 152 GBP per week required by law); for paternity leave, two weeks are paid at 100% (vs. 152 GBP per week required by law),
  • ●in Australia, paid parental leave is provided to any employee who is the primary caregiver of a newborn or recently adopted child, once he or she has 12 months’ seniority. Paid leave is six weeks at the employee’s basic rate of pay, with a further two weeks’ pay if the employee returns to the business for at least one month. In addition, employees who are not the primary caregiver can use five days of accrued “personal leave” (sick and career leave) when the child comes home,
  • ●in the United States, Bureau Veritas offers parental (maternity) leave benefits providing two-thirds of an employee’s basic salary for a period of up to 13 weeks if there is an underlying medical condition,
  • ●in India, parental leave benefits are extended to fathers in the form of five days paid leave,
  • ●in Spain, employees are provided childcare contributions in the form of cash allowances in the following situations: the birth or adoption of a child, for children of school age between 6 and 16 years of age, children who have a disability, and “large families”; paid leave: up to five additional paid days beyond the minimum legal requirement of 12 weeks for a mother if she transfers part of her maternity leave to the father;
• ●the offices of Bureau Veritas in a number of countries, including in France and Spain, provide dedicated breast-feeding rooms for women;
• ●Bureau Veritas in the United Kingdom provides awareness and training for employees on menopause in order to provide better support to employees who are experiencing menopause;
• ●in Europe, the Group holds the Gender Equality European and International Standard (GEEIS) certification in three key countries (Spain, Italy and Poland) after examination of the relevant criteria, including ensuring specific people policies and practices were in place;
• ●Bureau Veritas is a signatory of the United Nations Women’s Empowerment Principles in order to reinforce its commitment, and support its strategies, to advance gender equality and women’s empowerment in the workplace and more broadly within society;
• ●the Group’s Chief Executive Officer, Hinda Gharbi, is an Executive Interviewer for the "WeQual Awards” which identify and showcase world-class executive women, ready for progressing to Group Executive Committee positions. Hinda Gharbi is also a mentor as part of the mentoring program of “Observatoire de la Mixité”. Additionally, Hinda Gharbi is a mentor as part of the new organization “Equaleaders” whose purpose is to promote greater gender balance in governing bodies in France;
• ●Bureau Veritas’ Executive Vice-President, Marine & Offshore, Matthieu Gondallier de Tugny, is a founding member of the Global Maritime Forum’s Diversity Study Council whose mission is to develop a Global Charter for Diversity & Inclusion for the maritime industry with the objective of enabling women’s access to, and advancement within, the maritime industry;
• ●the Group’s Vice-President Sales & Marketing – France & Africa, Nathalie Brunel, is a member of the board of the association “Elles bougent” which aims to attract more women to pursue careers in engineering.

• ●The Group is also very committed to enhancing the ethnic and racial diversity of its workforce, and to ensuring its workplace culture enables all people, regardless of their ethnicity and race to thrive. Bureau Veritas operates in 140 countries with 159 nationalities represented among its employees. The Bureau Veritas values, leadership expectations, and Group policies all support the commitment to improve Bureau Veritas’ ethnic and racial diversity, which apply at all levels, including the most senior leadership roles. For example, the Group Executive Committee includes a range of nationalities (Australian/Tunisian, Brazilian, British, Chinese, Canadian/USA, French and Peruvian), with 42% of members having non-European nationality.
• ●The Group continues to increase the capacity of individual managers to create a workforce of diverse ethnicity and race, and a workplace culture where everyone has equal opportunities to succeed and progress their careers. Initiatives taken to support this include:
  • ●training programs on inclusive leadership and effective interviewing,
  • ●evaluation of managers’ demonstration of the BV Values and Leadership Expectations,
  • ●local events to celebrate and recognize differences, and the inclusion of the Week of Solidarity with the Peoples struggling against Racism and Racial Discrimination in the Group’s global inclusion calendar,
  • ●tracking and reporting nationality data for the total workforce and for the management workforce in order to close gaps over time between these two workforces.

The Group is constantly seeking ways to create a workplace that increases access to employment for people with disabilities. Beyond the Group’s HR policies in this area, specific initiatives undertaken in 2023 included:

• ●in France, Bureau Veritas holds an agreement on the employment of persons with disabilities, and accreditation from the Directions régionales de l’économie, de l’emploi, du travail et des solidarités (DREETS). Initiatives to increase access to employment for people with disabilities in France included: internal communication campaigns with expert consultants to build awareness among all employees; training programs through simulated situations, such as on using sign language; recruitment campaigns on websites such as “Mission Handicap” and “Hello Handicap”, and participation in recruitment events using the theme "Mardi du handicap"; Bureau Veritas has joined the board of TREMPLIN, a student support association for people working and studying with disabilities; individual coaching to build skills in people with disabilities, in association with TREMPLIN; individual meetings between each employee with a disability and the Diversity and Inclusion Manager after probation periods; in South Africa, Bureau Veritas partners with training providers to fund learning for people with disabilities to increase their access to employment;

• ●in Brazil, the People with Disabilities program provides a dedicated recruitment and development “talent pool” for people with disabilities;
• ●in China, Bureau Veritas employees participate in a program in order to learn how to work effectively with people with a hearing disability; 
• ●in Spain, Bureau Veritas holds the “Bequal Certification”, which assesses companies’ recruitment and human resources policies, office accessibility, and the retention and rehabilitation of workers with disabilities.

Bureau Veritas is a supporter of the Partnership for Global LGBTI Equality, an initiative of the United Nations Office of the High Commissioner for Human Rights, BSR, and the World Economic Forum. It is through this and other initiatives that the Group aims to attract and engage talent who identify as LGBT+ by creating a workplace where they can feel free to fully and openly contribute in their roles and progress their careers. Examples of other initiatives include:

• ●pride month is included in the Group’s Global Inclusion Calendar and LGBT+ events are held across a number of countries to celebrate Pride Month. The events promote Bureau Veritas’ inclusive culture for all employees, particularly those who identify as LGBT+, encourage more people to support the LGBT+ community, and educate employees on how they can create a more LGBT+ inclusive workplace;
• ●awareness programs available and promoted to all employees globally, such as the “LGBT+ at work – why it matters?” round-table discussion with Bureau Veritas employees and facilitated by an external specialist;
• ●the development of an image for employees’ email signatures that shows the Bureau Veritas Value, “Open & Inclusive” with a rainbow background;
• ●employee resource groups for LGBT+ employees and allies, such as the LGBT+ Diversity Group in the United Kingdom;
• ●providing employees with the option to record their gender as “non-binary”, and reporting this to the Group’s management;
• ●in Spain, the Group participated in the “EMIDIS” program, an initiative of the Federal LGBT+ institute in Spain that provides a diagnosis of the support and inclusion that organizations’ policies and practices provide to people identifying as LGBT+. Subsequent to undertaking the diagnosis, an action plan was developed to close identified gaps;
• ●having started with the United Kingdom, the Group records and reports employees who volunteer to identify as LGBT+, with the aim of increasing the coverage of this reporting to more countries over time. This data is used for the purpose of helping increase the representation of people identifying as LGBT+ in the workforce, and to understand where and how to improve the inclusive element of its culture.

The development of talent across all generations is critical given the significant number of employees at Bureau Veritas within different age groups and is achieved through multiple initiatives, including:

• ●targeting potential external recruits across multiple generations is important to Bureau Veritas. LEAVE YOUR MARK, the Group’s employer brand, communicates its employment value proposition to multiple generations through the link it draws between employee expertise and concrete benefits to society. Additional data on employee engagement, voluntary attrition, and learning and development by age group is also tracked and reported by age group/management level. This is reported and tracked in order to monitor any differences between age groups and to put in place strategies to eliminate such differences;
• ●in France, recruitment teams have deployed a campaign targeting individuals who are starting or reorienting their careers, including leveraging more digital channels;
• ●in Japan, in order to retain older talent, the Group offers a continued employment program for those who have reached the local retirement age (63), which includes offering part-time work options.

• ●Bureau Veritas values the recruitment of veterans through the technical, professional, and leadership skills they bring. The Group also believes it has a responsibility to enable more employment pathways to individuals who have served in the armed forces.
• ●In the United States, Bureau Veritas has an agreement with “RecruitMilitary.com”, the exclusive agency for the “Soldier for Life” program of the United States Army that helps veterans’ transition to employment. In addition, the Group’s recruitment teams in the United States have a targeted strategy of creating and maintaining relationships with “Transition Officers” in the military in order to enhance Bureau Veritas’ brand as an employer of choice for veterans.
• ●In the United Kingdom, in 2023 Bureau Veritas was confirmed as holder of the Gold award under the Ministry of Defense Employer Recognition Scheme, in recognition of its induction program targeting British army veterans and the opportunities this gives them to build a second career. This award has now been held by the Group for six years and in part reflects the numerous options available to veterans to organize their work by giving them a role as mentors or consultants, or by offering them part-time work solutions.

• ●In Canada, Bureau Veritas sponsors the “Nations2Nations” events, which is a key way of supporting indigenous rights and raising awareness of opportunities to do business with Aboriginal peoples.
• ●In Australia, Bureau Veritas partners with different First Nations groups, such as the Waalitj Foundation and local communities, to attract more applications from people from First Nations communities. The Group also holds a “Reflect Reconciliation Action Plan” endorsed by Reconciliation Australia.

• ●In the United Kingdom, as part of our efforts to recruit more people from diverse backgrounds, Bureau Veritas partners with colleges and institutions in areas that are economically and socially disadvantaged, such as Hopwood Hall College, in order to encourage candidates from these areas to apply for open roles in the Group. In addition, as part of Bureau Veritas’ volunteering initiatives, the Group collaborates with the charity, “ReachOut”, where employees of Bureau Veritas mentor disadvantaged young people in the community.
• ●In France, the Group’s Vice President Sales & Marketing, Nathalie Brunel, is President of the association “Créé Ton Avenir” which aims to build confidence and ambition in young people, especially the most vulnerable, to identify and pursue their professional dreams.
• ●The Group also undertakes steps to provide support to displaced people and refugees. An example of this is people coming from and in Ukraine. This assistance was given with overall coordination from Poland and supplemented by active support from neighboring countries including Hungary, Romania, and Slovakia. The assistance itself includes providing free accommodation to employees and their families upon arrival in countries outside Ukraine, the coordination and supply of transport, and partial coverage of the cost of rental accommodation in Ukraine.

• ●Globally, Bureau Veritas’ Flexibility Policy provides a framework on when, where, and how employees can work to support their needs outside the workplace, such as in situations where they are carers. In addition, paid leave is provided in some countries specifically for employees who have caring responsibilities.
• ●In Spain, employees are provided up to 30 working days of paid leave to assist first degree relatives (children, parents, parents/son/daughter in law) when hospitalized.

• ●The Group has specific policies that are aligned with relevant to internationally recognized instruments, including the UN Guiding Principles on Business and Human Rights. These policies in relation to its own workforce, including employees and non-employees, explicitly address trafficking in human beings, forced labor/compulsory labor and child labor. The Group also has a workplace accident prevention policy and management system. These include the Human Rights Policy, Anti-discrimination Policy, the Inclusion Policy, Cardinal Rules and Safety Fundamentals and the Code of Ethics of the Group. The following grounds for discrimination are specifically covered in the Inclusion policy of the Group: racial and ethnic origin, color, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin.
• ●These above-mentioned policies are implemented through specific procedures to ensure discrimination is prevented, mitigated and acted upon once detected, as well as to advance diversity and inclusion in general. The Group treats all claims of discrimination and harassment with the utmost seriousness and commits to investigating all claims swiftly and to taking appropriate action as a result of the findings of the investigations. Bureau Veritas is also committed to ensuring, through on-going training and communications, that employees are aware of what constitutes discrimination and harassment and how to lodge claims where they believe it has taken place – this includes providing an independent whistleblowing channel that is operated by a third party.
• ●The Group has specific policy commitments related to the inclusion of, and increasing the representation of, women in its workforce. The commitments include targets to achieve greater representation of women in the workforce and at senior and executive management levels to be achieved through targeted recruitment, development and engagement strategies.
• ●Training on the Group’s Code of Ethics, which includes its zero tolerance regarding harassment and its commitment to building a diverse workforce and inclusive culture, is mandatory for all employees. In addition, all managers are required to undertake the program “Leading Inclusive Teams@BV” that reinforces each manager’s role to create a workplace that is free of discrimination and harassment. The above global initiatives are reinforced by local examples, such as mandatory training on sexual harassment for managers in India and mandatory training for managers on labor law and employee psychological and associated occupational hazards in France.

The Group’s policies in relation to its own workforce explicitly prohibit trafficking in human beings, forced labor or compulsory labor and child labor. The Group also has a comprehensive workplace accident prevention policy and management system.

The policies of Bureau Veritas and their deployment are aligned with relevant internationally recognized instruments, including the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.

The Group’s human rights commitments that are relevant to its own workforce, include:

• ●freedom of association and the right to collective bargaining: Bureau Veritas respects the right of all employees to form or join trade unions and to bargain collectively, in accordance with local laws. A non-discriminatory policy is applied in respect to union membership and activity in areas such as employment, promotion transfer or dismissal. Bureau Veritas encourages open and honest communication in its workplaces where employees can speak with their managers about their ideas, concerns or issues and to work together to deal with work condition issues.

• ●prevention of human trafficking and forced labor: Bureau Veritas prohibits the use of all forms of forced labor including involuntary prison labor, indentured labor, bonded labor, military labor, slave labor or any form of human trafficking, in all of its operations. Bureau Veritas operates in full compliance with all applicable laws relating to working hours, wages including those related to minimum wages, overtime and benefits. Workers are free to withdraw from any employment relationship, subject to reasonable prior notice. Prevention of child labor Bureau Veritas prohibits the employment of anyone under the age of 16 in all of its operations and is committed to combating any exploitation of children. Workers under the age of 18 are not asked to work on dangerous jobs that may affect their health and safety;
• ●elimination of discrimination and remuneration inequalities: Bureau Veritas fights against all types of discrimination, harassment and any other disrespectful or inappropriate behavior, including unfair treatment or retaliation of any kind in the workplace or in any work-related circumstance. Decisions on recruitment, appointments, training, compensation and advancement are exclusively based on qualifications, performance, skills and expertise, all without regard to race, ethnicity, color, visible differences, religion, sex, heritage, socioeconomic status, age, sexual orientation, marital status, medical condition, disability, political opinion, gender identity or any other legally protected status. Bureau Veritas is also committed to identifying remuneration inequities based on gender and taking action to remove them. Processes to identify such inequities and take action include regular analysis and reporting, followed by the development and execution of local action plans to address identified gaps;
• ●support for diversity and inclusion: Bureau Veritas supports and promotes diversity and inclusion in all its workplaces;
• ●provision of a safe and secure workplace: Bureau Veritas is committed to providing a safe and healthy workplace, free from violence, harassment, intimidation and other unsafe or disruptive conditions, to minimize the risk of accidents and injury and to reduce exposure to safety, health and security risks, for all its employees. Bureau Veritas Health and Safety program complies with applicable laws and regulations. It includes provision of appropriate personal protective equipment to workers, establishing safety procedures and training programs on workplace hazards and ensuring policies and procedures are in place to deal with any emergency situations;
• ●protection of privacy: Bureau Veritas is committed to the right of privacy and freedom of expression and takes all reasonable measures to endeavor to protect employees against unauthorized access, use, destruction, modifications or disclosure of their personal information and data. Bureau Veritas processes employee personal data in accordance with our global privacy policy and applicable laws and regulations. Security safeguards for employee data are provided as needed and are maintained with respect for employee privacy and dignity.

The Group has processes and mechanisms to monitor compliance with the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises. These processes and mechanisms include:

• ●partnering policy: Bureau Veritas is committed to endeavoring to ensure that its partners such as agents, intermediaries, joint venture and consortia members, implement the Human Rights and Labor policy. Bureau Veritas may decide to stop its activities with clients, governments or local communities who do not respect human rights;
• ●whistleblowing policy: Bureau Veritas supports a policy of encouraging our people to “speak out” if they witness anything that happens within our business that they believe goes against our Code of Ethics. This is supported by an external Alert Line enabling people to report issues online, via e-mail or by telephone, giving their name or not as they choose.

Reporting for employees: if any employee has any questions about this human rights policy or wishes to report any alleged violation of this policy, he or she can raise those questions or make his or her report through existing processes which are set forth in the Bureau Veritas Code of Ethics. Bureau Veritas is committed to investigating and addressing issues raised by employees as appropriate and to maintaining confidentiality to the extent reasonably practicable and as required under applicable law throughout any such process. No sanctions or other forms of retaliation will be inflicted upon a Bureau Veritas employee for reporting a violation of this policy.

Reporting by external persons: all reports raised by external persons like customers, communities, suppliers or subcontractors are investigated and addressed according to the existing processes, including the external Alert Line set forth in the Bureau Veritas Code of Ethics, maintaining confidentiality to the extent reasonably practicable and as required under applicable law throughout any such process.

The Group’s Learning Strategy aims to build its people’s skills and mindsets to contribute to the Bureau Veritas’ growth objectives by preparing the workforce of the future. The learning strategy’s foundations, reflected in the diagram below include:

• ●learning needs analysis using agreed competency frameworks (technical; sales, digital/innovation, sustainability; and leadership);
• ●identify learning needs addressed through the design and development of solutions based around on-the-job experiences, connections with others, and formal learning;
• ●solutions deployment and inclusion in individual learning plans for employees (see paragraph on MyDevelopment@BV below);
• ●solution evaluation to maximize their business impact, including using the “Kirkpatrick” model and using the Group’s learning management system.

In order to build a strong and diverse pipeline of talent for its managerial roles, the Group uses a talent strategy to identify, assess, and develop talent. This includes identifying talented individuals who are allocated to talent pools. The pool to which employees may be assigned is based on an assessment of their potential for future roles, which includes an assessment against the “Leadership Expectations” of the Group. The Leadership Expectations of the Group and the talent pools of Bureau Veritas are shown below:

These people are then provided targeted development programs to ensure there is a strong pipeline of talent in place.

Example solutions developed from learning needs analysis and Group’s talent reviews:

• ●Developing competencies in alternative fuels
• The Group’s Marine & Offshore division identified a need to develop deeper expertise to advise clients on energy transitions to support decarbonization. A new team was established, the Gas Expertise Team, with a mission to develop and implement learning and training for surveyors on gas as LNG takes priority as an energy transition fuel. In addition, a continuous internal webinar series is offered to educate and raise awareness for employees on the new technologies, rules, developments and skills related to the future of shipping. These leverage emerging white papers, technology reports, and technical rules on all alternative fuels.
• ●Building sustainability fundamentals
• The Group offers its “Sust’Enablers” learning platform that provides curated learning on priority sustainability topics, such as the energy transition, sustainable supply chains, and sustainable cities. The platform also serves as an important channel to share content, enhance sustainability awareness and knowledge within the Company, and help employees understand what sustainability means concretely for their roles.

• ●Effective communication to support career growth and international project management
• In order to build the capabilities of our current and future managers to lead projects across borders and to accelerate their development for larger, more complex roles that cover multiple geographies, Bureau Veritas deploys this program to improve managers' communication skills. The program includes a digital language platform for participants to enable them to learn and/or improve their skills in priority languages through online resources and conversational classes. Each participant undertakes a language assessment of which the outcome influences the learning activities offered to each of the participants whose content is further customized based on their centers of interest, such as leadership, influencing, negotiating, project management, and diversity & inclusion.
• ●Top Talent Development Program
• In 2023, the Group conducted its Top Talent Development Program, in conjunction with University of California, Berkeley, whereby high potential current leaders participated in a development program designed to prepare them for more complex and global leadership roles. The program comprises two modules delivered on campus with three key themes: “Leading High Performance Teams”, “Leading a Global Business” and “Leading Self”. and included peer-learning, coaching, guidance from Berkeley faculty, and meetings with business leaders/innovators in Silicon Valley. In addition, a process to cascade learning to participants’ teams was put in place. One of the outcomes of the first module was a working group on “Innovation” to expand and scale Innovation at Bureau Veritas.
• ●Leading Teams@BV
• In order to build a consistent foundation of competency and knowledge among all managers and team leaders, the Leading Teams@BV program is deployed, including to new promotees. In addition to participating in a group workshop, participants complete a development handbook to capture key learnings to apply to their day-to-day activities and receive every month two online courses to continue their learning journey. The key themes of the program are:
  • ●how to apply the BV Values and Leadership Expectations;
  • ●the leader’s role in executing the Bureau Veritas strategy, including:
    • ●driving vision and purpose,
    • ●building engaged teams, and
    • ●growing people.
• ●One Young World
• A number of Bureau Veritas high potential young leaders participate in the yearly “One Young World” summit. Some 2,000 young leaders from 190 countries gather to listen to and interact with more than 100 counselors who cover topics such as Ethical Leadership, Climate Change, Ocean regeneration, Health, Conflicts & Wars, Girls’ Education, Disability, Women in STEM, LGBT+, Refugees, and Modern Slavery. The participants attend plenary and training workshops in which they exchange and network with other young leaders. This is a unique experience to learn and reflect on the world’s most current trends and to understand the role participants can play to shape the world’s future.
• ●Expand Your Horizon – Part II
• This virtual program prepares high potential leaders from all parts of the globe to transition to their next role and focuses on building the Bureau Veritas’ Leadership Competencies in participants with three main learning objectives: think strategically to connect trends with the Company strategy and business; think “out of the box” and foster a culture of creativity and performance in teams; lead change and transformation with agility to drive engagement. The program comprises virtual-classes that are complemented by e-learning and dialogue groups with fellow participants.
• ●“Revenue Storm”: Strengthening sales capabilities – LATAM and EMEA
• This program builds competence in selling to existing and potential clients while using Bureau Veritas’ sales resources and methodologies, and also includes learning on how to cross-sell effectively. The program is delivered virtually to key managers and sales specialists through multiple learning channels, including virtual classrooms, capability assessments and personalized feedback, and best practice sharing based on experiences of applying the learning in real-life selling situations.
• ●Development Center – Europe & Africa
• This program targets the development of individuals in the Rising Leader talent pool and combined a number of learning experiences, including 360⁰ assessments, feedback/coaching, mentoring, and seminars. The center also develops team innovation projects with on-going support from the Group’s management, a number of which have resulted in enhanced and new services offered to Bureau Veritas’ clients.
• ●Star Program – Greater China
• The program is a suite of leadership development initiatives comprising three programs to accelerate leadership capabilities at different levels. The program design includes group workshops, mentoring, project simulations, and leadership style assessment and development tools. This is a key investment that is building the bench strength of the Group’s leadership in Greater China.
• ●Targeted development for all managers and team leaders
• Professional development for all managers and team leaders in the Group is provided through assigning targeted leadership development programs to build priority competencies for the Group and for individuals’ personal aspirations using MyDevelopment@BV. Programs are selected from a catalogue of 150 courses in 17 different languages focusing on leadership and management, sales and negotiation, project management, and personal efficiency. For people in the accelerated development talent pools, an extra catalogue with more than 3,000 courses is used to assign targeted learning.

• ●Digital and mobile learning for everyone
• The Group’s learning platform, MyLearning, continues to be enhanced in order to provide more targeted learning to all connected employees that is accessible anywhere, anytime. Priority programs that are undertaken based on a learning needs analysis included enhanced cyber security training for all IS/IT users; SalesForce implementation and refreshers for sales data specialists and; improved onboarding for new recruits through the program “Discovering Bureau Veritas, its culture & employer brand”.
• ●Learning Week and Keep Learning
• Bureau Veritas organizes a “Learning at Work Week” where all BV employees are expected to attend a webinar on a new priority topic and commit to applying three key learnings. Facilitated by external partners and internal experts, the topics are selected based on an analysis that determined priority enterprise-wide learning needs: understanding sustainability, influence and negotiation, effective use of social media theory, and coaching others. On-going quarterly sessions have subsequently been held on additional priority topics.
• ●Selling and delivering sustainable services
• Bureau Veritas developed “Clarity®”, which is a part of the Group’s Green Line of services and solutions provided to clients seeking to enhance their trusted sustainability commitments and progress. In order to build greater subject-matter expertise in sustainable services, employees are trained via virtual classroom programs. To maximize the competencies built from the programs, the design of the program includes simulated sales and service delivery using the digital platform that underpins the service offering.

Bureau Veritas operates across a large number of fields and so its technical training is essential to ensure that employees can work with full knowledge of current and emerging standards and regulations, inspection methods (sampling, analysis, non-destructive tests, measurements, etc.), technical characteristics of items inspected (products, processes, equipment, etc.) and safety standards. The Technical departments of each division monitor employee qualifications and skills, which are also audited by relevant accreditation bodies (COFRAC, IACS, UKAS, etc.). A significant portion of the formal training hours recorded reflects technical skills development, highlighting Bureau Veritas’ commitment to technical excellence.

Bureau Veritas also collaborates with a number of external schools, higher education institutions, and training organizations to enable employees to learn key vocational skills and acquire externally recognized qualifications and certifications. Examples include:

• ●Australia, where the Group pays the study costs and provides employees time away from work for traineeships that lead to certificates and diplomas in laboratory techniques issued by Labtech Training Victoria (LTT);
• ●China, where employees attend a program in conjunction with Tianjin University to certify them in project management;
• ●India, where technology specialists have access to learning leading to certifications, including in Agile methodology, Azure, SharePoint and Angular;
• ●the United Kingdom, where the Marine & Offshore division collaborates with Robert Gordon University to provide scholarships/work experience in mechanical and electrical engineering;
• ●France, where employees are given the opportunity to study for certificates in Agile and Scrum methodologies, and contract management.

The Group’s new recruits are provided with a structured new employee experience that aims to maximize their productivity. and sense of belonging that includes:

• ●“Moments that Matter” that are clearly defined experiences for new recruits;
• ●digitalization of processes wherever possible;
• ●guidelines and training for managers/HR teams to communicate with new recruits;
• ●the identification, training, and assignment of “BV Buddies”;
• ●learning for new recruits during their first year that is job-specific plus “Welcome to Bureau Veritas” training on the organization, culture and employer branding modules on:
  • ●the Cardinal Safety Rules,
  • ●the Bureau Veritas Compliance Program covering its Code of Ethics, travel security, data protection, IS/IT user charter, and driving safely,
  • ●the BV Absolutes, BV Values and Leadership Expectations, in order to reinforce the expectations the Group has of all employees,
  • ●the LEAVE YOUR MARK employer brand and the role that all employees and managers play in shaping and enhancing it,
  • ●the Group’s Human Resources policies.

Bureau Veritas is committed to providing a culture and supporting processes that optimize the performance and development of all its employees. Through MyPerformance@BV and MyDevelopment@BV (both described below), employees and their managers undertake specific processes each quarter of the year. These include an annual evaluation of the BV Values, plus a similar evaluation of the BV Leadership Expectations for all managers/team leaders. MyPerformance@BV includes the following fundamental components:

• ●management by objectives: setting objectives that align with business strategy and with personal career ambitions;
• ●reviewing and re-setting objectives as needed in response to market conditions;

• ●multidimensional performance appraisals: evaluating performance based on feedback from multiple people;
• ●basing annual performance evaluations with mid-year check-ins on (i) achieving objectives and (ii) how objectives were achieved relative to the BV Absolutes, Values, and Leadership Expectations; 
• ●effectively giving and receiving constructive feedback.

Key components of MyDevelopment@BV are listed below and illustrated in the framework below:

• ●agile conversations: regular career development conversations to meet changing personal and business needs and aspirations (at least once a year);
• ●a digital record of agreed and reviewed development objectives;
• ●solutions proposed to help the employee meet development objectives, such as special projects, stretch assignments, mentoring, and formal training;
• ●a career management framework that provides personalized solutions.

The Group believes internal mobility is critical for people development. Employees are encouraged to apply for new roles, express an interest in new projects, take on different responsibilities, etc. These opportunities are facilitated through various channels and supported by through the Group’s Global Mobility Policy, including:

• ●structured questions in MyDevelopment@BV conversations between employees and managers and online fields in SuccessFactors on geographic/functional mobility preferences;
• ●training of managers on how to hold engaging career planning and development meetings;
• ●sharing employee profiles as part of talent reviews and succession planning;
• ●recruitment: virtually all job offers are advertised internally firstly using the Group’s internal job vacancies portal;
• ●internal communications: appointments to new senior positions and promotions are announced via the Group’s intranet, “One BV”.

Managing occupational health and safety risks is paramount for Bureau Veritas, as a significant part of its activities are conducted at the premises of clients or their suppliers.

In addition, the Group faces a wide variety of hazards in its own work-spaces and operates in a very large scope of geographies with various levels of maturity and enforcement by local regulators. Ensuring every worker arrives home safe and sound is non-negotiable for the Group and essential to its business. That is why Safety in Bureau Veritas is an absolute. It does not change with time, priorities, pressure or economic climate. Working safely is the only way Bureau Veritas operates.

In October 2023 the Group reviewed its HSW (Health, Safety & Well-being) statement, setting up the highest expectations on these topics. The statement was signed by the new CEO and was distributed to all entities and translated into various languages.

Bureau Veritas has an integrated (ISO 9001, 14001 and 45001) and certified management system that is audited regularly by a third-party organization. At the Group level, with the support of the operational network, the QHSE manual is updated and global standards are issued on a regular basis, influenced by management reviews, incident reviews, audit findings and an overall assessment of the program.

The Group has set itself the goal of increasing its ISO 45001 coverage. In practical terms, this means having more employees working in entities with certified management systems ensuring that a long-term continuous improvement process is in place, and ultimately leading to the improvement of work conditions and the reduction of work-related accidents.

In 2023, Bureau Veritas had no fatalities with its employees.

The most significant risk is related to motor vehicle accidents. Bureau Veritas employees use company cars or motorcycles and the Group has launched a motor vehicle policy for:

• ●motorcycle reduction programs and limitation on horse power;
• ●journey management and fatigue control;
• ●excessive driving management;
• ●enhanced training for frequent drivers.

Ensuring that the Bureau Veritas workforce remains committed to its absolutes and takes the right decisions at the right time, is crucial. The Group deployed a Safety communication campaign on World Safety Day dedicated to its Cardinal Rules, to refresh and update the tools and the rules to work safely.

During the year the Group launched several safety alerts consecutive to incident investigation to set corrective and preventive actions.

Toolbox talks were deployed to raise awareness and promote good communication between management and employees in the field on safety issues, Bureau Veritas employees around the world must take part in a minimum of six “toolbox talks”. Depending on the business segment, local regulatory requirements and local management choices, these talks can run for 15 to 30 minutes and cover health, safety and security subjects such as fall protection, motorcycle use, and working in confined spaces for example.

During 2023, the Company released several training modules to educate on how to behave and protect against high-risk conditions. Having a conscientious workforce is vital in a business where our workers have a great deal of autonomy and can make decisions without direct supervision. In 2023, Bureau Veritas increased the volume of training hours by 23% compared 2022 (Total HSE training hours in 2023: 1,062,000).

The implementation of effective audit programs is crucial to ensuring that field/lab operations are being carried out in line with the Group´s expectations. In a post pandemic world, the Company has re-started in-person audits to ensure a healthy management system after so many years of remote audits. In 2023, the Group performed 206 QHSE internal audits performed by its QHSE internal auditors and received 44 external QHSE certification audits carried out by its certification body, covering ISO 9001, ISO 45001, and ISO 14001.

After a serious incident in Mozambique the Group has launched a global campaign to eliminate all unsafe machines in its locations. The Group developed a machine guarding training in multiple languages, a machine guarding checklist and a platform to collect and manage all the machine guarding data. Operations are surveying and retrofitting all the machines.

As the Company evolved to a more sophisticated management system, the need for granular data increased allowing leaders to be much more informed about risk, allowing highly deliberate actions at an entity/country level. With this said, during the course of 2023 the Company developed a digital platform called NEXUS. This solution is a one-stop shop with all information modules integrated. NEXUS was developed from the ground up by our internal IT specialists in conjunction with QHSE experts and the network at large. This new enhancement allows the organization to consistently track the following programs:

• ●external audits (ISO, 9001, 14001, 45001), corrective action management, scheduling, trend analysis;
• ●internal audits, corrective action management, trend analysis;
• ●incident investigation module with near hits, unsafe conditions and injury reporting, allowing a high level of detail on corrective action completion and trends;
• ●Safety Walks and local inspections & audits. This tool allows local management to define local checklists and plans. It has an enhanced module to configure planning and track execution;
• ●"Two minutes for my safety" checks
  • ●Office, Field and Laboratory,
  • ●Driving,
  • ●Riding,
  • ●Travel overseas – high risk countries.

The platform exists in 17 languages and has the goal of creating a global set of dashboards allowing transparency on the execution of the various critical safety programs.

For Bureau Veritas the management of its non-employee workers is paramount for the success of our missions. In terms of safety expectations, non-employee workers are managed with the same level of attention as employees. They participate in toolbox talks, communication campaigns and training events. To monitor their performance, the Group performs safety walks on subcontractors, ensuring compliance with standard operating procedures, work methods and PPE use (personal protective equipment). In 2023, Bureau Veritas reported one fatality with an HVAC vendor in Bangladesh.

In order to foster well-being in its workforce, Bureau Veritas has developed a Health, Safety, Security, and Well-being Statement setting out the Group’s ambitions and commitments. It has put in place a “Well-being Framework” that includes benchmarking best practices internally and externally under four pillars: physical, emotional, financial, and purpose & community engagement. The Group has also developed a Well-being playbook that helps local operations establish the governance, the planning and the assessment of this framework. In addition, local “Well-being Champions” play a role in designing and deploying initiatives aligned with the framework that continuously enhances the well-being support provided to employees, with guidance at a Group level, so that the maturity of the well-being support and culture of Bureau Veritas continues to improve. In addition, the policies that reinforce the Group’s commitment to employee well-being include:

• ●“Code of Ethics”, which emphasizes that Bureau Veritas must comply with all applicable laws relating to working hours and wages, including those related to minimum wage, overtime, and benefits (local laws prevail over French laws);
• ●“Flexibility Policy”, which provides employees with a framework to choose where, when, and how they work, while reflecting the diverse nature of the Group’s roles;
• ●“Cardinal Safety Rules”, which comprise i) eight rules that must be known and applied without exception anytime and anywhere; ii) preventive measures specific to each activity that must be practiced in all roles; and iii) safe behaviors that require everyone to assess every new workplace, the associated risks, and precautions that should be taken;
• ●“Well-being Policy”, which outlines how well-being awareness-building, communication, and initiatives/benefits are implemented;
• ●“Motor Vehicle Policy” that establishes that any travel (driving and work) longer than 12 hours should be avoided and, if they are unavoidable due to business constraints, alternative solutions should be found.

The Bureau Veritas Well-being Framework comprises four pillars:

The Group published a Well-being playbook that helps the local operations establish the governance, the planning and the assessment of this framework. In addition, local “Well-being Champions” play a role to design and deploy initiatives aligned with the framework that continuously enhance the well-being support provided to employees, with guidance at a Group level, so that the maturity of the well-being support and culture of Bureau Veritas continues to improve.

Bureau Veritas is committed to providing multiple processes for engaging with people in its own workforce and workers' representatives about actual and potential impacts on its own workforce. These processes include taking into account perspectives of its own workforces in the decision-making processes that influence such impacts. For example, the perspectives of employees and their representatives are considered when sharing information about planned changes that may impact employees, and these perspectives may influence the planned changes.

Bureau Veritas communicates and negotiates actively with employees and their representatives as a means of continually enhancing the workplace, including by developing collective agreements in many countries. The human resources leaders in the countries and/or regions where the Group operates ensure this communication and negotiation.

Bureau Veritas respects freedom of association, the right to collective bargaining, and the right of all employees to form or join trade unions in accordance with local laws.

The Group endeavors to comply with and promote the International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, and its fundamental conventions. The ILO’s fundamental conventions cover various topics, including the Freedom of Association and Protection of the Right to Organize Convention (ILO C87), and the Right to Organize and Collective Bargaining Convention (ILO C98).

The Group applies a non-discriminatory policy in respect of union membership and activity in areas such as employment, promotion, transfer, and dismissal. This also applies to employee representatives through the Group’s compliance with the ILO Convention on Workers’ Representatives.

The Group also has the following policies and procedures in place that reflect its active communication with its employees and their representatives:

• ●the Group aims to inform employees and/or their representatives as early as possible of any reorganizations;
• ●agreements are signed in some countries with employee representatives to support the on-going development of competencies. For example, in France an annual negotiation on the Gestion des Emplois et Parcours professionnel is planned in order to reach an agreement with employee representatives on capability development;
• ●employee representative bodies exist in most of the countries where the Group has significant numbers of employees, including: Argentina, Australia, Belgium, Brazil, Canada, Chile, Côte d’Ivoire, Greater China, Denmark, Finland, France, Germany, India, Indonesia, Italy, Japan, Kazakhstan, Malaysia, Morocco, the Netherlands, Nigeria, Peru, the Philippines, Romania, Thailand, Senegal, Singapore, South Africa, South Korea, Spain, Sweden, Ukraine, the United Kingdom and the United States;
• ●collective agreements covering key HR topics (such as the organization of working hours, compensation policy, working conditions, etc.) have been agreed with employee representative bodies in many of Bureau Veritas’ main markets, including: Argentina, Australia, Belgium, Brazil, Canada, Chile, France, India, Italy, the Netherlands, Nigeria, Peru, Romania, Singapore, South Africa, Spain, Sweden, Ukraine, and Vietnam;
• ●the European Works Council for the Group has 29 representatives from European countries. It is kept informed of the Group’s economic and financial situation and the likely trends in its businesses and divestments. It is also consulted on the employment situation and trends, investments, significant changes in the organization, mergers or discontinued operations, and large-scale redundancies.

The Group provides formal means by which its workforce can make their concerns and needs known directly to the Group through established grievance procedures, which includes whistleblowing. Procedures in place that support this and which provide the opportunity for employees both to raise concerns and receive responses from the Group to remediate possible negative impacts include:

• ●an externally managed whistleblowing hotline and website with on-going reviews of its communication and usage;
• ●internal ethics officers;
• ●HR partners assigned to each employee;
• ●access to senior leaders through the Company’s “open door policy”;
• ●local country/division channels that reflect local customs, cultures, etc.;
• ●employee representative bodies, such as works councils (for example, the Comité Social et Économique in France) and Health & Safety Committees.

The Group prepares action plans and resources to manage its material impacts, risks, and opportunities related to its own workforce. This includes maximizing employment security that the Group considers is a core element of its commitment to being a responsible employer. The Group has put in place a number of policies and dedicated resources to offer and maximize employment security to employees that include:

• ●limiting offering non-permanent employment to roles dedicated to:
  • ●specific projects that are unlikely to be repeated,
  • ●short-term projects for a few months,
  • ●covering peak periods of activity and/or providing highly specialized expertise not available in the regular recruitment market;

• ●mitigating the impact of non-permanent employment by providing:
  • ●setting compensation and benefits based on checks on compensation and provision of benefits for non-regular employees relative to regular employees,
  • ●priority rights for applications in times of hiring regular roles, reflected in the Group’s mobility policy that require no minimum period of employment for workers in non-permanent roles, whereas workers in permanent roles require 6 months’ employment;
• ●only considers employee lay-offs after an extensive review of alternatives, including a three-level approach:
  • ●maximizing redeployment opportunities for employees:
    • ●consultation with employees/their representatives on operational changes as soon as practical,
    • ●continuous skills evaluation and subsequent development of employees as part of a commitment to on-going training,
    • ●internal job search, identification and matching to employees’ skills,
    • ●individual employee follow-up, including support to apply for roles;
  • ●encouraging flexible work practices:
    • ●encouraging employees to take paid and unpaid leave, including the use of local furlough schemes,
    • ●reductions in working hours, including overtime;
  • ●proposing voluntary redundancy schemes:
    • ●investigating early retirement options,
    • ●out-placement services including career coaching, skills assessments and development, external job-search support, and counseling and psychological services.

Note that due to the differences in employment conditions that are applicable in the countries where Bureau Veritas operates, the resources that are available to take action on material impacts on its workforce vary depending on the country where impacted employees are based.

Human resources data are captured by local Bureau Veritas offices in a common human resources information system. Data analytics is performed by Bureau Veritas Group human resources department using dedicated resources.

The Group is currently unable to provide the number of non-employee workers(6) at December 31, 2023. The records of these workers are decentralized without any existing process to report this information globally. Bureau Veritas is working to put in place solutions to report these workers in the future.

In adherence to the reporting guidelines and considering its practices, Bureau Veritas focused on ensuring that its employees receive a wage that at least meets or exceeds the national minimum salary in the respective countries where applicable information is available. As a fundamental aspect of its compensation strategy, the Group acknowledges the importance of remaining aligned with legal requirements and has prioritized compliance with national minimum wage standards.

Within the countries, where Bureau Veritas operates, 100% of its employees receive a wage in accordance with the national minimum wage set by legislation or collective bargaining. However, the Group acknowledges the need to enhance its estimation and recognizes the importance of aligning with international benchmarks and standards for living wages, as outlined by organizations such as the Sustainable Trade Initiative (IDH), the Wage Indicator Foundation, and the Fair Wage Network.

Moving forward, Bureau Veritas is committed to expanding its efforts to conduct comprehensive studies and assessments, taking into account the guidelines provided. This will enable to address any disparities in wages and work towards ensuring that all employees, regardless of their location, receive an adequate wage consistent with internationally recognized benchmarks for living wages. Bureau Veritas' commitment to fair compensation remains unwavering, and we will continually strive to improve the well-being and financial security of its our global workforce.

In alignment with its commitment to adhere to legal requirements in each country of operation and its existing group policy on life insurance, Bureau Veritas strives to ensure that the employees receive adequate social protection. The primary element of its social protection framework is the provision of a group life insurance policy, guaranteeing a minimum coverage of 12 months' salary in the unfortunate event of an employee's death.

It's important to note that Bureau Veritas approach to social protection is decentralized, relying on compliance with legal requirements specific to each country. Consequently, the coverage may vary based on the prevailing regulations and practices in the respective jurisdictions. While our group policy on life insurance serves as a foundational element, Bureau Veritas acknowledges that in some countries and for certain employee types, complete coverage for all major life events may not be achieved.

Specifically, in some of the 140 countries where Bureau Veritas operates, there may be variations in the coverage for major life events such as sickness, unemployment, employment injury and acquired disability, parental leave, and retirement between employee categories.

As part of its ongoing commitment to employee welfare, the Group is actively reviewing and enhancing its social protection initiatives where necessary, striving to align with international standards while respecting local regulations. The focus remains on providing comprehensive support to our diverse workforce, addressing the unique circumstances of each country and employee type to ensure equitable and robust social protection coverage (sickness, unemployment, employment injury and acquired disability, parental leave, retirement).

Note this information is provided for employees based in France only. Each country has its local definition(s) and reporting practices for people with a disability based on local customs, laws and regulations which can be significantly different from each other and therefore reporting for the global workforce is not shown.

Note: the above data is reported for employees based in Europe (or France only where indicated) due to the complexity of reporting global data given that different countries have family-related leave types that are defined using different criteria.

Methodological changes are presented in section 2.1.1.2 – Special circumstances disclosures, of this Universal Registration Document.

The gender pay gap analysis encompasses the full employee population at Bureau Veritas, but with limited exclusions derived from data analysis. To enhance the accuracy and relevance of the results, certain exclusions have been applied. These exclusions arise from data anomalies within specific employee categories (non-active employees reported, empty filed status, non-gender identified employees). Upon data analysis, the following employees have also been excluded: employees with null salaries reported, non-manager employees with salaries reported exceeding €150k (inconsistent with level of responsibilities) and employees whose weekly hours are less than eight hours. These exclusions represent 2% of the overall population. When calculating the weighted gap, individuals within bands where there are less than 3 female or 3 male employees are also excluded from the analysis to maintain statistical robustness and to protect employee data privacy when analyzed internally (representing 4% of the population).

The gender pay gap analysis is conducted based on all employees’ gross hourly pay levels. In adherence to regulatory requirements, the Global Ratio will be disclosed. Additionally, to offer a more detailed and insightful perspective, two additional results will be presented: Regular Manager, and Regular Non-Manager. Each result is calculated, taking into account the weighted factors and exclusions identified during the data analysis phase. These outcomes collectively provide a overview of the gender pay dynamics within specific employee categories, facilitating informed decision-making and fostering transparency within the organization.

The scope of employees considered in the presented results table covers more than 94% of the Group's overall employee population.

The scope of the total annual compensation ratio encompasses all employees within our organization, ensuring a comprehensive evaluation of compensation practices. Similar to the gender pay ratio, certain exclusions have been applied to enhance data accuracy (non-active employees reported, empty field status, non-gender identified employees). Upon data analysis, the following employees have also been excluded: employees with null salaries reported, non-manager employees with salaries reported exceeding €150k (inconsistent with level of responsibilities), employees whose weekly hours are less than eight hours, and bonus target reported outside our compensation policies. These exclusions represent 7% of the overall population. However, unlike the weighted approach in gender pay calculations, the exclusions here do not consider statistical representation concerns such as less than 3 males or females within a band. Instead, the exclusions aim to maintain clarity and precision in the analysis.

The methodology for calculating the total annual compensation ratio aligns with the French regulations, when defining the highest-paid compensation as that of the CEO of the Company (please refer to chapter 3.7.3.4 – Say on Pay (ex-post vote) and the equity pay ratio table of this Universal Registration Document). Notably, any changes in the CEO's position during the year are factored into the analysis to ensure accuracy and relevance (which was Bureau Veritas’ case in 2023). The compensation of the CEO's role takes into account the paid fixed compensation, bonus, long term incentive plans and benefits-in-kind.

However, for the global ratio, a streamlined approach is adopted. The calculation focuses exclusively on the annual fixed and bonus compensation components for the calculation of the median and average compensation of the employees.

The annual total compensation ratio is equal to 318 in 2023.

The results of the total annual compensation ratio are presented in the context of our multinational organization operating in 140 countries. It is important to note that the comparison is made between the compensation position of a CEO of a listed multinational company based in France with employees throughout the world. This contextual information is essential for interpreting the compensation ratios across diverse global landscapes, recognizing the intricacies associated with international compensation standards, currency fluctuations, and regional variations in compensation practices.

The Board of Directors of Bureau Veritas SA, the Group Executive Committee and the Group Ethics Committee define and monitor rules on business conduct:

• ●the Group’s Board of Directors, through its Audit & Risk Committee, is directly involved in the governance of Bureau Veritas’ compliance actions, and specifically in efforts to counter corruption and influence peddling. In this capacity, the Audit & Risk Committee oversees the definition and implementation of corresponding policies. It approves and monitors the implementation of an annual action plan on continuous improvement in the Group’s Compliance Program. It also monitors data from indicators reported to it in order to gauge the program’s performance in various areas (alert hotline, training, etc.). The Group Compliance Officer submits a half-yearly activity report to the Committee. The Audit & Risk Committee reports regularly on its work to the Board of Directors;
• ●the Group Executive Committee is regularly informed of actions taken under the Compliance Program;
• ●the Group Ethics Committee, comprising the Chief Executive Officer, the Chief Financial Officer, the Human Resources Director and the Group Compliance Officer, oversees the implementation of the Compliance Program and deals with all ethical questions referred to it by the Group Compliance Officer. The Group Compliance Officer provides the Committee with a full yearly report on the implementation and monitoring of the Compliance Program. They meet whenever the circumstances so require.

The areas of expertise and significant professional experience of the members of the Group’s administrative and management bodies are listed in Chapter 3 of the Universal Registration Document.

The legal representative of each legal entity (subsidiary or branch) is responsible for the application of the Code of Ethics and the Compliance Program by the employees falling within his or her authority. To this end, he or she is required to provide a copy of the Code of Ethics to all of his or her employees, ensure that they receive all necessary training, inform them of their duties in simple, practical and concrete terms, and make them aware that any violation of the Code of Ethics constitutes a serious breach of their professional obligations likely to result in disciplinary measures.

Bureau Veritas’ procedures for identifying material impacts, risks and opportunities are set out in section 2.1.4.1 − Description of procedures for identifying material impacts, risks and opportunities, of this Universal Registration Document.

Following this analysis, applied to business conduct questions, several issues were identified as having material impacts, risks and opportunities:

• ●corporate culture: ethics is one of the Group’s core values and one of its three “Absolutes.” This commitment promotes talent retention and attraction, and helps to improve brand image as well as better value chain management. This requirement means that failure to comply with the Group’s ethical rules could have a significant impact on relationships with clients and employees;
• ●ethics and compliance, prevention and detection of corruption: Bureau Veritas trains all employees on its Code of Ethics within 30 days of their joining one of the Group’s companies. All serious allegations of violations of the Code of Ethics are investigated internally. Failure to apply procedures relating to the content of items tested, inspected or certified, or the certification of a non-compliant product, could have adverse consequences for the Group’s clients, end users or the environment. Allegations of corruption, whether proven or not, could damage the Group’s reputation (fines, imprisonment, termination of contracts, etc.). By contrast, a good understanding of how to prevent corruption can serve to promote good business practices;
• ●whistleblower protection: Bureau Veritas has a whistleblowing line available not only to employees, but also to third parties, including clients, suppliers and former employees. This makes it a comprehensive detection and prevention mechanism in our compliance program. The system ensures that whistleblowers are protected against any form of reprisals. Resolving cases reported through the whistleblowing line is also a way of reinforcing the Group’s various procedures to prevent the recurrence of similar cases.

The Bureau Veritas Group’s culture is defined by its “Absolutes,” its values and its leadership expectations.

Bureau Veritas’ business inherently requires independence, impartiality and integrity. For this reason, ethics is one of the three “Absolutes.”

The Group’s Code of Ethics is based on four key principles. One of them is the Group’s anti-corruption policy.

Prefaced by the Chairman of the Board of Directors, the Chief Executive Officer and the Group Compliance Officer, the Code of Ethics sets forth the principles and rules on which the Group bases its development and long-term growth and builds relationships of trust with its clients, employees and business partners. The Code of Ethics applies to all Group employees and complies with the requirements of the TIC Council.

Disciplinary measures that may lead to dismissal may be taken against any Bureau Veritas employee who fails to comply with the principles set out in the Code of Ethics.

The Code of Ethics is available on the Bureau Veritas website. It is updated regularly, most recently in 2020. The latest update involved a change in writing style and the inclusion of many practical examples, intended to make the Code of Ethics more accessible and easier to read. The Bureau Veritas Code of Ethics is available in 24 languages.

The Group has a zero-tolerance policy for corruption and related conduct. Because of its broad geographical coverage and its business of second- or third-party testing, inspection and certification, Bureau Veritas is potentially exposed to passive corruption risks in the countries most prone to this phenomenon. More generally, all corruption and influence-peddling risks are identified in a specific map, which was updated in 2021. An action plan was drawn up in 2022 and its implementation is regularly monitored.

The Group has established a whistleblowing system with multiple reporting channels (hierarchical channels, compliance officers and a whistleblowing line). The whistleblowing line can be accessed by e-mail, or directly via the Internet, and guarantees anonymous and secure exchanges.

The various reporting channels are detailed in the Code of Ethics. In addition, an information leaflet is available at all Group sites to make employees aware of the existence of the whistleblowing system, how to use it and the guarantees regarding the treatment of reports received, in particular the prevention of the risk of reprisals and the protection of the identity of the whistleblower.

The Group’s responsible sourcing strategy is based on its Duty of Care Plan, which covers social and environmental responsibility and ethical business conduct. These principles apply to its supply chain and are an integral part of the BPCC, as well as the general purchasing terms and conditions. Sustainable procurement is an effective lever for sustainable development and social responsibility throughout the Bureau Veritas Group.

In 2021, the Group Purchasing department launched the Supplier Relationship Management (SRM) program to provide a full lifecycle understanding of suppliers and to strengthen the win-win partnership outlook with strategic suppliers. It is part of a drive towards continuous improvement in business relationships and closer matching between Bureau Veritas’ needs and suppliers’ offerings. The program involves continuous assessment of supplier relations and tracking of new indicators including CSR and innovations from strategic suppliers. In 2023, the program was strengthened on the following three key points:

• ●inclusion of the SBTi indicator in the CSR assessment criteria for strategic suppliers;
• ●new training courses have been introduced to target team actions and identify suppliers capable of reducing their carbon footprint with a strong social contribution and an innovation project;
• ●workshops bringing together buyers, operational staff and suppliers have been held to find new and more responsible solutions to reduce carbon emissions.

The Bureau Veritas Responsible Purchasing Policy, published in 2021, aims to further the Group’s CSR efforts by setting a framework on the purchasing process for buyers and purchase request issuers. The policy focuses on the following key items for strategic suppliers:

• ●application of BPCC principles;
• ●suppliers are required to share their sustainability and social responsibility ratings with independent external platforms;
• ●focus on innovation projects put forward by strategic suppliers, particularly within the CSR framework;
• ●follow-up of these assessments by buyers using a dashboard methodology with performance indicators.

In addition, all Group purchasers are made aware of the issues pertaining to a responsible supply chain, and receive training on the Group’s Code of Ethics. All new buyers take this training when they join Bureau Veritas, via e-learning included in their induction course.

In addition, buyers include CSR criteria in their assessments, throughout the supplier selection and tendering process. The documents sent to suppliers include a section on responsible sourcing. All suppliers must also agree to the Bureau Veritas Business Partner Code of Conduct or provide evidence that they have an equivalent policy in place.

Finally, to strengthen operational purchasing excellence and prevent risks concerning the respect of ethical, safety, human rights and environmental rules, contracts include new CSR legal clauses.

In 2023, Bureau Veritas adopted a duty of care plan, the details of which are described in section 2.4.1 − Business conduct, of this Universal Registration Document. One of the plan’s aims is to strengthen relationships with suppliers and work together on continuous improvement processes.

The Group Compliance Officer defines, implements and oversees the Compliance Program, assisted by a team at the head office and a network of Compliance Officers within each Operating Group. He or she reports regularly to the Group Executive Committee and the Audit & Risk Committee on the progress made in action plans.

Bureau Veritas detects and prevents compliance risks by means of a compliance program founded on managerial engagement, risk mapping and risk management.

The Bureau Veritas Compliance Program expresses a corporate governance commitment. It aims to detect, prevent and take corrective action on compliance risks. It includes:

• ●the Group’s Code of Ethics;
• ●the BPCC;
• ●a manual of internal procedures;
• ●a corruption risk mapping process;
• ●a worldwide compulsory training program for all staff (available primarily as an e-learning module and supplemented by local training and awareness-raising initiatives);
• ●a whistleblowing procedure for internal and external ethics violations;
• ●internal and/or external due diligence procedures for business partners;
• ●control procedures, including for accounting, with the allocation of specific accounts for regulated transactions (gifts, donations, etc.);
• ●the annual certification of guidance frameworks and regular control and assessment processes, mainly conducted via an annual self-assessment campaign; and
• ●internal and external audits, including a specific audit for anti-corruption measures.

Compliance risks are prevented by raising awareness through the Code of Ethics and the related training program.

The Bureau Veritas Compliance Program employee training course on the Code of Ethics devotes an entire chapter to anti-corruption. This chapter, entitled “Active anti-corruption,” is one of four modules that all Bureau Veritas Group employees must complete within one month of joining the Company. Refresher training is given every two years. It also involves procedures that include prior checks via an authorization platform for gifts, invitations, sponsorship activities and donations, along with a third-party due diligence procedure on entering into new business relationships.

The Group’s business partners, such as intermediaries, subcontractors, joint venture associates and key suppliers, are contractually bound to apply the BPCC in their dealings with Bureau Veritas. The BPCC includes the main principles and rules of the Code of Ethics, starting with the requirement on preventing corruption, influence-peddling and conflicts of interest

The detection of possible violations includes the above-mentioned whistleblowing system, as well as a monitoring procedure involving several stages of verification, including the due diligence procedures carried out by Internal Audit as part of its annual review of the anti-corruption system.

Wherever necessary, remedial measures are taken, along with disciplinary measures if applicable.

By applying dedicated internal rules and procedures, the Group takes particular care when selecting its business partners (intermediaries, joint venture partners, subcontractors, main suppliers), assesses its clients and the integrity of their actions, prohibits certain transactions, such as facilitation payments and kickbacks, and restricts others, such as donations to charitable organizations, sponsorships and gifts. After entering into a business relationship, Bureau Veritas monitors all operations and controls payments made in the most sensitive cases. In addition, the financing of political parties is prohibited.

The measures adopted to prevent both corruption and harassment and to comply with anti-trust rules and international economic sanctions are regularly improved. This is achieved by reviewing internal procedures, providing additional training and sending regular alerts through the Group’s network of Compliance Officers.

Each Operating Group has a dedicated manual covering its own specific legal, risk management and ethics issues designed to assist operating managers to comply with the rules applicable to the Group as a whole.

In carrying out its business, Bureau Veritas rolls out specific operational procedures for its inspectors and auditors to ensure the integrity and impartiality of its services.

In addition to training in the Bureau Veritas Compliance Program Code of Ethics, training and awareness initiatives on the Group’s various compliance policies have been launched within the Operating Groups. In 2023, more than 120 initiatives were carried out through courses, webinars and newsletters.

Each year, the Group carries out a compliance assessment, further to which a declaration of compliance is issued by the legal representative of each entity.

These declarations are then consolidated at the level of each Operating Group, after which an annual declaration of compliance is signed by each Executive Committee member responsible for an Operating Group. These declarations of compliance are sent to the Group Compliance Officer who issues an annual report which is presented to the Ethics Committee and subsequently to the Audit & Risk Committee.

Complying with Bureau Veritas’ ethical principles and rules is also taken into account in managers’ annual appraisals. Each manager is required to confirm compliance with the Group’s ethical standards during his or her annual appraisal. Questions, claims or comments from third parties concerning the Code of Ethics may also be sent directly to the Compliance Officer.

Compliance with the Compliance Program is periodically reviewed by the internal auditors, who report their findings to the Group Compliance Officer and to the Audit & Risk Committee. Since 2019, Internal Audit teams have carried out a specific annual engagement to ensure the Compliance Program complies with law No. 2016-691 on transparency, anti-corruption and the modernization of economic life throughout the Group. Since 2021, it has carried out a similar engagement at the subsidiary level.

The Compliance Program is subject to a yearly external audit by an independent audit firm, which issues a certificate of compliance to the Group Compliance Officer, who subsequently sends it to the Compliance Committee of the TIC Council, the international association representing independent testing, inspection and certification (TIC) companies. Each year, the Group Compliance Officer presents the findings of this audit to the Ethics Committee and subsequently to the Executive Committee and the Audit & Risk Committee.

Substantial work is underway for the consolidation and continuous improvement of certain Compliance Program, control and Internal Audit processes, in response to internal feedback, changes in legislation and shifting expectations expressed by the relevant regulatory agencies.

Further measures were determined following the formation of working groups and were begun in 2022 to factor in the results of the latest corruption and influence-peddling risk mapping exercise, conducted in 2021. The plan comprises 54 actions, split between head office support functions and the seven Operating Groups. The actions address different major Company processes appearing in the mapping (sales, purchasing, etc.).

Head office oversees the implementation of actions aimed at reducing the probability of occurrence or the impact of common risk scenarios considered a priority for several Operating Groups, by improving existing control systems or developing new systems. Eight such actions have been identified.

The Operating Groups steer the specific actions targeting their specific priority risk scenarios. There are a total of 46 such actions, across the seven Operating Groups. The control systems to be strengthened or developed may concern the different risk management stages outlined in the third pillar of the recommendations of the French Anti-Corruption Agency (Agence française anticorruption – AFA).

Progress is monitored periodically by head office with the teams in charge of implementing the action plans in the Operating Groups. Adjustments can be made to the action plans during the briefings. At December 31, 2023, the actions were being deployed at a pace consistent with the schedules set in the plans.

The Bureau Veritas Group was not convicted of any offense under anti-bribery and anti-corruption legislation in 2023.

A metric for declarations by Operating Group Compliance Officers on ethics alerts sounded and the findings of investigations carried out on a dedicated platform. Alerts are categorized according to the Code of Ethics.

In 2023, conclusions were reached on 359 alerts submitted during the year or in previous years, breaking down as follows:

• ●51 alerts did not fall within the scope of the Group’s compliance alert system and were transferred to the departments best able to provide an appropriate response;
• ●308 alerts were considered eligible for the system and were verified. Allegations investigated within the system concerned the “Shaping a Better Workplace”, “Shaping Better Business Practices” and “Shaping a Better Environment” policies, and infringements of laws and regulations in the Group’s host countries:
  • ●for 217 alerts, it was not possible to substantiate the allegations investigated with tangible, objective evidence directly relevant to the cases reported,
  • ●for 91 alerts, it was possible to objectively substantiate non-compliance with the Code of Ethics and/or the laws and regulations in question. None concerned violations of human rights and fundamental freedoms.

The increase in the number of cases of non-compliance with the Code of Ethics is partly explained by the increased use of the whistleblowing line, made possible in large part by a series of information campaigns.

* “Other” concern breaches of the laws and regulations in Bureau Veritas’ host countries (two cases of fuel theft).

For all of the above, the Group has (i) put a stop to the actions or situation in question, (ii) where necessary, updated or implemented measures, procedures or controls to prevent their recurrence, and (iii) taken disciplinary (or contractual) sanctions consistent with the misconduct of the employees (or service providers) concerned.

Consistent with the Group commitment to establishing and fostering strong client relationships and partnerships, Bureau Veritas strategically aligns its business model to prioritize client satisfaction and lasting partnerships. The cornerstone of the Group's strategy lies in providing high-quality services and solutions that meet or exceed regulatory requirements while aiming to exceed customer expectations. By employing cutting-edge technologies, innovation and industry best practices, the Group guarantees the accuracy and reliability of its testing and inspection processes. Additionally, its customer-centric approach involves ongoing engagement and collaboration, fostering transparent communication channels. Bureau Veritas understands that its success is directly linked to the success of its clients. Therefore, Bureau Veritas’ business model emphasizes long-term relationships based on trust and mutual benefit. The Group's commitment to social responsibility extends to providing its customers with the knowledge and support they need for sustainable development while aligning its business objectives with their broader societal impact.

The nature of the services provided by Bureau Veritas systematically brings clients into contact with the Group’s operations, sales, and management or support teams. In this respect, a high‑quality client relationship at all levels of the value chain is essential to secure client satisfaction and growth.

Quality management is a top priority for Bureau Veritas, and the policies put in place in this regard are based on two key components:

• ●the Group management system, the infrastructure supporting the entities across the globe with standard policies, processes and strategies for continuous improvement; and
• ●the monitoring of the client experience, including client satisfaction surveys.

Operational excellence requires a management system that underpins the Group’s organization and allows Bureau Veritas to disseminate the same standards across the globe and in each of its businesses. The Group’s quality policy is focused on four areas:

• ●providing Bureau Veritas’ clients with premium service, ensuring efficiency and integrity;
• ●satisfying stakeholder expectations;
• ●managing risks; and
• ●incorporating continuous improvement into each employee’s daily activities.

The quality of the Group’s operations is monitored by both QHSE and TQR departments:

• ●the QHSE (Quality, Health & Safety, Security and Environment) department manages the overall quality management system adopted by all divisions. It is responsible for developing documentation for the quality management system and for ensuring compliance with quality processes across the Group. The department organizes internal audits to ensure that practices comply with the Group’s quality system and with the requirements of ISO 9001. It also puts into place remedial action plans. Each year, the operating entities review the quality management system falling within their remit. These management reviews are performed in compliance with the requirements of ISO 9001 and encompass an analysis of the results, the progress made and an assessment of the risks and opportunities. In addition, the management system and the implementation of its components are certified to ISO 9001 by an accredited independent international body (outside and excluding the Group’s Certification business);
• ●deployed at the level of the Operating Groups, the Technical, Quality and Risk (TQR) departments are responsible for ensuring that missions are compliant with the Licenses to Operate (LTOs) and meet the technical and organizational standards laid down by supervisory authorities such as government ministries and accreditation bodies. The department validates the approach and methodology used in the Group’s assignments. They also ensure that work is performed by skilled workers and conduct audits to verify that these requirements are duly met. They are consulted upstream to verify compliance with complex service offerings, ensuring the Group’s ability to execute those services to the highest quality standard.

The QHSE and TQR departments are assisted by structural networks of Quality and TQR managers. The compliance of the Group’s processes with regulatory requirements and with the requirements established by accreditation bodies and its clients, as well as the continuous improvement of these processes, allows Bureau Veritas to deliver high‑quality services to society worldwide.

Bureau Veritas has been operating an integrated management system for many years. The system guarantees that common standards will be implemented across the globe to Quality ISO 9001, Environment ISO 14001 and Occupational Health and Safety ISO 45001 standards.

In 2023, Bureau Veritas continued its efforts in excelling the client experience and taking all the necessary measures to satisfy existing clients and attract new business.

Additionally, the Group has rolled out a client complaint management solution (NEXUS) across all its entities. Providing end‑to‑end traceability, this solution involves all stakeholders in the complaints handling process. It also strives to identify the causes of the complaints and effective remedial action plans.

Client satisfaction is a major focal point for Bureau Veritas and is at the heart of its management approach. Besides day‑to‑day dealings between Bureau Veritas teams and their clients, the entities regularly conduct client satisfaction surveys. Results at local and global level enable Bureau Veritas to continue improving client satisfaction.

In 2023, the Group conducted numerous client satisfaction surveys based on the Net Promoter Score (NPS) method. This survey method assesses the potential for clients to recommend Bureau Veritas services to a third party, countered by those who are unwilling to do so. It is used in addition to the satisfaction surveys of the operating entities to help define a pertinent Group‑wide indicator, while giving each entity the scope to design satisfaction surveys more suited to the local business context and needs.

To support the deployment of the NPS method, in January 2020 Bureau Veritas published a new version of its Customer Experience policy, which makes NPS compulsory. The ambition is to include at least 30% of the clients of each Operating Group each year.

Client satisfaction surveys are organized and designed locally by each operating entity to capture client journey feedback. They are customized per business and systematically include two standard indicators: the satisfaction index on a scale of 1 to 10 and the Net Promotor Score (NPS).

The following graph shows a breakdown of the global headcount of ISO 9001‑certified entities.

These figures represent Group quality certifications excluding the Certification business, which has an independent accreditation scheme. It excludes also companies acquired in 2023, which have one year to roll out the Group’s management system and be covered by Bureau Veritas Certification.

In 2023, Bureau Veritas issued 570,000 surveys to its clients and expanded its scope, particularly in South and West Europe.

The indicators concern the Group’s reporting scope, unless otherwise specified. Indicators for the 2021-2025 strategic plan are shown in bold.