gatherings and also to protect the health of everyone concerned, we therefore decided to hold our AGM behind closed doors while streaming the proceedings live on our website. As the AGM must fulfill its function as an opportunity to answer your questions, however, we imperatively needed to still set aside some time for exchanges with you. Thus, in addition to the written question mechanism required by law, a dedicated space was set up on our website on the 19th of April, and you have had the possibility to send us in your questions either in writing or orally by video. You can actually continue to send us your questions live during the AGM. I will therefore be moderating this AGM together with Mr. Luca de Meo, who is the CEO, Mrs. Clotilde Delbos, Deputy CEO and Group CFO, and Mrs. Quitterie de Pelleport, the group's Chief Legal Officer. It is also a great pleasure to have with us the members of the board of directors, some of whom, of course, are joining us by video conference as they were unable to travel. We also have the members of the group's executive committee, and our statutory auditors, as well as the two shareholder representatives who will act as scrutineers. I would also like to inform you that a bailiff is present. Now I'd like to give you some legal information concerning the holding of this meeting. Let me remind you that the notice of this meeting was published in the "Bulletin des annonces légales obligatoires," and in the legal gazette called "Les Petites Affiches" on 26 March 2021. Registered shareholders, FCPE unit holders, and the statutory auditors were notified either by post or by email. Now, let me come to the composition of the bureau of the meeting. In my capacity as Chairman of the Board of Directors, I will be chairing this meeting. The functions of scrutineer will be held by the French State, represented by Mr. Pierre Jannin, and the company Amundi, represented by Mrs. Corinne Ferrière. The function of Secretary of the AGM will be fulfilled by Mrs. Quitterie de Pelleport. The bureau is therefore constituted. All the legal documents necessary have been deposited on the desk in accordance with legal provisions and were made available to shareholders as from the convening of the meeting onwards. These documents are recognized as being in order by the bureau. The notice of meeting, including the agenda and the text of the resolutions, as well as all required documentation for this meeting, have been made available on the company's website. This year, you were all asked to vote remotely only. Voting closed yesterday at 3:00 P.M. The results of the votes will be presented to you at the end of the question and answer session. Consequently, I can now inform you of the quorum, which is 60.71% of the shares that are entitled to vote or with voting rights. The required quorum is thus achieved. The meeting can therefore proceed legally. In a few minutes, I shall give the floor to Clotilde Delbos. She will make a presentation of the group's financial results. Before I do that, I would really like to share with you my analytical presentation of our context. Last year, you may remember, I spoke at length about the circumstances of the pandemic and Renault's savings plan, which illustrated the difficult times that we were going through. I could obviously talk about these subjects once again this year because the health crisis is far from being over, and the savings plan that we decided on has not just been implemented, but it is being stepped up. Above all, I would today like to mention the tremendous new dynamic that I see within this company. This dynamic is based on the company's collective strength, which is evident at all levels within the group's teams, within management bodies, and the board of directors. Actually, in this respect, the osmosis that exists between the board and the management has, in my opinion, become truly exceptional. It also finds its expression within the Alliance. This is why I would really like to thank all of the women and the men who embody the strength and give us such great confidence in the future of the group. I could never have imagined when I first joined the company that the group would begin to pull itself together in just two years' time, because the ambience in this wonderful company was so deeply damaged and fraught with tension. Renault definitely has a special talent for performing in times of crisis. Today, the atmosphere is calmer. We are back on the road to serenity, which makes us stronger and enables us to better tackle a situation which is obviously still complicated by the global economic context, by the health crisis in certain regions of the world where the group is particularly strong. The reorganization of the group, proposed and carried out by the general management in a remarkably short time, is already showing the first indications of its effectiveness. It's made us more agile, and not just commercially either. It has helped us to much better weather headwinds, such as the global semiconductor supply crisis or the rise in raw material prices. As you can see, we are optimistic, and we are focused on this turnaround. We have regained our confidence, not simply because our efforts are beginning to reap modest rewards, but also because this momentum has clearly increased. Last year, I had the pleasure of introducing our new managing director, Luca de Meo. Luca, with his strength and his determination, has taken over all the operational functions of the group, and this has not escaped anyone's notice. In a very short space of time, he has been able to assert his leadership, speak to the heart of Renault's teams, and strengthen trust with all the group's governance bodies. The Renaulution plan, which Luca will be presenting to you, is our weapon of mass construction and of mass attraction as well. Luca will present our corporate social responsibility or our ESG policy, which combines social, environmental, and economic performance. It is a hugely robust policy. As you will see, Renault now has a demanding and ambitious roadmap that is commensurate with the leadership that our company must be able to exercise in its business segment and beyond. In this regard, I am delighted that the Renault Group has recently been included in the CAC 40 ESG, a new index launched last March, which brings together 40 companies that have demonstrated their best practices from an environmental, social, and governance point of view. Once you've heard about the CSR or ESG strategy, I shall, for my part, present our raison d'être or corporate purpose, from which all of the group's major orientations naturally flow. I shall, for the time being, give the floor to our Deputy CEO, Clotilde Delbos, whose unwavering commitment helped to maintain Renault's cohesion in the difficult period we went through in 2019 and 2020, and she helped to facilitate the transition once Luca de Meo arrived. Clotilde will be presenting the group's financial results for 2020, which, despite the starkness of the figures, reflect the efforts that all of the group's employees and managers have made and demonstrate our potential to spring back, which certainly augurs very well for the future. [Foreign Language] Good afternoon, ladies and gentlemen. [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] [Foreign language] Regarding the annual accounts, we have the evaluation of redeemable shares and related receivables. We also unreservedly certified the 2020 consolidated financial statements of Groupe Renault. The key points of the audit in respect of these consolidated accounts, there are three of them. First, the recoverable amounts of assets in the automotive sectors. The second concerns the accounting method and the recoverable amount of Renault's investment in Nissan. Finally, the last report concerns the calculation of expected losses on sales financing receivables. For each of these items, we reviewed the accounting methods, and we have ensured that Renault's estimates were reasonable. For the ordinary AGM, we produced two additional reports. The first one was on [Foreign language]. All right. Well, after almost a year in office, it is my privilege to speak before you. On this occasion, I would like to say how delighted I was to be able to take over 20 years after I started in this very company. I was delighted to be back with you. Of course, I would have preferred for conditions to be more favorable. In the heart of a storm, I think we should speak words of confidence. After 10 months back in the company, I was able to assess both the company's strengths and weaknesses. We are being challenged, and of course, our performance, as Clotilde Delbos pointed out, showed that we were indeed hit by the crisis. Nonetheless, we have everything it takes to bounce back. On 14 January, we announced our new strategic plan entitled Renaulution, which includes three stages, Resurrection, Renovation and Revolution. All three stages are starting simultaneously, but they will take their full effects in turn. I would like to revisit these announcements, but also give you a progress report over the past three months. Resurrection is in full swing. Well, Resurrection means return to profitability and return to cash generation via cost reduction and, of course, a better hold of revenue. Of course, instead of looking for volumes, we are now turning to value creation. Of course, we started on this as early as last summer, and progress is already visible, and we can see the first results are visible already. We have the numbers for January, but nonetheless, over the past few months, there were challenges. Upstream, of course, the increased prices in the cost of raw materials will weigh on production costs and manufacturing costs in our plants. The shortage of semiconductors will probably mean 100,000 cars less. In our dealerships, our orders are still being hampered by the sanitary restrictions. Every day, we try to do everything we can to fight back and resist. Even though these are significant headwinds, our efforts are bearing fruit. Regarding fixed costs, we can stick to our commitment to achieve as much as EUR 2 billion in savings. In fact, we will be able to achieve this ahead of schedule. We will be able to do this by year's end 2021 instead of 2022. Indeed, we propose to do more than that in years to come. Regarding variable costs now, in a matter of three months, we were able to achieve 1/3 of the course we had set for 2023. Nonetheless, as I said, we're facing a significantly higher increase in the cost of raw materials. This is much more than anticipated, and so we have resorted to a contingency plan to address this. Regarding engineering and the product range, well, of course, we decided to streamline this, and indeed as many as seven programs were suspended, but eight new programs were created. We created families, making it possible to reduce parts diversity by as much as 25% on all models. We are also stepping up development time. In a matter of nine months, we were able to validate the design and structure, and the cost structure of as many as nine new projects. For launches, the development lead time will be reduced by one year, and the entry ticket will be down 40%. As announced, we have started streamlining our engine production. It's fairly simple. Instead of having eight families of engine, we only have four, and that covers twice as many models per engine, and covering also a wider range of power. Now, streamlining is already underway, and that's indeed being optimized because the only diesel engine used for LCVs will be dedicated to existing models rather than new models. On the manufacturing side, we are making our plants more and more competitive. In The Harbour Report ranking that compares the effectiveness of manufacturing sites and number of hours per car, we have as many as four plants of our group amongst the top 10 in the world. Of course, we are looking for excellence by 2025, and we want our filling ratios to be as much as 90%, that is, our use occupancy ratio to be as high as 90%. Of course, our agreement with Mitsubishi in Europe will make a difference because we manufacture cars for them. That will mean we will be using capacity to a higher extent. Regarding inventory, inventories will be down 26% in Q1 from 660,000 cars down to 480,000. A lot remains to be done, however, of course, to stabilize inventory levels. We want to stabilize that at 60 days. In the various markets where we work, we are adjusting our business by optimizing our distribution channels. In Korea, for instance, we announced our competitiveness program in January 2021 to improve domestic sales, but also become an export base, a competitive export base. That's Korea. In Australia and South Africa, we are also reducing fixed costs while maintaining our sales activity working with an importer. We are restoring the foundations of performance and preparing the future, and that's Renovation. Over and beyond the reduction of costs, we are also working on generating new revenue. Of course, we had to reprice our vehicles, and indeed, in H2 2020, we already improved our price performance by more than 6% points compared to H2 2019. Well, this trend is being confirmed in the first quarter of this year, where, again, we were able to improve our price performance by as many as six points compared to the first quarter of 2020. Also we decided to revisit our sales channels, Instead of pushing volumes, we are looking for value per car. As early as 2020, we decided to emphasize sales to individuals, especially with our Renault and Dacia brands, with as many as 54% of our sales going through that channel. So that's 9% more than in 2019. So headway is being made there. In Europe, our leadership on the electric cars, or as Clotilde was saying, this leadership is being confirmed. In the first quarter for the Renault brand, one private car in four now being sold is an electric car. In France, Renault is the leader on hybrids and electric cars ahead of Toyota. Indeed, it is a leader on electric cars ahead of Peugeot and Tesla. In March, our Clio was number one on the hybrid market ahead of the Toyota Yaris. The Dacia Spring is beyond expectations. We have a very high level of pre-orders in a matter of three weeks. At group level, the electrified mix in Europe almost doubled from 7% in Q1 2020 - 13% in Q1 of 2021. We're conquering segment C, of course. C segment was our major strategy, the first steps were made with the launch of Arkana last month, that's already been elected SUV of the year by Automotive Magazine worldwide. We have had many successful launches, I'll start with just a few examples. In Russia, the Lada Niva, in its two versions, have made a hit on the market with as many as 6,000 units sold in a matter of weeks. In Brazil, with the success of Sandero, Duster, and Kwid, Renault improved profitability by adjusting its price policy, repricing its cars up four points compared to the market. In India, Kiger has recorded as many as 12,000 orders since the end of January. For Q1, as Clotilde pointed out, all these efforts made it possible for us to address a very challenging context. In spite of the restrictions, on a like-for-like basis, revenue would've been up 4.4%, in particular because of our repricing policy. We are redressing the balance, and now we're turning into a tech company, drawing revenue from power, data, and services, and that is Renaulution. The new product line will be driven by the poles of excellence and innovation that we are building as we speak. Instead of being a car-making company integrating technology, we'll become a tech company integrating vehicles. The first pole of excellence is, of course, the energy transition. Right now, we are leaders, and we certainly intend to remain leaders in the energy transition. Over and beyond electrification, we are now investing in hydrogen with Plug Power. Now, that's a unique example of cooperation, which will develop state-of-the-art activities and R&D to manufacture and design fuel cells made in France. That's the first pole of excellence, but the second one is Software République, which we've just launched. What we propose to do there is to bring about, in France and indeed in Europe, the technology building blocks which will drive mobility tomorrow. We have five founding members, Atos, Dassault Systèmes, STMicroelectronics, and Thales, plus ourselves, of course. Together, we will propose solutions that will bring together cybersecurity, 5G, cloud, and connected vehicles. Let's take a look at these five projects, our Plug Power partnership, and indeed, the inception of Software République. Let's take a look at this. Building the Renault Group's competitiveness, and that also involves big projects. We're all familiar with the Renault Group's experience in renewable energy and its strong position in the electric light utility vehicle markets. Today, the group's pioneering approach is joining forces with Plug Power's 20 years of experience in fuel cell technologies and hydrogen-based solutions. This union is a 50/50 joint venture that will be established in France by mid-2021 with the goal of gaining over 30% of the market share in hydrogen-powered light utility vehicles in Europe. Research, transformation, manufacturing, selling hydrogen vehicles, creating charging stations, delivering carbon-free hydrogen, and associated services. With the new strength this joint venture embodies, the group intends to position France as a leader in the industrial, technical, and commercial development of this key technology, hydrogen. France and Europe must ensure their sovereignty by building a new technological sector for mobility. With Atos, Dassault Systèmes, STMicroelectronics, and Thales, Renault has created Software République, a made-in-Europe ecosystem to provide turnkey technological solutions for shared, smooth, and low-carbon mobility. The five companies are mobilizing 2,000 engineers and developers for major projects in mobility, artificial intelligence, big data, cybersecurity, and infotainment systems. This new ecosystem is poised to develop totally new tech solutions to help solve the challenges of gridlock, isolation, and electric charging for communities, companies, and individuals. This is how Software République will participate in the Renault Group's transformation from an automaker that incorporates tech to a tech company that incorporates automobiles. The Renaulution is underway. [Foreign Language] Our third pole of excellence, or hub, or cluster of excellence is the Refactory in Flins. We are actually taking over leadership on the circular economy market, and I'll tell you more details about that in a little while when I start talking to you about our new strategy for societal and environmental strategy. The transformation that all of these clusters and hubs are going to bring to us will be concretized in the short term and the medium term. The Mégane E-Tech, which is going to be out in the streets early next year, is going to be the first Embodiment of this. It's going to be manufactured within the North Electric Pole, and it's going to be embodying the excellence and the leadership of the group in the EVs made in France on an alliance platform that is completely dedicated to electric cars. It's going to completely break with the queues of size, design, and use of vehicles that are based on a classic platform. It's going to be connected and will be equipped with My Link, our system of information and media, that also includes Google Automotive Services. It will know what trips you take, it will adapt to your needs, and will propose services that are dedicated to electric driving. For example, like the indication of charging terminals, sorry. To conclude, therefore, ladies and gentlemen, we are carrying out this Renaulution at every level of the company and everywhere in the world. We are going and getting from every single function, the least lever of performance for our resurrection. While we do this, we are keeping our course for generating revenue and profits while putting our priority on the Renaulution range to come. We're going to have innovative vehicles that will be enriched with a lot of content and at the very technological edge of what our group can design, develop, and produce. In this effort we are making to come back to profitability and to generate cash, we actually have to do more with less. It is also, obviously, about doing things better than before. That is what gives meaning to our new environmental and societal strategy. We decided to revise it, based on what we already had, and to give ourselves a much wider and more collective ambition that could really be shared within the company and with the board. CSR or our ESG is going to become a lever for performance. Up to now, it was very much present, sometimes it was dissociated from operational work. We have now integrated it into Renaulution, it's going to be one of the chapters of Renaulution. As I told you, we've revised the strategy, we've made it much more Renault-ish. We've kept its historic values of innovation and solidarity, which are very much like us and which are very much like the DNA of Renault and like the corporate purpose of Renault that Jean-Dominique will talk to you about in a little while. We decided to look for meaning, a double meaning, social and economic. We also decided to stay pragmatic, to be concrete with our plans and our actions. Every commitment is designed with an indicator and with objectives for 2025 and 2030. There's going to be three pillars on which our action will be structured. The first pillar is the reduction of our carbon footprint and an optimized use of the resources that we have, to the benefit of the environment and also to the benefit of our economic performance. The second pillar is the safety of our customers on the roads and the safety of our employees in their workplace. Lastly, inclusion. We are switching to electrification, to data, to cyber security by, at the same time, accompanying the transformation of our skills and by promoting diversity within the group. These three pillars actually support and carry the transformation that is going to be operated by Renaulution and will make us into a greener, more tech company that is turned towards data, energy, and services. In English, we can call this being a car maker and care makers. We are going to make cars while at the same time taking care to ensure that those who design them and manufacture them, the people who use them, and the planet that it serves for us to produce them, should also be taken care of. Let's start with the environment. We are cutting down on our end-to-end emissions, both for materials and components that we buy, our plants, the emissions of our vehicles when they're being used, during their second life, as well as recycling. This reduction throughout the entire life cycle of our cars makes it possible for us to aim to be carbon neutral in Europe by 2040 and to be carbon neutral worldwide in 2050. Of course, all car makers are committing themselves to these horizons, and we are not an exception, because obviously it takes a long time to carry out the energy transition. We, on our part, are also taking commitments for the shorter term, and we are even more legitimate to do so because we are actually a step ahead. We are a real pioneer in the circular economy of mobility, and we also have a clear leadership in electric vehicles in Europe. These are all points of excellence, and we plan to use them and use them as pillars for our roadmaps towards decarbonization and our levers of competitiveness. First of all, we are going to look at upstream decarbonization, that of the components and the substances, materials that we buy. Today, materials and components represent 90% of the carbon footprint of our purchasing. That is steel, aluminum, polymers, electronic components, tires, and glass. We are going to start with these components, and by 2030, our ambition is to reduce the carbon footprint linked to our purchases of these materials by 30%. This obviously can only be done through a common and joint commitment with our main supplier partners. This also means, and we are the very first car makers to do this, is we are going to set up an internal tariff for carbon. In concrete terms, each supplier quote will be matched with a carbon footprint, and we will progressively apply an extra cost, which will go from EUR 50 per tonne from now to 2025, up to EUR 100 per tonne by 2030. In a very pragmatic manner, this tool is going to make it possible for us to better pilot our purchases and to ensure that we can carry our suppliers with us. We also want to open up the path to a green, decarbonized, and responsible battery. From 2025, with the launch of the new R5, our battery will have a reduction of its carbon imprint by 20% because it's going to be assembled in France with strongly decarbonized sources of energy. Our ambition, of course, is to go beyond this and to drive it down by 35%, not just 20%, by looking for supplies of nickel and lithium that can prove a low carbon footprint, whether it comes from virtuous mining solutions or through the recycling of batteries that have reached their end of life, because in Renault, our batteries are used, reused, and recycled. Now, we almost have 10 years of experience in the sales of electric vehicles, and therefore, we now have a total control over the battery's life cycle. We can give them a second life, for example, as a stationary usage in residences to ensure that the electric grid can be relieved during consumption peaks. We can also recycle the strategic metals in these batteries by extracting them and purifying them with our partners, Veolia and Solvay. This means that these materials can therefore be reused in new batteries. These activities make it possible to reduce our carbon footprint even further, or rather, the carbon footprint of our batteries even further. We are also driving down the carbon footprint of our plants. Our level of CO2 emitted per vehicle produced is among the lowest in the world. Taking all car makers into consideration, we will remain the most efficient car maker in those terms between now and 2025. Our plants are cutting down on their carbon footprints year by year. Tangiers, for example, is already carbon neutral. The sites of our ElectriCity will also become carbon neutral by 2025, as well as our Cléon plant, where we make our electric motors. Our Refactory in Flins will become the very first negative carbon plant in Europe that is entirely dedicated to the circular economy by 2030. Once again, in 2030, all of our European plants will be carbon neutral. Worldwide, the carbon emissions linked to our production will be reduced by half. All of this, of course, is going to serve our performance, and that is what is most important after all. Every single EUR invested in the decarbonization of our plants will actually make it possible for us to save 4 EUR. We are also concentrating our efforts where the main lever of decarbonization can be found, which is obviously emissions during the usage of our cars. We announced this when we announced Renaulution. The Renault brand has the ambition to have the greenest car mix in Europe, with 65% of its sales electrified by 2025 and more than 90% in 2030 for passenger cars. Our LCVs, with the hydrogen power that we are going to be putting on the market, will also contribute to that. Totally by 2030, the level of emissions during the usage of the group's vehicles will be reduced by 65% in Europe and 35% worldwide. Lastly, we are ensuring that the whole of the life cycle of our cars can become a source of value that we can generate and capture to our own profit, as well as to the profit, obviously, of our customers. With the activities of the ReFactory, we will be renovating and refurbishing more than 120,000 vehicles per year between now and 2030. We will once again have control over the residual value of our used cars as well as of their batteries. We are aiming to reuse 60% of the batteries that we are putting back onto the market. For our end-of-life batteries, 80% of the strategic substances that can be salvaged from their recycling with our partners, Veolia and Solvay, will be used to manufacture new batteries. That's 80%. Thanks to all of these activities, by 2030, we will still be the leading car maker worldwide in terms of percentage of recycled materials in our new vehicles everywhere in the world, in all our brands. These activities for dismantling and recycling the components of our vehicles will generate more than EUR 1 billion of turnover by 2030, which will be non-dilutive on our profitability, and Clotilde will correct me if I'm wrong. On every single link of the chain, from upstream to all the way downstream, we are moving towards carbon neutrality. We are notching up every milestone between 2025 and 2030. We will continue to be very open and transparent about our environmental performance, just as you can see today with the publication of our climate report. We continue to take care of the environment. We are also going to take care of the safety of the users of our cars, as well as the safety of our employees on their workplace. Let's start with road safety. In Europe, 23,000 people actually die on the roads every day, either because of excessive speed or inappropriate speed, or because they are driving under the influence of drugs or alcohol. These are the three main causes of accidents. In order to remedy this, we have set up a security or a safety roadmap with Safety Coaches. Detecting, guiding, and acting are the three missions of the Renault Safety Coach. Now, like the Eco Score, our Renault vehicles will also propose a safety score or a safety rating. The principle is quite simple. We will analyze all the data that is fed back by the sensors in the car and can generate a very fine-tuned analysis of driving habits, therefore, make it possible to identify any deviations by the driver. Proposed as in partnership with the insurance companies, a safety score will make it possible to encourage people to drive safer. The very first studies that have been carried out on these systems have shown that accidentology can be reduced by 20% by users of these solutions. Now, what about guiding? In real-time, the data from the sensors of the vehicle will signal, within the sat nav, any environmental risks or any risks that are coming up so as to alert the driver. The sat nav will also point out any curves or turns on the road that have a tendency to generate more accidents. Also, the guide is going to act. In real-time, once again, if the data shows that the state of attention or the state of sleepiness of the driver is risky, the car will take over. For example, if the sensors detect that the hands of the driver are no longer on the steering wheel, the vehicle will automatically set up a safe driving system. We will also act on speed. Our vehicles are equipped, of course, by an automatic cruise control, which will adjust to the authorized speed, depending on the traffic signs. The regulator will also take into consideration the configuration of the road. For example, dangerous bends or roundabouts. Speed in our vehicles can have a ceiling and will not go beyond 180 kph, no matter what the model may be, whether it's Renault or Dacia. Now, after preventing, we also have to save. We've set up two innovations for post-accident safety. First of all, fireman access or the access of fireman to the battery. When there's an accident with a severe impact that damages the body of a car, there's a specific risk in electric vehicles that the battery may catch fire. In spite of the very high level of internal safety in our batteries, a fire can always be possible. We have developed a specific fireman's access that makes it possible to directly drown the battery from inside, and therefore, to cut down on the time for extinguishing the fire to just a few minutes. This system is already in place in our electric and hybrid rechargeable or plug-in hybrid cars, and we will be deploying it on all of our E-Tech launches in Europe, whether it's Renault, Dacia or Alpine. Our second innovation is what we call the rescue code. If there is a violent impact that leads to severe trauma for passengers, the golden hour actually means the critical hour after the impact. Experts know that during that one hour, if no appropriate care is given, 50% of people risk death. Every minute counts. We accompanied the development of a QR code that makes it possible to immediately identify the vehicle that has had the accident by the firemen, and therefore, they can immediately have the information of the architecture of the vehicle on their phones. This can save up to 15 minutes for the extraction of passengers. We have trained firemen in 12 countries of Europe to use this QR code. We have handed over to them several hundreds of vehicles so that they can use them for training and use them in their training courses. From next year onwards, we will extend this rescue code to all vehicles sold by the group in Europe. Our safety coach roadmap, as you can see, is going to be progressively deployed on all our vehicles. From 2020 onwards, Mégane E will have an automatic cruise control system that will be regulated as on by default, and its maximum speed will be at 160 km/h. It will also be equipped with the fireman's access on the battery, and obviously, with the rescue code as well. Now, security and safety and the health of our employees now. We protect our employees from the risk of accidents and the exposure to dangerous materials within the framework of our hygiene, health, and safety policy on all of our industrial and tertiary sites. Between now and 2030, we are aiming at zero accidents and zero diseases linked to work. Beyond just protecting our employees, we want to really have an optimum medical coverage for all of our employees worldwide. It will evolve and will be adapted to the markets in which we are present. We are also launching preventative medical campaigns. The first one will start from this year onwards, and the aim of these campaigns are to talk about the pathologies for which information and sensitization or awareness-raising can really make a difference, and that's women's cancers and cardiovascular diseases. These campaigns will be deployed everywhere in the world and supervised by our health teams in these countries. My third pillar is inclusion. We are going to ensure that we can promote the employability and equality of our employees at every level of the company, and also for mobility in solidarity. First of all, employability of our employees. We all know today that only 8% of jobs in France in the automotive sector are actually linked to the new functions or the new professions of electrification or software or data assessment, et cetera. By 2030, we consider that this will be ramped up to almost 25% of jobs. These skills have become something that we cannot do without, and for this, they are like the skills to do with recycling and the circular economy. In order to accompany this transformation, we are creating the ReKnow University. It's going to be built around the three clusters, electric, circular economy, data, software, and cybersecurity. This university is going to train people to the jobs and the skills that the automotive industry is going to need tomorrow. To begin with, it's going to be dedicated to the employees of the group in France, but it will train more than 2,000 people between now and the end of 2021, and almost 10,000 other people by the end of 2025, which will mean that almost 40% of the teams involved by this transformation will have been trained. Progressively, the activities of this University will be extended to the rest of the world and to our industrial partners, as well, with whom we will be pooling the designing of these training courses and their broadcasting. For example, one-third of the employees of the electric pole in our Cléon site will be trained on power electronics and the production and automated assembly of electric motors. These unique models of 120 to 140 hours will be pooled with other players like Valeo. Our ReKnow University will also collaborate very closely with our academic partners, who are very well known on applied research projects and on the co-development of training courses that will give rise to diplomas and certificates. The employability now of our foundations that are present in the world and in France are really using their resources to accompany young people and to reinsert people who are far away from employment or from jobs. Between now and 2025, their action and that of the programs of solidarity developed in different countries will also make it possible to accompany almost 20,000 people and in helping them to find a job. Beyond employability, we are also working on parity. In the Renault Group, we are lucky enough to have almost a quarter of our employees being women. In the automotive sector, we are the European carmaker that employs the most women. We are still very far indeed from other industries, and we are determined to progress. We have decided to increase our ambition, first of all, by ensuring that women can grow into key positions in our governance bodies, in the top 4,000 and the top 11,000 people in the Group. In each of these categories, we are aiming to have 30% of women by 2030, 35% by 2035, and 50% by 2050. Simultaneously, we will maintain our leadership in the reduction of the salary gap between men and women. We hope that we will be able to drive it down to zero everywhere in the Group by 2025. Lastly, we are also working in the upstream part in order to attract more young women towards our industry and towards our company. By 2025, our population of apprentices and of interns will be at an equal level, which will obviously give the company a huge nursery of robust talents to draw upon. Now, what about solidarity? That is the last component of our inclusion pillar. As a car maker, we design mobility with solidarity built in. Mobility, especially for the peri-urban and rural zones, mobility is still a condition that you cannot do without to get a job. One job seeker out of two has to give up on answering advertisements because they are not autonomous in their mobility. Since 2015, we started working with an employment agency, and a microcredit agency, which is called Adie, in order to propose to these jobless people who cannot be given a bank loan, to be able to lease a vehicle with an option to buy. We decided to multiply the beneficiaries of the system by a factor of 10 and to go from a few hundreds to a few thousands of these rentals, because we've decided to use our network and the vehicles that come out of the Flins Refactory. Now, let's talk about governance. In order to put our environmental and societal commitments among the operational priorities of the company, we have set up a strategic CSR or ESG committee at the level of the executive committee, in which will be represented, obviously, the main functions like industry, purchasing, engineering, human resources, and digital. All of the proposals will be presented and approved by the CSR Committee of the Board, presided or chaired by Jean-Dominique Senard. The action plans will be co-built between the different functions, the brands, as well as the ESG or the CSR department of the group, who will ensure the deployment of these actions together, because after all, it is the deployment that is the most important. At a daily level, our ESG strategy will be pushed within Renault by the functions. They will each contribute to the reduction of emissions, the deployment of the safety roadmap within our vehicles and our sites for our employees, and will also work on employability and the diversity of their own teams. Just like in Renaulution, our ESG strategy is also going to be driven by our brands, who will be putting into our vehicles and into our services, the values, the principles, and the commitments of our group. Renault is going to be the green brand with the most electrified range in Europe, with a battery made in France and decarbonized plants. Dacia will bring forward the values of solidarity with the initiative of inclusive mobility that I've just talked about. It will also aim at a frugal usage of resources in the design, as well as the production of its vehicles. Alpine will be carrying forward, among other things, our objective of parity with this Rac(H)er program, which promotes women in all of the elites and demanding metiers of automotive sport. Lastly, Mobilize will use the tech innovations of the Software République to promote decarbonization of mobility of cities and of territories. I think our roadmap is a really clear one. In the economic sense of Renaulution, to the economic sense that meaning the Renaulution already had, we are now adding on a social meaning as well as an environmental meaning, and these two new chapters are actually part of just a single corporate strategy. We are putting this plan as a reflection and at the service of the raison d'être, or the corporate purpose that Jean-Dominique is going to talk to you about in just a minute. Thank you for your attention. Ladies and gentlemen, and dear shareholders, all the things that you've just heard certainly talks about the corporate purpose that we're going to talk about now, and that I would like to reveal to you, although with some emotion. Luca just reminded us of the main lines of the Renaulution plan, which, as you have seen, gives our group a tremendous impetus. He has also presented the three pillars of our corporate social responsibility or our ESG policy, which is designed to create value and performance. The strength of a company, of its long-term dynamic, its impetus, depends on the proper alignment of its values, its governance, and its strategy with the expression of its corporate purpose. If everything is aligned, the company is exceptionally strong. This alignment actually produces, generates substance and meaning. Meaning is what gives rise to trust, to the pride of belonging, to motivation, and to stakeholder commitment, and therefore, to performance. The corporate purpose is therefore the strongest vector for the competitiveness of companies. The report on the role of corporate companies and object of collective interest, which Nicole Notat and I wrote in 2018, shed much light on this concept of corporate purpose, which was taken up by the PACTE law in France. It proposed, especially, that the corporate purpose should define a desirable future for the collective. In more graphic terms, I've often had occasion to say that the corporate purpose is both the roots and the lodestar of the company. The roots give the company its stability and its depth. They anchor it firmly in a historical, cultural, and geographical context. We all know that Renault's roots, which have been nourished by French soil and culture since 1819, are uniquely rich and strong. The lodestar is that desirable future towards which all energies converge. That perspective that allows the talents and expertise of all the players in the company, not simply to be aggregated, but to multiply and thrive. When the company is going through a crisis, when the horizon seems to be blocked and overcast, the purpose is that little piece of sky, that point of light that multiplies energy tenfold and channels them towards a unifying horizon. Substance, essence, and meaning. This is what our purpose brings us. Its formulation was the outcome of a long process of maturation, which lasted over a year. Several stages were necessary for the conception of our purpose to be expressed simply and naturally. Initially, working groups analyzed hundreds of interviews with employees coming from a huge variety of professions and countries, coming from operational departments and from general management level. Simultaneously, a careful study of the company's culture was also conducted. This work was supplemented by discussions with external stakeholders, for example, our partners, our investors, NGOs, et cetera. All of this work gave us an incredibly rich body of material, which was hardly surprising. We had to start the work of formalization, of writing it down. It was, of course, rather frustrating because not everything can be said without running the risk of diluting the message. It was also an exciting job because drafting is really the stage where we crystallize who we are and what role we want to play in the world of today and tomorrow. The time has come. I suggest we take a quick look at some visuals that present our corporate purpose. We are caring, believing in responsible progress that respects everyone. Since 1898, our history has been written by passionate people who create innovative products in tune with popular culture and made to accompany life. We do this because mobility is a source of fulfillment and freedom. We believe that this freedom goes hand in hand with preserving the planet and living better together. That's why we challenge ourselves to limit our impact on the climate and on resources, and to make mobility more inclusive and safer for everyone. We are daring, embracing the future with optimism. We are a place where people can be themselves, playing their part in a shared adventure. We are proud of our diversity, our French roots, and of our international presence, which makes us open to the world. We are strengthened by the alliance and by the constructive relationships we forge with our partners. From our very beginning, our spirit of innovation has taken us further, creating value, anticipating mobility needs, and bringing people closer. We are driving the heart of innovation so that mobility brings us closer together. This sentence sums up everything Renault stands for, and everything we have to do in the years to come. The phrase sums up everything we have to do to make the heart of innovation beat, especially the BPU, but generous dimension, as well as the creativity, the inventiveness, and technical quality that drive us. Technology and innovation are always at the service of people, never the other way around, because the ultimate goal is to bring us closer together, which is what today's mobility makes possible, and even more so, tomorrow's. Let me insist on certain words of our corporate purpose, which I'm particularly attached to. Freedom, a symbol of our French love again, a fundamental aspiration, which can be embodied, for example, by a journey by cart, which leads to new encounters or new horizons. Progress, progress we make every day to serve our customers, but also the progress that opens up new perspectives, because we must always go further while being responsible and respectful. Fulfillment, because while our world seems to be punctuated by an accelerating series of crises, art de vivre is at the capital of the human spirit. Audacity. [Foreign Language] Okay. Now, this is for people who can reinvent themselves, because they've been strengthened by their diversity and their roots. Thus our purpose, which is based on our French roots and is clearly anchored in our popular culture, sets us a very bright lodestar to innovate every day so that mobility in complete safety is better shared, allows us to live better, and brings us closer to each other. It is now up to each employee of the group to embody and give life to this reason for being or our corporate purpose on a daily level. In order to nurture it, we are going to create a purpose committee at the end of the year. While companies generally opt for a stakeholder committee, we've decided to carry this further. This corporate purpose committee, made up of international personalities from a wide range of backgrounds and fields of expertise, will be the real bridgehead of the group strategy and will enlighten the Board of Directors through its analyses and recommendations by reflecting on the environmental, social, and societal challenges. Embodied by each and every one of the group's 170,000 employees throughout the world, and as a vector of our collective strength and competitiveness, our purpose will accompany and inspire the Renault Group in its new ambition. I'll bring it back to the place where it belongs, in the hearts of French people. [Foreign language] Ladies and gentlemen, dear shareholders, in my capacity of head of the Governance and Compensation Committee, it is for me to give you a summary of the activities of the board of directors and look at the items of compensation of members of the board. Regarding the activity of the board of directors, the activity of the board was once again intense in the year 2020. The board of directors met 12 times, and the committees, as a whole, met as many as 19 times. All the information regarding the activity of the board of directors and its committees is detailed in the Corporate Governance Report, and indeed in chapter three of the Universal Registration Document, available on the company's website. This report, which I invite you to consult for more information, also includes the conclusions of the assessment of the performance of the board, carried out by an external firm. In this briefing, I will not go over all of the board's activities, but simply go through the main highlights. The first months of the year were, of course, marked by the start of the COVID-19 crisis, which led the company to adapt its activity urgently, in particular by deciding on site closures. From the start of the crisis, the board of directors held exceptional meetings, in order to regularly review the situation with top management. The board of directors was, in fact, closely associated with top management under Clotilde Delbos in terms of production, sales, the financial situation, and indeed, sanitary measures set up for the protection of our employees. Was intensified the company's challenges, therefore, emphasized the need for a cost reduction plan. For the cost reduction plan that had been drawn, not by top management, but indeed that had been considered by the Board of Directors as early as May 2020. The cost reduction plan was, and indeed continues to be, periodically monitored by the Audit, Risks, and Compliance Committee. Even though the economic condition situation did not. Because of the second half of the year was marked by the assumption of office by Luca de Meo, who breathed new life into the company with his Renaulution plan, the broad outlines of which were shared with the Board of Directors in July. Several sessions were organized between the general management and the strategy committee and indeed with the board of directors in order to examine in depth the new strategic plan during the second half of the year. Presentation publication in January, the plan was unanimously approved by the board of directors. Finally, the board of directors, as well as the Ethics and CSR Committee, were involved in defining the CSR strategy and in determining the raison d'être, the corporate purpose, which was just introduced to you. Let me turn to membership of the board of directors. Let me remind you that the board of directors decided in 2020 not to renew the terms of directors who were reaching the end of their terms in order to reduce the number of directors from 18 to 16 at the end of the 2020 general meeting. Moreover, the terms of three directors representing the employees expired in November 2020, elections were organized in October. At the end of these elections, the mandates of Mr. Barra, Mr. Gentil, and Mr. Personne renewed for a period of four years. Until that is end of November 2024. Regarding directors representing employee shareholders, Mr. Ostertag's term expires at the end of this AGM. A call for applications were made in the fall of 2020, in line with the company's articles of associations to the supervisory board of the company's FCPE. The company that runs the company savings plan and the employees holding company shares as part of the shareholding scheme, which with a view to appointing candidates for the post of director representing employee shareholders. One person was indeed designated, and his alternate. It was Mr. Noël Desgrippes, who's a titular candidate, and Mrs. Christine Giry, who's the deputy. Let's take a video. What's your professional background? I have a university background. I had a degree in electronics. I was a fireman for some time, and then in 1996, I joined Renault. I started working in the environmental protection department and worked with manufacturing in introducing the ISO 14001 standard. At the time, Greta Thunberg was not even born, but back then, already Renault was involved in environmental protection. That was indeed a clear dimension of its manufacturing policies, not just in France but around the world. My own perception of Renault is fairly straightforward. I've been working at Renault for 25 years. I believe this is a company where people can have fine careers. Renault brings together men and women of talent who want to join an adventure with common values. Now, depending on the outcome of this vote, but I'll be delighted to join the board of directors. I also chair the supervisory board of the FCPE investment trust of company employees. I take this charge with humility, but I'm also determined to work for sustainable and well-balanced performance, balancing the economic and social aspects. I suppose this is like team sports, and it's the same on the board of directors. Each and every one of us has a role to play. Right. Regarding the other directors, four terms of office expire at the end of this AGM. They are the terms of Mrs. Yu Serizawa, who is the director who was appointed on the proposal of Nissan. Mr. Thomas Courbe, a director appointed at the proposal of French government. Mrs. Miriem Bensalah-Chaqroun, who's an independent director, and Mrs. Marie-Annick Darmaillac, who's also an independent director. On recommendation of the Governance and Compensation Committee, the Board of Directors proposed to renew the terms of office of these four directors. This is formalized in resolutions number 6 and 9 to be voted on today. The term would be then renewed for a period of four years, i.e., until the end of the 2025 AGM, ruling on the accounts for the year 2024. In addition, the Board of Directors appoint for four years under resolutions number 10 and 11, two new independent directors who were selected following a process led by the Governance Committee. You have Mr. Bernard Delpit, who is with us, who is the Deputy CEO and indeed CFO of Safran. The Board of Directors proposed to include amongst independent directors, someone with a robust experience in financial affairs with a good knowledge of the automotive industry. Let's take a look at the video of Mr. Delpit. Background. Well, I started at the Ministry of Finance, where I spent about 10 years working at the General Inspectorate and then at the budget. I decided to work for the private sector, and I chose the automotive industry. I spent seven years at PSA Peugeot Citroen as Deputy Managing Director of a joint venture in China between Dongfeng and Peugeot. Back in France, I was in charge of accounts and control at the company. I worked for the French Post Office, then the Crédit Agricole Bank, and now I work as a CFO at Safran, which is in the aerospace and defense industry. My perception of Renault is rather optimistic. Well, we have a new management team, but also I'm well aware of the major challenges ahead for Renault in what is a very tough competition and significant technological challenges with both climate change, but also such issues as connected cars. These are major challenges that I certainly hope I can be useful there. Why do you want to join the board? Well, I'd be delighted to join the board. I do believe that with my experience as CFO and a good knowledge of what investors and shareholders expect from such a large listed company as Renault, and indeed improvement is still needed in terms of the profitability, but also to meet expectations, not only in financial, but also in extra-financial matters. The third person who is proposed is Mr. Mazzella. Mr. Frédéric Mazzella is the founder and chairman of BlaBlaCar and the entrepreneurial co-chairman of France Digitale, the largest association of startups in Europe. The board of directors wanted to strengthen the board's skills in digital innovation and mobility, given the current challenges that the automotive sector has to face. I suggest we watch a video presentation of Mr. Mazzella. Mr. Frédéric Mazzella, CEO and founder of BlaBlaCar. What about your professional background? I studied maths, physics, and computer science. I played the piano and the violin as well at a conservatory. I spent part of my time studying in the U.S. at Stanford, where I also worked for NASA. I got the idea for BlaBlaCar, and that has actually occupied most of my life for the last 15 years. Today, BlaBlaCar is the world's leading carpooling platform with a community of 90 million members in 32 countries, CO2 saving of 1.65 million tons per year. It's more responsible than shared usage cars, of cars that has become a social phenomenon. France is the country that carpools the most, and that shows you can be French and still innovate, a bit like Renault. What's your perception of Renault? For me, Renault is first and foremost about my childhood. Little by little, I also understood that it was a flagship in French industry as well as internationally, a very innovative company. I also appreciated that Renault is a group that is very committed to the environment, especially when Renault was the first group to commit to reducing its carbon footprint. The image I have of the Renault Group today is that of a robust modern group for connected but also sustainable mobility. What motivated me to join Renault's board of directors is to bring my experience as an entrepreneur to decision-making. In line with Renaulution that was announced by Luca de Meo, I want to ensure that Renault is well and truly connected to the world of startups, which is my world. It's also a form of economic patriotism, if you like, because I want Renault to be a player that not just shines at the international level, but also is a great player in the mobility of tomorrow, and above all, a player in sustainable mobility, which is particularly close to my heart. In order to accompany the evolution of the board of directors and to limit the number of directors, I propose to the board that my mandate be terminated a year early from 2021, and that was accepted. My term of office will end at the end of this meeting. Therefore, at the end of the current AGM in 2021, and subject to the approval of the resolution submitted to the vote, the board of directors will be made up of 17 members, 69.2% of whom will be independent, and 46.2% of whom will be women, excluding employee directors and directors representing employee shareholders. I will now move on to the second part of my presentation, which is devoted to the compensation of our corporate officers. You were asked to vote on several subjects for this particular meeting. First of all, for the 13th resolution on the information relating to the compensation of all corporate officers for 2020 presented in the company's corporate governance report. From the 14th to 16th resolutions, you were asked to vote on the compensation paid during or awarded in respect of 2022, Mr. Jean-Dominique Senard, Chairman of the Board of Directors, Mr. Luca de Meo, CEO, and to Mrs. Clotilde Delbos, who was acting CEO. The 17th and 19th resolutions ask you to vote on compensation policies for 2021 for the Chairman of the Board of Directors, the CEO, as well as the members of the board of directors. Concerning the 2020 compensation of Jean-Dominique Senard in his capacity as Chairman of the Board of Directors, the remuneration policy for Mr. Senard for 2020 provided for a fixed compensation of EUR 450,000 over 12 months, excluding any other variable or exceptional remuneration or any allocation of shares or any compensation for his position as a director. I would also like to remind you that in the interest of responsibility towards all stakeholders, Mr. Senard decided, by mutual agreement with the board of directors, to reduce his compensation by 25% From the second quarter of 2020 until the end of the year 2020. Therefore, the amount of compensation paid to him in 2020 is EUR 365,625. Concerning the 2020 compensation of Mr. Luca de Meo as Chief Executive Officer, let me remind you that the compensation policy for the CEO for 2020 provided for a fixed compensation of EUR 1.3 million over 12 months, variable compensation of up to 150% of the fixed compensation, subject to the achievement of performance criteria, and an attribution of 75,000 performance shares, subject to a three-year presence condition. Mr. de Meo's fixed annual compensation for 2020 was paid to him on a pro rata temporis basis as from his assumption of office on 1st July 2020, which represents an amount of EUR 650,000. With regard to his annual variable compensation, the board examined the level of achievement of the performance criteria defined in the 2020 compensation policy and set the overall achievement rate of the performance criteria at 64.43% out of a possible maximum of 150%. Accordingly, Mr. de Meo's variable compensation for 2020 was set at a gross amount of EUR 418,773. The payment of this compensation is conditional upon a favorable vote by this AGM under the 15th resolution. With regard to his long-term variable compensation, the board of directors awarded Mr. de Meo 75,000 performance shares in accordance with the compensation policy that was voted in by the AGM of 19th June 2020. Let me now move to the 2020 compensation for Mrs. Clotilde Delbos in her capacity as acting CEO until 30th June 2020. At the time of her appointment, the board of directors decided to maintain her employment contract with Renault s.a.s. in her capacity as the Group Chief Financial Officer, and to grant her additional compensation for her duties as acting Chief Executive Officer. The compensation policy for the acting CEO for 2020 provided for a fixed compensation of €371,000 for 12 months and variable compensation of up to 150% of the fixed compensation, subject to the achievement of performance criteria, as well as an allocation of 27,500 performance shares, subject to a three-year presence condition. Mrs. Delbos' fixed annual compensation for 2020 was paid to her pro rata temporis until the end of her duties on the 30th of June 2020. In the interest of responsibility towards all stakeholders, Mrs. Delbos had decided in mutual agreement with the board of directors to reduce her compensation for the second quarter of 2020 by 25%. The fixed compensation paid to Mrs. Delbos for her mandate in 2020 amounted to EUR 162,000. With regard to her annual variable compensation, the performance criteria were similar to those of the CEO. The board of directors thus set the overall rate of achievement of the performance criteria at 64.43%. The variable compensation of Mrs. Delbos for the financial year 2020 was set at a gross amount of EUR 104,665. The payment of this compensation is obviously also subject to a positive vote of this AGM, when considering the 16th resolution. With regard to her long-term variable compensation, the board of directors awarded Mrs. Delbos 27,500 performance shares in accordance with the policy voted by the AGM of 19th June 2020. I'd like to end the year 2020 with the elements of compensation paid to the members of the board of directors. For 2020, the directors received compensation consisting of a fixed and a variable part, and that variable part actually depends on the effective presence at the meetings of the board of directors and or the committees. The chairpersons of the committees, as well as the lead director, also receive additional fixed compensation for their duties. I would also like to remind you that the chairman of the board of directors does not receive any compensation for his duties as a member of the board of directors. The new distribution rules approved by you in 2020 are shown here on the screen. As we announced in April 2020, in this context of the COVID-19 pandemic and in order to ensure our responsibility to all the group stakeholders, the members of the Board of Directors unanimously decided to reduce their compensation by 25% for the 2020 financial year. As a result, the total compensation paid to the members of the Board of Directors for the 2020 financial year amounted to €949,396 gross. The last part of my presentation concerns the compensation policies for corporate officers for the 2021 financial year. Now, with regard to the compensation policy for Mr. Jean-Dominique Senard as Chairman of the Board of Directors, the Board decided to maintain fixed annual compensation at €450,000, payable in 12 monthly installments. In accordance with good corporate governance practices, Mr. Senard will not receive any variable or exceptional compensation, nor will he be granted any shares.Now regarding the 2021 compensation policy for the CEO, which will apply to Mr. Luca de Meo. The board of directors decided to maintain his compensation structure with a fixed annual compensation of EUR 1.3 million, a variable compensation representing up to 150% of the fixed compensation and subject to the achievement of annual quantitative and qualitative performance criteria, and a long-term compensation consisting of 75,000 performance shares whose final acquisition will be subject to the satisfaction of performance criteria assessed over three years, and to Mr. De Meo's presence within the Group at the end of this three-year period. Concerning the variable compensation of the Chief Executive Officer, the board has also changed the quantifiable performance criteria in order to ensure a close link between the new Renaulution strategic plan and compensation policy. It is therefore proposed in relation to the 2020 compensation policy to remove one criterion and to add two new criteria. The return on capital employed criterion replaces the turnover criterion in order to prioritize profitability targets based on capital invested in line with the new strategy of value creation. The criterion of fixed costs has also been added in as the reduction of fixed costs is key for the first resurrection phase of the strategic plan to ensure the success of the second Renovation phase of the plan. In addition, the other criteria of the 2020 compensation policy are maintained in a view of how important they are for the group. These are the group's operating margin, the free cash flow, cash generation, and CO2 emissions linked up with the CAFE regulations. Each of these five criteria were given an equal weighting of 20%. Now, as far as qualitative criteria are concerned, they have also changed in relation to the 2020 compensation policy in order to take into account the challenges of the new Renaulution strategic plan. The criteria of CSR or ESG commitments and customer satisfaction and quality have been maintained. The achievement of these three qualitative criteria will contribute directly to the group's performance. Now, regarding long-term compensation, the CEO will receive performance shares according to the same performance criteria as other group executives, subject to an additional performance criterion, which is the total shareholder return. Long-term compensation policy for 2021 includes a new criterion, annual growth in net income per car, which replaces percentage of models produced on an alliance platform, and obviously, this is also in line with the new strategic plan. In addition, an equal weighting of 25% has been assigned to all four performance criteria. As regards post-employment benefits, these remain strictly identical to those previously approved in the 2020 compensation policy, namely a severance payment, a non-competition undertaking, and a supplementary pension scheme. I now come to the directors' compensation policy for the 2021 financial year. It is strictly similar to the one approved in the 2020 compensation policy. It consists of a maximum annual compensation amount for participation in the meetings of the board of directors and in the meetings of each of the committees, which includes a fixed portion, prorated according to the length of the mandate over the year, and a variable portion that is also prorated according to the rate of participation in the total number of meetings during the year. The variable portion related to participation in board and committee meetings takes precedence over the fixed part. In addition, the committee chairpersons and the lead director will receive an additional fixed amount in view of their functions. The distribution rules provided for in the directors' compensation policy are displayed on the screen. Thank you. I will hand the floor now back to the chairman. [Foreign Language] Patrick. Thank you very much, Patrick, for this presentation. First of all, I would really like to once again emphasize the considerable amount of work carried out once again this year by the board of directors. Over the past two years, the board has evolved in depth. All the committees are now well-established. They are all active, and they are all exciting and lively. As I can testify, the working meetings have become longer, and they have become much more productive. I would like to express my gratitude to all the members of the board for the relationship of confidence, of trust, solidarity, and transparency that they help to build every single day. I would especially like to pay tribute to the always professional and committed activity of the committee chairpersons and of Pierre Fleuriot, our lead director. By my side, Mr. Fleuriot does very useful work and provides a talented link with our alliance partners by sitting on the Nissan Board of Directors and on Nissan's Audit Committee. The importance of the role of the employee representative members of the Board of Directors can never be overstated. I would sincerely like to thank them for their precious contribution. Finally, Mr. Benoit Ostertag today is leaving the Board. Thank you, Mr. Ostertag, for all the work that you have put in. Lastly, I would also like to express my gratitude to the directors representing the French state for the quality of their attention and their active and effective participation, as well as to the two representatives of Nissan. Particularly engaged, you know, will leave today. A particularly committed director will be leaving the board of directors today, as you all know, and that is Patrick Thomas, who, in order to accompany the evolution of the board of directors by limiting the number of its members, proposed that he should end his own mandate one year in advance. I would really like to thank him warmly for his work and for his valuable contribution to the board, and of which he has been one of the pillars in the last few years. I am also very happy. I'm also very pleased indeed to welcome Bernard Delpit, Frédéric Mazzella, and Noël Desgrippes to the board. Bernard Delpit has a long experience of financial issues, both in the public sphere and in large listed groups, and he has held operational responsibilities in the automotive industry as well, as you heard. Frédéric Mazzella is a leading innovative entrepreneur and the founder of one of the most emblematic companies in the world of new mobility. I do believe that their experience and their high profiles will be invaluable assets to support the implementation of the Renault Group's new strategic plan. As for Noël Desgrippes, his knowledge of the company and his commitment within employee representative bodies will be valuable assets for the board of directors, which, as you know, is always keen to listen with special attention to the voice of employees. I would now like to mention a key issue for our Group, which is the operational functioning of the alliance. Our first objective, as you know, was to reestablish trust within the alliance, and I can assure you that this has now been achieved and established. Between France and Japan, also within each region, joint work at the operational level between the teams of Renault, Nissan, and Mitsubishi is constantly ongoing, with processes and tools that now everyone is used to using. At management level, we also meet by video, obviously, alas, at least twice a month, often more. This tempo allows us to move forward very quickly and in a coordinated manner. Any and all subjects, without any taboos whatsoever, are regularly discussed during the operational committee meetings of the alliance that I have the honor to chair, the various members of the alliance are delighted with this impetus. The leader-follower principle introduced last year serves as a guideline to all of us for deepening cooperation, all opportunities are carefully examined. Since 27th May 2020, when you may remember that we announced the new impetus given to the Alliance, we have gone a step further, the Renaulution plan, announced mid-January by Luca de Meo, has once again demonstrated the importance of the Alliance within the group's operational activities, as well as for grasping opportunities. Let me recall for the record that the Alliance is present in the world's four largest markets. It covers all vehicle segments, from mini cars to commercial vehicles, not forgetting sports cars. The turnover covered by the Alliance's joint purchases is already over EUR 100 billion. These simple facts show both the strength and the potential of the Alliance for the Renault Group and its partners. Today, in order to build the future, we are working, we have to work actually, on both continuity and acceleration. We are working on continuity with the continued pooling of our platforms, which allows us to confirm the objective of 80% of vehicles built on three common platforms by 2025. We still have continuity when, for example, the management of a portfolio of Nissan assets by RCI is renewed, or when we continue our work sharing technologies. For example, the Nissan Juke uses Renault's E-Tech technology, and conversely, we use Nissan technologies on our autonomous drive vehicles. We are accelerating when, for example, at a very operational level, we expand the number of parts and components that are subject to joint strategic reviews between alliance engineering and alliance purchasing to increase standardization and commonality. More visibly, we are clearly accelerating when we give Mitsubishi the opportunity to maintain a profitable presence in Europe. When we decide to produce Mitsubishi vehicles in our factories, as we do with Nissan, for whom Renault produces LCVs in Maubeuge, as you all know. For the key technologies of the future, here, too, we are accelerating. If I consider, for example, the immense amount of work carried out on the standardization of our battery cells, as well as on the electronic architecture of our vehicles. Our renewed approach to the alliance is based on collaboration and openness. It is based on the joint and systematic study of opportunities with mutual respect for cultures and skills. The clear and shared intention is to boost the performance of each company, enabling each to capitalize on its own strengths, to avoid duplication of resources, and to improve our efficiency. Now calmed, strengthened, and reinvigorated is a tremendous partners. We are now going to take your questions, because this year, once again, unfortunately, we could not have you here with us. As we told you in the introduction, you have had the possibility since the 19th of April. You can continue to do that live during the AGM. I would remind you that these questions do not have the legal status of "written questions" under the provisions of the French Commercial Code. The answers to those written questions have been posted on the page dedicated to our general meeting on our website. Many of you have sent us questions as part of the open shareholder dialogue that we decided to set up with you. We are still receiving a number of questions at this very moment. We can't answer all questions individually, but we will try to deal with the main themes concerned by your questions, and we'll try and take the most representative ones. Quitterie de Pelleport will read out the questions. In a new feature this year, you also had the opportunity to send us in your questions by video message. I suggest therefore, that we begin this Q&A session with a question we received on video from a member of the Shareholders' Consultative Committee. "Mr. Chairman and dear shareholders and employees, my name is Loïc Duval. I'm a member of the Shareholders' Consultative Committee. Renaulution is about the tool of Renault, and to achieve profitability in electric vehicles. What exactly does this mean in terms of integration for the value chain? Also what will be the distinction made by brand? I also wanted to congratulate you as well as the teams of Renault for the management of the company in these very difficult economic conditions and this very difficult health crisis. Thank you very much. Thank you for this question. I'm going to give the floor to Luca, who will be able to answer it. Well, this is a really important question, and it requires a very structured answer. I'm going to try and so that I can leave space for other questions. It's quite clear that Renault is a leading company now in electric vehicles. We have a lot of experience in that. I think that even we have an advantage, an edge as well in terms of technology and costs over our competitors. Most probably over the next few weeks, we are going to be unveiling a strategy that will make it possible for us to clearly show a closer control of the value chain than we had so far in terms of partnerships, in terms of the full control of all of the bricks that will ensure that Renault keeps its leadership. I think that with the production of batteries, with the possibility of getting batteries, because that's going to really be the challenge over the next few years. Choosing the right chemical formula, having the right synergies with the alliance, all of this will really position us well. For the different brands, we have quite an idea because Renault has to become a clearly electric-oriented in Europe. I think we are going to be aiming at the highest electric inclusion compared to other brands, and we are organizing ourselves to do that. You can see the products here behind us as well. I think for Dacia, the philosophy is going to be linked to how far we can offer cars that are affordable. Obviously, electric cars are always more expensive than ICE engine cars. Everyone knows that. We've shown that with Spring, we were able to actually bring in a solution that is a typically Dacia solution for Spring. For Alpine, the choice is very clear. I think for many people, it may not be very clear because we haven't maybe discussed this as much as we should have. In the future, we are really going to push Alpine towards a pure electric brand. Alpine will make it possible for us to experiment with new batteries, with higher technologies and all that, because that's the way that brand is positioned. Of course, I can't forget Mobilize. Mobilize quite clearly is also going to start looking at the development of appropriate vehicles for new mobilities. It's quite obvious that we're talking about urban mobilities, obviously zero emissions, right? That's obviously going to be electric vehicles, because that's the best solution. The next question comes from Mr. Michel Le Vey. "With the development of electric vehicles, and indeed with hydrogen cell vehicles, what's the plan for the recycling of the mechanical plants and their staff? That is a fundamental question. In Luca's strategic presentation, we know exactly where we're going, towards indeed electric cars and hydrogen cells. I mean, they're both electric. In any case here, we're looking at fundamental issues, and we are very much committed to keeping our people. When it comes to converting our plants and indeed, upskilling our employees, this is fundamental if you want to keep abreast of new technologies. Maybe Luca can tell us more about the training of our people in particular. Yes, says Luca de Meo. Experts believe that this is a transition towards electric cars. In the whole supply chain, value chain, we're looking at 50,000 jobs on the line. There's a major challenge there. Of course, Renault as a leading automaker is very much concerned because we are looking here at thousands of people who must be taken, as it were, across the river. We have given it some thought, and some novel ideas have been implemented. In particular, we've turned around the Flins plant. Initially, this was just an assembly line, and now we're turning this into a center of excellence for the circular economy and the recycling of parts and cars. At Cléon, well, you maybe know that we are working on that too. In the northern part of the country, where manufacturing was slowing down, now we are turning this into a major plant for electric cars. That's for the plants, but for our people, we're training our people, of course. We are upskilling them. It's not just, by the way, a matter of CSR. This is a strategic issue for the company. It's in the company's own interest to make sure that these people are properly trained. We're looking at 10,000 people by 2025 who will be trained to new skills and new jobs, really. This is a challenge we want to take up. Of course, we have a responsibility for our employees, but the future of the company is at stake. This is a challenge we take very seriously indeed. The energy transition comes at a cost, but it does provide new opportunities as well. France, as one of the leading economies of the world should take it upon itself to drive the whole industry up the value chain. As Renault accounts for 30% of this industry, and indeed 30% of our people work in France, and of course, it is for us to drive that transition. Thank you so much, Luca. We now have a question from Jacques Léger from the Shareholders' Consultative Committee. Good afternoon. The emergence of electric cars will mean a new deal in terms of competitive advantage. ICE engines will be phased out. That used to be one of our competitive advantages. Renault has announced the E-Tech technology. Can you tell us just what is meant by E-Tech and in terms of competitive advantages vis-à-vis traditional or hybrid solutions or indeed PHEV or indeed full EV vehicles? Can you give us details on that? Thank you. You're referring to these very exciting technologies. Indeed, Renault is very proud of having developed these technologies. There's technological expertise. Maybe Luca can give us details. Look, let me try and make it as simple as possible. E-Tech is one of the nuggets that I discovered when I joined Renault. I found that there were seven years of research by Renault engineers that have enabled the company to produce a tool that is fully suited to the energy transition. It will help us bridge that gap. Of course, that has been seen in the media. Renault's solution is best adapted to new driving solutions, especially in Europe. The great advantage of E-Tech is that you're doing away with the traditional gearbox. With that part out of the way, now we have a simpler-looking model. It does mean that not only can we improve performance, but very quickly indeed, we can have highly competitive manufacturing costs because there are fewer critical parts. The good news there is that if a hybrid accounts for 30% or 40% of the mix by 2030 in Europe, well, that will mean that we have our solution at hand, and E-TECH is the standard hybrid and rechargeable hybrid. With one, as it were, technical step, we cover both markets because what does make the difference is the size of the battery. It's a smart concept in technological terms. Gilles Le Borgne can tell us more. That, in a nutshell, is what it's all about. I would like to point out that Renault's advantage there is that with E-TECH, we can, of course, meet the expectations of the hybrid market, but there's the great expectations in pure electric, and with the alliance, we can achieve economies of scale, and we can scale up indeed our developments on the full EV. We're not just focusing on just one solution. We can adapt our powertrain mix to different technological developments on different markets expectations, and that's a great competitive advantage. If I may add, as a user of the plug-in hybrid Captur, I can tell you this is really comfortable to drive, especially on the road. This is one minute of advertising for our own products. We have a question from Mr. Utkar, who said, "We seem to be lacking behind the competition. Could we lag behind again in 2021, or can we catch up, especially with SUVs, especially through our partnership with Nissan? Well, look, says Mr. Luca de Meo, "We are working hard on improving quality, and especially in the sales department, we've decided to turn the system around towards value rather than high volumes that were, in fact, diluted in terms of profitability." Of course, in the short run, there's a price to pay for that. That's money well spent in a way because, eventually, we'll be arriving at new pricing and better residual values and making our brands more attractive overall. That is our gamble, as it were. On the one hand, you have the pandemic, you have the components, you have fires left, right, and center. Of course, there is a combination of events. The share of sales to individuals, to private vehicles, which is the most profitable share, is gaining ground. We gained as many as 9% points. This is very encouraging indeed. Together, we decided that we would address our sales policy based on the concept that we should have enough of a portfolio to be able to meet changing demands. The overall inventory levels, we want to bring them down by 25%. That again will pay off in the medium term. This decision was made, and it is being implemented as part of a Renaulution. The next question comes from Mrs. Micheline Kaufmann from the Shareholders' Consultative Committee. Good afternoon, monsieur. Good afternoon. I have a question about the competitiveness of the Renault brand. The concept of differentiating the Dacia and Alpine brands, well, is a very promising development, although we don't have the details. For the Renault brand per se, what is the main competitive advantages of EV competition? Thank you. Well, another beautiful question, isn't it? It is a very relevant question indeed. Renault is a mainstream volume brand, as it were. It doesn't fall into a small niche such as Alpine, which looks at a very specific clientele. Because we are general-purpose, mainstream brand, we have to have something for everyone. That makes it difficult to have a very clearly delineated profile. However, one thing we've said is that Renault, across the board, should be state-of-the-art in terms of electrification and hybridization. The car that you have next to me is, of course, an iconic car, especially in Europe. Although you have a fine image out there. What's behind the scene there is that we are putting on the line an electric car that is not just attractive but affordable. In the R5 Renaissance project, there's a whole organization behind this, of course. There's a battery plant, and Gilles Le Borgne's people are making it all happen. The idea is to come up with an electric car affordable at the same price as an ICE engine car. That is our challenge. We want to make it happen, and it is, of course, inter alia, a technological challenge. That's one thing. There's another point I'd like to make. Renault cars should be smart cars, should be cars that keep improving. The whole business of connectivity, data, artificial intelligence, this will be part of the solution. This is what will differentiate Renault. Of course, we have to work on quality. We have to work on design. Improvements will happen across the board. On these two dimensions, we will be building a position to the future, that is. At the same time, very consistent with Renault's history and tradition. Renault has always been, as I said, a mainstream brand, but with a human face, a human dimension. What we're trying to do here is to turn these cars into something almost human, but technology makes it possible. Thank you, Luca, for this answer. Quitterie, what's the next question? Yes, we have a video question from Alain Fabre. Since the departure of Carlos Ghosn, we get the impression that Renault, in spite of its 43% stake in Nissan, has lost control of Nissan with the Japanese management, who has no concern for their majority shareholder. How much control do you have over Nissan, and can you tell us about Nissan's performance? I'll take this question maybe because there are things that you've just said that I cannot accept. Renault's connection with Nissan has been stable for many years, and in terms of shareholding, the relationship is stable. What I can tell you is that Nissan has remained a partner in spite of the challenges of this year of pandemic. We couldn't travel across, and yet our relationships have gone even more intense. I can tell you, we spend hours at board meetings. Indeed, we sit on Nissan committees. I can tell you, we spend many hours in the Alliance's governing bodies. We meet more than two or three times a month, and these are very lengthy sessions. I don't know what gives you the idea that we're losing control. In fact, the question doesn't make sense. It's not a matter of one controlling the other. This is a partnership, and it is a very strong partnership indeed. Our Nissan partners listening to me right now will certainly confirm this because I can confirm this. We have sound relations showing even more potential. The alliance is there, and it's working, and the bonds are strong. I give you a few examples. In the years to come, our cooperation will bear even more fruit. Let it be clear that this alliance is incontrovertible. As to Nissan's performance, it is not for me to say. In fact, the numbers will be published shortly. As you know, the fiscal year for Nissan is three months behind our own year. It is not for me to divulge anything. Of course, Nissan faced the self-same challenges that Renault faced, and of course, the same causes led to the same effects. Nissan's bounce back, rebound strategy is underway, and we've been working with Nissan's board and Nissan's teams, and I can assure you that, well, our converging paths are mutually reinforcing and the complementarity is clear every day. Thank you. We have a question from Antoine Riffaud. The Renaulution plan assumes that vehicles will be repriced, but does this mean that quality will improve as well? "Well, look," says Luca de Meo, "of course, this gives me an opportunity to clarify a point that was made on 14 January because that announcement may have been misconstrued by the media. Let me be clear about this. Yes, we decided to reprice our vehicles, at least on certain markets, and indeed, 6 percentage points shows that there was potential, and we were able to gain this in a matter of months, so that is short-term. Renaulution is proposing to build an offer that, well, not Renault, but Dacia and Alpine. Overall, we are pulling the whole lineup up, as it were. Instead of having 70% in the A or B segment, that is small cars, we're moving to a situation where in 2025, we're looking at maybe 50% of the cars will be in the C segment, whereas now, unfortunately, the C segment only accounts for a small portion of our lineup, maybe 15%. Now, the average price paid for a Renault car will be higher, but we're not talking about the same cars. We're looking at different cars. Of course, when you move up the line, looking at the next generation of SUVs, for instance, well, of course, there will be even more stringent quality requirements, and of course, we're working on that. Together with Philippe Gabillet, and I believe he is in the audience, isn't he? He's in charge of quality. This is a challenge, a constant challenge for us. Quality is a challenge not just for engineering, but also for procurement and indeed for manufacturing. The trends are looking good based on the indicators, the feedback we're getting. We decided to focus on two areas where we really want to reach excellence, reliability and sustainability. We are working hard to make sure that we achieve, establish top-level positions on the market on these two fronts. Indeed, the prototype that Philippe and his teams have built, this Zoe, that can have a range of 1 million km. That can go for 1 million km. How can you achieve this? Well, that, of course, is quite a challenge from mobility pressure, because we're not selling cars, we're selling miles, and of course, you want that one car to be able to drive the longest possible stretch. That's the challenge. If we do look at the figures, and that is true for the entire automotive industry, the quality items are more to do with software. That is, of course, where we need to organize because hardware quality is not the same thing as software quality. Indeed, right now, we are getting the right people. We are getting the right structure to get, well, the top of the range. Believe you me, I've been through these challenges before, and everybody's facing these challenges. No solution is simple. It's always complex. You have maybe 50 calculators in the average car. Just to give you, in an average car today, there are more lines of code than you had in a 747 Boeing aircraft. You're looking at major technological developments, and that makes them very complex in terms of software. The value will be right there, and that's where we're working. That's something we have to address every day with Philippe and his people. Mr. Eric Guillaume sends the next question: "Hello. Given the allocation plans that were recently done in Spain, as well as recruitment that is going to be done, and given restructuring in France and the departure plans, what is the future of Renault in France? Is industry still profitable? Well, Luca did talk about this during his presentation. Let's be clear. We consider that Renault has a considerable future in France, and that Renault will very quickly be seen as a huge leader in the automotive industry in our country. All of these orientations we've decided to take with the new plants, that we are going to load up with work in France. All of this is going to come through quite quickly. Maybe, Luca, you can talk about it. Luca de Meo. Well, certainly, we are not going to keep this a secret. We did look at what the impact of the Renaulution plan could be if it is properly executed with all of its elements and with the right timing. The Renaulution plan would represent for France an extra GDP of EUR 8 billion. This is not the detail, far from it. It's quite clear that the idea is that to push the French part of the highest part of the value chain, so that is hybrid cars and connected cars with lots of software, things like that. There are projects that we haven't had in the system for a very long time, like the project for Flins or where, for example, our ambition is to actually create, in the medium term, more turnover and more jobs than we actually have today where we are assembling cars there. The north cluster 1, which is going to make a battery plant, an electric car plant, et cetera. I really think that the challenge is going to be to convince everyone that the industrial plan for Renault in France needs to be a modern plan. France is part of the first world. We can't just continue to assemble cars or just talk about the company in terms of the numbers of cars we produce. Why don't we talk about the value that we can create, the quality of the jobs that we are creating on French territory? That's what we want to do. We want to put France back at the heart of our strategy, and that's what we've done with Renaulution, to ensure that Renault is part of the conversation once again, but that Renault should push modernity and should play its role in order to drive this modernity in the French state. Sometimes, of course, it can hurt. It can mean certain changes that may not be easy or may not be easily acceptable in certain places. In 10 years' time, if everything works as it should, everybody will thank us. That really is our objective. Beyond that, of course, we have to look after all the other countries because there's Spain, Turkey, Morocco, Brazil, India. We've got responsibilities in all these countries as well, so we've got to do the job. Very clearly, France now is a priority for us in the sense that we are going to revolutionize the whole system. I think this certainly confirms what we've just said. When I talked about the leadership of France, we have Flins in mind. A couple of years ago, a lot of people told me that Flins didn't have much of a future. It was probably going to be closed down. I must admit that I was really sad when I heard that. Today, we can confirm that Flins is probably going to become an example and an exceptional industrial plant and a leader. We're already very, very proud of it. Look at the change that's already happened, given what people thought a few years ago. Well," says Luca de Meo, "Jean-Dominique, there's another point, which is that the validity of this plan is also recognized by other companies. They've come forward to join hands with us, and that shows that there's potential. We're not the only ones. [Foreign Language] I talked about Veolia, Solvay, and I hope that all of this will help to reassure Renault shareholders on our role and the role we are playing on our national territory. The next question is a video question from Mr. Alain Fabre. On the 14th of January, you announced an objective for an operating margin of 3% for 2023. This was considered as being extremely disappointing by the financial community. Could you maybe tell us now, three and a half months afterwards, can you raise this objective, raise the target, and give this operating margin a little more optimistic trend, maybe? Yes, Luca. Luca is looking at Clotilde Delbos and saying, "I'm going to give you the floor because I can tell you want to answer this question." Says Luca de Meo, "In Renault, the tradition was to promise things that were very ambitious and not to achieve those objectives. When we built this plan, Clotilde and I, we decided that we had to aim at something that we could absolutely guarantee to the market, to our shareholders, to everyone. We've always considered that that 3% was a floor. It's not the ceiling. No way. This is the minimum threshold. Obviously, as soon as you set this kind of target, you're thinking about how to beat it. It's true that over the last three months, we haven't really got very many elements that have pushed us to be more optimistic. A plan is a plan. You can't change it every three months. That's the whole point of this plan. You have to look at the years to come, and every single day you try and add a little brick to the wall of this very robust house that you hope you're building. Clotilde. I would like to add something. It's only been three months. Three months is really not much at all. What we can say is that the elements that we presented for this Renaulution Plan, especially for Renovation, is really moving forward well. We've already said this publicly, for pricing, for cutting costs, all of this, we are doing well. External factors mean that we have to remain. We can't be too optimistic right now. We certainly hope to beat this. We hope to go largely beyond it, but we can't tell you that yet because we are still very much in part of Renovation. I think that was clear. Do we have any other questions? Michel Jarry is asking, "Why have you given up on the Scénic? [Foreign Language] Luca, I think you can answer that. Luca de Meo says, "I think that that's an exceptional car, frankly. Unfortunately, the way the project was built was that we were not going to make any money on it. That market segment is being reduced every year, whereas SUVs keep carrying on increasing, and we're not very competitive in SUVs. That is why, with Laurens, with Gilles, with the whole team, we are preparing a whole range that is focused on crossovers and SUVs, electrified or electric, et cetera. That's what the market's looking for, SUVs and crossovers. MPVs or monospaces are not really the trend anymore. At the same time, if you love the name Scenic, there's no reason why we have to give up the name Scenic. The concept of an MPV is just not booming like it was 10 years ago when Renault actually invented that market segment. I was working for Renault when we brought out the first Scenic. It was fantastic. It was really surprising. Even the best things come to an end. There are cycles, and we've come to the end of that cycle. We have to move on to other things. The next question was asked by Mr. Bernard Lebihan. Experts estimate that onboard intelligence will represent 60% of the value of a vehicle by 2030, although only 20% now. This means a lot of investment in software platforms beyond the investment that's necessary for a material platform. Have you planned at the level of the alliance to communalize this new software platform, which will maybe become a sort of operating system for future vehicles? Mr. Luca de Meo? Yes. My answer is yes. We talk about software, and it's true that 50% is something that does ring bells for us. We also believe that in a few years' time, a large part of the value of our vehicles is going to be in their software. We are preparing for that, very much so. You have to keep in mind that in this whole discussion and the setting up of the leader-follower system, Renault has the leadership on electronic architecture. We are very much involved and committed in the development of the new electronic architecture. We are also setting up an organization that is well-adapted to this challenge from a technical point of view. It's based on the kind of things we do for hardware traditionally and the whole of the development of software for cars with our partners. Then another decision was taken in the middle, which was to create software factory, where the whole of the IT and technical part were actually set up together. We have some very talented people in the system. We talked about our friends, our colleagues who are working in Toulouse, for example. That's the ex-team of Intel that has been integrated into Renault's organization. We've got people who are really up there with the best in these fields. I think that we're doing pretty well, actually. I think that there's still a lot of work to be done on the software part. That's what I was saying earlier. We want to be as good at this as we want to be on the electrical part, the electric vehicle part. Gilles, would you like to add something, maybe, please? Someone will find you a mic. Gilles Le Borgne, who is our Director, EVP Engineering. Well, says Gilles Le Borgne, "Actually, you've said it all." Clearly, it's very important for the future. Today, we've got about 1,000 engineers who are working within the software factory, and we are continuing to develop this. We are indeed moving towards systems which will have a sort of single foundation software system, which is actually going to act like an OS, like the OS in the cars. You're right. Okay, we can take one last question. Okay. Because I can see that time is getting away from us. The last question comes from Luis Torrado. How long is it going to take us to see a hydrogen-powered car in the Renault lineup as a passenger car? Well, it's going to take some time because we are starting with LCVs. Luca, do you know? Well, I think you're right. We are concentrating on commercial vehicles. Let me explain why, for hydrogen. This makes it possible also for me to talk a little bit about this joint venture that we set up, which is called Plug Power. I think everyone should know about this. This is a technology that comes from the U.S. for the battery, the fuel cell. We want to integrate this fuel cell into our cars, and we are doing that part of the work ourselves. In the future, we also want to set up a plant that will produce this kind of battery. The potential deal with Plug Power also means infrastructure and getting decarbonized hydrogen, which you can do in France with competitive prices. It's possible in France. Therefore, this is something that will help us position ourselves as leaders in this field. We must also keep in mind that we've had hydrogen vehicles, hydrogen-powered LCVs on the road since 2005. Why have we done this? We are pioneers in this field. We did this because there is no alternative to diesel for commercial vehicles. Whereas for electric cars, for other cars, you've got electric cars. The amount of range you need for small and medium-sized cars, you can use an electric vehicle, it's not a problem. If you're on the road for 600 or 700 km, then you'll need a lot of batteries, and those batteries are going to be extremely heavy and also very expensive. The idea of having a range extender, to have an engine with a small battery and having another engine with hydrogen, will mean that we won't need to use too many batteries. For this kind of usage, 600, 700 km of range, it will be feasible. At the beginning, of course, it's going to be expensive. Very quickly, I do believe that we should be able to drive the price down to a competitive price. At least I hope so. I think that hydrogen vehicles, cars, hydrogen cars in Renault is probably going to come after 2030. Don't ask me whether it's going to be 2031 or 2034. I don't really know exactly. We ourselves don't know. We haven't really defined our way forward from then onwards. I think that that might be the horizon we were talking about. If we can begin by getting 30% of the market of LCVs with hydrogen-powered LCVs in Europe, we would have done something that's pretty coherent with our positioning in this field. Okay, that's what we can say in terms of dates. I think we must realize how lucky we are to live in France because we have public authorities who really believe in alternative sources of energy. Also, it's because we, in France, have electricity that is manufactured from decarbonized sources because we use nuclear energy, and it gives us sovereignty, but also it gives us a great idea of how to move forward and keep our leadership. There you are. I think, ladies and gentlemen, we've really gone through your questions. The Q&A session is now over, and we're going to announce the results of the votes on resolutions. Now I'm going to give the floor to Quitterie de Pelleport. [Foreign Language] Thank you, sir. Ladies and gentlemen, the AGM was asked to vote on 22 resolutions, 21 ordinary and one extraordinary. Let me remind you that in accordance with the exceptional measures provided for by the ordinance of March 25, 2020, and the decree of April 10, 2020, as modified and indeed extended in particular by the ordinance of December 2nd, 2020, and indeed, the decree of March 9th, 2021. As a result, the votes were closed at 3:00 P.M. yesterday. Before presenting to you for each of the resolution, the results of the shareholders' votes, I should also remind you that in accordance with the governance agreement concluded on February 4th, 2016, between the State shareholders and Renault, the votes of the French State are subject to a ceiling according to the level of the quorum. This year, the state votes were capped at 17.9% of the voting rights for all resolutions, with the exception of the third and seventh resolution. Consequently, beyond this sitting threshold, the voting rights of the French government were exercised in a neutral manner. That is to say, 50% for and 50% against for ordinary resolutions and 63.3% for and 33.3% against for the extraordinary resolution. I will now turn to the result of the vote. First resolution. The purpose of the first resolution is to approve the annual accounts for fiscal year 2020, showing a net loss of EUR 138,815,198.80. I remind you that these are the results of Renault SA, not the consolidated results of Renault Group. The resolution got 91.79% of favorable votes. It is adopted. The purpose of the second resolution is to approve the consolidated accounts for fiscal year 2020, showing a net loss of EUR 8,045,714,699.06. The resolution received 90.83% of favorable votes. It is therefore adopted. The third resolution relates to the allocation of the income for the year 2020. It was existed to allocate the loss for the year into the retained or carried over item. The resolution received 99.82% of favorable votes. It is therefore adopted. The fourth resolution suggests that you should take note of the statutory auditor's report on the elements used to determine the amount of remuneration for redeemable shares. The resolution received 99.94% of favorable votes. It is therefore adopted. The fifth resolution proposes to approve the report of the statutory auditors on related party agreements and commitments referred to in Articles 1, 21, 38 of the French Commercial Code that no related party agreement was concluded in 2020. The resolution received 89.63% of favorable votes. It is therefore adopted. The sixth resolution is the renewal on a proposal from Nissan of the term of office of Mrs. Yu Serizawa for a period of four years. The resolution received 98.94% of favorable votes, 91% of favorable votes. It is therefore adopted. Seventh resolution is considered the renewal on a proposal from the French government of the mandate of Mr. Thomas Courbe for a four-year period. The resolution received 98.04% of favorable votes. It is therefore adopted. The eighth resolution concerns the renewal of the mandate of Mrs. Miriem Bensalah-Chaqroun as director for a period of four years. The resolution received 67.27% of favorable votes. It is therefore adopted. The ninth resolution concerns the renewal of the term of office of Mrs. Marie-Annick Darmaillac for a period of four years. The resolution received 91.04% of votes in favor. It is therefore adopted. 10th resolution proposes that you appoint Mr. Bernard Delpit as a director for a period of four years. The resolution received 90.47% of favorable votes. It is therefore adopted. The 11th resolution proposes that you appoint Mr. Frédéric Mazzella as director for a period of four years. The resolution received 90.66% of votes in favor. It is therefore adopted. The purpose of the 12th resolution is to appoint Mr. Noël Desgrippes as director representing employee shareholders for a period of four years. The resolution received 90.42% of favorable votes. It is therefore adopted. [Foreign Language] The 13th resolution submits for your approval the information relating to the compensation for the year 2020 of the corporate officers. [Foreign Language] The resolution received 90.39% of favorable votes. It is therefore adopted. The 14th resolution submits for your approval the elements of compensation paid during or awarded for the year 2020 to Mr. Jean-Dominique Senard as chairman of the board of directors. The resolution received 91.50% of favorable votes. It is therefore adopted. [Foreign Language] The 15th resolution submits for your approval the elements of compensation paid during or awarded for fiscal year 2020 to Mr. Luca de Meo as Chief Executive Officer. The resolution received 89.98% of favorable votes. It is therefore adopted. The 16th resolution submits for your approval the elements of compensation paid during or granted for the year 2020 to Mrs. Clotilde Delbos as interim CEO. The resolution received 94.04% of favorable votes. It is therefore adopted. The purpose of the 17th resolution is to approve the compensation policy for the Chairman of the Board of Directors for the year 2021. The resolution received 91.62% of favorable votes. It is therefore adopted. The purpose of the 18th resolution is to approve the compensation policy for the Chief Executive Officer for the year 2021. The resolution received 89.01% of favorable votes. It is therefore adopted. The 19th resolution proposes that you approve the compensation policy for directors for the year 2021. The resolution received 91.69% of favorable votes. It is therefore adopted. The purpose of the 20th resolution is to authorize the board of directors to trade in the company's shares for a maximum period of 18 months and within the limit of 10% of the share capital. This is the authorization that allows the company to implement its own annual share buyback program. The resolution received 90.33% of favorable votes. It is therefore adopted. The 21st resolution, which is an extraordinary resolution, aims to authorize the board of directors to reduce the company's capital by canceling treasury shares for a maximum period of 18 months and within the limit of 10% of the capital. The resolution is linked to the previous one on the share buyback program. The resolution received 91.17% of favorable votes. It is therefore adopted. The 22nd resolution aims to give the necessary powers to complete the legal formalities following this meeting. The resolution received 91.96% of votes in favor. It is therefore adopted. All the resolutions on the agenda of the general meeting were therefore voted in favor. The detailed results of the votes will be posted on company's website, and I'll give the floor back to the chairman of the board to close this AGM. Well, thank you, Quitterie. Ladies and gentlemen, dear shareholders, I believe that the AGM has come to an end. I would like to congratulate all the directors whose terms were renewed, and I should also like to congratulate the newcomers who are joining the board today. A big thank you to all of you, and needless to say, I look forward to seeing you again next year for the next AGM. Well, that's a long time from now, but we'll see. In any case, thank you to all. Goodbye.