2019 Integrated Report

Governance

Shareholders and investors

Stable and loyal ownership

Key shareholder data

BNP Paribas’ ownership structure at 31 December 2019 (% of voting rights)

EUROPEAN INSTITUTIONAL INVESTORS 45.9%
NON-EUROPEAN INSTITUTIONAL INVESTORS 31.1%
SFPI^*7.7%
BLACKROCK INC. 5.0%
EMPLOYEES 4.2%
RETAIL SHAREHOLDERS 3.5%
OTHER AND UNIDENTIFIED 1.6%
GRAND DUCHY OF LUXEMBOURG 1.0%

* Société Fédérale de Participations et d’Investissements: a public limited company (“société anonyme”) acting on behalf of the Belgian State.

Key shareholder data

IN EUROS	2015	2016	2017	2018	2019
Earnings per share⁽¹⁾	Earnings per share ⁽¹⁾ 2015 5.14	Earnings per share ⁽¹⁾ 2016 6.00	Earnings per share ⁽¹⁾ 2017 6.05	Earnings per share ⁽¹⁾ 2018 5.73	Earnings per share ⁽¹⁾ 2019 6.21
Net book value per share⁽²⁾	Net book value per share ⁽²⁾ 2015 70,.5	Net book value per share ⁽²⁾ 2016 73.90	Net book value per share ⁽²⁾ 2017 75.1	Net book value per share ⁽²⁾ 2018 74.7 ^(*)	Net book value per share ⁽²⁾ 2019 79.0
Net dividend per share	Net dividend per share 2015 2.31	Net dividend per share 2016 2.70	Net dividend per share 2017 3.02	Net dividend per share 2018 3.02	Net dividend per share 2019 n.a.^()**
Pay-out ratio (%)⁽³⁾	Pay-out ratio (%) ⁽³⁾ 2015 45.0	Pay-out ratio (%) ⁽³⁾ 2016 45.0	Pay-out ratio (%) ⁽³⁾ 2017 50.0	Pay-out ratio (%) ⁽³⁾ 2018 52.72	Pay-out ratio (%) ⁽³⁾ 2019 n.a.^()**
SHARE PRICE
High (⁽⁴⁾	High ( ⁽⁴⁾ 2015 60.68	High ( ⁽⁴⁾ 2016 62.00	High ( ⁽⁴⁾ 2017 68.89	High ( ⁽⁴⁾ 2018 68.66	High ( ⁽⁴⁾ 2019 53.81
Low⁽⁴⁾	Low ⁽⁴⁾ 2015 44.94	Low ⁽⁴⁾ 2016 35.27	Low ⁽⁴⁾ 2017 54.68	Low ⁽⁴⁾ 2018 38.18	Low ⁽⁴⁾ 2019 38,14
Year-end	Year-end 2015 52.23	Year-end 2016 60.55	Year-end 2017 62.25	Year-end 2018 39.475	Year-end 2019 52.83
CAC 40 index on 31 December	CAC 40 index on 31 December 2015 4,637.06	CAC 40 index on 31 December 2016 4,862.31	CAC 40 index on 31 December 2017 5,312.56	CAC 40 index on 31 December 2018 4,730.69	CAC 40 index on 31 December 2019 5,978.06

(1) Based on the average number of shares outstanding during the fiscal year

(2) Before dividends. Revaluated net book value per share based on the number of shares outstanding at year-end.

(3) Dividend distribution recommended at the Annual General Meeting as a percentage of net income attributable to equity holders.

(4) Registered during trading.

(*) Impact on equity of first-time application of IFRS 9 at 1 January 2018: -€2.5 billion, or €2 per share.

(**) In an unprecedented context and taking into consideration the recommendations issued by the European Central Bank on 27 March 2020 with respect to dividend distributions during the Covid-19 pandemic, BNP Paribas’ Board of Directors met on 2 April 2020, with Jean Lemierre as the Chairman. Reviewing these recommendations and their impacts, the Board of Directors decided to propose to the General Meeting (held in closed session on 19 May 2020) to suspend the dividend payment initially planned for the financial year 2019 and to allocate the corresponding full amount to reserves. After 1 October 2020, the Board of Directors may, subject to the context, convene a General Meeting in order to proceed with a distribution of reserves to shareholders in place of the dividend.

BNP Paribas and its shareholders: cultivating a dialogue

BNP Paribas has chosen to provide all shareholders with regular information, in accordance with best market practices and the recommendations of stock market authorities.

DRAWING ON THE EXPERTISE OF THE SHAREHOLDER LIAISON COMMITTEE

Since 2000 BNP Paribas has had a Shareholder Liaison Committee to assist with communications with individual shareholders. It meets several times a year and is made up of ten shareholders chosen for their geographical and socio-professional representativeness, plus two current or former employees. Membership of the committee is for three years.

ANIMATING THE SHAREHOLDER COMMUNITY

In 1995 the Group created the Cercle des actionnaires de BNP Paribas for the 43,000 shareholders who possess at least 200 shares. Several times a year, its members receive the Shareholders’ Newsletter, as well as the publication La Vie du Cercle, which lists all of the cultural, artistic and sporting events in France to which they are invited by the Group. They also have access to training courses about the economy and the option to attend shareholder gatherings that focus on the company’s strategy and results and which are held three times a year. Lastly, they are invited to attend BNP Paribas’ Annual General Meeting, which includes a Q&A session with the Group’s management.