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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market fluctuations are linked to economic factors like inflation or global economic activity and trade. Using this method, Bureau Veritas estimates the size of the global TIC market to represent almost €300 billion. This estimate takes into account external factors such as investment volume per market and the production value of goods and services.

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

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

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

The scale of the Group’s network is a core asset, offering value and differentiation at different levels:

• ●on the sales front, it allows Bureau Veritas to cater to key accounts and secure major international contracts, which represent a growing portion of its business;
• ●operationally, the Group capitalizes on its scale to enhance profitability. Economies of scale arise from shared office spaces, support functions, IT resources, and the distribution of costs associated with innovating in new services and standardizing inspection procedures over a broader base.

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

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

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

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

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

• 1.Two major growth drivers:
  • •organic growth, averaging around 4% over the last ten years;
  • •strategic acquisitions.
• 2.A profitable growth model, with an adjusted operating margin of 16.0% in 2024. This demonstrates the Company's ability to effectively manage its operations and maintain profitability.
• 3.Steady available cash flow generation, averaging around €700 million over the past five years. This is due to the significant efforts deployed to monitor and optimize its cash flow and liquidity, especially when it comes to working capital requirements.
• 4.Rigorous capital allocation strategy:
  • •net debt remains considerably below banking ratio thresholds;
  • •the Group must have the liquidity to fund potential acquisitions and continue its commitment to pay dividends to its shareholders.

Bureau Veritas’ financial ambitions are presented in further detail in section 1.4.3.5 – Financial ambitions for 2028, of this Universal Registration Document.

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

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

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

The Group has diversified its services: first by providing loss adjustment and risk assessment for the offshore industry and later marine accident investigations, pre- and post-salvage advice and the refloating of vessels. In 2018, it created Bureau Veritas Solutions Marine & Offshore (BV Solutions M&O). In 2024, 42% of Bureau Veritas Marine & Offshore revenue was generated by the certification of ships under construction, while the remainder was generated by the surveillance of ships in service and complementary services.

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

To meet the needs of its clients, the Marine & Offshore network has more than 2,500 experts in 90 countries. In addition to 19 local design approval offices located near its clients, Bureau Veritas Marine & Offshore has a network of 180 control stations staffed with qualified surveyors in the world’s largest ports. This means that inspections can be conducted on demand, without delaying the activities of ships or their owners. This global network close to clients is essential in providing Bureau Veritas Marine & Offshore clients with an agile, high-quality service.

Maritime trade has been on the rise since the early 2000s, except in 2020 due to the Covid-19 pandemic. In 2024, orders for new ships and renewal of the worldwide fleet gathered pace, outpacing the trends observed since 1996. Demand is mainly for LNG carriers and container ships, as orders for bulk carriers and tankers decline.

At the beginning of 2024, global order books stood at a record 3.1 years.

Bureau Veritas is the world leader in terms of the number of classified ships and ranks number five worldwide in terms of tonnage with a slightly greater market share in 2024. The Group has expertise in all segments of maritime transport, spanning different types of vessel including bulk carriers, oil and chemical tankers, container ships, gas carriers, passenger ships, warships and tugs. It also has expertise in offshore facilities designed for the exploration and development of coastal and deep-water oil and gas fields (fixed and floating platforms, offshore support vessels, drill ships, subsea equipment). Bureau Veritas also holds the leading position in the market for highly technical ships such as liquefied natural gas (LNG)-fueled vessels, LNG or liquefied petroleum gas carriers, and other types of specialized vessels and equipment.

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

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

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

In millions of gross registered tonnage (GRT)

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

• ●Reduction in greenhouse gas (GHG) emissions: with the adoption of stricter regulations under the auspices of the International Maritime Organization (IMO) and the European Union, new and existing ships must improve their energy performance. Bureau Veritas can play a crucial role in certifying compliance with the new EEXI and CII standards.
• ●The EU's "Fit for 55" package: these measures set out a roadmap for achieving the European Union's goal of reducing GHG emissions in the EU by at least 55% by 2030 as part of the European Green Deal. Bureau Veritas offers audit, inspection and certification services to help maritime companies comply with new requirements applicable as from 2024 and 2025.
• ●The Ballast Water Management (BWM) Convention adopted under the aegis of the IMO: this entered into force in 2017 and has since given classification societies a greater role in certifying ballast water management systems.
• ●Ship recycling: the Hong Kong international convention and European regulations in this area offer opportunities for inspection and certification services related to the Inventory of Hazardous Materials (IHM) on board ships, which is necessary for ship recycling and which came into force at the end of 2018 for new ships and in January 2021 for existing vessels.
• ●Regulations applicable to ships for inland navigation transporting hazardous materials: Bureau Veritas is one of three classification societies recognized by the European Union.
• ●Cyber resilience: the IACS (International Association of Classification Societies) unified requirement concerning the on-board integration of computer-based systems came into force in 2016. It has since been rounded out by new rules for cyber resilience of on-board systems and equipment.
• ●A "safety case" system for the offshore industry: this development requires the expertise of an independent body which Bureau Veritas can provide.
• ●Monitoring, Reporting and Verification (MRV) and Data Collection System (DCS): the EU and IMO have introduced regulations on the monitoring, reporting and verification of carbon dioxide emissions and on the collection of ships' fuel consumption data. These rules aim to further drive decarbonization efforts in the maritime sector, with BV M&O responsible for verifying follow-up plans and data supplied by ship owners.
• ●The Polar Code and ban on heavy fuel oil: the "Polar Code", or "IMO Guidelines for Ships Operating in Polar Waters" came into effect in January 2017. The IMO's ban on the use of heavy fuel oil in the Arctic region has also been in place since January 1, 2024.

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

The maritime sector is undergoing a deep-seated transformation, driven by the energy transition and international regulations aimed at reducing greenhouse gas emissions. This development is driving increased demand for low-carbon vessels, powered by alternative fuels (LNG, methanol, LPG) and innovative technologies such as wind propulsion and carbon capture and storage (CCUS). At the end of 2024, over half of orders for new ships were based on dual-fuel systems.

The offshore market has also seen a significant rise in investments from oil companies for both fixed and floating wind farms.

As part of its LEAP | 28 strategy, Bureau Veritas is positioning itself as a leader in the energy transition for the shipping industry. The Group helps its clients to decarbonize their fleets by promoting low-carbon solutions and supporting the adoption of innovative technologies.

With over 2,500 experts, Bureau Veritas offers recognized expertise in the classification of low-carbon ships and the certification of maritime technologies. Thanks to cutting-edge digital solutions such as digital twins, it optimizes inspections and maintenance, while reducing carbon footprint.

Bureau Veritas services include:

• ●setting standards for new fuels and technologies;
• ●developing solutions to improve operational efficiency;
• ●tracking carbon emissions and certifying environmental performance;
• ●providing consulting services for sustainable construction and crew health and safety;
• ●developing onshore and offshore wind lifecycle solutions.

This approach underscores Bureau Veritas' role as a key partner in supporting the maritime sector's transition to a more sustainable model. The Group recently published two white papers aimed at guiding and raising awareness among industry players, the first on alternative fuels (“Alternative Fuels Outlook”) and the second on the decarbonization of the shipping industry (“Decarbonization Trajectories – Sharing Expertise: Realistic Approaches to Shipping’s Decarbonization”).

The digital revolution in the maritime industry is gathering momentum. Bureau Veritas Marine & Offshore is at the forefront of this revolution, optimizing the role of technology in classifying ships and offshore facilities. By leveraging new technologies, Bureau Veritas Marine & Offshore enhances its clients' experience of the classification process and helps them make safer, more efficient data-driven decisions. These technologies include digital twins, remote inspection tools such as drones, artificial intelligence, augmented reality and collaborative platforms such as Bureau Veritas MOVE.

Digital classification comprises four key services:

• ●3D classification, which is bringing the design review and monitoring process for the construction of new vessels and offshore facilities into the digital age using a shared single model. By using 3D models, all affected stakeholders – design offices, shipyards and Bureau Veritas – can work together more effectively. This real-time collaborative platform improves efficiency, enabling rapid adjustments and dynamic exchanges.
• ●Remote inspection techniques, which enable certain checks to be carried out remotely on ships in operation, without an inspector on board. This gives both the client and Bureau Veritas greater flexibility, and reduces costs and travel time. Other techniques, such as drones, allow access to certain high-risk areas, improving safety for inspectors and facilitating preparation for the client.
• ●Artificial intelligence and augmented reality, which provide real-time assistance to inspectors during the inspection: for example, tools can be used to help identify points for attention, emphasize inspection points, or to provide assistance in answering technical questions.
• ●Bureau Veritas is connected to its clients' systems. For example, its BV Machinery Maintenance platform connects clients' maintenance systems with its own system, optimizing planned maintenance survey plans. Eventually, the data gathered will enable Bureau Veritas to move towards optimized, predictive inspection programs based on specific risk analyses, thus saving time and money.

The introduction of smart functions on board ships plays a key role in ensuring safer and more efficient operations, key drivers in the transition to a low-carbon industry.

Classification societies play an important role in facilitating the transition to this smart shipping. They help industry players to implement new automation and connectivity tools and smart functions, and to manage processes based on reliable data.

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

Bureau Veritas Marine & Offshore is aware of the need for its clients to be able to access effective digital platforms to guide them through their digitalization and decarbonization strategies. This prompted the collaboration between Bureau Veritas and OrbitMI, a maritime software company developing functionalities driven by data collected on its integration platform.

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

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

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

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

The Group is a certified founding member of the International Association of Classification Societies (IACS), which brings together the 12 largest international classification societies. At European level, Bureau Veritas is a "recognized organization" under Regulation (EC) 391/2009 of the European Parliament and of the Council of April 23, 2009, setting common rules and standards for ship inspection and survey organizations. Bureau Veritas is also an accredited body under Directive 2014/90/EU of the European Parliament and of the Council of July 23, 2014 on marine equipment. Bureau Veritas currently holds more than 150 delegations of authority on behalf of national maritime authorities.

These accreditations, approvals and authorizations enable Bureau Veritas Marine & Offshore to provide classification and certification services of the highest quality to its clients in the shipping sector, and attest to the Group's expertise and reliability in this strategic business.

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

• ●Technological partnerships: the Group partners with manufacturers and start-ups to jointly develop innovative solutions. These partnerships can result in the implementation of cutting-edge technologies such as artificial intelligence (AI) and blockchain. The Group launched a joint project with Amazon Web Services and Anthropic in 2024 to explore the potential of generative AI and deploy it across the Group;
• ●Strategic alliances: agreements are signed with various companies focused on specific technologies and segments. In 2023, for example, Bureau Veritas entered into a partnership with a US maritime software company (OrtbiMI) to develop joint digital solutions and facilitate their market launch. The aim is to help shipping companies in their digital transformation and decarbonization efforts;
• ●Cybersecurity: involvement in the work of the European Cyber Security Organisation underlines the importance of this issue, in line with the European Commission's objectives;
• ●Collaborative projects: involvement in projects funded by institutions such as the Single Interministerial Fund and in European calls for projects underscores the Group's commitment to large-scale initiatives. Bureau Veritas has joined CLEANHYPRO, for example. This project:
  • •is a consortium of 28 partners from original equipment manufacturers (OEMs) and research and technology organizations;
  • •is co-funded by the European Union, and its primary mission is to spearhead innovation in electrolysis technologies and materials. Bureau Veritas’ remit is to develop a quality label for electrolyzer stacks, offering transparency on technology and guaranteed product quality, reliability and performance. Product quality covers reliability, the effects of aging, efficiency and durability criteria.
• ●Hydrogen and renewable energies: by joining the Hydrogen Council and actively participating in ISO and CEN standardization committees, the Group is demonstrating its intention to support and shape the future of clean energies;
• ●Digitalization: Bureau Veritas is aware of the need to transition to more digital offerings and is therefore stepping up efforts to develop new concepts such as future inspection/audit services;
• ●Continuous innovation: in light of fast-paced changes in the TIC market, the Group is constantly investing to adapt and meet emerging client needs. Bureau Veritas is resolutely forward-looking, harnessing a proactive approach to research and innovation to stay at the forefront of its industry. Initiatives include:
  • •development of artificial intelligence (AI) for new inspection techniques (shape recognition AI and 3D technologies) and for the use of technical rules and data (natural language-processing AI);
  • •revamp of production tools to form a collaborative digital platform open to clients, leveraging product lifecycle management solutions (partnership with ARAS Innovator);
  • •ongoing development of classification services to support the digitalization of maritime shipments through intelligent ratings, developed together with clients and digital solution suppliers.

The Group's IT department has four main responsibilities:

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

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

A Global Shared Service Center has also been set up in India to pool certain support processes. In 2024, operating expenses and running costs for the Group's information systems represented 4% of the Group's revenue.

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

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has approximately 84,000 employees located in more than 1,500 offices and laboratories across the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

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

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

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

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

Taxonomy-eligible activities are considered aligned if:

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

TIC Council, the professional association of compliance verification bodies, has published a guide on Taxonomy reporting for the TIC (testing, inspection, certification) sector. This guide specifies which services are Taxonomy-eligible.

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

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

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

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

The following rules were used for this statement:

• ●the 2024 report covers the proportion of turnover, capital expenditure (CapEx) and operating expenditure (OpEx) associated with eligible/not-eligible and aligned/non-aligned activities;
• ●activities that would be eligible under both climate change mitigation and climate change adaptation are reported only under climate change mitigation, to avoid any risk of being counted twice;
• ●eligibility: only level 1 activities are reported as eligible;
• ●alignment:
  • •SC (substantial contribution):
    • •SC criteria are met for the activities with which TIC services are associated;
    • •because of the difficulties involved in collecting SC data owing to the large number of clients concerned, only activities without SC criteria are considered aligned in this report;
  • •DNSH (do no significant harm):
    • •none of the reported activities do any significant harm to the other environmental objectives (Article 17 of the Taxonomy Regulation);
    • •the DNSH requirements for the activities with which TIC services are associated apply only when relevant, as recommended in the European Commission FAQ of December 19, 2022;
    • •the DNSH requirements listed in Annex A ("Generic criteria for DNSH to climate change mitigation") of the Delegated Act for Climate Change Mitigation apply;
  • •Minimum safeguards:
    • •the minimum safeguards fall into four categories;
      • •human rights
        • Bureau Veritas’ Human Rights Policy and the Duty of Care Report ensure that Bureau Veritas respects human rights in its operations, subsidiaries and value chain (see sections 2.3.1.2 – B – Human rights, including forced labor and child labor and 2.4.4 – Duty of Care Plan, of this Universal Registration Document);
      • •corruption
        • Bureau Veritas’ Code of Ethics, which undergoes regular internal and external audits, ensures that Bureau Veritas complies with anti-corruption expectations (see section 2.4.1 – Business conduct, of this Universal Registration Document);
      • •tax
        • Bureau Veritas ensures that its businesses comply with laws and regulations on tax evasion, and strives to conduct its business in strict compliance with applicable tax regulations (see section 2.1.2.5 – Tax evasion, of this Universal Registration Document);
      • •fair competition
        • Compliance with fair competition practices is covered by Bureau Veritas’ Code of Ethics, which undergoes regular internal and external audits (see section 2.4.1 – Business conduct and corporate culture, of this Universal Registration Document);
    • •Bureau Veritas conducts its business in accordance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight core conventions cited in the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work and the International Bill of Human Rights (Article 18 of the Taxonomy Regulation). See sections 2.1.3.1 – Strategy, business model and value chain, 2.4.1 – Business conduct and 2.3.1.2-B – Human rights, including forced labor and child labor, of this Universal Registration Document;
    • •In 2024, there were no major convictions for employment law violations that called into question Bureau Veritas' compliance with the minimum safeguards.

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

Calculation method:

• ●turnover is taken from the Group’s management tool (FLEX), for traceability of the amounts declared. The eligibility of each case is examined through criteria defined for three attributes:

• 1.nature of the service,
• 2.the client's market, and
• 3.the object in respect of which the service is provided.

As from 2024, the total revenue taken into account to calculate Taxonomy indicators follows the accounting principles of IFRS 15 and corresponds to "Revenue and service costs rebilled to clients".

• ●the eligibility and alignment criteria used are those defined in the TIC Council 2024 Taxonomy Guidelines.

Bureau Veritas’ Taxonomy-eligible Turnover represented 5.5% in 2024.

The Taxonomy reporting coverage rate increased from 80% of revenue in 2023 to 100% of revenue in 2024. This rate corresponds to the proportion of Bureau Veritas’ turnover that has the three attributes necessary to be analyzed with regard to the Taxonomy eligibility criteria in the Group’s ERP. In 2024, all Bureau Veritas turnover was analyzed.

In 2024, capital expenditure related to assets or processes associated with economic activities that could be considered environmentally sustainable under Annexes I and II of the Taxonomy regulation include:

• ●office, laboratory and vehicle leases (IFRS 16):
  • •amount of office and laboratory leases signed in 2024,
  • •company vehicle leases signed in 2024.

Other capital expenditure is not eligible for the Taxonomy:

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

Bureau Veritas did not record any capital expenditure in 2024 for the other categories concerned:

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

CapEx is made available to Bureau Veritas businesses indiscriminately. As we do not have the means to quantify the proportion of aligned CapEx, Bureau Veritas considers that all of this CapEx is non-aligned.

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

• ●research and development for €4.9 million;
• ●short-term leases for €50.5 million;
• ●maintenance and repair of assets for €115.2 million.

OpEx is made available to Bureau Veritas activities indiscriminately.

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

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

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

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

The frequency of significant negative work-related incidents, particularly those relating to secure employment, depends on a variety of factors, such as economic conditions, and is therefore impossible to report.

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

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

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

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

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

The Group has designed and implemented a human resources strategy based on the guiding principle of "Safety & Well-being". This strategy is designed to manage actual and potential material impacts, risks and opportunities related to the Group’s own workforce, and is structured around three Group-wide policies: "Strategic skills", "Employee experience" and "Career growth". Its design is partly based on employee testimonials and feedback gathered through initiatives such as the annual engagement survey.

The impact of this strategy is measured by employee feedback from engagement surveys and discussions with employee representatives. Employees are informed about this strategy by Group managers and through centralized communications. The Chief People Officer is responsible for implementing the relevant policies at Group level, with the aim of completing the key actions by the end of 2028.

The main policy action plans are set out below:

Bureau Veritas identifies necessary and appropriate actions in response to actual or potential negative impacts on its workforce, based on risk monitoring metrics for these impacts and on consultations with its employees and/or their representatives. These monitoring and consultation efforts enable Bureau Veritas to assess whether the Company's practices are having a material negative impact on its employees.

In order to guarantee secure employment for its workforce, the Group strives to continuously attract qualified and skilled individuals able to meet the Group’s operational and growth imperatives. This approach is designed to ensure the long-term viability of the Company's activities and to foster the development of talent within the organization. The Group’s strategic workforce planning uses talent analytics with data sourced from the Group’s talent assessment, development, and succession planning processes. This data helps show the key skills and profiles needed to achieve the growth ambitions in Bureau Veritas’ strategy. These skills and profiles include:

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

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

• ●selecting and leveraging talent sourcing platforms;
• ●strengthening partnerships with external talent search providers;
• ●training recruitment teams and managers, particularly in inclusive recruitment;
• ●enhancing the Group’s employer branding strategy, as a distinctive employer brand that focuses on the opportunities available to people in the workforce of the Group to make concrete and valuable contributions to Bureau Veritas that impact the sustainable growth of the communities where the Group operates. The Group’s employer brand, known as "LEAVE YOUR MARK" will continue to evolve and be enhanced in the future through placing increased emphasis on the opportunity the Group’s people have to make a lasting difference to communities;
• ●digitalization of talent attraction processes, including leveraging artificial intelligence;
• ●deploy and/or expand programs for those at the start of their careers, including graduate recruitment, internships and apprenticeships.

The Group’s employer branding and talent attraction, assessment and selection processes also aim to recruit individuals who will consistently display the Group’s Values (below).

The Group regularly carries out compensation surveys to ensure that its competitive positioning is maintained, enabling it to attract the right applicants, retain its people and compensate employees fairly based on the roles that they occupy.

Bureau Veritas also has profit-sharing agreements and savings plans, such as in France where all employees participate in profit-sharing based on local labor law. In addition, employees in France who have worked for the Group for more than three months are entitled to contractual profit-sharing proportional to their seniority.

The Group is committed to achieving gender pay equity by 2028, by assessing the pay gap for equal work within its organization at least once a year, taking into account legitimate factors such as the location of employees and their roles and responsibilities. The purpose of this analysis is to identify material pay gaps of more than 5% that cannot be explained by legitimate factors. Once identified, the Group undertakes to implement remediation actions and timelines to close these gaps.

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

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

The Group’s commitment to building, through equity, a sustainably diverse workforce with an inclusive culture is illustrated by its implementation of various action plans and initiatives, including:

• ●one of the four BV Values, "Open & Inclusive" (below), reflects the Group’s belief that employees can only reach their full potential if they are able to express themselves freely and openly and if the actions and behaviors of Bureau Veritas’ employees encourage such expression. Employees are evaluated each year as part of their performance assessment on their effective demonstration of all Bureau Veritas values;
• ●managers are further expected to enhance the Group’s inclusive culture by demonstrating the Leadership Expectations. Two of these Leadership Expectations specifically target the on-going development of its inclusive culture: “Lead through Bureau Veritas Absolutes and Values” and “Build Engaged Teams”. Managers are evaluated each year as part of their performance assessment on their effective demonstration of all Bureau Veritas Leadership Expectations;
• ●a training course for all managers, jointly facilitated by members of the Bureau Veritas Executive Committee and an external specialist, covering the following leadership fundamentals:

• (i)inclusive behaviors to remove unconscious bias;
• (ii)preventing harassment;
• (iii)attracting, assessing, and selecting talent using inclusive words and actions;

• ●learning programs and awareness on special topics, such as women’s health including menopause awareness sessions for employees and managers in the United Kingdom;
• ●membership of associations, such as Association Française des Managers de la Diversité in France, that provide resources to promote diversity and inclusion;
• ●Bureau Veritas is a signatory of the “Charte de la Diversité” in France.

Achieving greater diversity within its workforce is a strategic priority for Bureau Veritas. To this end, the Group has put in place and will continue to implement strategies aimed at achieving its objectives in this area. The following elements, together with the corresponding strategies, help establish a diverse and inclusive workforce:

• ●accelerated leadership development programs for high potential women in all regions of the world, including:
  • •Elevate HER – a global leadership development program for high potential women in the Group from all parts of the world and all businesses of the Group. The aim is to offer high potential women accelerated growth opportunities through individual coaching, mentoring and group learning activities to enhance their readiness for senior management roles within different Group entities or divisions.
  • •Women@BV in France. This program is designed to accelerate the development of high potential women and includes mentoring from senior leaders, guest speakers on priority topics, and tools to develop one’s leadership style. It also aims to increase access to the Group’s industry for women through partnership with, “Elles bougent”, which included inviting teenage girls to the Group’s offices to learn about career options. and requiring shortlists with at least one woman wherever possible;
• ●all employees in the Group are provided maternity protection from workplace risks as an application of its Cardinal Safety Rules, and maternity protection from dismissal based on local laws and regulations;
• ●longer paid parental leave than that provided for under certain national laws (note that eligibility conditions for such leave vary from one country to the next; for example, in the United States, you must have been employed by the Company for at least 12 months, have worked at least 1,250 hours in the 12 consecutive months immediately preceding the start date of the leave, and be a regular full-time employee):
  • •in the United Kingdom, paid maternity and paternity leave exceeds that required by local law: for maternity leave, the first six weeks are paid at 100% (vs. 90% required by law) and weeks seven to 16 are also paid at 100% (vs. GBP 152 per week required by law); for paternity leave, two weeks are paid at 100% (vs. GBP 152 per week required by law),
  • •in Australia, paid parental leave is provided to an employee who is the primary caregiver of a newborn or recently adopted child, once he or she has 12 months’ seniority. Paid leave is six weeks at the employee’s basic rate of pay, with a further two weeks’ pay if the employee returns to the business for at least one month. In addition, employees who are not the primary caregiver can use five days of accrued "personal leave" (sick and career leave) when the child comes home,
  • •in the United States, Bureau Veritas offers paid parental (maternity) leave for a period of up to 14 weeks,
  • •in India, parental leave benefits are extended to fathers in the form of five days paid leave,
  • •in Spain, employees are provided childcare contributions in the form of cash allowances in the following situations: the birth or adoption of a child, for children of school age between 6 and 16 years of age, children who have a disability, and “large families”; paid leave: up to five additional paid days beyond the minimum legal requirement of 12 weeks for a mother if she transfers part of her maternity leave to the father;
• ●the Group’s offices in France and Spain provide dedicated breast-feeding rooms for women;
• ●Bureau Veritas in the United Kingdom provides awareness and training for employees on menopause in order to provide better support to employees who are experiencing menopause;
• ●In Europe, the Group holds the Gender Equality European and International Standard (GEEIS) certification in three key countries (Spain, Italy and Poland) after criteria were examined including ensuring specific people action plans and practices were in place;

• ●Bureau Veritas is a signatory of the United Nations Women’s Empowerment Principles in order to reinforce its commitment, and support its strategies, to advance gender equality and women’s empowerment in the workplace and more broadly within society;
• ●Hinda Gharbi, the Group’s Chief Executive Officer, is a mentor in the "Ateliers Entreprise et Mixité" mentoring program, as well as in the Equaleaders organization in France, whose aim is to promote greater parity in the country’s governing bodies;
• ●Bureau Veritas’ Executive Vice-President, Marine & Offshore, Matthieu Gondallier de Tugny, is a founding member of the Global Maritime Forum’s Diversity Study Council whose mission is to develop a Global Charter for Diversity & Inclusion for the maritime industry with the objective of enabling women’s access to, and advancement within, the maritime industry;
• ●the Group’s Vice-President Sales & Marketing – France, Nathalie Brunel, is a member of the board of the association “Elles bougent” which aims to attract more women to pursue careers in engineering.

• ●The Group is also very committed to enhancing the ethnic and racial diversity of its workforce, and to ensuring its workplace culture enables all people, regardless of their ethnicity and race to thrive. Bureau Veritas operates in 140 countries with 159 nationalities represented among its employees. The Bureau Veritas values and leadership expectations support the commitment to improve Bureau Veritas’ ethnic and racial diversity, which apply at all levels, including the most senior leadership roles. For example, the Group Executive Committee includes a range of nationalities (Australian/Tunisian, Brazilian, Chinese, Canadian/USA, French, German, Pakistani, Peruvian, Spanish and Thai), with 47% of members having non-European nationalities.
• ●The Group continues to increase the capacity of individual managers to create a workforce of diverse ethnicity and race, and a workplace culture where everyone has equal opportunities to succeed and progress their careers. Initiatives taken to support this include:
  • •training programs on inclusive leadership that include unconscious bias;
  • •evaluation of managers’ demonstration of the BV Values and Leadership Expectations;
  • •local events, such as cultural celebrations, to celebrate and recognize differences;
  • •tracking and reporting nationality data for the total workforce and for the management workforce in order to close gaps between these two workforces.

The Group is constantly seeking ways to create a workplace that increases access to employment for people with disabilities. Several targeted initiatives were launched in 2024:

• ●In France, Bureau Veritas has implemented initiatives to increase access to employment which include:
  • •internal communication campaigns with expert consultants to raise awareness of all employees,
  • •a strategy for recruiting persons with disabilities, including a link to the recruitment site of AGEFIPH, France’s collecting organization for funds promoting the occupational integration of disabled persons, along with access to its applicant database,
  • •the provision of a call line for Group employees to obtain support in having their disability recognized,
  • •external training to enable disabled workers currently unemployed to be hired by Bureau Veritas;
• ●in South Africa, Bureau Veritas partners with training providers to fund learning for people with disabilities to increase their access to employment;
• ●in Spain, Bureau Veritas holds the "Bequal Certification", which assesses companies’ recruitment and human resources policies, office accessibility, and the retention and rehabilitation of workers with disabilities.

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

• ●a number of events are held across several countries to celebrate Pride Month. The events promote Bureau Veritas’ inclusive culture for all employees, particularly those who identify as LGBT+, encourage more people to support the LGBT+ community, and educate employees on how they can create a more LGBT+ inclusive workplace;
• ●awareness programs available and promoted to all employees globally, such as the global panel discussion conducted during Pride Month that focused on the role of line managers in creating LGBT+ inclusive workplaces;
• ●employee resource groups for LGBT+ employees and allies, such as the LGBT+ Diversity Group in the United Kingdom;
• ●providing employees with the option to record their gender as “non-binary”;
• ●in Spain, the Group participated in the "EMIDIS" program, an initiative of the Federal LGBTI+ institute in Spain that provides a diagnosis of the support and inclusion that organizations’ policies and practices provide to people identifying as LGBTI+. Subsequent to undertaking the diagnosis, an action plan was developed and is being implemented to close identified gaps;
• ●having started with the United Kingdom, the Group records and reports employees who volunteer to identify as LGBTI+, with the aim of increasing the coverage of this reporting to more countries over time. This data is used for the purpose of helping increase the representation of people identifying as LGBTI+ in the workforce, and to understand where and how to improve the inclusive element of the Group’s culture.

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

• ●The Group places particular emphasis on targeting external candidates of all ages. Its LEAVE YOUR MARK employer brand illustrates its employment value proposition to multiple generations, drawing a link between employee expertise and concrete benefits to society. The Group keeps a close eye on employee engagement, voluntary attrition rate and hours spent on training and development by age band and level within the organization. The aim is to identify any discrepancies between the different groups, so that appropriate strategies can be put in place to reduce them;
• ●In France, recruitment teams have deployed a campaign targeting individuals who are starting or reorienting their careers, with a particular focus on digital media;
• ●In Japan, in order to retain older talent, the Group offers a continued employment program for those who have reached the local retirement age (63), which includes offering part-time work options.

• ●Bureau Veritas values the recruitment of veterans through the technical, professional, and leadership skills they bring. The Group also believes it has a responsibility to enable more employment pathways to individuals who have served in the armed forces.
• ●In the United States, Bureau Veritas has an agreement with "RecruitMilitary.com", the exclusive agency for the "Soldier for Life" program of the United States Army that helps veterans’ transition to employment. In addition, the Group’s recruitment teams in the United States have a targeted strategy of creating and maintaining relationships with “Transition Officers” in the military in order to enhance Bureau Veritas’ brand as an employer of choice for veterans.
• ●In the United Kingdom, in 2024 Bureau Veritas was confirmed as holder of the Gold award under the Ministry of Defense Employer Recognition Scheme, in recognition of its induction program targeting British army veterans and the opportunities this gives them to build a second career. This award has now been held by the Group for seven years and in part reflects the numerous options available to veterans to organize their work by giving them a role as mentors or consultants, or by offering them part-time work solutions.

• ●In Australia, Bureau Veritas partners with different First Nations groups, such as the Waalitj Foundation and local communities, to attract more applications from people from First Nations communities. The Group also had its “Reflect Reconciliation Action Plan” conditionally endorsed by Reconciliation Australia.

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

• ●The Group has specific codes that are aligned with relevant internationally recognized instruments, including the UN Guiding Principles on Business and Human Rights. These codes for their own workforce, including employees and non-employees, explicitly address trafficking in human beings, forced labor/compulsory labor and child labor. These include the Human Rights Policy, Anti-discrimination Policy, the Inclusion Policy, Cardinal Rules and Safety Fundamentals and the Code of Ethics. The following grounds for discrimination are specifically covered in the Inclusion policy of the Group: racial and ethnic origin, color, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin.
• ●These above-mentioned codes are implemented through specific procedures to ensure discrimination is prevented, mitigated and acted upon once detected, as well as to advance diversity and inclusion in general. The Group treats all claims of discrimination and harassment with the utmost seriousness and commits to investigating all claims swiftly and to taking appropriate action as a result of the findings of the investigations. The Group’s policy confirms that anyone who files a complaint will be protected against retaliation. Bureau Veritas is also committed to ensuring, through on-going training and communications, that employees are aware of what constitutes discrimination and harassment and how to lodge claims where they believe it has taken place – this includes providing an independent whistleblowing channel that is operated by a third party.
• ●The Group has made specific commitments to increase the representation of women. The commitments include targets to achieve greater representation of women in the workforce, among leadership/experts and in senior leadership through targeted recruitment, development and engagement strategies.
• ●Training on the Group’s Code of Ethics, which includes its zero tolerance regarding harassment and its commitment to building a diverse workforce and inclusive culture, is mandatory for all employees. In 2024, all managers were asked to take part in "Open & Inclusive" seminars, led by members of the Group Executive Committee and experts. These seminars were aimed at strengthening each manager's role in creating a working environment free from all forms of discrimination and harassment. The above global initiatives are reinforced by local examples, such as mandatory training on sexual harassment for managers in India and mandatory training for managers on labor law and employee psychological and associated occupational hazards in France.

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

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

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

• ●freedom of association and the right to collective bargaining: Bureau Veritas respects the right of all employees to form or join trade unions and to bargain collectively, in accordance with local laws. A non-discriminatory policy is applied in respect to union membership and activity in areas such as employment, promotion transfer or dismissal. Bureau Veritas encourages open and honest communication in its workplaces where employees can speak with their managers about their ideas, concerns or issues and work together to deal with work condition issues;
• ●elimination of discrimination and remuneration inequalities: Bureau Veritas combats all types of discrimination, harassment and any other disrespectful or inappropriate behavior, including unfair treatment or retaliation of any kind in the workplace or in any work-related circumstance. Decisions on recruitment, appointments, training, compensation and advancement are exclusively based on qualifications, performance, skills and expertise, all without regard to race, ethnicity, color, visible differences, religion, sex, heritage, socioeconomic status, age, sexual orientation, marital status, medical condition, disability, political opinion, gender identity or any other legally protected status. Bureau Veritas is also committed to identifying remuneration inequities based on gender and taking action to remove them. Processes to identify such inequities and take action include regular analysis and reporting, followed by the development and execution of local action plans to address identified gaps;
• ●support for diversity and inclusion: Bureau Veritas supports and promotes diversity and inclusion in all its workplaces;
• ●provision of a safe and secure workplace: Bureau Veritas is committed to providing a safe and healthy workplace, free from violence, harassment, intimidation and other unsafe or disruptive conditions, to minimize the risk of accidents and injury and to reduce exposure to safety, health and security risks, for all its employees. Bureau Veritas Health and Safety program complies with applicable laws and regulations. It includes provision of appropriate personal protective equipment to workers, establishing safety procedures and training programs on workplace hazards and ensuring codes and procedures are in place to deal with any emergency situations;
• ●protection of privacy: Bureau Veritas is committed to the right of privacy and freedom of expression and takes all reasonable measures to endeavor to protect employees against unauthorized access, use, destruction, modifications or disclosure of their personal information and data. Bureau Veritas processes employee personal data in accordance with our global privacy policy and applicable laws and regulations. Security safeguards for employee data are provided as needed and are maintained with respect for employee privacy and dignity.

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

• ●partnering policy: Bureau Veritas is committed to endeavoring to ensure that its partners such as agents, intermediaries, joint venture and consortia members, implement the Human Rights and Labor policy. Bureau Veritas may decide to stop its activities with clients, governments or local communities who do not respect human rights;
• ●a whistleblowing process: Bureau Veritas supports a policy of encouraging our people to "speak out" if they witness anything that happens within our business that they believe goes against our Code of Ethics. This is supported by an external Alert Line enabling people to report issues online, via e-mail or by telephone, giving their name or not as they choose.
  • •Reporting for employees: if any employee has any questions about this human rights policy or wishes to report any alleged violation of this policy, he or she can follow the procedures set forth in the Bureau Veritas Code of Ethics. Bureau Veritas is committed to investigating and addressing issues raised by employees as appropriate and to maintaining confidentiality to the extent reasonably practicable and as required under applicable law throughout any such process. No sanctions or other forms of retaliation will be inflicted upon a Bureau Veritas employee for reporting a violation of this policy.
  • •Reporting by external persons: all reports raised by external persons like customers, communities, suppliers or subcontractors are investigated and addressed according to the existing processes, including the external Alert Line set forth in the Bureau Veritas Code of Ethics, maintaining confidentiality to the extent reasonably practicable and as required under applicable law throughout any such process;
• ●prevention of forced labor and child labor: Bureau Veritas prohibits the use of all forms of forced labor including involuntary prison labor, indentured labor, bonded labor, military labor, slave labor or any form of human trafficking, in all of its operations. Bureau Veritas operates in full compliance with all applicable laws relating to working hours, wages including those related to minimum wages, overtime and benefits. Workers are free to withdraw from any employment relationship, subject to reasonable prior notice. Regarding the prevention of child labor, Bureau Veritas prohibits the employment of anyone under the age of 16 in all of its operations and is committed to combating any exploitation of children. Workers under the age of 18 are not asked to work on dangerous jobs that may affect their health and safety; The Group has not identified any geographic areas or operations where there is a risk of material incidents of forced or child labor.

The Group’s Learning Strategy aims to build its people’s skills to contribute to the growth objectives of Bureau Veritas by preparing the workforce of the future. The Learning Strategy’s foundations include:

• ●learning needs analysis;
• ●meeting learning needs through the design and development of solutions based on on-the-job experiences, connections with others, and formal learning;
• ●solutions deployment and inclusion in individual development plans (IDPs) for employees (see paragraph on MyDevelopment@BV below);
• ●solution evaluation to maximize their business impact, including using the "Kirkpatrick" model and using the Group’s learning management system.

Example solutions developed from learning needs analysis are:

• ●Developing competencies in alternative fuels
• The Group’s Marine & Offshore division has built a Future Shipping Team (FST) which aligns and connects the Group’s experts in shipping sustainability and decarbonization around the world. The members of the team systematically share their knowledge with each other, work on key strategic projects as part of a global roadmap, and deliver internal training on hot topics to broader audiences.
• ●Effective communication to support career growth and international project management
• In order to build the capabilities of managers to lead projects across borders and to accelerate their development for larger, more complex roles that cover multiple geographies, Bureau Veritas deploys this program to improve managers’ communication skills. The program included a digital language platform for participants to enable them to improve their skills in priority languages through online resources and conversational classes. Each participant undertakes a language assessment of which the outcome influences the learning activities offered and the content is further customized based on employees’ centers of interest, such as leadership.
• ●One Young World
• Some high potential young leaders at Bureau Veritas participated in the annual One Young World summit, which brings together 2,000 young leaders from 190 countries to listen to and interact with more than 100 influential figures on topics such as Ethical Leadership, Climate Change, Ocean Regeneration, Health, Conflicts & Wars, Girls’ Education, Disability, Women in STEM, LGBT+, Refugees, and Modern Slavery. The participants attended plenary and training workshops in which they exchanged with other young leaders.
• ●Development Center – Europe & Africa
• This program aims to develop specific talents and combines a number of learning experiences, including 360⁰ assessments, feedback/coaching, mentoring, and seminars. The center also develops team innovation projects with on-going support from the Group’s management, a number of which have resulted in enhanced and new services offered to Bureau Veritas’ clients.
• ●Latin America Academy: Strengthening operations capabilities
• This is a program under development designed and deployed in partnership with TEC de Monterrey – one of the top universities in Latin America – for high potential operational managers. It develops leadership skills, project management, knowledge sharing and financial management skills for operational leaders.
• ●Star Program – Greater China
• The program is a suite of leadership development initiatives comprising three programs to accelerate leadership capabilities at different levels. The program design includes group workshops, mentoring, project simulations, and leadership style assessment and development tools. This is a key investment that is building the bench strength of the Group’s leadership in Greater China.
• ●Digital learning for all employees
• The Group’s learning platform, MyLearning, continues to be enhanced in order to provide more targeted learning to all connected employees that is accessible anywhere, anytime. In 2024, all employees were able to undertake training courses from the full program offered by the external provider, Coursera. This program includes numerous courses accredited by universities, training organizations and other recognized external bodies.
• ●Learning Week
• Bureau Veritas organizes a "Learning at Work Week" where all BV employees are expected to attend a webinar on a new priority topic and commit to applying three key learnings. Facilitated by external partners and internal experts, the topics are selected based on an analysis that determined priority enterprise-wide learning needs. They included “Unleashing your potential: the power of a growth mindset”; “The art of storytelling”; “Living our "Open & Inclusive" value – a key performance driver”; “The Bureau Veritas Cybersecurity Incubator: innovating to drive growth”; and “Innovating with artificial intelligence (AI) and applying it to working methods”.

In addition, to build a strong and diverse pipeline of talent for its managerial roles, the Group uses a talent strategy to identify, assess, and develop talent. This includes identifying talented individuals who are allocated to talent pools. The pool to which employees may be assigned is based on an assessment of their potential for future roles. These people are then provided targeted development programs to ensure there is a strong pipeline of talent in place.

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

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

• ●Australia, where the Group pays the study costs and provides employees time away from work for traineeships that lead to certificates and diplomas in laboratory techniques issued by Labtech Training Victoria (LTT);
• ●China, where a number of new project managers attended a program in conjunction with Tianjin University to certify them in project management and leadership skills;
• ●India, where our employees are provided training that leads to certifications in technologies that include Advanced Python, AWS certification, Power platform, project management, Angular, Java, UML and Airflow;
• ●the United Kingdom, where Bureau Veritas collaborates with Robert Gordon University to provide scholarships/work experience in mechanical and electrical engineering;
• ●France, where employees are given the opportunity to study for certificates in Agile and Scrum methodologies, contract management, as well as domains related to artificial intelligence (AI), such as machine learning, natural language processing, computer vision, and robotic process automation – skills that are valuable across industries and crucial for Bureau Veritas' long-term competitiveness.

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

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

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

• ●management by objectives: setting objectives that align with business strategy and with personal career ambitions;
• ●reviewing and re-setting objectives as needed in response to market conditions;
• ●multidimensional performance appraisals: evaluating performance based on feedback from multiple people;
• ●effectively giving and receiving constructive feedback.

Key components of MyDevelopment@BV include:

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

The Group believes internal mobility is critical for people development. Feedback from Bureau Veritas employees obtained from surveys confirms that this type of approach is valued by employees. Employees are therefore encouraged to apply for new roles, express interest in new projects and to take on different responsibilities. At Bureau Veritas, internal mobility is supported by an international mobility approach, which includes:

• ●structured questions in MyDevelopment@BV conversations between employees and managers and online fields in SuccessFactors on geographic/functional mobility preferences;
• ●training of managers on how to hold engaging career planning and development meetings;
• ●sharing employee profiles as part of talent reviews and succession planning;
• ●recruitment: virtually all job offers are first of all advertised internally using the Group’s internal job vacancies portal;
• ●notice periods: notice periods for internal moves are the same or less than in case of resignation;
• ●eligibility: all employees, whether on permanent or fixed-term contracts, can apply for internal job vacancies. The only conditions are six months' seniority for permanent contracts. No minimum seniority is required for fixed-term contracts;
• ●notification: employees are not required to inform their manager or local HR team when they apply for roles, although this is encouraged;
• ●internal communications: appointments to senior positions and promotions are announced on the Group’s intranet and in messages from the Chief Executive Officer.

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

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

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

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

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

Bureau Veritas is sorry to report two deaths among its staff in 2024:

• ●one employee suffered a fatal electric shock while working on a medium-voltage line in Brazil;
• ●the second lost his life in a road accident, also in Brazil, on his way to work.

These tragic events served as a reminder to the Group of the importance of continuing to improve its safety culture. No effort will be spared to identify the root causes of these incidents and to put in place a remediation plan to prevent such tragic events from happening again.

The most significant risk is related to accidents involving vehicles. Bureau Veritas employees use company cars or two-wheelers within the framework of their duties. To ensure that these duties are carried out in complete safety, the Group has launched a worldwide policy, covering:

• ●programs to reduce the use of two-wheelers and limit horse power;
• ●journey management and fatigue control;
• ●management of excessive speed;
• ●enhanced training for drivers who spend a lot of time on the road.

Ensuring that the Bureau Veritas workforce remains committed to the Group’s absolutes and takes the right decisions at the right time, is crucial. In 2024 we deployed a Safety communication campaign on World Safety Day dedicated to the motto “Safety Starts With Me”, where four key Safety programs were reinforced:

• ●Unsafe conditions & Near Hit reporting;
• ●Adherence to the Cardinal Rules;
• ●The importance of the “2 minutes for My Safety” checks, and;
• ●The Stop Work Authority.

During the year the Group launched several consecutive safety alerts to share corrective and preventive measures identified during accident investigations.

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

During 2024, the Company released several training modules. Some of them, like Confined Space training and pressurized container safety, were assigned to employees to prevent high-risk conditions. Bureau Veritas also provided subcontractor management training for managers responsible for subcontracted activities at Bureau Veritas’ facilities or clients’ sites. Being able to count on solid employee training is vital in a business where our workers have a great deal of autonomy and can make decisions without direct supervision.

The implementation of effective audit programs is crucial to ensuring that field/lab operations are being carried out in line with the Group´s expectations. In a post-pandemic world, the Company has re-started in-person audits to ensure a healthy management system after so many years of remote audits. In 2024, the Group performed 439 QHSE internal audits performed by its QHSE internal auditors and received 47 external QHSE certification audits carried out by its certification body, covering ISO 9001, ISO 45001, and ISO 14001.

After a serious incident in Mozambique, the Group has launched a global campaign to eliminate all unsafe machines in its locations. The Group developed a machine safety training in multiple languages, a machine safety checklist and a platform to collect and manage all the machine protection data. In 2024, the entities finished checking all the machines and executed retrofits to those that were non-compliant, ensuring all machines are compliant with existing regulations.

As the Company evolved to a more sophisticated management system, the need for granular data increased allowing leaders to be better informed about risk, allowing highly deliberate actions at an entity/country level. In 2024, Bureau Veritas finalized the deployment of its digital platform called NEXUS. This solution is a one-stop shop with all information modules integrated. NEXUS was developed from the ground up by our internal IT specialists in conjunction with QHSE (Quality, Health & Safety and Environment) experts and the network at large. This new enhancement allows the organization to consistently track the following programs:

• ●external audits (ISO, 9001, 14001, 45001), corrective action management, scheduling, trend analysis;
• ●internal audits, corrective action management, trend analysis;
• ●QHSE acquisition management module guaranteeing full QHSE consolidation of newly acquired companies;
• ●accident investigation module with the declaration of near misses, unsafe conditions and injury reporting, allowing a high level of detail on corrective action completion and trends;
• ●Safety walks and local inspections & audits. This tool allows local management to define local checklists and plans. It has an enhanced module to configure planning and track execution;
• ●"2 minutes for My Safety" checks
  • •Office, Field and Laboratory,
  • •Driving,
  • •Riding,
  • •Travel overseas – high-risk countries.
  • •Safe boarding;
  • •Confined space entry;
  • •Transportation of IR equipment.

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

Bureau Veritas has also developed a mobile solution, known as Maia, for users to report accidents, near misses and unsafe conditions. Maia also enables users to follow the "2 minutes for My Safety" module and conduct safety inspections. With the combination of this software solution and a mobile application our employees have all the necessary information on the tip of their fingers to manage the safety program efficiently.

For Bureau Veritas the management of its non-employee workers is paramount for the success of our missions. In terms of safety expectations, non-employee workers are managed with the same level of attention as employees. They participate in toolbox talks, communication campaigns and training events. To monitor their performance, the Group performs safety walks on subcontractors, ensuring compliance with standard operating procedures, work methods and PPE use (personal protective equipment). In 2024, Bureau Veritas reported no fatalities with external workers. The Group has also reinforced the control of external workers that perform high-risk activities in BV Facilities with the deployment of a pre-start permit and 5-point verification process. Managers in charge of contracting with externals have also been formally trained.

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

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

Bureau Veritas is committed to providing processes for engaging with people in its own workforce and workers’ representatives about actual and potential impacts on its own workforce. Responsibility for these processes lies with the Chief People Officer, who leads the Group’s HR teams. These processes aim to take into account perspectives of its own workforces in the decision-making processes that influence such impacts, and include:

• ●surveys: engagement surveys, carried out once a year, and for the onboarding of new recruits and the departure of employees leaving the Company;
• ●discussions with groups of employees at town hall-type meetings, held at least once a year;
• ●consultations and discussions with employee representatives, the frequency of which depends on local regulations and cultures.

Employees' views on the Company's target-setting are also taken into account at least once a year during individual performance and development reviews, during which employees and their managers:

• ●set personal objectives, which influence the objectives set for the Group as a whole;
• ●measure past performance against objectives;
• ●identify lessons from past experiences for improvements to increase future performance.

To gain insight into the perspectives of workers who may be particularly vulnerable to impacts and/or marginalized, the Group examines their feedback and develops action plans where necessary. Where appropriate, Bureau Veritas also organizes additional joint brainstorming sessions with relevant employees to identify ideas from the initial feedback already given, for example in the employee engagement survey.

The effectiveness of engagement with the Group’s own workforce is assessed using metrics such as the improvement in recorded employee engagement following actions taken on the basis of feedback received in the engagement survey.

Bureau Veritas communicates and negotiates actively with employees and their representatives as a means of continually enhancing the workplace, including by developing collective agreements in many countries. The human resources leaders in the countries and/or regions where the Group operates ensure this communication and negotiation. The results of and comments set out in employee surveys (conducted at least once a year) enable the Group to measure the effectiveness of its dialogue with its workforce.

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

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

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

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

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

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

• ●an externally managed whistleblowing hotline and website with on-going reviews of its communication and usage;
• ●internal ethics officers;
• ●HR partners assigned to each employee;
• ●access to senior leaders (both operational staff and Human Resources managers) through the Company’s “open door policy”;

• ●local country/division channels that reflect local customs, cultures, etc.;
• ●employee representative bodies, such as works councils (for example, the Comité Social et Économique in France), the European Works Council (EWC) and Health & Safety Committees.

Individual employee issues are monitored and managed by Human Resources managers and internal ethics officers, with the aim of finding satisfactory solutions. These managers also assess the effectiveness of the various channels set up for employees to voice their concerns, by analyzing feedback from employees – particularly in the annual employee engagement survey – as regards their awareness of and confidence in these channels. Managers also take into account the direct feedback they receive from employees outside these surveys.

Bureau Veritas codes, such as the Code of Ethics and the Anti-harassment Policy, explicitly protect employees against reprisals when they use these different channels to express their concerns or needs.

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

• ●limiting offering non-permanent employment to roles dedicated to:
  • •specific projects that are unlikely to be repeated,
  • •short-term projects for a few months,
  • •covering peak periods of activity and/or providing highly specialized expertise not available in the regular recruitment market;
• ●mitigating the impact of non-permanent employment by providing:
  • •setting compensation and benefits based on checks on compensation and provision of benefits for employees on fixed-term contracts relative to permanent employees,
  • •giving priority to recruitment on permanent contracts, in line with our career management approach. No minimum length of service is required for employees on fixed-term contracts, while employees on permanent contracts are required to have at least six months’ seniority;

• ●only considering employee lay-offs after an extensive review of alternatives, including a three-level approach:
  • •maximizing redeployment opportunities for employees:
    • •consultation with employees/their representatives on operational changes as soon as practical,
    • •continuous skills evaluation and subsequent development of employees as part of a commitment to on-going training,
    • •internal job search, identification and matching to employees’ skills,
    • •individual employee follow-up, including support to apply for roles;
  • •encouraging flexible work practices:
    • •encouraging employees to take paid and unpaid leave, including the use of local furlough schemes,
    • •reductions in working hours, including overtime;
  • •proposing voluntary redundancy schemes:
    • •investigating early retirement options,
    • •out-placement services including career coaching, skills assessments and development, external job-search support, and counseling and psychological services.

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

The Group identifies the actions to be taken in the face of a particular actual or potential negative impact on its own workforce by its managers and human resources teams, by assessing:

• ●possible actions that can be taken;
• ●how such actions mitigate material risks for the Group's workforce;
• ●how such actions support the pursuit of material opportunities for the employee. For example, the Group has invested in a global provider of training content, including certification, to help ensure that its employees' skills meet future market needs. This aims to mitigate the negative impacts on workers of the transition to a greener, more climate-neutral economy. These could represent experiences where demand from carbon-intensive industries for the Group's services declines over time.

The effectiveness of actions and initiatives designed to produce results for the Group's workforce is assessed mainly through the Group's employee engagement survey, training courses followed by Group employees, and career growth.

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

Where targets have been set, they cover the period from the year of this Universal Reference Document through to 2028, unless otherwise indicated. The effectiveness of policies and measures aimed at achieving targets is monitored at least quarterly, based on material impacts, risks and opportunities related to sustainability matters. To this end, Bureau Veritas regularly reports on metrics that measure its progress against targets.

Contracting temporary workers is not a usual practice at Bureau Veritas. The number of temporary contracts is justified by the need for resources to cover on-site assignments, particularly for certain activities in Latin America. Terminations of these temporary contracts are taken into account in the employee departure rate presented above.

The Group is currently unable to provide the number of non-employee workers(6) at December 31, 2024. The records of these workers are decentralized without any existing process to report this information globally. Bureau Veritas is working to put in place solutions to report this information in the future.

Bureau Veritas is currently analyzing the issue of adequate wages for all its employees. As a fundamental aspect of its compensation strategy, the Group acknowledges the importance of remaining aligned with legal requirements and has prioritized compliance with national minimum wage standards. Within the countries where Bureau Veritas operates, 100% of its employees receive a wage in accordance with the national minimum wage set by legislation or collective bargaining. However, the Group acknowledges the need to enhance its estimation and recognizes the importance of aligning with international benchmarks and standards for living wages, as outlined by organizations such as the Sustainable Trade Initiative (IDH), the Wage Indicator Foundation, and the Fair Wage Network. 

The assessment of adequate wages will be the focus of an in-depth review in 2025. This will enable us to address any disparities in wages and work towards ensuring that all employees, regardless of their location, receive an adequate wage consistent with internationally recognized benchmarks for living wages. Bureau Veritas’ commitment to fair compensation remains unwavering, and the Group continually strives to improve the well-being and financial security of its global workforce.

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

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

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

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

Note that this information is provided for employees working in France only and is based on employees informing Bureau Veritas that they are recognized as workers with a disability by the French Commission for the Rights and Independence of People with a Handicap “la commission des droits et de l’autonomie des personnes handicapées (CDAPH)”.

Each country has its local definitions and reporting practices for people with disabilities, based on local customs, laws and regulations, which can be significantly different from each other. Therefore, reporting for the global workforce is not shown.

ISO 45001 COVERAGE RATE

The percentage of the workforce covered by a Group health and safety management system corresponds to the percentage of the workforce covered by ISO 45001 certification.

TAR: NUMBER OF ACCIDENTS WITH AND WITHOUT LOST TIME X 1,000,000/NUMBER OF HOURS WORKED

LTR: NUMBER OF ACCIDENTS WITH LOST TIME X 1,000,000/NUMBER OF HOURS WORKED

ASR: NUMBER OF DAYS LOST X 1,000/NUMBER OF HOURS WORKED

As part of its 2028 strategy, Bureau Veritas has defined key performance metrics for occupational health and safety, calculated on the basis of 200,000 hours worked. These metrics, the Total Accident Rate with lost time (TAR) and the Lost-time Rate (LTR) measuring severity, track the Group's performance in this area.

In order to meet the requirements of the CSRD, which specifies that these metrics are to be calculated on the basis of 1,000,000 hours worked, Bureau Veritas presents these two methodologies separately for the sake of transparency and clarity.

The gap in pay between male and female employees was calculated using the prescribed formula:

• ●(Average gross hourly pay for male employees - Average gross hourly pay for female employees)/Average gross hourly pay for male employees

Based on the above, the overall pay gap is 3.3%, giving a female/male pay ratio of 0.97.

This gap was calculated taking into account all employees, while applying the exclusions strictly necessary to guarantee the consistency and accuracy of the data, namely:

• ●employees for which data anomalies exist (salaries at nil, undefined status, no gender identification);
• ●employees receiving annual compensation that is inconsistent with their level of responsibility: reporting or system input anomalies, and/or conversion unit anomalies.

The scope of employees considered in the presented results table covers more than 97% of the Group’s overall employee population.

Internal method for in-depth monitoring

As well as an overall ratio, Bureau Veritas applies a more fine-tuned approach which it uses to take decisions on equal pay. This method is based on:

• ●weighted calculation: the pay gap is adjusted according to the distribution of the workforce in order to better reflect the actual pay structure.
• ●statistical exclusion of small groups: groups comprising fewer than three men or three women are excluded from the weighted calculation to guarantee statistical reliability and preserve data confidentiality;
• ●analysis by employee category;
• ●differentiation between managerial and non-managerial staff on permanent contracts.

Analysis of an adjusted pay gap taking into account weightings and exclusions identified.

The scope of employees considered in the presented results table covers 72% of the Group’s total workforce (i.e., 94% of the Group's permanent employees).

The annual total compensation ratio covers all Bureau Veritas employees worldwide, ensuring a comprehensive and representative assessment of its international compensation practices. This approach reflects the diversity of the Group's activities and salary structures.

To ensure data reliability and consistency, certain strictly necessary exclusions have been applied:

• ●employees for which data anomalies exist (salaries at nil, undefined status, no gender identification);
• ●employees receiving annual compensation that is inconsistent with their level of responsibility: reporting or system input anomalies, and/or conversion unit anomalies.

These exclusions represent 6% of the overall population. No other exclusions have been applied to ensure that the ratio is calculated on the basis of all the compensation categories required by ESRS S1-16.

The methodology applied complies with the principles defined by ESRS S1-16, including all the compensation components mentioned in AR 101 (b).

The ratio is calculated by comparing the Chief Executive Officer's total compensation (numerator) with the average and median compensation of all employees (denominator), covering all compensation categories, i.e.:

• ●fixed compensation;
• ●short-term variable compensation (annual bonuses);
• ●long-term variable compensation (performance shares and stock options);
• ●benefits in kind and other deferred compensation.

The annual total compensation ratio was equal to 293 in 2024.

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

The information presented above comes from Bureau Veritas’ system for raising concerns (presented in section 2.4.1.2), based on data compiled on the Group's whistleblowing platform. The Group is not aware of any complaints concerning it filed with the OECD's National Contact Points for Multinational Enterprises.

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

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

The areas of expertise and significant professional experience of the members of the Group's Board of Directors are set out in the skills matrix in section 3.2.5 – Rules regarding the composition of the Board of Directors. Further details are provided in the biographies of Board members set out in section 3.2.2 – Biographies, of the Universal Registration Document.

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

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

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