strong
2021
CORPORATE SOCIAL 
RESPONSIBILITY REPORT
Standing

Corporate Social 
Responsibility
1.
About this Report
1
2.
Message from the Management
         2
3.
Business Model
3
5
5
4.
Valneva’s CSR Approach
4.1. 
A four-pillar strategy
4.2. The United Nations Global Compact
6
7
7
5.
Protecting Lives
5.1. 
Maintaining Vaccine Confidence
5.2. Supporting Healthcare-Oriented Charities 
7
9
10
            around the World
5.3. High Level of Expertise in R&D 
5.4. Ensuring Patient Safety
5.5. Responsible Manufacturing
11
12
12
13
14
6.
Acting Ethically
6.1. 
Complying to the Highest Standard 
6.2. Mitigating Cyber Security Risk 
6.3. Human Rights
6.4. Combatting Tax Evasion
14
7.
Developing our People
15
7.1. 
Attract and Retain Talented People
16
7.2. Promotion of Diversity and Guarantee 
of Non-Discrimination
20
7.3. Having the Right Level of Expectation 
in Terms of Performance 
and Competencies to Respond to Market 
Demand
22
24
24
8.
Respecting the Environment
8.1. 
Valneva’s Environmental Approach 
8.2. Valneva's Approach to Safety at Work
28
30
30
9.
Other CSR Information
9.1. 
Well-being at Work 
9.2. Animal Welfare
31
10. Consolidated disclosures
pursuant to Article 8 Taxonomy
32
32
32
Regulation
10.1 
Article 8 Taxonomy Regulation 
10.2 Activities
10.3 KPI
33
11. Frameworks used to Draw up
36
this Report
11.1. 
European Directives
36
11.2 TheFrench Order No. 2017-1180 
of July 19, 2017           
36
11.3 The French Decree No. 2017-1265 
of August 9, 2017
36
11.4. Taxonomy regulation
36
12. Methodological Note
37
12.1. Methodological Note on Group CSR Data 
Reporting
37
12.2. Group Structure of Consolidated 
Operations
37
12.3. Data Collection Method
37
38
38
39
13. Definitions
13.1. Employment indicators 
13.2. Environmental indicators 
13.3. Social Indicators
39
14. Independent Third Party
Auditor’s Report
40

About this Report
Corporate Social Responsibility
1.
About this Report
The 2021 Corporate Social Responsibility (CSR) Report offers
an in-depth account of Valneva’s CSR activities over the past
year and the Company’s CSR priorities going forward. 
In 2018, the format of the report evolved in accordance with
French Decree n° 2017-1265 of August 9, 2017. While Valneva
was not required to issue a CSR report under the new law,
the Company decided to voluntarily continue its reporting for
2018. In 2019, with the Group having crossed the threshold of
500 employees, it became subject to the obligation to
publish non-financial information. Thus, the present report
describes not only the risks faced by the Company in its
pursuit of sustainable growth, but also shows the counter
measures put in place and Valneva’s future plans to minimize
these challenges. 
Valneva’s CSR strategy remains centered upon four pillars,
which are reflected in the organization of this report:
Protecting Lives, Acting Ethically, Developing our People,
and Respecting the Environment.
The scope of reporting retained in 2021 covers sites in the UK
(Livingston and London-Fleet), Sweden (Solna), Austria
(Vienna), Canada (Montréal-Kirkland), the U.S. (Washington,
D.C.-Gaithersburg) and France (Nantes-Saint-Herblain and
Lyon), or 100% of the Group’s total headcount.
Valneva’s environmental impact data come from its two
production sites and two R&D sites. Together, these four
sites represent more than 97% of the Group’s total
headcount in 2021.
The environmental impact of Valneva’s commercial offices is
not integrated into the scope of this Report.
Pursuant 
to 
Article 
8 
of 
the 
Taxonomy 
Regulation
(Regulation (EU) 2020/852), companies having to issue a
CSR report will have to publish sustainability indicators from
January 1, 2022.
1

Message from the Management
Corporate Social Responsibility
2.
Message from the Management
Corporate Social Responsibility is critical to Valneva as we
strive to advance vaccines for better lives. Our daily activities
are guided by a concern for protecting lives, conducting
business ethically, developing our workforce and preserving
the environment. The risks inherent to this work are carefully
considered at all levels of the organization, where we
collectively endeavor to mitigate them as we drive for
continued growth. 
The COVID-19 pandemic has brought on a sustained,
heightened awareness of the public health danger that
infectious diseases represent. Valneva, a specialty vaccine
company 
focused 
on 
the 
development 
and
commercialization of prophylactic vaccines for infectious
diseases with significant unmet medical need, proudly
recognizes its responsibility to help protect against these
kinds of threats.
Since its creation in 2013, Valneva has worked on potential
protective measures against dangerous illnesses such as
Japanese encephalitis, cholera, Lyme disease, chikungunya
and now, COVID-19. The Company continues to invest in
Research & Development, in an effort to bring us closer a
world 
in 
which 
no 
one 
dies 
or 
suffers 
from 
a
vaccine-preventable disease. To further that vision, Valneva
also dedicates resources to charitable organizations whose
work 
supports 
access 
to 
healthcare 
in 
their 
local
communities.
and beyond, Valneva strives to be a compliance leader for
companies of similar size in its sector.
Doing business in an ethical manner is part of Valneva’s DNA.
Both within the Company and with partners, we aim to be an
exemplary business in terms of reporting, compliance and
transparency. From the R&D stage into product marketing
Valneva’s growth would not have been possible without the
commitment and talents of its greatest asset: the Company’s
workforce. In order to support its employees, Valneva fosters
a working atmosphere where all are encouraged to pursue
continued development. No matter where our employees are
located, we are proud to offer a positive workplace
environment across our offices in Europe and North America. 
Valneva 
also 
recognizes 
the 
need 
to 
preserve 
the
environment and to use natural resources responsibly.
Sustainable 
growth 
is 
an 
important 
aspect 
of 
our
CSR approach and informs our work around the world. From
the production line to our support functions, reducing our
carbon footprint, lowering the consumption of energy and
raw materials and limiting the creation of waste are goals
that we work actively to achieve.
As Valneva expands its global reach, we pride ourselves on
taking these four factors into account, growing responsibly
and in harmony with our CSR values.
Thomas Lingelbach, President & Chief Executive Officer
Franck Grimaud, Directeur Général & Chief Business Officer
Peter Bühler, Chief Financial Officer
Juan Carlos Jaramillo, Chief Medical Officer
Frédéric Jacotot, General Counsel & Corporate Secretary
2

Business Model
Corporate Social Responsibility
3.
Business Model
Our resources
Human Resources
Talented individuals lie at  
the heart of Valneva’s success
Financial Resources
We focus on generating  
long-term value through  
increasing R&D investment 
Scientific Expertise
Our collective knowledge  
and skills allow for new  
and ever-evolving products
Natural Resources
With water and energy,  
we transform raw biological  
material into essential vaccines
Intellectual Property
Discoveries and breakthroughs  
made in-house keep us on  
the cutting-edge
Industrial Resources
Our infrastructure keeps our 
business moving forward
Stakeholder Relations
Relationships among employees, 
with the medical community, 
patient advocacy groups and local 
communities inform our work
Our business
Valneva is a specialty 
vaccine company focused 
on the development and 
commercialization of prophylactic 
vaccines for infectious diseases with 
significant unmet medical need.
Our vision is to contribute to  
a world in which no one dies or 
suffers from a vaccine-preventable 
disease.
Valneva is a European company 
(Societas Europaea) with 
a Management Board and 
a Supervisory Board, listed 
on Euronext Paris and on Nasdaq.
Our CSR goals
We strive to create value by:
- protecting lives through 
vaccination and the promotion 
of access to healthcare
- acting ethically in both R&D 
and our daily business
- developing our people  
for future success
- respecting the environment 
upon which we all depend
3

Business Model
Corporate Social Responsibility
Our results
Total Revenues
€348.1M in 2021
Protecting Lives
Over €120,000 donated
to health-related charitable organizations 
around the world, including the Baan Dek 
Foundation and the Encephalitis Society
R&D Investment
€173.3M in 2021
Ethics
18 comprehensive policies
to govern our activities
People
762 employees
of 37 different nationalities 
Environment
Constant reduction 
of CO2 emissions every year since 2016
Research & Development
Several vaccines in development 
including unique vaccines against: 
– Lyme disease
– COVID-19
– chikungunya
1
Commercialization
Two commercial vaccines against:
– Japanese encephalitis
–  Cholera and, in some countries,
prevention of diarrhea caused
by ETEC
Manufacturing
Sites in Scotland and Sweden
Quality Control function  
on manufacturing sites &  
in Vienna
3
2
4

Valneva’s CSR Approach
Corporate Social Responsibility
4.
Valneva’s CSR Approach
4.1. 
A four-pillar strategy
The Company’s commitment to responsible and sustainable
business spans four key focus areas, which form the
foundation of its CSR approach. 
Valneva devotes particular attention to its first pillar,
Protecting Lives, which is a main driver of the Company’s
work. 
The second pillar covers Acting Ethically, both in R&D and in
business. 
The third pillar focuses on the Group’s employees or, more
specifically, on Developing Our People. 
Finally, Valneva’s fourth pillar is dedicated to Respecting the
Environment through the prevention of pollution, effective
waste management and the control of the Group’s energy
consumption. 
These four pillars are in line with the United Nations’
Sustainable Development Goals.
Table of risks and opportunities
Pillar
Risks and opportunities
Corresponding Sustainable 
Development Goals (SDGs)
Protecting 
Lives
Maintain vaccine conﬁdence
Support healthcare-oriented charities around the world
Maintain a high level of expertise in R&D
Ensure patient safety
Responsible manufacturing
Developing 
our People
Attract and retain talented people
Promote diversity and guarantee non-discrimination
Have appropriate levels of expectation to respond to 
market demand
Acting 
Ethically
Comply to the highest standard
Mitigate cybersecurity risk
Respecting 
the Environment
Climate change and our infrastructure
Maintain safe manufacturing and R&D environments
5

Valneva’s CSR Approach
Corporate Social Responsibility
4.2. The United Nations Global Compact
In line with its CSR approach, Valneva has sustained its support of the United Nations Global Compact and incorporates its ten
principles into the Company’s strategies, policies and procedures.
The 10 Principles of the UN Global Compact
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L
a
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Principle 1: Businesses should 
support and respect the protec-
tion of internationally proclaimed 
human rights, within the scope of 
their inﬂuence; and
Principle 2: make sure that they 
are not complicit in human rights 
abuses.
Principle 3: Businesses should 
uphold the freedom of 
association and the eﬀective 
recognition of the right to 
collective bargaining;
Principle 4: the elimination of all 
forms of forced and compulsory 
labor;
Principle 5: the eﬀective abolition 
of child labor; and
Principle 6: the elimination of 
discrimination in respect of 
employment and occupation.
Principle 7: Businesses should 
support a precautionary 
approach to environmental 
challenges;
Principle 8: undertake 
initiatives to promote greater 
environmental responsibility; 
and
Principle 9: encourage the 
development and diﬀusion of 
environmentally friendly 
technologies.
Principle 10: Businesses 
should work against 
corruption in all its forms, 
including extortion and 
bribery.
1
2
7
10
8
9
3
4
5
6
As part of the Group’s participation in the UN Global Compact, a version of this Report will be submitted as Valneva’s official
Communication on Progress and will be available on the UNGC website.
6

Protecting Lives
Corporate Social Responsibility
5.
Protecting Lives
Valneva is focused on the development and commercialization of prophylactic vaccines for infectious diseases with
significant unmet medical need. The Company provides vaccines to people around the world, and ensuring access to
healthcare and patient safety are Valneva’s most important goals.
5.1. 
Maintaining Vaccine Confidence
Valneva is a specialty vaccine company and, in order to
effectively address critical global health issues, the Company
must receive marketing authorization from healthcare
authorities in various countries around the world. This allows
Valneva to provide potential protective measures to the
greatest possible number of people.
Valneva's future success is substantially dependent on the
successful regulatory approval and commercialization of its
product candidates in a timely manner. If Valneva is not able
to obtain required regulatory approvals, it will not be possible
to commercialize its product candidates. Even if a product
candidate receives marketing approval, it could fail to
achieve acceptance from physicians, patients, third-party
payors or others in the medical community whose
acceptance is necessary for commercial success.
The Company’s products must be acceptable not only to
regulatory bodies, but also to health care professionals
(HCPs), patients and the general public. In pursuit of their
acceptance, 
Valneva 
strives 
to 
ensure 
that 
decisive
stakeholders recognize the risks and public health burden
represented by certain infectious diseases and that these
challenges could be reduced drastically through vaccination.
Helping to maintain a base level of confidence in vaccines as
a potential solution to these problems is a critical component
of Valneva’s work. The Company addresses the risk of
waning confidence through various means and with the help
of multiple actors, both within and outside the Company.  
In addition to rigorous safety testing, which is further
discussed in the section entitled “Maintaining a high level of
expertise in R&D”, Valneva’s methods of maintaining vaccine
confidence include:
open dialogue with Key Opinion Leaders (KOLs) to ensure
■
that Valneva’s products and strategy address the disease
burden and risks faced by patients;
regular engagement with regulatory authorities using
■
scientific and data-driven discussions to support brand
labels, bolstered by the support of KOLs;
close interaction and participation in regulatory agency,
■
scientific advice committee and similar meetings, to
update the authorities on Valneva's projects as well as
remained well-informed on the type of data to be
requested by these stakeholders;
experienced 
local 
commercial 
teams 
with 
in-depth
■
knowledge of the needs of their local market; and
a broad commercial structure with the capacity to create
■
robust market access plans that help prepare stakeholders
ahead of any new product launch.
Valneva’s experienced commercial teams engage with
healthcare professionals on a regular basis, often organizing
meetings, webinars and conferences to discuss infectious,
vaccine-preventable diseases. 
In 
2021, 
over 
5,700 
HCPs 
were 
reached 
via
Valneva-sponsored 
meetings, 
webinars 
and
conferences for the HCP community, versus over
1,700 in 2020. 
The Company aims to maintain this level of HCP
engagement from 2020 to 2022.
Valneva also uses its position to highlight the importance of
vaccination and foster confidence on a large scale. One such
example is the Company’s participation in the World Health
Organization’s 
annual 
“World 
Immunization 
Week”
awareness campaign in April of last year.
5.2. Supporting Healthcare-Oriented Charities around the World
In addition to Valneva’s core business, which is inherently
connected to global health, the Company supports access to
healthcare and awareness initiatives both within and outside
of our direct areas of expertise. Through corporate
partnerships, social media campaigns and joint events with
charitable organizations, Valneva aims to further protect lives
via corporate giving.
The Group has chosen to work with charities that support
healthcare around the world. Failing to maintain Valneva's
commitments to these non-profit groups would not only
impact the charities themselves, but would also negatively
impact the image of the Company.
7

Protecting Lives
Corporate Social Responsibility
The Baan Dek Foundation: Valneva’s 
chosen charitable partner
Since 2016, Valneva has been an official sponsor of the Baan
Dek Foundation, a Thai charity which aims to foster children’s
health, safety and education in Chiang Mai and Bangkok.
Valneva maintained its close ties with the Foundation
throughout 2021. Despite the ongoing COVID-19 pandemic,
the Company continued to check in regularly with Baan Dek
for updates on their emergency response efforts and new
ways of implementing their core projects. 
In addition to its regular annual donation, Valneva was able
to offer a supplemental gift at the end of the year in
exchange for a digital holiday card. The Baan Dek-designed
e-card featured the Foundation prominently and was shared
with Valneva’s business contacts and via social media.
Support of the Encephalitis Society
Valneva has also been a supporter of the Encephalitis
Society, the UK-registered brain inflammation charity that
envision a world aware of encephalitis, its consequences and
the support available.
Valneva worked with the Encephalitis Society throughout
2021, 
providing 
financial 
support 
for 
its 
various
awareness-building and research initiatives, as well as
providing 
increased 
visibility 
to 
the 
Society 
through
participation in its World Encephalitis Day campaign. 
Local Community Engagement
In addition to corporate-level sponsorships of charities like
these – whose missions align perfectly with Valneva’s – the
Company also encourages social engagement at the local
level on all sites. Employees are empowered to organize and
participate in charity events, as well as volunteer in and hold
fundraisers that benefit their communities. 
In 
2021, 
Valneva 
donated 
over 
€120,000 
to
health-related charitable organizations around the world,
including the Baan Dek Foundation and the Encephalitis
Society, versus €50,000 in 2020 and €40,000 in 2019. 
In addition, 100% of the charitable projects planned at
the 
beginning 
of 
the 
year 
were 
carried 
out
successfully, thus maintaining a constant level of
engagement in 2020 and 2021.
By 2025, Valneva aims to increase its charitable
support by 15%, as compared to 2019.
Access to Healthcare in Low- and 
Middle-Income Countries (LMICs)
In July 2019, Valneva and the Coalition for Epidemic
Preparedness 
Innovations 
(CEPI) 
announced 
a 
new
partnering agreement. With support from the European
Union’s (EU’s) Horizon 2020 programme, CEPI will provide
Valneva up to US$ 23.4 million for vaccine manufacturing
and late-stage clinical development of a single-dose,
live-attenuated vaccine (VLA1553) against chikungunya.
In line with CEPI’s commitment to equitable access, the
funding will underwrite a partnership effort to accelerate
regulatory approval of Valneva’s single-dose chikungunya
vaccine for use in regions where outbreaks occur and
support WHO prequalification to facilitate broader access in
lower and middle income countries. 
Valneva will also maintain a stockpile of the vaccine
candidate and work to transfer the manufacturing of the
drug product to partners for lower- and middle-income
countries — where outbreaks of chikungunya have occurred
— to improve access to the vaccine for at-risk populations.
In January 2021, Valneva and and Instituto Butantan,
producer of immunobiologic products, announced the
signing of definitive agreements for the development,
manufacturing and marketing of Valneva’s single-shot
chikungunya vaccine, VLA1553, in low- and middle-income
countries. (The collaboration falls within the framework of the
$23.4 million funding agreement Valneva signed with CEPI.)
Under the collaboration, Valneva will transfer its chikungunya
vaccine technology to Instituto Butantan, who will develop,
manufacture and commercialize the vaccine in LMICs. 
8

Protecting Lives
Corporate Social Responsibility
5.3. High Level of Expertise in R&D
Valneva takes a unique and specialized approach to
developing vaccine candidates, focusing on disease targets
that lack a preventative or therapeutic solution but where
prophylactic vaccines can have a meaningful impact.
Therefore, rather than looking for disease targets where a
specific technology or mechanism of action is effective, the
Company’s approach is to identify diseases and then apply
its understanding of and experience in vaccine development
to advance differentiated vaccine candidates against that
specified disease. This method has led Valneva to focus
largely on diseases that either threaten travelers to particular
regions, or that remain widespread in highly populated areas. 
compared to other treatment options, including other
vaccines. 
The Company also concentrates on diseases where there is
limited existing competition from therapeutics or where its
vaccines have clear benefits compared to competitive assets.
As a consequence of this strategy, Valneva has become a
leader in the specialized vaccines space with a portfolio
composed of assets that have clear advantages when
Despite the Company’s targeted approach and breadth of
experience, it should be noted that success in pre-clinical
studies or early clinical trials might not be indicative of future
clinical trial results that would be sufficient for potential
regulatory approvals and commercialization. This is one of
the risks related to the development and commercialization
of Valneva’s product candidates.
The Company has made substantial efforts and investments
in the development of its vaccine candidates. A development
failure (including insufficient efficacy or safety) would result
in the loss of these investments.
To mitigate this risk, Valneva strives for the highest research
standards 
and 
oversees 
this 
work 
through 
internal
committees, complemented by the scientific strategic
guidance provided by the Company’s Scientific Advisory
Board.
How do Clinical Trials Work?
Clinical Research
Registration
Follow Up
Phase 1
Phase 2
Phase 3
Phase 4
Preclinical 
Research
Laboratory 
Tests 
Approved 
protocols
Animals
Monitor safety & 
immunogenicity
Healthy 
Volunteers
Monitor safety & 
immunogenicity 
Determine 
dosage tolerance 
& optimal dose
Patients
Patients
Monitor 
additional 
safety data
Conﬁrm
eﬃcacy
If treatment 
deemed 
eﬀective
Ensure
safety
Conﬁrm 
eﬃcacy 
Explore new 
indications
Patients
9

Protecting Lives
Corporate Social Responsibility
Valneva's Innovation Committee: A New Focus on Cutting-Edge Science
In April 2021 – in the midst of a sustained period of successful
development of Valneva’s leading vaccine programs against
COVID-19, chikungunya and Lyme disease – the Company
implemented an Innovation Committee within its robust R&D
organization. The goal of this new committee is to help build
Valneva’s future clinical pipeline.
This increased focus on early-stage programs covers internal
pre-clinical work, as well as targeted scouting and innovation
efforts. In this regard, the new committee ensures that
innovative initiatives, creative concepts, novel technologies
and new potential assets are reviewed, assessed, validated
and proposed for further decision making.
Valneva’s SAB: Expert Guidance for R&D Advancement
To ensure the quality of decision-making in R&D, Valneva
created its Scientific Advisory Board (SAB) in July 2019.
This SAB is a panel of highly distinguished academic and
industry professionals who provide Valneva with further
scientific guidance and expert advice on R&D strategies. The
SAB’s purview also covers program execution considerations
in the framework of innovation, market dynamics and trends.
The Scientific Advisory Board includes former Valneva
Supervisory Board members Dr. Ralf Clemens, MD, Ph.D.
(Chairperson), and Dr. Alexander Von Gabain, as well as
Dr. Norman W. Baylor, Ph.D., Dr. Anna Durbin, MD, Dr. Stanley
A. Plotkin, MD and Dr. George R. Siber, MD, Ph.D. Collectively,
the SAB boasts specific expertise in the following areas of
particular relevance to the Company’s current and future
pipeline:
vaccinology;
■
microbiology and immunology;
■
infectious diseases;
■
flaviviruses (a specific family of viruses primarily found in
■
mosquitoes and ticks, many of which can also infect
humans).
By the end of 2025, Valneva aims to launch two new
vaccines on the market and have two new vaccine
candidates in early clinical development (Phase 1
trials). This would amount to a 100% increase in the
number of commercial products in the Company’s
portfolio. 
At the end of 2021, Valneva had two products in its
commercial portfolio, as well as two programs in late
Phase 3 clinical development and one program in late
Phase 2. 
Regulatory submissions for the Company’s COVID-19
vaccine candidate were underway in various regions
as of December 31, 2021, bringing Valneva that much
closer to its goal of launching two new vaccines by
2025.
The Company had no programs in early clinical 
development 
(Phase 
1 
trials) 
at 
the 
time 
of 
publication. However, Valneva has multiple ongoing 
pre-clinical projects that could potentially advance to 
early clinical development. 
5.4. Ensuring Patient Safety
After successfully developing a product and receiving
marketing approval from the relevant health authorities, the
holder 
of 
a 
marketing 
authorization 
for 
a 
given
pharmaceutical product must ensure ongoing monitoring of
patient safety. This responsibility to ensure the quality and
safety of its products is paramount to Valneva, who
continuously monitors its products to ensure that any
potential impacts to the safety profile are detected, assessed
and addressed.
The ultimate goal of Pharmacovigilance is patient safety.
For that 
purpose, 
Valneva’s 
Pharmacovigilance 
(PV)
department oversees all activities related to product safety
monitoring around the globe, ensuring the appropriate flow
and management of safety-related information according to
applicable regulations and Valneva standards. Healthcare
professionals and consumers have direct access, by phone
and email, to Valneva’s Medical Information professionals
who provide timely and accurate information on the Group’s
products.
In countries where Valneva’s products are distributed by
third 
parties, 
individually 
adapted 
pharmacovigilance
agreements exist to ensure the proper processing of all
safety-related information. PV audit plans are also used to
verify that Valneva’s partners operate according to both the
terms set up in these agreements and current safety
regulations.
Valneva’s 
Corporate 
Pharmacovigilance 
department
performs  signal detection for its licensed products on a
regular basis. The signal detection reports are then shared
with the Quality & Product Safety Management Board,
Valneva’s internal decision making body for quality- and
safety-related matters. Actions addressing any trends or
signals that may impact on public health are decided
immediately. The action plans and communication pathways
are thereafter aligned with the respective authorities.
10

Protecting Lives
Corporate Social Responsibility
On 
a 
regular 
basis 
(every 
three 
years 
for 
both
IXIARO®/JESPECT® and DUKORAL®), Periodic Safety Update
Reports (PSURs) are compiled and submitted to the relevant
authorities.
During PV audits and inspections, Valneva has proven to
have a robust PV system in place. During the most recent PV
inspection performed by the Austrian authority AGES, a total
of five minor observations were observed, and no major or
critical findings were identified. 
Furthermore, a set of Key Performance Indicators (KPIs) has
been established to monitor compliance on a quarterly basis. 
The primary PV KPI is the rate of submission of
individual case safety reports (serious as well as
non-serious) to the authorities, with an objective of
95% of submissions made on time. This objective has
been met continuously since 2018.
A rate of 96% was achieved in 2021, versus a rate of
99% in 2020. A rate of 100% was met in both 2019
and 2018.
5.5. Responsible Manufacturing
Valneva has a robust manufacturing and laboratory platform
in place with facilities across Europe to meet its clinical and
commercial needs. Valneva’s highly developed, nimble and
sophisticated manufacturing infrastructure is one of the
Company’s strengths.
Any failure to comply with Good Manufacturing Practices,
Good Distribution Practices or other regulatory requirements
could result in possible actions or the suspension or
revocation of production or distribution authorizations, and
could hinder the supply of products by the Group. The risk of
suspension or revocation of manufacturing or distribution
authorizations also exists for third parties with whom the
Group has entered into manufacturing, supply or distribution
agreements.
Valneva’s manufacturing base provides a long-term and
sustainable industrial network to supply clinical trial material
and commercial products based on objectives for delivery
schedule, costs, flexibility and quality. The Company operates
three manufacturing sites – in Livingston, Scotland; Solna,
Sweden; and Vienna, Austria – which are qualified by various
regulatory authorities. 
The Company’s manufacturing center in Livingston is
currently being expanded in order to produce the Company’s
COVID-19 vaccine candidate, VLA2001. Valneva’s Solna
facility is the Company’s center of excellence for fill-finish
operations. As part of COVID-19 vaccine operations, the
Company is also expanding capacity in Solna by outfitting an
additional location near its preexisting site for formulation,
filling and packaging of VLA2001.
Valneva’s manufacturing network has been operating and
producing licensed vaccines for more than 10 years.
The Company relies on its manufacturing facilities as the sole
source of manufacturing for Valneva products and for certain
of its product candidates.
deliver high quality vaccines to those who need them.
The process includes testing each batch of vaccine at every
step of its journey, and repeat quality control of batches by
different authorities around the world.
Manufacturing of vaccines is considered one of the most
complex pharmaceutical manufacturing operations. It can
take between 6 to 36 months to produce, package and
Valneva’s Quality Control and Quality Assurance functions
are thus integral parts of its manufacturing platform.
Quality Control evaluates the performance of the
■
manufacturing 
process 
to 
ensure 
adherence 
to
specifications and limits, and assesses the suitability of
incoming raw materials, components, containers, closures,
labelling, in-process materials and final vaccine lots;
Quality 
Assurance 
involves 
the 
systematic 
and
■
independent examination of all trial-related activities and
documents. This includes site audits, vendor audits and
system/process audits, as well as general and pre-approval
inspections.
Biopharmaceutical manufacturing and release testing is
performed regularly to help avoid disruption to supply and to
deliver products in alignment with the Company’s Master
Production Schedule. Multiple counter-measures are in place
to mitigate production risks, including:
annual quality and safety audits;
■
preventive maintenance measures;
■
a business continuity plan including an internal crisis
■
management team and disaster recovery; and
routine servicing and replacement of key equipment.
■
In 2021, over 20% of Valneva’s annual revenues were
spent on manufacturing site improvements, versus
more than 15% in 2020 and 6% in 2019.
The 
Company 
aims 
to 
complete 
the 
current
expansions of its manufacturing sites in Scotland and
Sweden in 2022.
11

Acting Ethically
Corporate Social Responsibility
6.
Acting Ethically
Developing vaccines means that the Group has a responsibility to consumers and a wide range of stakeholders. Valneva
maintains high ethical standards, protecting trial subjects through solid R&D processes and continuously improving its
business integrity and transparency – all to preserve the trust of the patients and the communities it serves.
6.1. 
Complying to the Highest Standard
Focused on integrity in its daily business, Valneva conducts
its activities with high ethical standards across all functions. 
Relationships with customers, healthcare providers, and
third-party payors are subject, directly or indirectly, to
healthcare fraud and abuse laws, false claims laws, health
information privacy and security laws, and other healthcare
laws and regulations. If Valneva is unable to comply, or have
not fully complied, with such laws, the Group could face
substantial penalties.
To help mitigate this risk, the Company has created an
internal framework of policies that incorporate its ethical
principles into tangible business processes. This allows
employees to conduct themselves ethically. Valneva has
continued to grow its set of rules, guidelines and training
activities to further realize its standards of integrity in
accordance with new and evolving legal requirements. These
efforts allow Valneva to mitigate the risk of a failure in
business compliance. 
Valneva’s Code of Conduct
As stated in its official Code of Conduct, Valneva is
committed to conducting business responsibly and in
compliance with applicable laws, rules and regulations.
Valneva commits itself and expects every employee to live
up to the highest standards of integrity in the common
mission to develop new vaccines. The Company shares the
vision to serve the medical community’s needs and to seek
significant returns for its stockholders, in continued pursuit of
excellent science for the fight against infectious diseases.
Valneva tries to motivate and help every employee to
contribute to the Company’s success in achieving its goal,
and its Code of Conduct applies to all Supervisory Board
members, Management Board members, directors and
employees of Valneva SE and its subsidiaries.
Valneva’s Anti-Bribery 
and Anti-Corruption Policy
accepting bribes in any form, directly or indirectly).
This policy was designed in compliance with all global
anti-bribery and anti-corruption laws including, but not
limited to, the UK Bribery Act, the US Foreign Corrupt
Practices Act (FCPA) and the Canadian Criminal Code and
Corruption of Foreign Public Officials Act. Valneva has zero
tolerance for bribery or corruption of any kind.
In 
2016, 
Valneva 
instituted 
its 
Anti-Bribery 
and
Anti-Corruption Policy (ABAC) to align its business with the
best practices in the industry and the highest compliance and
ethics standards. The ABAC policy builds upon the Code of
Conduct by providing standards to ensure Valneva’s business
activities are conducted ethically and do not attempt to
improperly influence others (including by paying, offering, or
As of December 31, 2021, 100% of Valneva employees
trained on the ABAC Policy successfully passed the
end-of-training evaluation. 
Valneva aims to achieve a 100% participation rate in
this training. In 2021, 94,6% of Valneva employees in
scope were trained on this policy.
Valneva’s Anti-Bribery Procedure
All Valneva employees have 24/7 access to a secured
compliance helpline system. If an employee has a concern or
believes in good faith that a law, a rule or one of the
principles in Valneva’s Code of Conduct has been – or is
about to be – violated, such employee can inform his or her
manager, one of Valneva’s internally-designated Compliance
Officers, or use the compliance helpline. Since the 2016
decision to use this helpline service, Valneva has vowed to
ensure that employees are not disciplined or discriminated
against for reporting any possible incident, even if the facts
reported prove to be inaccurate, provided that they have
acted in good faith. 
The Suite of Policies at Valneva
In addition to the cornerstone policies mentioned above,
Valneva is proud to have a cohesive collection of corporate
policies that cover a vast array of topics, such as:
Anti-harassment, Anti-discrimination and Anti-bullying
■
Conflicts of Interest;
■
Corporate Procurement;
■
Data Protection;
■
Employee Invention;
■
Global Communications;
■
Insider Trading;
■
12

Acting Ethically
Corporate Social Responsibility
Information Technology (IT);
■
Professional and Personal Relationships in the Workplace;
■
Non-Retaliation and Non-Retribution;
■
Corporate Travel.
■
Encouraging Ethics Awareness through 
Activities and Training
Valneva designates each September as Compliance & Ethics
(C&E) Month to bring greater awareness of compliance and
ethics matters to employees. In 2021, the Company-wide C&E
Month challenge was a compliance photo hunt. Employees
were provided a set of four pictures wherein they had to
successfully identify ten compliance issues using their own
expert C&E knowledge (and referring to Company policies as
needed).
Valneva had previously increased its efforts to provide
ethics-related training in 2020 via the implementation of an
e-learning platform that measures successful participation via
quizzes during and after each e-learning course.
Compliance Risk Assessment
In 2020, Valneva undertook risk mapping that covered
Anti-Bribery & Anti-Corruption. Following this compliance
risk mapping, specific mitigating measures and controls were
identified  with specific timelines for implementation.
Valneva planned three mitigating measures for
Anti-Bribery & Anti-Corruption during 2021 and two
of these measures were put into place on time,
resulting in an 66% on-time implementation rate. This
compares to the 80% on-time implementation rate for
2020. 
The Company aims to achieve a 100% on-time
implementation rate.
6.2. Mitigating Cyber Security Risk
Like other companies, Valneva’s internal IT systems and
cloud-based computing services are potentially vulnerable to
malware, computer viruses, data corruption, cyber-based
attacks and other damaging events. These kinds of threats
could result in damage to or the interruption or impairment
of key business processes, or the loss or corruption of
confidential information, including intellectual property,
proprietary business information and personal information.
These cyber security risks have been carefully evaluated and
include: 
interruption of business operations;
■
loss of batches in manufacturing (due to critical
■
production systems being down);
loss of data;
■
phishing of information;
■
fraud;
■
data breaches in light of European General Data Protection
■
Regulation (GDPR) regulations; and
phishing of financial transactions.
■
Risks can arrive in a variety of forms, through social
engineering, the introduction of malware into IT systems via
removable media or external hardware, malware infection via
inter- and intranet, remote access intrusions and even simple
human error. From a phishing attack to malware or hacking
of corporate banking information, there are a multitude of
potential issues against which employees and upper
management must be informed. Valneva’s workforce is thus
considered to be its first and primary line of defense against
online crime. 
Dedicated Information Security Activities 
in 2021
With 
the 
Company’s 
growing 
profile, 
ever-increasing
workforce and dispersed teams due to the ongoing
pandemic, Valneva made a concerted effort to reinforce its
information security infrastructure in 2021.
In order to support this strategic direction, Valneva adjusted
its information security landscape through multiple new
actions. First, the Company created a new corporate body,
the Information Security Board (ISB), to steer all information
security activities. In addition to forming the ISB, a new
Information Security Policy was issued and all employees
were required to perform a mandatory assessment related to
the new document.
The Company also successfully reacted to critical exploits
that occurred in 2021, with immediate actions taken against
the Hafnium Exchange Exploit, Log4Shell Exploit and Print
Spooler Vulnerability.
Cyber Security Risk Assessment
Valneva’s cyber security risk underwent an in-depth
reassessment in 2019, which underpins its new and ongoing
information security initiatives. Data systems were evaluated
as safe at the time of this assessment; the most serious cyber
security weaknesses identified were data leakage and the
careless use of IT systems. In the event of a cyber attack, the
Company defined a goal of recovering from potential attacks
within a reasonable timeframe. 
13

Acting Ethically
Corporate Social Responsibility
The following counter-measures were put in place following
the risk assessment:
spam email gateway and email filtering;
■
constant updating of the Company’s backup infrastructure;
■
regular and timely IT system patching to reduce attack
■
vectors;
multiple layers of security to protect sensitive IT
■
infrastructure;
IT infrastructure penetration testing;
■
formalized disaster & contingency procedures;
■
regular security assessments (both internal and external);
■
GDPR team in place (including a group Data Protection
■
Officer, or DPO) to ensure compliance with all GDPR
processes;
user awareness trainings, including tailored trainings for
■
Valneva’s Management Board, Supervisory Board, senior
management as well as all Finance department staff; and,
a Managed Threat Response (MTR) service implemented in
■
2021.
As employees remain the main stewards of Valneva’s
information security, the Company works to reduce cyber
security risk through robust training. As a complement to all
of the aforementioned actions, the large-scale cyber security
training initiative launched in 2019 continued in 2020 and
2021.
As 
of 
January 
27, 
2022, 
94% 
of 
employees
successfully completed cyber security training and
the associated mandatory assessment, versus 90.3%
of employees in 2020. 
The Company has set a goal of training 100% of its
workforce on cyber security every year.
6.3. Human Rights
Given its activities and the geographical location of its sites, Valneva is not directly facing issues of human rights violations. 
However, it should be noted that :
the clinical trials that the Company conducts for its vaccine candidates are carried out in strict compliance with the informed
■
consent of the patients involved in biological research;
Valneva employees are all protected by respect for labor legislation in all countries where the Company operates. The set of
■
internal policies mentioned in this report also guarantees respect for human rights for all employees.
6.4. Combatting Tax Evasion
Valneva fulfils its tax obligations in each of the countries where its activities are carried out.
14

Developing our People
Corporate Social Responsibility
7.
Developing our People
Valneva’s success stems from the engagement and expertise of more than 750 employees, who are the Group’s single largest
asset. Because a diverse workforce performs better, Valneva has committed itself to diversity and to the professional
development of its employees. This commitment to people starts by creating a lively, open and friendly working
environment.
Valneva's HR Strategy
Valneva has developed a global HR strategy based on its mission, its vision and its goals.
Pillar 1
Organisational 
development
1.1  HR support the strategic development of the organisation
Objectives
1.2  Valneva's employee have a positive attitude towards change and are prepared to be agile / adapt quickly thereby, 
supporting the overall change readiness of the organisation
1.3  Business decisions that result in noticeable changes are being implemented professionally, resulting in smooth 
and eﬃcient adaptation to diﬀerent future scenarios
Pillar 2
Talent acquisition 
& retention
2.1  Be an employer of choice and diﬀerentiate Valneva amongst the competition
2.2  Continuously adapt and enhance talent acquisition stratgey across sites considering the market pulse
2.3  Boost retention ratio across sites
Pillar 3
People 
development
3.1  Role speciﬁc and individual development needs that are critical for tje success of the company are known and met
3.2  Key competencies are developed in-house to ensure high relevance of the ocntent and a shared understanding 
within the company
3.3  The leadership culture is based on shared values and required competencies
15

Developing our People
Corporate Social Responsibility
7.1. 
Attract and Retain Talented People
Valneva’s inability to attract and retain key employees could prevent the Group from achieving its overall objectives, and thus
have a significant negative impact on its business and prospects.
Valneva’s HR approach
Attract and retain talented people.
■
Build a sustainable workforce for the future.
■
Assess and reward performance.
■
Value and support diversity.
■
Protect its workforce.
■
2020
579 
EMPLOYEES
from 37 nations
2021
762
EMPLOYEES
New Hires
2020
99 
2021
246
Valneva's Global Presence
On December 31, 2021, the Group had 762 employees working in Austria, Canada, France, Sweden, the United Kingdom, and in
the United States.
>700
~ 200 IN R&D
UK
Austria
France
Sweden
175
256
256
54
US
16
Canada
5 
EMPLOYEES
IN 6
COUNTRIES 
16

Developing our People
Corporate Social Responsibility
Valneva: A Unique Corporate Identity
Valneva is an international and multicultural Group where
by the 37 different nationalities represented in its workforce,
enthusiasm, innovation and strong execution skills are driving
Valneva is built upon a unique identity in the vaccine
forces. With operations in six countries across the globe,
industry.
Valneva’s teams are diverse and multidisciplinary. Enriched
A Wealth of Expertise 
The majority of Valneva employees work in the areas of
manufacturing and R&D. Manufacturing operations take place
in Scotland and Sweden, while R&D is based in Austria and
France.
The Support functions (G&A) are mostly spread across the
Company's four main sites in Austria, France, Scotland and
Sweden.
Commercial Operations have been consolidated over the
past six years, with teams now located in Canada, the United
States, the United Kingdom, Austria, in the Nordic countries
and, most recently, in France.
G&A
20%
Commercial Operations
5%
Research & Development
Manufacturing
51%
25%
Gender Breakdown
Women are more highly represented than men at Valneva.
0
10
20
30
40
50
60
2021
2020
2019
56% 
44%
58% 
42%
60% 
40%
Female
Men
17

Developing our People
Corporate Social Responsibility
Seniority & Turnover
Seniority 
2021
2019
2020
less than 5 years
5-10 years
10-15 years
more than 15 years
less than 5 years
5-10 years
10-15 years
more than 15 years
less than 5 years
5-10 years
10-15 years
more than 15 years
61% 
17% 
11% 
11%
53% 
19% 
17% 
11%
56% 
15% 
19% 
10%
Number of Departures
2019
2020
2021
0
20
40
60
80
100
51
9
9
92
60
43
15
58
101
Voluntary
Involuntary
Turnover
2021
2019
2020
0
5
10
15
12%
10%
15%
Valneva's voluntary turnover rate, or employee turnover rate,
increased in 2021. This is explained by the strategy adopted
by the Group. A growing company carries out extensive
recruitment, which automatically exposes it to an increased
turnover rate. However, a turnover rate is generally
considered high when it surpasses 15%.
2022 Objectives:
Adapt and enhance talent acquisition strategy
■
across sites considering the (local) market pulse
Utilize 
all 
state-of-the-art 
instruments 
to
■
approach the right talent levels for business
needs
Valneva supports its employees in maintaining a healthy
work-life balance. Good working conditions, flexibility and
attractive benefits are distinctive elements of the Company's
employer brand. 
For many years, Valneva has been offering services to
employees such as:
childcare assistance;
■
on-site health-related services.
■
In addition to ensuring well-being at work and guaranteeing
competitive compensation and benefits, Valneva also surveys
its employees in France to find out how they feel at work and
what can be done to develop a dynamic, open and friendly
working environment.
18

Developing our People
Corporate Social Responsibility
Employee Mobility in Action
Valneva, as an international company, offers the opportunity
of mobility to its employees whenever possible. 
Social Events: Solidifying Valneva’s Culture
Valneva values its corporate culture and organizes social and
cultural events on a regular basis. A number of events are
organized at all sites simultaneously to encourage cohesion
within Valneva. 
Newsletters are published regularly to inform employees and
bring Vaneva's corporate culture to life. In addition, an
intranet is used to relay the group's social events and
activities. 
An Open Dialog across Levels
As a European company, Valneva is proud to maintain an
internal organization that represents its European workforce,
called the International Work Council (IWC). The 11 IWC
members - and, since Brexit, three "guest" members
representing UK employees - were elected in 2021 for a
four-year term and meet at least twice a year. They are
informed about and consulted on Valneva's cross-border
operations, contributing to a better understanding of the
cultural and organizational specificities of each European site.
In addition to the IWC and local work councils in Europe, the
Canadian and US site leaders and HR team members
maintain a constant, open dialog with the local workforce.
Labor relations
Organization of employee-
management dialogue
Social and Economic Committee (CSE) Report for Nantes, Local Committees, IWC
Collective bargaining agreements
96% of the Group employees are covered by a collective bargaining agreement
Labour relations in North America are not regulated by collective bargaining 
agreements. However, the Group guarantees a harmonised approach by considering 
that the minimum standards and rules in force in Europe are, by extension, applying in 
Canada and in the US. 
HR Committees: Heading up Global HR 
Processes
The Human Resources Management Committee (HRMC) is
dedicated to Valneva's global strategy in terms of human
resources and sensitive issues. The HRMC defines the
Company's HR strategy and supervises: 
organizational development;
■
senior leadership development;
■
global compensation policy.
■
The Human Resources Operational Committee (HROC) is
responsible for the implementation and execution of HR
policies, systems and other HR processes for all Valneva
business units. The HROC acts as a functional coordinating
body that: 
handles feedback for all local HR functions;
■
coordinates aspects of the information and consultation
■
processes with the work councils, in particular the IWC.
Offering Competitive Compensation
consistent and have been harmonized across the different
sites since the Company’s creation.
An early priority for the Company, Valneva implemented a
Group 
compensation 
policy 
based 
on 
international
benchmarks in 2013. The principles of this policy are
In 2019, Valneva implemented a new, reliable classification
system used by a large number of life science companies.
This change in referential is based on a multidimensional
analysis that brings more granularity and differentiation than
the previous employee grading structure. Valneva now has
an even more accurate tool for the forward-looking
management of jobs and skills within the Company.
Innovative Working Arrangements
Working hours at Valneva are governed by different national
agreements, in compliance with local regulations and
contractual needs.
Whenever possible, flexible working hour arrangements exist
to facilitate a better work-life balance for employees. In
addition, home office pilot programs are ongoing, in order to
offer more flexibility in the organization of work. In 2021, the
ongoing COVID-19 pandemic also encouraged a sustained
increase in the use of telework.
For these reasons, Valneva redoubled its efforts to maintain
the social connection at the heart of the Group, regularly
organizing remote and on-site events.
19

Developing our People
Corporate Social Responsibility
7.2. Promotion of Diversity and Guarantee of Non-Discrimination
Valneva’s Global Anti-Harassment, Anti-Discrimination and Anti-Bullying Policy, in conjunction with its Global Professional and
Personal Relationships in the Workplace Policy, allow the Company to promote equal opportunity and treatment while
maximizing the talents and expertise of all employees.
Diversity is part of Valneva’s DNA and the Company promotes inclusion in all aspects of the business. Any discriminatory act
would expose the Group to criminal and punishable offences that would be harmful in many ways (legal, financial, image and
social risks).
Recognizing and Promoting Diversity
Valneva believes that discrimination, in any form, is
unacceptable in the workplace. Valneva promotes equal
opportunity through recruitment and employment, as well as
equal consideration with regard to compensation, training
and advancement efforts for all employees. This means that
prospective and current employees receive the same
treatment regardless of nationality, ethnic origin, gender
identity, physical or mental disability, age, religion or beliefs,
family situation or sexual orientation.
As a global company that respects all cultures, Valneva
believes that the diversity of its teams is a valuable asset for
future success, supporting greater innovation, efficiency and
competitiveness. The 37 nationalities represented at Valneva
are a by-product of the Company's focus on inclusion.
Valneva SE and Valneva Austria GmbH are signatories of the
Diversity Charter, an initiative seeking to ban discrimination
from the workplace.
Number of Women in Management 
Positions
Valneva believes that good Corporate Governance is the
basis for the trust that investors, institutions, and employees
place in the Company. Valneva will continue to strengthen
this confidence in the future while ensuring a diverse and
highly qualified group of Board members.
Valneva’s 
Supervisory 
and 
Management 
Boards 
are
committed to managing the Company transparently, in
accordance with the French Middlenext Governance Code
for Small and Medium Capitalization Companies and with a
focus on long-term value creation. As of today, three women
serve on Valneva’s Supervisory Board, helping to move the
Company forward with the highest of ethical standards.
The Management Committee is a senior management body
that complements Valneva’s Management Board, providing
input on the development and execution of Valneva’s
business strategy. This Committee holistically oversees
cross-functional and cross-site (entity) alignment, including
capabilities, objectives and operational oversight across all
areas of the business. Currently, three women (among 16
members) are part of the Management Committee, including
the director of Valneva’s manufacturing site Solna, Sweden.
Valneva is committed to ensuring that women and men have
equal opportunities to become part of the Company’s
corporate 
governance 
structure, 
notably 
through 
the
development of their qualifications.
20

Developing our People
Corporate Social Responsibility
Senior Leadership 
Positions 
Intermediate level 
of Management Position 
First level of 
Management Positions 
Total of women with a 
management position in 
the company
0
10
20
30
40
50
60
70
80
Female (2021)
Male (2021)
24%
53%
58%
47%
28%
32%
57%
48%
76%
47%
42%
53%
72%
68%
43%
52%
Female (2020)
Male (2020)
Average Age at Valneva
In 2021, the average age of Valneva employees was 42 years old, which is a slight decrease compared to 2020 and 2019. 
Average Age 
<30
<30
<30
30 - 50
30 - 50
30 - 50
>50
>50
>50
2021
Average Age: 42,15
Average Age: 43,71
Average Age: 43,63
2020
2019
56 % 
15 % 
19 % 
10 %
112 
469 
181
49 
376 
154
47 
333 
141
Gender Pay Index
The European Commission reported a 14.1%(1) gender pay gap in Europe in 2020. Valneva's gender-pay index remains
significantly lower than the European average. 
2025 Objective: The Group is committed to reducing
100% of its gender-pay gap by 2025. 
2021
4.31% 
GENDER 
PAY INDEX 
Source : https://ec.europa.eu
(1)
21

Developing our People
Corporate Social Responsibility
7.3. Having the Right Level of Expectation in Terms 
of Performance and Competencies to Respond 
to Market Demand
Valneva promotes equal opportunity and seeks to help each
of its employees maximize his or her talents. 
Valneva’s difficulties in achieving and maintaining a certain
level of performance and skills would lead to a mismatch with
the Group's needs, which would ultimately affect its success.
As an integral part of its strategy, the HR Department has
put 
into 
place 
an 
internally-designed 
Performance
Management system. Valneva’s system helps to define the
roles and responsibilities of employees and managers within
the Group. All Valneva employees, including managers, are
trained to use this system effectively.
LEAD Model Project
The focus group dedicated to building a new competency
model that refines the individual performance assessment
process, finalized a new tool in 2020. The objective was to
determine key behavioral competencies within Valneva
based on the LEAD model (Lead, Empower, Act and Deliver).
2021 was a pilot year for testing this tool. A final assessment
stage is planned in 2022 before full deployment. 
People Development Approach
Valneva emphasizes talent management, meaning that
employees are gradually trained for further responsibilities.
overall goal is to help employees boost their personal
potential and advance their professional careers at Valneva.
Developing employees’ skill sets plays a key role in the
Group’s success. The professional development initiatives
proposed by Valneva are tied to the improvement and
expansion of operational expertise and are used to enhance
communication and management skills at every level of the
corporate hierarchy. Employees are willing to learn and take
on new roles and responsibilities within the Group, thanks to
the professional development options provided to them. The
Valneva Corporate Training Program
Training is a cornerstone of Valneva’s HR strategy and allows
the Group to maintain high working standards in all of its
activities. The Company offers a broad range of training
events, including sessions on ethics & compliance, risk
management, biosafety and cyber security awareness.
2021 Objective: Manage the highest increase of FTE in
Valneva's history with the highest quality level
possible regarding recruiting, on-boarding & training,
and performance management.
2021
243
TRIAL
PERIODS
Selection and on boarding processes
Valneva possesses solid tools and processes for both the
selection and induction of new talent. This is reflected in the
number of employees who have validated their trial period,
243 in 2021 out of 246 newly recruited employees.
22

Developing our People
Corporate Social Responsibility
Valneva’s Training Investment
Across the Group, Valneva’s total training investment was €603,331.17 for 2021, which represents an average of €791.77 per
employee. Following the pronounced negative impact of the pandemic observed in 2020, training investment returned to a
normal level in 2021.
It should be noted that regulatory training (GMP) is excluded from the training budget presented here. 
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2021
2020
2019
603,331.17
104,592.31
230,238.51
172,282.99
89,241.55
6,975.81
 351,029.97  
 37,987.32  
146,696.28  
87,493.63  
74,029.53  
4,823.21 
 671,992.53  
161,726.86  
243,619.49  
102,815.06  
149,842.97  
13,988.15 
Valneva 
Nordic countries 
Austria 
UK 
France 
North America 
2019
average 
investment of 
1,273 euros 
per employee
2020
average 
investment of
per employee
606.27 euros
2021
average 
investment of  
per employee
791.77 euros
Partnering with Educational Institutions
At Valneva, preparing for the future begins by encouraging
the development of the new generation of employees by
welcoming students who want to discover Valneva's
professions and the pharmaceutical sector more broadly.
Despite the pandemic and in alignment with physical
distancing rules, the Group welcomed student interns in 2021
who were fully integrated into the Valneva community.
Creating New Opportunities in Higher 
Education
In addition to regularly welcoming interns for various roles
within the Group, Valneva Sweden has been actively involved
in the creation of a post-secondary degree in Pharmaceutical
Engineering. Valneva has a seat on the Board of the degree
program, which allows the Group to positively influence the
practical direction of the course.
The Company continues its cooperation with universities and
vocational training institutes by inviting students to discover
Valneva's professions.
23

Respecting the Environment
Corporate Social Responsibility
8.
Respecting the Environment
As a specialty vaccine company focused on prevention of infectious diseases, Valneva is aware that the environment directly
affects people’s health. In addition, the Group is aware that man-made or natural disasters, as well as public health
pandemics or epidemics, may disrupt its business. With that in mind, Valneva recognizes the need to manage its carbon
footprint, waste and consumption, taking environmental issues into account as reflected in the elements described below.
8.1. 
Valneva’s Environmental Approach
Valneva considers Environment, Occupational Health and
Safety (EOHS) in the framework of its business activities with
the intent to protect people, business assets, natural
resources and the environment. Valneva strives to prevent
the injury or illness of employees, negative effects on the
environment and any impact on the safety and quality of the
Company's manufactured products, by:
proactively managing risk and supporting a positive,
■
innovative EOHS culture;
strategically analyzing and minimizing health & safety
■
risks; and
preventing pollution, minimizing waste and conserving
■
resources.
At the request of the Management Board, the local EOHS
teams share experiences with one another to improve
cross-site efficiency and alignment, as well as risk reduction.
With the knowledge that climate change is an important
global issue, Valneva seizes the opportunity to continuously
improve its sustainability model.
Environmental sustainability is a guiding principle at Valneva.
The Group aims to use natural resources efficiently and
minimize the environmental impact of its activities and
products during their lifecycles. It integrates sustainable
operations & supply chains, innovative products & packaging
and environmental sustainability into its business decisions
process. 
Valneva 
pursues 
its 
development 
in 
strict
compliance with a number of corporate social responsibility
rules and environmental sustainability guidelines.
Good 
practices 
for 
waste 
separation, 
recycling 
and
monitoring were adopted by the Group after the 2015 French
Energy Transition Act established obligations to promote the
circular economy and waste recycling. These practices are a
major 
priority 
and 
procedures 
have 
already 
been
implemented on all sites.
Further, developing its environmental practices, Valneva
formalized a Global EOHS Policy in 2017 based on five core
principles: Protect, Prevent, Manage, Analyze & Minimize
environmental and safety risks.
Valneva Global EOHS Policy: 
Focus on the Environment
With regard to the environment, this policy ensures that the
Company uses natural resources responsibly and works to
minimize its environmental impact. This includes energy
efficiency, minimization of waste, efficient use of water,
choice of chemicals, raw materials and other materials.
The Company respects the environmental standards and
requirements set by authorities in each country where it
operates, and has routines and monitoring systems in place
to ensure continued compliance.
A Word on COVID-19 and its Impact on 
Valneva's Environmental Reporting
The COVID-19 pandemic has had an important, sustained
impact on Group activities since 2020. Valneva is developing
an inactivated COVID-19 vaccine candidate, and 2021 was
marked by the expansion of the Company's manufacturing
facilities in order to be able to produce a high number of
doses. One of the main consequences of this expansion is the
increase in overall manufacturing site surface area, which led
to an artificial improvement of the environmental KPIs that
take surface area into account. In order to clarify the
situation regarding these indicators, the specific conditions
affecting each KPI will be specified throughout this section of
the report. 
24

Respecting the Environment
Corporate Social Responsibility
Reducing our Carbon Footprint 
Since energy use constitutes the main source of Valneva’s
CO2 emissions, the Group seeks to optimize and continuously
reduce its energy consumption while ensuring energy
security for all its business activities.
In line with this approach, Valneva aims to reduce its
CO2 emissions by 5% between 2016 and 2025.
the electricity consumed on three of its four main sites. Since
2018, the electric power used in Nantes, Vienna and Solna is
entirely produced from renewable energies.
Valneva’s CO2 emissions have been steadily decreasing since
the Group’s decision to work with green energy providers for
In order to establish a Key Performance Indicator, or KPI, for
the Group's carbon footprint, Valneva chose in 2019 to begin
presenting CO2 emissions in terms of the surface area (in
square meters) of its four main sites. The goal of this KPI is to
show 
improvements 
in 
Valneva's 
carbon 
footprint
year-over-year, based on a time-stable criterion for each
main site.
CO2 Emissions per Square Meter
2021
2018
2019
2020
0.00
0.02
0.04
0.06
0.08
0.10
0.12
2
2
0.101 
0.099 
0.098 
0.092
2021 saw an increase in activity on Valneva's R&D sites and
an increase in surface area of its production sites with the
creation of new buildings. In Sweden, these surfaces are the
property of Valneva but are not yet supplied with energy. In
Scotland, the new surfaces are not yet owned by Valneva
and do not appear in the 2021 environmental data. These
changes therefore have a significant impact on the
representativeness of the carbon impact KPI, because the
increase in surface area without an increase in CO2 emissions
artificially improves it. 
To further refine the presentation of energy management
and the associated carbon impact, activities are divided in
two categories: manufacturing sites and R&D sites. 
For Vienna, a part of this data covers the period from
September 1, 2020 to August  31, 2021.
Each category has its own KPI linked to the specificities of
each type of activity. 
25

Respecting the Environment
Corporate Social Responsibility
Energy consumption per square meter is the chosen KPI for
R&D sites.
Energy Consumption (in MWh) per Square Meter: 
R&D Sites
2021
2018
2019
2020
0.30
0.35
0.40
0.416
0.425
0.417
0.447
Variations in activity at the R&D sites had a greater impact in
on energy consumption in 2021 than in 2020. Last year, this
consumption increased.
For the manufacturing sites, the chosen KPI is energy
consumption per vaccine batch produced.
Energy Consumption (in MWh) per Batch 
Produced: Manufacturing Sites
0
50
100
150
200
250
300
118.19 
150.74 
272.36
275.13
2021
2018
2019
2020
In 2020, the pandemic had a significant impact on Valneva's
manufacturing sites, as their activity decreased drastically
(-60% in Scotland and -38% in Sweden). In 2021, the
expansion and modernization of facilities at the two sites
continued in preparation for the production of the COVID-19
vaccine. Activity has also increased again in Scotland, where
30 batches were produced in 2021 compared to 13 in 2020.
Waste Management
Waste has an enormous impact on the environment, causing
pollution and greenhouse gas emissions while generating
substantial costs. Proper waste management - including
appropriate reuse, recycling and energy recovery - is a key
factor in optimizing resource efficiency.
Valneva’s activities produce waste which is then eliminated
at the different sites in a manner which respects applicable
local and European regulations. Separating, recycling and
monitoring waste are priorities for Valneva. For that reason,
procedures have been implemented and indicators adopted
to closely monitor the related environmental impacts.
To ensure effective monitoring of its commitments on
waste management, the Group has set the objective
of reducing the proportion of non-recyclable and
landfilled waste by 5% by 2025, as compared to 2016.
Two types of waste are produced by the four sites within the
reporting boundary of this Report:
non-hazardous waste (paper, cardboard, plastic, etc.);
■
hazardous waste (used chemical products, contaminated
■
plastic, electrical and electronic equipment waste, etc.).
This last category includes very specific waste associated
with Valneva’s activities in the biotech field: biological waste.
It is subject to specific monitoring procedures by the teams
on each site.
26

Respecting the Environment
Corporate Social Responsibility
Waste Repartition by Treatment Mode
Burying
22%
Re-use
5%
Recycling
Incineration
32%
29%
Incineration 
with valorization
12%
Since 2019, Valneva has chosen to present its work on waste
valorization instead of presenting the quantities of waste
produced.
In 2020, Valneva set an objective of reducing the share of
non-recyclable waste by 5% by 2025, compared to 2016
levels. 
The Company treats and valorizes its waste in five different
ways:
re-use which allows direct re-use of waste as a raw
■
material in another sector;
recycling which recovers and transforms waste into a new
■
raw material;
incineration with energy recovery, which destroys waste
■
while producing energy that is subsequently used by
customers of the incineration plant;
simple incineration, which allows for the destruction of
■
waste; and finally,
burying or landfill use, which is the final treatment method
■
for waste that cannot be valorized using another process.
Valneva seeks to leverage the other methods as much as
possible, in order to provide a second life for the largest
quantity of waste.
To 
manage 
waste 
valorization, 
Valneva 
works 
with
specialized companies in the sector and seeks the most
well-adapted solutions. For each method, contracts are
drawn up with service providers in order to guarantee the
traceability and the nature of the waste recycled. From the
moment waste is collected until its final treatment, service
providers provide the Company substantiating documents as
required by local and European regulations.
Other Ways Valneva Reduces Waste
Replacement of paper cups, plastic water bottles
■
and plastic cutlery with reusable options.
Livingston's 
dedicated 
Green 
Team, 
made 
of
■
employee volunteers, coordinates waste reduction
and recycling initiatives. The creation of Green
Teams on other sites is an additional goal of the
Group.
27

Respecting the Environment
Corporate Social Responsibility
8.2. Valneva's Approach to Safety at Work
Production activities involve the risk of hindering Valneva's
ability to provide life-saving vaccines.
In order to ensure a continuous pace of production, Valneva
understands that employees are essential. Thus, Valneva
reinforces safety at all of its manufacturing and R&D sites
through its strong EOHS culture.
Valneva Global EOHS Policy: Focus on 
Manufacturing
The Global EOHS Policy applies equally to Valneva’s
manufacturing and R&D activities and aims to sustain the
Group’s high level of control over the related risks in the long
term.
The EOHS teams ensure the implementation and respect of
the Policy. The Company ensures that EHS rules are followed
consistently 
through 
several 
complementary 
actions,
including comprehensive training and procedures. EOHS
teams monitor key indicators and perform regular reporting
of near misses, incidents and accidents.
EOHS: The Right Instincts
Always wear personal safety equipment, when and
■
where required.
Respect safety warnings and signs.
■
Take 
part 
in 
EOHS 
training, 
both 
overall
■
introduction and special EOHS training when
required.
Encourage reporting of unsafe behavior and safety
■
risk.
Managing EOHS Risks and Opportunities
Potential biotechnology risks have been identified at
Valneva’s manufacturing and R&D sites. Dedicated groups
have been tasked with implementing and monitoring the
procedures that are necessary for managing these risks,
including maintenance of the various installations and pieces
of equipment at these locations. 
The goal established in 2020 is to keep safety
statistics below the averages observed in the
pharmaceutical 
and 
biotech 
industries 
and 
to
maintain these statistics over the period from
2020-2025.
Work Accidents
The nature of Valneva’s activity, together with the Group’s
ongoing improvement of safety-training measures, has
resulted a consistently low number of work accidents that
have historically been non-critical.
The Frequency Rate (prevalence of work accidents) and
Severity Rate (severity of work accidents), are presented in
this report, as they are a means of showing the effectiveness
of the employee risk prevention work carried out by Valneva
safety teams.
28

Respecting the Environment
Corporate Social Responsibility
Work Accidents: Frequency Rate
0
5
10
15
20
25
2021
2018
2019
2020
2.56 
2.34 
1.09
2.49 
22.7 
16.6
France Average
all sector
INRS ﬁgure 2016
Sector Average
France Pharma/Chemestry
INRS ﬁgure 2016
Valneva's work accident frequency rate is historically low,
thanks to local safety teams who act as soon as a minor
event occurs, thereby preventing more serious accidents.
There was a slight increase in work accidents in 2021.
Nevertheless, the Frequency Rates graph shows that Valneva
remains well below the average value encountered across
French companies, according to statistics from the National
Institute for Research and Safety (INRS). 
Work Accidents: Severity Rate
0.0
0.3
0.6
0.9
1.2
1.5
2021
2018
2019
2020
0.001
0.028 
0.000
0.007
1.5 
1.0
France Average
all sector
INRS ﬁgure 2016
Sector Average
France Pharma/Chemestry
INRS ﬁgure 2016
Work accidents at Valneva typically only result in short-term
work stoppages. In fact, safety teams are used to handling
"near accidents" and "near misses," thereby acting on risks at
the source. This has had a significant impact on the
consequences of accidents.
three accidents with work stoppage. The EHS teams on the
concerned sites have taken corrective and preventive actions
to prevent the recurrence of these accidents. 
In 2021, the marked increase in activity and in the number of
employees unfortunately contributed to the occurence of
Compared to all companies in France, Valneva remains well
below the averages listed by INRS.
29

Other CSR Information
Corporate Social Responsibility
9.
Other CSR Information
9.1. 
Well-being at Work 
Well-being at work is a part of Valneva’s identity. Since the
Company’s creation, Valneva has undertaken numerous
actions in order to create an enjoyable workplace at its sites
around the world.
Well-being at work takes many forms at Valneva and each
site has its own ideas for promoting health, from being active
to providing healthy food options and more.
The COVID-19 pandemic brought about new ways of working
in 2020, particularly with regard to the significant increase in
telework. These new practices continued in 2021 and
Valneva's EHS teams have begun taking on new issues
related to isolation, distance and the increase in on-screen
work time for Valneva employees.
Healthy Working Conditions
Again this year, telework was used widely for all suitable
■
roles. In addition to the laptop computers with which
employees are regularly equipped, the Group continued to
improve its arsenal of telework policies in order to properly
implement and encourage it.
In 2020, Valneva employees we allowed to bring their
■
screens and keyboards home in order to recreate a
comfortable office environment during lockdown. In 2021,
French employees had the possibility of requesting an
additional screen to be able to work in the best conditions,
both at home and in the office.
The HSE teams have also implemented actions related to
■
ergonomics, 
to 
support 
on-screen 
work 
in 
good
conditions. (This includes free eye exams and eye
exercises.) Sweden continued its communication on
ergonomics and on physical activity more broadly.
In Scotland, a nurse has joined the team and is available to
■
employees to help support their physical and mental
health.
Valneva equips its employees with masks adapted to the
■
risks presented by the virus, providing FFP3 masks to
teams working directly in laboratories on SARS-CoV-2, and
surgical masks for all others.
For many years, Valneva has covered the cost of
■
vaccinations against influenza and, on certain sites,
tick-borne encephalitis.
■In 2021, Valneva made COVID-19 tests available to its 
employees to enable them to monitor their health and 
avoid 
endangering 
their 
relatives 
and 
colleagues. 
The Group's various sites have implemented 
measures 
to 
facilitate 
access 
to 
these 
tests 
(for 
example, with on-site test sessions in Nantes site 
facilitated by a local nursing practice or by distributing 
test kits with a drop-box system in Vienna).
Social activities resumed in 2021, taking physical distancing
■
into account. Many of these activities were  held online and
promoted the health and mental well-being of employees.
In Nantes, activites on visual health took place remotely.
Staying Active
Staying active presented a major challenge to everyone
■
during lock down. While this work is ongoing as lock down
measures continue, the teams dedicated to Quality of Life
at Work continue to propose actions to respect this
principle. One example is the retransmission of weekly
yoga lessons which were previously held on-site in Austria;
now, employees in all locations can participate via web
conference and watch recordings anytime.
In 2021, the French teams were able to take advantage of
■
remote meditation sessions for several weeks with a
certified instructor. The objective of this animation was to
promote mental health, concentration, creativity or stress
management through breathing exercises and stretching.
In addition, employees in Sweden and France can benefit
■
from an annual company subsidy for their physical (or
cultural) activities.
Eating Healthy
Meal vouchers in France and Austria and discounts in
■
restaurants near the Swedish site are still offered to
employees. Austria recently stopped using paper meal
vouchers, switching to a dematerialized version in the form
of a card.
In 2021, celebratory events resumed, with strict health rules
■
that did not exist before. This made it possible to maintain
team cohesion.
30

Other CSR Information 
Corporate Social Responsibility
9.2. Animal Welfare
The well-being of animals is an important topic for any
pharmaceutical business. Valneva works proactively to
ensure animal welfare, as it is an integral part of vaccine
development.
Valneva has an animal laboratory in Vienna and, occasionally,
teams in Nantes need to perform specific analyses that
require external companies to perform certain animal tests.
Before any work can begin, the Company carries out
questionnaires with these partners that verify adherence to
all regulations. The associated contracts include specific
clauses that require the respect of all existing national and
international obligations with regard to animal welfare.
Animal Welfare in Vienna
Union Directive 2010/63/EU and European Convention ETS
No. 123) in regard to laboratory animal housing and the
performance of animal experiments are strictly followed.
Regular, 
unannounced 
inspections 
by 
the 
respective
authorities are carried out in the laboratories.
Valneva acknowledges its responsibility for the welfare of
animals kept in its state-of-the-art laboratories. National laws
(Austrian 
Tierversuchsgesetz 
2012 
and 
Tierversuchs-
Verordnung 2012) and international regulations (European
In addition, recommendations of the American Institute for
Laboratory Animal Research (ILAR) and the German Society
of Laboratory Animal Science (GV-SOLAS) are followed to
create 
the 
best 
possible 
conditions 
and 
responsible
treatment of laboratory animals.
The ethical framework within these provisions ensures
prospective assessment of proposals for in vivo testing with
respect to any potential harm to the animals. This happens
with special focus on the so-called ‘3R principle’ (“Reduce,
Refine, Replace”), one of the key strategies to meet Valneva's
high demands for social responsibility.
Well-being of animals is important to Valneva, and the
Company uses the best practices possible for this necessary
aspect of its business.
31

Consolidated disclosures pursuant to Article 8 Taxonomy Regulation
Corporate Social Responsibility
10. Consolidated disclosures pursuant
to Article 8 Taxonomy Regulation
10.1 Article 8 Taxonomy Regulation 
The Taxonomy Regulation is a key component of the
European Commission's action plan to redirect capital flows
towards a more sustainable economy. It represents an
important step towards achieving carbon neutrality by 2050
in line with EU goals as the Taxonomy is a classification
system for environmentally sustainable economic activities. 
expenditure (Opex) for the reporting period 2021, which are
associated 
with 
Taxonomy-eligible 
economic 
activities
related to the first two environmental objectives (climate
change mitigation and climate change adaptation) in
accordance with Art. 8 Taxonomy Regulation and Art. 10 (2)
of the Art. 8 Delegated Act.  
In the following section, Valneva presents the share of the
group turnover, capital expenditure (Capex) and operating
10.2 Activities
Core business activities - Taxonomy-non-eligible 
Valneva has examined all Taxonomy-eligible economic
activities listed in the Climate Delegated Act based on its
activities as a vaccine company. The Climate Delegated Act
focuses on those economic activities and sectors that have
the greatest potential to achieve the objective of climate
change mitigation, i.e. the need to avoid producing
greenhouse gas emissions, to reduce such emissions or to
increase greenhouse gas removals and long-term carbon
storage. The sectors covered include energy, selected
manufacturing activities, transport and buildings. 
concluded that Valneva with its core business activities is not
identified as a relevant source of GHG emissions.  
After a thorough review involving all relevant divisions and
functions, Valneva concluded that its core economic
activities are not covered by the Climate Delegated Act and
consequently are Taxonomy-non-eligible. It can therefore be
Valneva's assessment of Taxonomy-eligibility is focused on
economic activities defined as the provision of goods or
services on a market, thus (potentially) generating revenues.
In this context, Valneva, as a vaccine company, defines the
research, development and marketing of vaccines as the core
of its business activities. Valneva defines activities such as
the acquisition and construction of new buildings (for its
production sites) or the transport of its pharmaceutical
products to its clients as underlying activities necessary to
conduct its core business activities. They are not reported as
Taxonomy-eligible activities and not included in its turnover
KPI as they are not generating external turnover on a
standalone basis.
Outlook on a potential for Taxonomy-eligibility 
In the Taxonomy pack for feedback that was published in
August 2021, the Platform on Sustainable Finance reported
on activities that are considered for the upcoming delegated
act on the other four environmental objectives (sustainable
use and protection of water and marine resource; transition
to a circular economy; pollution prevention and control;
protection and restoration of biodiversity and ecosystem). In
this call for feedback, pharmaceuticals were mentioned as
indicators to establish priority activities regarding the
following objectives: 
sustainable use and protection of water and marine
■
resources and
pollution prevention and control.
■
Therefore, Valneva expects to be able to report at least some
of its core business activities as Taxonomy-eligible (under the
activities manufacture of chemicals or manufacture of basic
pharmaceutical products and pharmaceutical preparations)
in the future.  
Valneva discloses this information on a voluntary basis as it
believes that this information is helpful for users of its
consolidated non-financial statement to gain a better
understanding of its business activities. 
32

Consolidated disclosures pursuant to Article 8 Taxonomy Regulation
Corporate Social Responsibility
Individually Taxonomy-eligible Capex and Opex
Regarding Capex/Opex related to purchases and measures that Valneva considers as individually Taxonomy-eligible, please
refer to the explanations in the section “Capex KPI and Opex KPI” in the description of the accounting policies. 
10.3 KPI
The key performance indicators (“KPIs”) include the turnover
KPI, the Capex KPI and the Opex KPI. For the reporting
period 2021, the KPIs have to be disclosed in relation to
Taxonomy-eligible 
economic 
activities 
and 
Taxonomy-
non-eligible economic activities (Art. 10 (2) of the Art. 8
Delegated Act).  
Valneva's economic activities as a vaccine company are not
covered by the Climate Delegated Act, the share of
Taxonomy-eligible economic activities in its total turnover is
0% and - consequently - the related capital and operating
expenditure are also 0% (see table 1 for the total KPIs). 
In addition, the capital and operating expenditure to be
reported also include those that are related to the purchase
of output from Taxonomy-aligned economic activities and
certain individual measures enabling the target activities to
become low-carbon or to lead to greenhouse gas reductions.
Due to the accounting policy regarding these individually
Taxonomy-eligible Capex/Opex (see section “Capex KPI and
Opex KPI” in the description of the accounting policies),
Valneva reports its total KPIs as follows: 
Table 1 - Proportion of Taxonomy-eligible and Taxonomy-non-eligible economic activities in total turnover, Capex and
Opex 
Total 
(€million)
Proportion of 
Taxonomy-eligible 
economic activities (in %)
Proportion of 
Taxonomy-non-eligible 
economic activities (in %)
Turnover
348,1
0%
100%
Capital expenditure (CapEx)
104,6
58%
42%
Operating expenditure (OpEx)
173,7
0%
100%
Méthodes comptables
The specification of the KPIs is determined in accordance
requirements and describes the accounting policy in this
with Annex I of the Art. 8 Delegated Act. Valneva determines
regard as follows: 
the Taxonomy-eligible KPIs in accordance with the legal
Turnover KPI 
Definition
The proportion of Taxonomy-eligible economic activities in 
Valneva total turnover has been calculated as the part of net 
turnover derived from products and services associated with 
Taxonomy-eligible economic activities (numerator) divided 
by the net turnover (denominator). The denominator of the 
turnover 
KPI 
is 
based 
on 
the 
group 
consolidated 
net turnover in accordance with IAS 1.82(a). 
With regard to the numerator, Valneva has not identified any
Taxonomy-eligible activities as explained above.
Reconciliation 
The group consolidated net turnover can be reconciled to its 
consolidated financial statements.
33

Consolidated disclosures pursuant to Article 8 Taxonomy Regulation
Corporate Social Responsibility
Capex KPI and OpEx KPI 
CapEx KPI
■
The Capex KPI is defined as Taxonomy-eligible Capex
(numerator) divided by the total Capex (denominator). With
regard to the numerator, please refer to the explanations
below. 
Total Capex consists of additions to tangible and intangible
fixed assets during the financial year, before depreciation,
amortisation and any re-measurements, including those
resulting from revaluations and impairments, as well as
excluding changes in fair value. It includes additions to fixed
assets (IAS 16), intangible assets (IAS 38) and right-of-use
assets 
(IFRS 
16). 
Additions 
resulting 
from 
business
combinations are also included. Goodwill is not included in
Capex as it is not defined as an intangible asset in
accordance with IAS 38. 
Reconciliation 
Valneva total Capex can be reconciled to its consolidated 
financial statements. They consist of additions to intangible 
assets, 
right-of-use 
assets 
and 
property, 
plant 
and 
equipment.
OpEx KPI
■
The Opex KPI is defined as Taxonomy-eligible Opex
(numerator) divided by the total Opex (denominator). With
regard to the numerator, please refer to the explanations
below. 
Total Opex consists of direct non-capitalised costs that relate
to Research & Development, building renovation measures,
short-term lease, maintenance and repair, and any other
direct expenditures relating to the day-to-day servicing of
assets of property, plant and equipment. This includes: 
■Research and development expenditure recognised as an 
expense 
during 
the 
reporting 
period 
in 
the
income 
statement. 
In 
line 
with 
the 
consolidated
financial 
statements (IAS 38.126), this includes all non-
capitalised expenditure that is directly attributable to
research or development activities.
■The volume of non-capitalised leases is determined in 
accordance with IFRS 16 and expenses for short-term 
leases and low-value leases. Even though low-value 
leases are not explicitly mentioned in the Art. 8 Delegated 
Act, Valneva has interpreted the legislation as to include 
these leases.
plant and equipment are determined based on the
maintenance and repair costs allocated to Valneva internal
cost centers. The related cost items can be found in
various line items in its income statement, including
production costs (maintenance in operations), sales and
distribution 
cost 
(maintenance 
logistics) 
and
administration cost (such as maintenance of IT-systems).
This also includes building renovation measures. In general,
this includes staff costs, costs for services, and material
costs for daily servicing as well as for regular and
unplanned maintenance and repair measures. These costs
are directly allocated to the PP&E including an appropriate
allocation of overhead costs.
Maintenance and repair and other direct expenditures
■
relating to the day-to-day servicing of assets of property,
This does not include expenditures relating to the day-to-day
operation of PP&E such as: raw materials, cost of employees
operating the machine, electricity or fluids that are necessary
to operate PP&E. 
Direct costs for training and other human resources
adaptation needs are excluded from the denominator and
the numerator. The reason is that Annex I to Art. 8 Delegated
Act lists these costs only for the numerator which does not
allow a mathematically meaningful calculation of the Opex
KPI. 
Explanations on the numerator of the Capex KPI and the Opex KPI
As Valneva has not identified Taxonomy-eligible economic
activities, the group does not record Capex/Opex related to
assets 
or 
processes 
that 
are 
associated 
with
Taxonomy-eligible economic activities in the numerator of
the Capex KPI and the Opex. Furthermore, there are no
Capex plans to upgrade a Taxonomy-eligible economic
activity to become Taxonomy-aligned or to expand a
Taxonomy-aligned economic activity. 
of output from Taxonomy-eligible economic activities and
individual measures enabling certain target activities (the
non-eligible activities) to become low-carbon or to lead to
greenhouse gas reductions (Sect. 1.1.2.2. (c) of Annex I to the
Art. 8 Delegated Act). As the disclosure requirements for the
2021 financial year relate exclusively to Taxonomy-eligible
Capex/Opex, Valneva has assessed this category in terms of
Taxonomy-eligibility as follows: 
Only “category c” CapEx and OpEx can therefore qualify as
Taxonomy-eligible, i.e. Capex/Opex related to the purchase
34

Consolidated disclosures pursuant to Article 8 Taxonomy Regulation
Corporate Social Responsibility
Valneva considers as Taxonomy-eligible, Capex/Opex related
lead to greenhouse gas reductions. Valneva has identified the
to this category when the purchased output/individual
following economic activities in the Climate Delegated Act
measure meets the description of its respective economic
resulting in Capex/Opex which can be considered as
activity, e.g. purchase of output from a Taxonomy-eligible
individually Taxonomy-eligible purchased output/measures: 
economic activity, irrespective of whether these Capex/Opex
Table 2 - Individually Taxonomy-eligible Capex/Opex and the respective economic activities
Description of the individually Taxonomy-eligible purchased 
output/measure  
Respective economic activity (Annex I to Climate 
Delegated Act) 
All the vehicle fleet (leasing) 
6.5 Transport by motorbikes, passenger cars and light 
commercial vehicles 
All renovation measures of the existing buildings
7.2 Renovation of existing buildings
Maintenance and repair of the energy efficiency equipment in the 
existing buildings  
7.3 Installation, maintenance and repair of energy 
efficiency equipment 
The acquisition of buildings (i.e. eligibility of all buildings taking into 
account the legal or economic ownership, including the right of use 
from a lease of a building)  
7.7 Acquisition and ownership of buildings
For the allocation of Capex and Opex Valneva has identified
Act. In this way, the Group ensures that no Capex or Opex is
the relevant purchases and measures and identified the
considered more than once.  
primarily related economic activity in the Climate Delegated
35

Frameworks used to Draw up this Report
Corporate Social Responsibility
11.
Frameworks used to Draw up this Report
11.1. 
European Directives
Directive 2014/95/EU October 22, 2014 amended Directive
2013/34/EU and introduces changes for disclosures to be
included in a CSR Report. The transposition of this directive
is complete since August 9, 2017.
the areas of environmental, social and employee matters,
respect for human rights, anti-corruption and bribery
matters, and the outcome of these policies, including a
description of the “due diligence processes” and covering the
entire supply chain under this approach.
This directive requires companies thus concerned to publish
a Report containing information risk prevention policies in
11.2. The French Order No. 2017-1180 of July 19, 2017
The Order No. 2017-1180 of July 19, 2017 initiates the
declaration and, in particular, modifies the scope of the
transposition of the CSR Directive by replacing the CSR
companies concerned to focus on certain large companies
report with a new non-financial reporting system by
and groups of companies.
11.3. The French Decree No. 2017-1265 of August 9, 2017
The Decree No. 2017-1265 of August 9, 2017 completes the
companies and groups of companies. This decree specifies
transposition of the CSR Directive (Directive 2014/95/EU on
the content of the declaration, the information to be
the publication of non-financial information by companies)
provided, the publication procedures and the verification
initiated by Order No. 2017-1180 of July 19, 2017 on the
obligations.
publication of non-financial information by certain large
11.4. Taxonomy regulation
Regulation (EU) 2020/852 of the European Parliament and of
the Council of June 18, 2020, known as the Taxonomy
Regulation, establishes a classification system aimed at
promoting sustainable investments. Pursuant to Article 8 of
this regulation, companies will have to publish their
sustainability indicators from January 1, 2022.
under which an economic activity can be considered as
contributing substantially to climate change mitigation or
adaptation to it.
Commission Delegated Regulation (EU) 2021/2139 of June 4,
2021 specifies the criteria for determining the conditions
Commission Delegated Regulation (EU) 2021/2178 of July 6,
2021 
specifies 
the 
content, 
calculation 
methods 
and
presentation of the indicators that the companies concerned
must present to comply with this information obligation.
36

Methodological Note
Corporate Social Responsibility
12. Methodological Note
12.1. Methodological Note on Group CSR Data Reporting
In accordance with French law, Valneva’s Corporate Social
Responsibility Report focuses on the risks and opportunities
linked to the Company’s activities.
In order to manage these risks and opportunities, Valneva is
committed to maintaining a robust risk monitoring system
and continuously evaluates the risk-reward profile of its
activities. The present Report is built upon Valneva’s existing
risk management system, which is described in its official
Corporate Risk Management Policy.
Valneva defines risks as all occurrences and possible
developments inside and outside of the Company, which may
have a negative impact on the achievement of Valneva’s
objectives.
The Company has also identified opportunities that may have
a positive impact on the achievement of Valneva’s objectives.
The risks identified within Valneva are formally evaluated and
classified by their importance, according to their likelihood
and potential impact. The Company then establishes a list of
its ten major risks, which is updated two times per year.
The present Report is inspired by this list, but goes over and
above 
the 
principal 
risks 
by 
presenting 
additional
opportunities that the Company would like to develop. In this
Report, the risks and opportunities linked to corporate social
responsibility are thus presented in terms of the Four Pillars
of Valneva’s previously-defined CSR strategy.
The different entities forming the Group operate according
to different models linked to business operations (R&D,
production and sales and marketing) as well as their
respective cultural and legal environments.
The legal and regulatory context does not reflect the same
requirements for compliance from one site to another.
The different priorities relating to the environment and also
employment are reflected differently according to the sites,
even though common practices and shared values can be
observed.
The following items are not mentioned because they are not
considered significant with regard to Valneva's activity:
Actions to fight against food waste,
■
The fight against food insecurity,
■
Actions for a responsible, equitable and sustainable
■
nutrition.
12.2. Group Structure of Consolidated Operations
The quantitative data in the employment area is consolidated
at the Group level for the collection of information in 2021.
These 
data 
are 
derived 
from 
the 
human 
resource
management software: Bamboo.
Quantitative environmental data has been harmonized at the
Group 
level. 
Environmental 
impact 
measures 
energy
consumption, GHG emissions and waste for the production
and R&D sites only (Livingston, Vienna, Solna and Nantes).
12.3. Data Collection Method
Data collection in 2021 required application of a working
method and different steps that are presented below:
maintaining the resource persons identified since 2016
1.
to report quantitative and qualitative employment,
social and environmental data for each site in order to
optimize the collection process;
classifying the source documents received according to
2.
three fields: employment, environment, and social.
These 
documents 
are 
then 
made 
available 
to 
the
independent third party auditors.
For the construction of this CSR Report, data collection is
organized through resource persons identified internally:
resource persons to coordinate, where possible, and
■
transmit 
quantitative 
and 
qualitative 
data 
for
employment-related information requirements;
other resource persons to coordinate, where possible, and
■
transmit 
quantitative 
and 
qualitative 
data 
for 
the
environmental information requirements;
resource persons to coordinate, where possible, and
■
transmit quantitative and qualitative data for the social
information requirements;
one person in Nantes (France) to coordinate the data
■
collection at the international level.
implementation of a dedicated CSR reporting platform
3.
(installed on the internal server) to improve the data
storage and facilitate access for the resource persons.
37

Definitions
Corporate Social Responsibility
13. Definitions
13.1. Employment indicators
Relevance
Employment indicators provide an understanding, through
quantitative and qualitative data, conditions with respect to
human rights, employability, working conditions, training
policies impacts on employee health and safety, diversity and
equal opportunity employment.
Total headcount
Employees included in the headcount are those with an
employment contract (permanent or fixed-term) with a
Valneva Group company, both active and passive. Workforce
is expressed based on headcount as of December 31,
regardless of the amount of working hours or the starting
date in the reporting year. External Workforce and Students
(e.g., Internship, PhD students, Summer students) are
excluded.
Total headcount also excludes the Management Board
members.
Average age
Average age is calculated by subtracting the birthdate from
12/31/2021. 
For 
example, 
12/31/2021 
- 
12/16/1973 
=
48.04 years.
Seniority
Calculated by the difference between Entry Date and
December 31, 2021, ignoring any absences due to maternity,
paternity or educational leave.
Gender balance
Takes into account the total headcount.
Gender pay Index
The Gender Pay Index is a tool for advancing gender equality
within the Group. It measures the pay gap between women
and men by calculating the ratio of the median salary of
female employees to the median salary of male employees -
based on all regular active employee (permanent and limited
contract) on the 31st of December.
Employee development
Training budget per site divided by number of employees per
site.
Global sum of training budget spent divided by number of
employees.
Regulatory training (GMP) is excluded from the training
budget presented here. 
Conventions and collective bargaining 
agreements
A collective bargaining agreement is concluded between the
employer and labor unions for the purpose of setting rules
governing working conditions, employment and social
guarantees for employees.
Occupational accidents
Accident resulting from or arising in the course of work,
regardless of the cause, to any salary employee or a person
working on behalf of the Group. An occupational accident
can also arise in the course of a business-related trip or
during the Home-Work daily trip. Only lost-time accidents
are used in the Frequency and Severity Rate calculations
presented in this report.
Frequency rate
The frequency rate is the number of accidents with lost time
greater than one day, occurring during a period of 12 months
per million working hours.
Severity rate
The severity rate represents the number of days lost due to
temporary incapacity for 1,000 hours worked.
Turnover
Number of employees who left during the year x 100
(Number of employees at the beginning of the year + number
of employees at the end of the year) / 2
38

Definitions
Corporate Social Responsibility
13.2. Environmental indicators
Relevance
Environmental indicators report inputs (energy, water and
raw materials) and outputs (emissions, effluents, waste) and
the types of impacts of the organization on the environment.
Energy
Only direct energy consumption (originating from a primary
energy source) is taken into account. Consumption are
expressed in MWh/m² for R&D sites or in MWh/batch for
Manufacturing sites.
CO2 Emissions
Direct greenhouse gas emissions are taken into account and
expressed in tonnes of CO2 per unit area in square meters.
The transport component (employees, suppliers, customers)
is not taken into account here due to a lack of data.
Waste
Waste management is expressed as a percentage based on
the distribution of different types of waste, hazardous and
non-hazardous, according to the valorization methods used
for their treatment.
13.3. Social Indicators
Relevance
Social indicators cover impacts of the business on the
territory, impacts of products on consumer health and safety,
practices with respect to suppliers and subcontractors, the
purchasing policy.
All impacts are derived from qualitative data (procedures
and the assessments of practices).
The Group defined more precisely its social policies, and
focused around two pillars: “Protecting lives” (inherent to its
R&D and vaccine commercial activities) and “Acting
Ethically” (in consideration of health, product safety and
compliance issues concerning all employees, internally and
externally).
Periodic Safety Update Report (PSUR)
PSURs are pharmacovigilance documents intended to
provide an evaluation of the risk-benefit balance of a
medicinal 
product 
at 
defined 
time 
points 
after 
its
authorization.
The objective of the PSUR is to present a comprehensive and
critical analysis of the risk-benefit balance of the product,
taking into account new or emerging safety information in
the context of cumulative information on risk and benefits.
39

Independent Third Party Auditor’s Report
Corporate Social Responsibility
14. Independent Third Party Auditor’s Report
VALNEVA SE
6 Rue Alain Bombard
44800 Saint-Herblain
This is a free translation into English of the independent third party’s report issued in French and is provided solely for the
convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with,
French law and professional standards applicable in France.
For the year ended December 31, 2021
To the Shareholders,
As an independent third party and certified by COFRAC
under 
number 
3-1055 
(information 
available 
on
www.cofrac.fr”), 
we 
hereby 
report 
to 
you 
on 
the
non-financial statement for the year ended December 31th,
2021, included in the management report pursuant to the
legal and regulatory provisions of articles L. 225-102-1, R.
225-105 and R. 225-105-1 of the French Commercial Code
(Code de commerce). 
The entity’s responsibility
Pursuant to legal and regulatory requirements, the Board of
Directors is responsible for preparing the Statement,
including a presentation of the business model, a description
of the principal non-financial risks, a presentation of the
policies implemented considering those risks and the
outcomes of said policies, including key performance
indicators.  
The Statement has been prepared in accordance with the
entity’s procedures.
Independence and quality control
Our independence is defined by the provisions of article
L. 822-11-3 of the French Commercial Code, in addition, we
have implemented a system of quality control including
documented policies and procedures regarding compliance
with the ISO17020 requirements and applicable legal and
regulatory requirements. 
Responsibility of the independent third party 
verifier
On the basis of our work, our responsibility is to provide a
report expressing a conclusion on:
the compliance of the Statement with the provisions of
■
Article R. 225-105 of the French Commercial Code;
the fairness of the information provided in accordance
■
with Article R. 225-105 I, 3° and II of the French
Commercial Code, i.e., the outcomes, including key
performance indicators, and the measures implemented
considering 
the 
principal 
risks 
(hereinafter 
the
“Information”).
However, it is not our responsibility to comment on the
entity’s compliance with other applicable legal and regulatory
provisions, in particular the French duty of care law and
anti-corruption 
and 
tax 
evasion 
legislation 
and 
the
compliance of products and services with the applicable
regulations. 
Nature and scope of our work
The work described below was performed in accordance
with Article A. 225-1 and following articles of the French
Commercial Code:
we obtained an understanding of all the activities of the
■
companies included in the scope of consolidation and,
the description of the principal risks;
we verified that the Statement includes each category
■
of social and environmental information set out in
Article L. 225-102-1, III as well as information regarding
compliance with human rights and anti-corruption and
tax evasion legislation;
we verified, where relevant with respect to the principal
■
risks or the policies presented, that the Statement
provides 
the 
information 
required 
under
Article R. 225-105, II when relevant in regards to the
principal risks and includes a clear and reasoned
explanation for the absence of required Information
required in Article L. 225-102-1, III, 2°;
we verified that the Statement presents the business
■
model and the principal risks associated with all the
companies’ 
activities 
included 
in 
the 
scope 
of
consolidation, 
including 
where 
relevant 
and
proportionate, the risks associated with their business
relationships, their products or services, as well as their
policies, measures and the outcomes thereof, including
key performance indicators;
we referred to documentary sources and conducted
■
interviews in order to:
assess the process used to identify and confirm the
■
principal risks and the consistency of the key
performance indicators used with respect to the
principal risks and the policies presented;
corroborate the qualitative information (measures
■
and outcomes) that we considered to be the most
important;
40

Independent Third Party Auditor’s Report
3
Corporate Social Responsibility
we verified that the Statement covers the scope of
■
consolidation, i.e. all the companies included in the
scope 
of 
consolidation 
in 
accordance 
with
Article L. 233-16 within the limitations set out in the
Statement;
we asked what internal control and risk management
■
procedures the entity has put in place and we assessed
the data collection process implemented by the entity
to ensure the completeness and fairness of the
Information;
for the key performance indicators(1), we implemented:
■
analytical 
procedures 
to 
verify 
the 
proper
■
consolidation 
of 
the 
data 
collected 
and 
the
consistency of any changes in those data,
substantive tests, using sampling techniques, in order
■
to verify the proper application of the definitions and
procedures 
and 
reconcile 
the 
data 
with 
the
supporting documents. This work was carried out on
a selection of contributing entities and covers
between 30% and 100% of the consolidated data
relating to the key performance indicators and
outcomes selected for these tests;
we assessed the overall consistency of the Statement
■
based on our knowledge of all the companies included
in the scope of consolidation.
Means and resources
Our work was carried out by a team of 3 people between
September 2021 and March 2022 and took a total of
23 weeks.  
We conducted six interviews with people responsible for
preparing the Statement. 
Conclusion
Based on our work, nothing has come to our attention that
causes us to believe that the non-financial statement is not in
accordance with the applicable regulatory provisions and
that the Information, taken as a whole, is not presented fairly. 
Comments
Without qualifying our conclusion, we make the following
comments:
The key performance indicators of "Maintaining Vaccine
Confidence” and “High level of R&D Expertise" policies
partially report on the entity's performance in regards to
these policies. 
Key performance indicators and other quantitative outcomes : (a) Percentage of trained employees who passed their assessment (b) Percentage
(1)
of employees trained in policies: personal data protection (c) Turnover rate (d) Budget invested in training per country on average per employee
(e) Energy spent per sq on research and development sites (f) Percentage of Valneva’s waste destined for landfill.
41

Photo credits: © Valneva

A European Company (Societas Europaea)
with a Management Board and a Supervisory Board
Registered Office: 6 rue Alain Bombard, 44800 Saint-Herblain (France)
Nantes Trade and Companies Registry (R.C.S.) No. 422 497 560