INTEGRATED  
REPORT
2021-2022

1
OUR STRATEGIC  
FOCUS P. 14  
The trends of tomorrow: The three-fold 
digital challenge facing business  
p. 16
Economic outlook  
p. 18
Our strategic focus   
p. 20
Our strategic initiatives   
p. 22
VALUES THAT STAND US 
APART P. 26
Being a responsible employer 
p. 28
A spirit of constant innovation  
p. 30
Acting for positive transformation  
p. 32
Open discussions with  
our stakeholders 
p. 34
To strengthen the bond of trust 
that we build with our clients,  
the Group draws on its long-
standing strengths: committed 
staff, with the diversity and 
expertise to reflect today’s 
challenges; a policy of constant 
innovation to offer the best 
financial products and services; 
and a culture of responsibility 
fuelled by meaningful dialogue 
with our stakeholders. 
The Group’s governing bodies 
define our strategy. The Board of 
Directors determines the Group’s 
strategic focus and ensures it is in 
line with the company’s corporate 
purpose. It considers the interests of 
the company and its stakeholders, 
while the General Management 
team is responsible for executing the 
strategy. The Group’s governance 
follows evolutions and changes in 
the sector, and the resulting risks 
and opportunities, while embodying 
rigorous risk management, ethics and 
responsibility policies which are the 
cornerstone of the Group’s sustainable 
performance. 
RECORD PERFORMANCES  
IN 2021 P. 48
Societe Generale group
p. 50
French Retail Banking 
p. 52
International Retail Banking, 
Insurance and Financial Services 
p. 54
Global Banking and Investor  
Solutions   
p. 56
A comprehensive and integrated 
performance
p. 58
In 2021, the Group continued a 
trend of profitable, sustainable 
growth across all of our businesses, 
demonstrated through a record 
financial performance linked to 
confirmed ESG commitments. The 
results recognise the Group’s ongoing 
efforts to transform our businesses 
and target operational excellence 
and the highest levels of client 
satisfaction. 
Commitment is a fundamental value  
for Societe Generale that embodies  
our culture. Helping our clients achieve 
their goals, managing our businesses 
in a way that drives a socially fair 
environmental transition, supporting 
positive local impact and involving 
our staff in promoting inclusion… 
these are just some of the examples 
of how the Group demonstrates our 
commitment to building a better and 
sustainable future.
We’re moving to the next level of the 
two major transformations that involve 
all of our business lines: integrating 
CSR objectives into the heart of both 
our activities and our culture of 
responsibility; and focusing on digital 
innovation to accelerate the use of new 
technologies for the benefit of our clients 
and to improve our operational efficiency. 
INTRODUCTION
Editorial by Lorenzo Bini Smaghi 
and Frédéric Oudéa 
p. 2
Solid foundations for building 
the bank of tomorrow 
p. 4
A worldwide presence  
p. 6
Guided by our corporate purpose  
p. 8
Interview with Frédéric Oudéa  
p. 10
Creating value for our  
stakeholders   
p. 12
GOVERNANCE AT 
THE HEART OF OUR 
PERFORMANCE P. 36
A Board of Directors to guide  
our strategy
p. 38
A management team ready  
for the challenges of tomorrow 
p. 40
A culture based on ethics for  
the benefit of all our stakeholders 
p. 42
Managing risks as a responsible  
bank 
p. 44
Managing extra-financial  
risks as an opportunity  
for growth
p. 46
COMMITMENTS FOR A 
BETTER AND SUSTAINABLE 
FUTURE P. 60
Client satisfaction, the key to what  
sets us apart
p. 62
Integrating sustainable finance  
in all our activities 
p. 64
Positive action for the environmental 
transition 
p. 66
Positive local impact driving sustainable 
regional development 
p. 68
Commitment at the heart of our values 
p. 70

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ver the last two years, we 
have experienced events that 
will have a lasting impact on 
modern history: an extraordinary global 
pandemic that has been raging since 2020 
and a major war that has shaken Europe’s 
borders since early 2022. In this turbulent 
and uncertain environment, with dire events 
coming one after the other, 2021 has offered 
a favourable context for economic recovery, 
of which Societe Generale has been able to 
benefit. Building on our strength and the 
transformations we began several years ago, 
Societe Generale had a record year in 2021 
and launched ambitious strategic plans for 
the future. We are determined and confident 
in our ability to face the difficulties that have 
emerged in 2022 and to take on society’s future 
challenges. Guided by our corporate purpose, 
we are steadfast in our conviction that our 
model is the right one, able to create lasting 
value for our clients, shareholders, staff and all 
our stakeholders.
RECORD PERFORMANCES IN 2021
The 2021 commercial and financial 
performances will leave their mark in our 
Group’s history. Across all our business lines, 
we increased our revenues and kept costs 
and risks under control, resulting in a record 
high level of net income. The dynamism of 
our business lines was also demonstrated by 
the many significant mandates entrusted to 
us, the increase in the satisfaction levels of 
ON COURSE WITH  
OUR KEY STRATEGIC  
PRIORITIES 
“Guided by our 
corporate purpose, 
we are steadfast 
in our conviction that 
our model is the right 
one, able to create 
lasting value for our 
clients, shareholders, 
staff and all our 
stakeholders.” O
our clients as well as the optimisation of the 
commercial experience, thanks in particular 
to the integration of digital innovation into our 
services. Our Group shows a very solid balance 
sheet, with a very high-quality loan portfolio 
and high capital ratios. 
STRATEGIC MILESTONES 
In 2021, we also made progress on the 
roll-out of our major strategic projects, 
with ambitious objectives across all our 
business lines and a constant and rigorous 
focus on execution. In Retail Banking in 
France, Vision 2025 – the project to merge 
the Societe Generale and Crédit du Nord 
networks – is now well advanced and will see 
the creation of a new bank from 2023, one 
with a commercially ambitious and efficient 
model serving 10 million clients. At the same 
time, we are accelerating the development of 
Boursorama, the undisputed leader in online 
banking in France, driven by its outstanding 
client acquisition drive, which has seen 
already 800,000 new clients in 2021 and will, 
in addition, benefit from the solution offered 
to clients of ING France. Boursorama is on 
track to achieve its target of more than four 
million clients a year ahead of schedule. 
In International Retail Banking, we are 
implementing development plans for our 
subsidiaries in Europe and Africa. In Global 
Banking and Investor Solutions, we presented 
our new strategic roadmap focused on 
sustainable and profitable growth, with 
the ambition of building on our clients’ 
growing financing and advisory needs and 
consolidating our market activities while 
managing our risk profile. Finally, in our 
specialised Financial Services activities, we 
are strengthening our banking and insurance 
model in all regions and moving forward 
with our plan for ALD Automotive to acquire 
LeasePlan, which would create a world leader 
in sustainable mobility. We aim to close this 
transformative deal by the end of 2022. 
RESPONSIBLE BANKING COMMITMENTS 
In terms of ESG (Environment, Social, 
Governance) commitments and 
achievements in 2021, our extra-financial 
performance was recognised by our 
stakeholders. Now equipped with a new ESG 
governance for the Group, we have reinforced 
our environmental commitments to achieve 
carbon neutrality in our business portfolios 
by 2050 and developed positive impact offers 
and solutions to support our clients’ energy 
transition. As a responsible employer, we 
have made progress in the achievement 
of our objectives in terms of diversity and 
gender parity, as demonstrated by the recent 
appointments to the Group’s management 
bodies, and we continue to invest in staff 
training and engagement. The end of the 
year also saw the definitive dismissal of 
the two legal proceedings initiated by the 
US authorities. We have completed the 
remediation programmes and are ensuring 
that improvements to our compliance 
systems are incorporated over the long term. 
PURSUING OUR STRATEGIC PLANS IN 2022 
As we begin 2022, beyond the very 
prudent and responsible management of 
the initial consequences of the situation 
in Ukraine and Russia, Societe Generale 
made the strategic decision to cease its 
operations in Russia. In an increasingly 
complex and uncertain environment, the 
Group continues to advance, ever focused 
on executing its key strategic projects 
and determined to build a new, more 
balanced and resilient business model. 
We can count on our teams’ motivation 
and commitment to continue to put our 
corporate purpose in action and build 
together, with our clients, a better and 
sustainable future.
FRÉDÉRIC OUDÉA,  
CHIEF EXECUTIVE  
OFFICER
LORENZO BINI SMAGHI,  
CHAIRMAN OF THE BOARD 
OF DIRECTORS

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13.7%
CET1 ratio, a sign  
of financial strength 
€5.6bn
record net income 
€25.8bn 
(+16.7% vs 2020)
strong revenue growth
EXCELLENT 
PERFORMANCE  
AND A STRONG 
CAPITAL POSITION 
THREE COMPLEMENTARY 
CORE BUSINESSES 
FRENCH RETAIL BANKING  
A full range of financial services with 
omnichannel products at the cutting  
edge of digital innovation. 
INTERNATIONAL RETAIL BANKING 
AND FINANCIAL SERVICES
Networks in Africa and Europe,
and specialised businesses that are leaders
in their markets offering insurance  
and financial services to companies.
GLOBAL BANKING  
AND INVESTOR SOLUTIONS  
Recognised expertise, top international rankings  
and integrated solutions. 
FOUR SHARED  
VALUES
TEAM SPIRIT  
In a changing world, we support all our 
clients while demonstrating true team 
spirit. A responsible and trustworthy 
partner, we provide attentiveness, agility 
and the complementary nature of our 
expertise. We work with our clients in the 
same way we work with one another: 
by listening, building together, valuing 
contributions and being united in both 
challenge and succes.
INNOVATION
We strive to constantly improve our 
client approach by leveraging technical 
innovation and working together to 
adapt our solutions and processes to 
the preferences of tomorrow. True to our 
entrepreneurial spirit, we are changing 
our ways of working, and innovating by 
promoting sharing, experimentation and 
thinking outside the box. We learn from 
our failures and successes alike. 
RESPONSIBILITY  
Our corporate responsibility and ethics 
consist of meeting our clients’ various 
needs while safeguarding the long-term 
interests of all of our stakeholders. 
Our responsibility can also be seen in 
our courage to be accountable for our 
actions and decisions, and to express 
our opinions transparently. We attach 
as much importance to the way we 
achieve results as we do to the results 
themselves.
COMMITMENT 
Our employees are fully committed 
to contributing to the success of our 
clients. We promote involvement and 
professional accomplishment for all. We 
nurture relationships based on trust and 
mutual respect, both inside and outside 
the bank. Our commitment derives from 
the continued satisfaction of our clients 
in our skills and expertise. 
A BANK COMMITTED 
TO POSITIVE 
TRANSFORMATIONS
€120bn 
allocated to supporting the 2019-2023 
energy transition: €157bn already  
in place, i.e. 131% of the target achieved  
by December 2021
Commitment to aligning our portfolios  
with scenarios for achieving overall  
carbon neutrality by 2050
In line with the objective of progressively 
eliminating the Group’s exposure to coal 
(complete exit by 2030 for EU and OECD 
countries, and by 2040 for the rest of the world)
€18.5bn 
committed to financing identified  
as SPIF(5), including €12.6bn in green SPIF 
financing or contributions to helping  
the energy transition and €5.9bn in social/
societal financing
Gender Equality Index:  
86/100
SOLID FOUNDATIONS  
FOR BUILDING THE BANK 
OF TOMORROW
Societe Generale is one of the leading European financial services groups. By engaging in the positive 
transformations of businesses and economies, our teams work on a daily basis to build, together with  
our clients, a better and more sustainable future through responsible and innovative financial solutions. 
Based on a diversified and integrated banking 
model, Societe Generale combines financial 
strength and proven expertise in innovation 
with a strategy of sustainable growth, aiming  
to be the trusted partner for our clients, 
committed to the positive transformations  
of the world. An important player in the real  
economy, Societe Generale employs over  
131,000 members of staff(1) in 66 countries(2) and 
supports on a daily basis 26 million individual 
customers, businesses and institutional 
investors(3) around the world. The Group’s three 
core businesses offer a wide range of advisory 
services and tailored financial solutions to 
secure transactions, protect and manage 
assets and savings, help its clients finance 
their projects, protect them in their day-to-day 
lives and professional activities, and offer the 
innovative services and solutions they require.
(1) Headcount at end of period, excluding temporary staff.
(2) Including new ALD entities in Belarus, Bulgaria, Chile, 
Colombia and Peru
(3) Excluding Insurance policyholders.
PERFORMANCE RECOGNISED BY THE RATING AGENCIES 
AGENCIES
BEST
NEGLIGIBLE
LOW 
HIGH 
SEVERE
WORST
SCORE
A1+
100
69
60
50
30
0
D3-
0
30
54
57
60
80
100
AAA
AA
A
BBB
BB
B
CCC
A+
C+
C
C-
D+
D
D-
80+
40
30
20
10
0
20,2
D-
C
B-
A-
A
B
C-
D
MEDIUM
Extra-financial performance 
Financial ratings(4) 
Fitch ratings: A   
Moody’s: A1 
R&I: A
Standards & Poors: A
TOP 1% 
all companies 
worldwide 
TOP 3% 
banks worldwide
TOP DECILE 
banks worldwide
TOP DECILE 
banks worldwide
TOP QUARTILE 
banks worldwide
POSITION 
VERSUS PEERS
Note: Number of companies in each agency universe: MSCI 190 banks; S&P CSA 242 banks; Sustainalytics 415 banks; 
Moody’s ESG Solutions 4,952 companies; ISS ESG 285 banks
(4) Underlying data at 31/01/2022.
(5) Sustainable and Positive Impact Finance, lending and leasing activities and/or supporting clients
in developing their positive impact business.
4
5
>  Universal Registration Document 2022, 
Chapter 1
>  www.societegenerale.com/societe-generale-
group/identity/identity
F I N D  O U T  M O R E
€300bn 
in sustainable finance. 
New objective 2022 to 2025

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The Group’s ambition is to promote sustainable development based on a diversified and balanced banking 
model building on strong European roots and a targeted global presence in selected areas of strong business 
expertise. The Group seeks to maintain long-term relationships with its clients based on deserved mutual trust 
and to meet the expectations of all of its stakeholders. 
A WORLDWIDE  
PRESENCE
(1) Headcount at end of period, excluding temporary staff. 
(2) Excluding clients of the Group’s insurance companies.
(3) Including the new ALD Automotive entities in Belarus, Bulgaria, Chile, Colombia and Peru.
46,500 
members of staff
EUROPE  
(excl. France) 
35% 
of the overall 
workforce
NBI
€8,355bn
2,600
members of staff 
AMERICAS
NBI
€1,849bn
26 million
individual customers, 
businesses and institutional 
investors(2) 
131,000
members of staff(1)
66
countries(3)
141
nationalities
2%
of the overall 
workforce
54,800 
members of staff 
FRANCE
NBI
€12,491bn
43%
of the overall 
workforce
12,900 
members of staff 
AFRICA AND  
THE MIDDLE EAST 
NBI
€1,635bn
10%
of the overall 
workforce
12,000 
members of staff 
ASIA AND OCEANIA 
NBI
€1,468bn
9%
of the overall 
workforce
> Universal Registration Document 2022, Chapter 1
> www.societegenerale.com/societe-generale-group/identity/identity
F I N D  O U T  M O R E

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GUIDED BY OUR CORPORATE 
PURPOSE
LEADING THE WAY 
“Building together,  
with our clients, a better  
and sustainable future through  
responsible and innovative  
financial solutions.” 
… THROUGH 
RESPONSIBLE 
AND INNOVATIVE 
FINANCIAL 
SOLUTIONS. 
In today’s uncertain world, Societe Generale is committed to continuing the work underway since 2021  
to complete its strategic roadmap, implement major projects in each of its businesses and maintain a high level  
of performance. Our corporate purpose continues to drive our ambition to build, alongside our stakeholders,  
a better and sustainable future.
OUR VISION:  
We believe our banking 
profession identifies and 
provides an ever-increasing 
number of innovative and 
made to measure value-added 
solutions to our clients. We 
do this by leveraging on our 
expertise, our service-based 
experience and our ecosystem.
OUR ACHIEVEMENTS IN 2021 
Developing new business models by the Group’s start-ups:  
• €33bn in aggregate trading volume by Treezor 
• 7 million used vehicles offered in the Reezocar catalogue 
• The first digital CBDC bonds issued by FORGE on behalf
of the European Investment Bank 
• Shine surpasses 100,000 clients 
Proposing responsible new solutions to clients: 
• French Retail Banking: 100% responsible investment solutions in open 
architecture and accessible to all in France 
• Global Banking and Investor Solutions: new hydrogen-based offers 
• International Retail Banking and Financial Services: 27% of the total 
number of vehicles delivered to ALD Automotive in 2021 were electric 
BUILDING 
TOGETHER, WITH 
OUR CLIENTS… 
OUR VISION:  
Our ambition is to create 
value-added solutions with 
and for our clients to help 
support entrepreneurs and 
drive progress by providing 
the financial support allowing 
them to launch and develop 
their projects.
OUR ACHIEVEMENTS IN 2021
A transformation in our core businesses, dedicated  
to customer satisfaction  
• 66% of the Group’s clients actively use online banking; this stands
at 69% for Retail Banking in France and in the Czech Republic
• 39% of individual clients joined the Bank online 
• Boursorama, the undisputed leader in online banking in France
and the leading French bank in terms of Net Promoter Score
An effective use of technological tools:
• An estimated €200m in annual value creation through Data
and Artificial Intelligence 
• 80% of our IT servers are in the Cloud
… A BETTER  
AND SUSTAINABLE 
FUTURE... 
AN EXPRESSION OF OUR SHARED VISION,  
OUR CORPORATE PURPOSE INSPIRES US EVERY DAY AND  
GUIDES OUR CHOICES FOR BUILDING THE FUTURE. 
OUR VISION:  
We live in a world where 
economic development and 
environmental and social 
progress are inseparable. 
We face immense collective 
challenges: geopolitical, 
ecological, economic and 
technological. By supporting 
our clients, we intend to play  
a leading role in contributing  
to positive change around  
the world.
OUR ACHIEVEMENTS IN 2021 
Integrating CSR to the heart of our businesses: 
• Societe Generale recognised as Best Bank of the Year for Sustainability
in 2021 by International Financing Review
• French Retail Banking: Launch of the Environment & Social Loan offering 
• Global Banking and Investor Solutions: Supporting large corporates and 
investors with their ecological transition across the entire value chain, 
named Best Bank for Sustainable Finance in 2021 by the leading magazines 
Global Finance and The Banker
• International Retail Banking and Financial Services: World leader
in sustainable mobility and the deployment of sustainable finance
in all geographical regions
Our ongoing commitments for a sustainable transition 
• Reducing overall exposure to the Oil and Gas extraction sector
by 10% by 2025
• Securing complete elimination of our exposure to the Thermal Coal 
sector by 2030 in EU and OECD countries, and 2040 elsewhere
• Over €150bn dedicated to the energy transition between 2019 and 2021
• A founding member of the Net-Zero Banking Alliance and co-chair
of a new international working group to set up a financing agreement 
aimed at reducing the carbon footprint of the steel sector
F I N D  O U T  M O R E
> www.societegenerale.com/societe-generale-group/identity/purpose
•  New commitment of €300bn in sustainable finance for 2022 to 2025

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“WE WANT TO  
INCREASE OUR  
POSITIVE IMPACT”
SOCIETE GENERALE PUBLISHED RECORD 
RESULTS IN 2021. COULD YOU TELL US 
ABOUT THIS PERFORMANCE?
Societe Generale had a historic year in 2021. 
We recorded the best financial results in our 
history, with Group net income of €5.6bn. The 
Group also published a very solid balance sheet 
with a portfolio of top-quality loans and high 
solvency ratios. All our businesses contributed 
to these excellent results, demonstrating the 
quality of our business lines and the relevance 
of the strategies we have pursued over the past 
several years. The progress we’ve achieved in 
ESG was also widely recognised by the extra-
financial rating agencies and through several 
prestigious international awards in sustainable 
development. We also made advances in 2021 
on a number of ambitious strategic projects  
to strengthen our various business lines.
OVERALL, DID 2021 ALLOW YOU  
TO STRENGTHEN THE CONFIDENCE  
OF YOUR STAKEHOLDERS?
Yes, we have restored a positive momentum. 
Firstly, we continued to fully address our 
clients’ needs amid the economic recovery 
and kept up our constant efforts to enhance 
the customer experience. In-house,  
the results of the 2021 Employee Survey 
revealed clear improvement in every key 
aspect of team engagement. From the 
shareholder standpoint, Societe Generale’s  
share price rose throughout the year, 
reflecting improved investor sentiment. 
Lastly, the US authorities closed legal 
proceedings against Societe Generale,  
proof of the significant strengthening  
of our compliance systems. 
THE CONTEXT HAS DRASTICALLY CHANGED 
SINCE THE START OF 2022, WHAT IS  
YOUR ANALYSIS OF THE SITUATION? 
The world has experienced a series 
of disruptive events. Following the 
unprecedented Covid-19 public health crisis, 
war broke out on Europe’s doorstep with 
tragic consequences and much uncertainty. 
There will be multiple, far-reaching 
consequences, including a more fragmented 
world with increasing calls for sovereignty 
and security, particularly in Europe; a 
downgraded economic outlook combined 
with elevated inflationary tensions; an 
acceleration in the two revolutions linked to 
the growing use of digital technology and 
the urgency of the energy transition, which 
should also be thought of in terms of energy 
independence and a fair social transition.  
“Following the 
unprecedented Covid-19 
public health crisis, war 
broke out on Europe’s 
doorstep with tragic 
consequences and much 
uncertainty. There will 
be multiple, far-reaching 
consequences.”
clients. Lastly, in the area of mobility, which 
is emerging as a powerful and promising 
sector of activity and which will ultimately 
constitute a third pillar for the Group, our 
ambition is to cement our place as a leader 
in sustainable mobility by building on  
ALD Automotive’s acquisition of LeasePlan. 
HOW DOES THE GROUP PLAN TO  
CONTRIBUTE TO THE PRESSING  
ISSUE OF SUSTAINABLE DEVELOPMENT  
IN OUR ECONOMIES?
Our ambition is to be a leader in sustainable 
finance. Together with our stakeholders, we 
have defined four priorities on which all our 
businesses and regions are going to act over 
the coming years. Regarding the urgency 
of the ecological transition, we plan to be 
a driving force by targeting overall carbon 
neutrality in our portfolios by 2050 and by 
proactively supporting our clients. We have 
already made commitments to reduce our 
exposure to the Coal and Oil & Gas sectors 
and to develop renewable energy. As our 
second core priority, we want to be a catalyst 
for positive local impact. Our third priority 
is to be a responsible employer and an 
attractive workplace with engaged teams. 
Lastly, we want to act as a responsible 
bank, promote a strong in-house culture 
of responsibility, incorporate ESG into 
processes and standards at every level of our 
organisation and provide enhanced training 
to all our staff. The new banking model  
we are inventing will be ESG by Design!
HOW HAVE YOU BEEN MANAGING THE 
SITUATION IN UKRAINE AND IN RUSSIA?
Our immediate concern has been to ensure 
the safety of our teams, to strictly apply 
the international sanctions and to reduce 
our risks. I am very grateful to all our teams 
across the Group for their exceptional 
commitment in dealing with the situation 
with professionalism, responsibility and by 
acting as one. In addition to managing the 
initial consequences of the crisis, we quickly 
concluded that we were facing a geopolitical 
upheaval that will radically and persistently 
alter the prospects for cooperation with 
Russia. So, we made the strategic decision to 
withdraw from Russia in an orderly manner 
and find a solution to ensure business 
continuity for our staff and clients in the 
country. The sale of our Rosbank subsidiary 
and our Russian insurance business 
announced in April was in our view the best 
solution for the Group and our stakeholders. 
Relying on the financial performance of 
our business lines and the strength of our 
balance sheet, we will be able to manage  
the significant financial impact arising  
from the closing of this operation.
WHAT ARE YOUR STRATEGIC PRIORITIES 
FOR 2022 AND BEYOND?
We plan to continue moving forward with 
our various strategic plans and finalising 
the outline of our 2025 roadmap. Our goal 
is to strengthen our business model, make 
it more balanced and resilient and generate 
more sustainable and profitable growth. This 
will take place in each of our core businesses 
by strengthening our leadership positions 
and activating three cross-business levers: 
our strong focus on customer satisfaction, 
our digital transformation and the use of 
data, and our leading role in sustainable 
finance. In French Retail Banking, we plan to 
complete the merger of our Societe Generale 
and Crédit du Nord retail banking networks 
with the objective of launching in early 2023 
a new Bank with a strong regional presence. 
We also intend to complete the development 
plan for Boursorama, which, quarter after 
quarter, confirms itself as the undisputed 
leader in digital banking in France. 
Internationally, both in Europe and in Africa, 
we will roll out our development plans for 
profitable growth. In Global Banking and 
Investor Solutions, we intend to further 
strengthen our capital market positions as 
we seek to better manage our risks, diversify 
our revenues and proactively support our 
“We plan to continue moving forward  
with our various strategic plans and finalising  
the outline of our roadmap up to 2025.”
FRÉDÉRIC OUDÉA,  
CHIEF EXECUTIVE OFFICER

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Building together, 
with our clients, 
a better and 
sustainable 
future through 
responsible  
and innovative 
financial  
solutions. 
131,000 professional, committed  
and responsible MEMBERS OF STAFF 
Cutting-edge EXPERTISE  
and technology
A SOLID FINANCIAL STRUCTURE:  
CET1 ratio of 13.7%
A STRONG AND INNOVATIVE 
CULTURE
A local presence in 66 COUNTRIES
26 MILLION CLIENTS (individuals, 
professionals, corporates and 
institutionals) who put their trust in us
€5bn  in external expenses in 2021 and  
5,000 SUPPLIERS under contract 
FRENCH RETAIL 
BANKING 
INTERNATIONAL  
RETAIL BANKING  
AND FINANCIAL 
SERVICES 
GLOBAL BANKING  
AND INVESTOR 
SOLUTIONS 
ASSISTING OUR CLIENTS 
by providing them with the right service  
at the right time, in their best interest,  
while securing and protecting their assets  
and data  
OFFERING TECHNOLOGICAL  
SERVICES AND SOLUTIONS
• 66% of clients actively use online banking 
• Boursorama, the leading online bank  
in France, with over 3.3 million clients 
• 1.7 million vehicles managed by ALD 
Automotive 
PROTECTING OUR CLIENTS  
IN THEIR DAILY LIFE AND  
THEIR PROFESSIONAL ACTIVITIES
• 23 million insurance policies managed 
• Market-leading derivatives franchise
HELPING OUR CLIENTS FINANCE 
THEIR PROJECTS
• €497bn in outstanding consumer loans
• “Bank of the Year for Sustainability 2021”  
by International Financing Review
PROTECTING AND MANAGING  
OUR CLIENTS’ SAVINGS 
• €502bn in deposits 
• €4586bn in assets under custody
• €130bn in Private Banking assets under 
management 
• New 100% SRI investment offering in France
SECURING TRANSACTIONS 
• 16 million payments  
and €557bn in transactions every day
OUR ADDED VALUE   
FOR OUR OTHER  
STAKEHOLDERS 
OUR ADDED VALUE  
FOR CLIENTS 
OUR  
BUSINESSES
OUR RESOURCES
OUR VALUES
OUR PURPOSE
TEAM SPIRIT 
INNOVATION
RESPONSIBILITY
CREATING VALUE  
FOR OUR STAKEHOLDERS
When building our banking model we were inspired by our corporate purpose and vision, and leveraged  
the strength of our resources and our values with the aim of offering our clients value-added services.  
At the heart of the economy, we are committed to contributing to positive changes around the world, across  
all our business activities and in service to our stakeholders. 
COMMITMENT
13
12
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 1
> www.societegenerale.com/societe-
generale-group/identity/identity 
INCLUDING, DEVELOPING  
AND ENGAGING OUR STAFF
• Well under way to achieving the target  
for women to occupy 30% of  
Top Manager positions by 2023
• Around 40,000 staff received  
E&S training in 2021   
ENSURING THE COMPANY’S  
LONGEVITY AND A STRONG  
CULTURE OF RESPONSIBILITY  
• Providing precise, comprehensive  
and transparent information to investors  
and shareholders  
• Applying high standards in terms  
of risk management
CONTRIBUTING TO ECONOMIC  
AND SOCIAL DEVELOPMENT IN  
THE COUNTRIES WHERE WE OPERATE 
• Taxes and charges: €2.7bn in 2021  
• In top 1% of global companies,  
Moody’s ESG (A1+)
• In top 3% of global banks, MSCI (AAA)  
BUILDING BALANCED RELATIONSHIPS  
WITH OUR SUPPLIERS 
based on trust, equality and transparency.  
“Supplier relations and responsible purchasing”  
label since 2012  
RESPECTING THE ENVIRONMENT   
• Over €150bn towards the energy transition,  
above the 2019-2023 target of €120bn,  
two years ahead of schedule 
• New objective of €300bn in sustainable  
finance for 2022 to 2025
• Firmly on track to reduce by 10% the overall  
exposure to the Oil and Gas extraction sector  
by 2025
• Marginal residual exposure to thermal coal,  
reducing to zero in 2030 in EU and  
OECD countries, and 2040 elsewhere.  
• Founding member of the Net-Zero  
Banking Alliance
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OUR STRATEGIC 
FOCUS
We’re moving to the next level of the two major 
transformations that involve all of our business lines: 
integrating CSR objectives into the heart of both 
our activities and our culture of responsibility; and 
focusing on digital innovation to accelerate the use  
of new technologies for the benefit of our clients  
and improve our operational efficiency.

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THE THREE-FOLD DIGITAL 
CHALLENGE FACING  
BUSINESS
Digital innovation, digital technology’s contribution to sustainable development and technological 
sovereignty. These three coexisting and interdependent issues are altering the global digital ecosystem 
and redefining the ground rules for all financial actors, in particular banks. To ensure the balance and the 
relevance of their business models over the long term, they must provide answers to these transformations.
THE VIEWPOINT OF NETEXPLO OBSERVATORY  
Netexplo Observatory studies the use of innovation 
and digital technology to understand how they  
affect the major challenges affecting the economy, 
society, and the daily lives of individuals. It is by 
looking through the lens of innovation and digital 
technology that Netexplo Observatory is able  
to provide expert insight into the issues that a bank  
like Societe Generale needs to consider.  
DIGITAL TECHNOLOGY: A POTENTIAL ALLY  
OF SUSTAINABLE DEVELOPMENT?  
Faced with global warming, biodiversity under threat, 
exhaustion of resources, increasing inequalities 
and social crises, the quest for more sustainable 
development is the challenge of the century.  
Business is seen both as the cause and the solution  
to these ecological and social problems.
Without questioning their convictions, stakeholders 
expect to see banks taking tangible action. The 
willingness to contribute to the common good 
announced by a company, specifically through its 
corporate purpose, must be translated into  
acts and hard evidence, with a high expectation  
of seeing a positive transformation of the bank’s  
entire value chain. 
To meet the challenge of transforming products, 
services, processes and uses required by a sustainable 
development approach, digital technology is 
a formidable and effective tool. It is a powerful 
driver of innovation that accelerates research and 
allows solutions to be easily scaled up. It is also 
an informational, diagnostic and decision-making 
support tool for individuals and companies alike, 
thanks notably to Data and Artificial Intelligence. 
However, this powerful ally is not without its own 
environmental footprint. Digital innovation is a tool 
that must be handled with care!
DIGITAL TECHNOLOGY: BUILDING PARTNERSHIPS 
OF TRUST  
It has to be recognised that digital technology is at 
the very heart of our private and professional lives 
and is shaping our future. However, the few non-
European players that dominate the digital market 
raise the question of the sovereignty of companies 
and financial players. 
Another thing is certain: self-sufficiency is an illusory 
quest. No bank possesses all the technology and 
skills it needs to take charge of and control its entire 
digital value chain all on its own. To be competitive for 
the foreseeable future, the bank is tied to extensive 
relationships of interdependence. It is the nature of 
the relationships of power that this interdependence 
brings that must be questioned today. 
The challenge is to balance these relationships of 
power by converting imposed dependence into freely 
chosen dependence. To achieve this, a bank must 
strengthen its in-house expertise and talent pool  
so it can develop its own technological solutions.  
It also has to acquire the means to hybridise outside 
solutions with its security, regulatory and strategic 
requirements. 
As part of this effort, working in an ecosystem of 
partners is certainly one of the means to acquire 
expertise, create economies of scale and increase 
influence.
MOBILITY: A SECTOR AT THE CROSSROADS
The mobility industry is a sector in flux and provides an 
illustration of the three challenges we have been discussing.
Digital transformation has profoundly changed mobility usage 
and, as a result, the business models of industry players, 
notably shifting value from thinking based on the sale  
of a product towards thinking around solutions and services,  
and of behavioural habits from ownership to usage. 
Furthermore, the sustainability imperative is severely 
disrupting mobility industries with the need to invent  
low-carbon transport solutions such as electric vehicles  
and multi-modal transport.  
Finally, the MaaS (Mobility as a Service) concept opens  
the door to new players with the expertise to develop  
value-creating digital solutions and services bringing  
greater flexibility to users.
DIGITAL INNOVATION TO REINVENT  
THE CUSTOMER EXPERIENCE
The digital transformation has led to the creation  
of a virtual customer experience. The user benefits 
from increased autonomy and a wider range of 
customised options for financial products and services 
while the bank is guaranteed more robust and reliable 
automated processes. 
This move to virtual customer relations is already 
well underway among banking operators through 
applications, chatbots and 100% digital services. 
However, innovation will continue to push this process 
even further (mixed reality, the metaverse, etc.).  
The pandemic has driven customers and staff 
alike into a permanently digital relationship that is 
decidedly hybrid, between the virtual the real. At the 
heart of this relation, the big digital players have set 
out a strong position with the ambition of competing 
with traditional financial services actors. 
The issue for the traditional bank is how it can remain 
in control of the customer relationship. In line with 
its DNA, the bank has to redefine its organisation and 
its ground rules so that tangible reality, face-to-face 
interaction and physical settings each have their proper 
place. Goals for synergies with digital technology  
to create further value for clients are also needed.
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O U R  S T R AT E G I C  F O C U S
SEARCHING FOR THE NEW BALANCE:

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In an increasingly complex and uncertain environment, Michala Marcussen, Group Chief Economist, provides  
an analysis of the short and medium-term potential implications for the world economy. 
Interview conducted in April 2022. 
The war in Ukraine, with the resulting tragic 
loss of life and human suffering, carries a 
high cost to the global economy. Building 
an economic scenario on the future 
implications requires a number of key 
working assumptions given the heightened 
degree of uncertainty. Alternative, more 
adverse economic scenarios further 
assist risk analysis. Medium-term, the 
implications for the organisation of the 
global economic system are already 
emerging as nations announce a focus 
on security, resilience and sovereignty as 
priorities. The concern is that the global 
economy could be on the brink of a series 
of negative supply shocks, bringing high 
inflation, weak growth and structurally high 
unemployment.
Turning first to our working assumptions 
that underpin our economic outlook, 
these include very temporary disruptions 
only to global energy supply, and no new 
Further deterioration at the geopolitical 
level or in the public health situation, with 
the Covid pandemic still active, presents 
downside risks to this economic outlook.  
A further risk is that of policy error, and not 
least in the United States, where the Federal 
Reserve is battling the delayed upward 
pressure on inflation resulting from past 
excessive fiscal easing, at a time when fiscal 
policy is now tightening and consumers 
face a new hit to purchasing power from 
high energy prices. Having fallen behind the 
curve, the risk now is that the Fed tightens 
too much, triggering a sharp slowdown of 
the US economy. The slope of the US bond 
yield curve, a popular bellwether of future 
economic outlook, has recently flattened 
significantly, suggesting that bond investors 
too are concerned about the downside risks 
to the US economy.
Looking to the medium term, the European 
Union leaders Versailles Declaration of 10-
11 March 2022 set out three key priorities 
that echo those also heard from other 
major economies: bolstering defence 
capabilities, reducing energy dependence 
and building a more robust economic base. 
In many aspects, delivering on these goals 
amounts to accelerating reforms that are 
already underway. This declaration holds 
echoes also of the medium-term policy 
priorities set out in response to the Covid 
pandemic, with investment plans focusing 
on accelerating the green and digital 
transition and securing strategically key 
technologies and supplies, in areas such 
as raw materials, semi-conductors, food, 
health care and digital services.
This movement of accelerating change, 
moreover, is observed not just at the 
government level, but also for corporates 
and households. On the corporate side, 
we see increased focus on future-proofing 
supply chains and production, be it to 
ensure resilience to shocks, adaptation 
to climate change or ensuring key 
technologies. Households too are looking to 
build resilience, with energy high on the list.
Finance is central to delivering on the 
investment ambitions of both the public 
and the private sectors, and for Europe 
the completion of Banking Union and 
Capital Markets Union is critical to ensure 
a sufficient supply of financing, be it to 
finance the development of cutting-edge 
technologies or just to install double 
glazing and solar panels for individual 
homes. In a world where finance is 
increasingly subjected to extra-territoriality, 
this too is strategic. Finance alone is not 
a sufficient condition, however, to secure 
successful investment. Labour too plays a 
critical role and here focus must be placed 
notably on investing in life-long education, 
to ensure that the labour force is able to 
ECONOMIC  
OUTLOOK
confidence shock or major disruption 
from cyberattacks. We further assume that 
commodity prices will remain elevated 
throughout much of 2022, which will 
add pressure not least on low-income 
commodity importing countries. Finally, we 
assume that governments with available 
fiscal room will target measures to 
alleviate the impact of higher energy and 
food prices, particularly on low-income 
households. At the global level, we expect 
the international community to act should 
the risk of famine increase.
Combining these working assumptions with 
a fairly robust starting point for the global 
economy, enjoying the tailwinds of broadly 
easing pandemic related restrictions and low 
unemployment, we estimate that the major 
economies will lose 0.5pp of Gross Domestic 
Product (GDP) due to the war in Ukraine and 
forecast global GDP growth just short of 4% 
in 2022 and just over 3% in 2023.
“It is not hard to imagine 
a succession of negative 
supply shocks... The key  
to avoiding such an 
outcome resides with 
large-scale investment,  
be it green, digital  
or human capital.”
MICHALA MARCUSSEN,  
GROUP CHIEF  
ECONOMIST
adapt to the very significant sectorial shifts 
that lie ahead.
Combine the present energy shock 
with structurally heightened security 
concerns, be these driven by geopolitics or 
pandemics, and it is not hard to imagine 
a succession of negative supply shocks 
leading to a replay of the 1970s twin 
economic misery of high inflation and 
high unemployment. The key to avoiding 
such an outcome resides with large-scale 
investment, be it green, digital or human 
capital, and here recent announcements, 
not least in Europe, are encouraging. 
Governments must walk a very fine line, 
however, between fair security concerns 
and unjustified protectionism.
F I N D  O U T  M O R E 
> Universal Registration Document 2022, Chapter 1.3 
> www.societegenerale.com/economic-research

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OUR STRATEGIC FOCUS  
FOR BUILDING THE BANK 
OF TOMORROW
EVOLVING TOWARDS A NEW BUSINESS 
MODEL ADAPTED TO THE CHALLENGES  
OF TOMORROW
Against a backdrop of uncertainty marked  
by major crises and revolutions notably  
in the development of digital technologies 
and the growth of ESG challenges, we want 
to take full advantage of our diversified and 
integrated business model by continuing 
to adapt our businesses and seizing new 
opportunities. 
Our goal is to meet our clients’ changing 
needs and expectations and to further 
strengthen our business model, making it 
more balanced and resilient with a view to 
generating more sustainable and profitable 
growth.
A NEW EQUILIBRIUM BUILT  
ON THREE PILLARS
Alongside our two traditional core 
businesses of retail banking and insurance, 
and corporate and investment banking, 
where we are carrying out substantial work 
to better adapt to the new  challenges, we 
want to develop a third pillar structured 
around the promising sustainable mobility 
sector, which is expected to see robust 
growth over the coming years. This ambition 
is already reflected in strategies recently 
undertaken by our businesses, including 
French and International retail banking 
incorporating new usages, Global Banking 
and Investor Solutions enhancing its high 
value-added solutions and ALD Automotive 
planning to acquire LeasePlan and create a 
global leader in sustainable mobility.
A PROFITABLE AND SUSTAINABLE 
DEVELOPMENT STRATEGY
We want to strengthen our leadership 
positions in our key markets, nurture the 
growth of disruptive business models and 
invent the new businesses of tomorrow 
by conducting a selective yet ambitious 
investment policy. We want to deliver long-
term profitability, improve our operational 
efficiency through the optimal use of 
technological drivers and further developing  
synergies within the Group. We are also 
targeting development that will have a 
positive environmental and social impact 
and create value for all our stakeholders.
Achieving record performances in 2021, the Group reaped the benefits of the strategic actions put in place over  
the past years across its various business lines to develop, adapt and transform their activities. Looking to the 
furture, the Group also launched new structural strategic projects in each of its core businesses and 2022 will be a 
pivotal year in their execution, as they build the future business model of the Group for the coming years. Guided by 
our corporate purpose, we want to build the Bank of tomorrow with strong ambitions to contribute  
to a better and sustainable future together. 
STRONG AMBITIONS FOR THREE 
TRANSVERSAL LEVERS
To successfully complete our strategic 
roadmaps, we have defined three transversal 
levers across the Group, crucial for setting  
us apart in the eyes of our clients and where 
we have strong collective ambitions.  
These are: customer satisfaction, the use  
of new technologies and the integration  
of ESG issues.
THREE STRATEGIC BUSINESS PILLARS
THREE TRANSVERSAL STRATEGIC LEVERS
SOCIETE GENERALE’S BUSINESS MODEL 
OF TOMORROW 
RETAIL BANKING 
 & INSURANCE
Customer satisfaction
WHOLESALE BANKING
Digital leadership 
MOBILITY
ESG integration 
A LEADING BANK IN CUSTOMER 
SATISFACTION 
We are aiming for the best performance in 
terms of customer experience, by relying 
both on responsible and innovative 
digital technologies and the added value 
delivered by our expert advisory services. 
We want to provide the best offers to 
our clients, whether with in-house 
solutions or those developed through 
open architecture partnerships (Banking 
as a Platform). We are also seeking to 
distribute our products and services via 
third parties who include them in their 
own customer offer (Banking as a Service). 
AT THE FOREFRONT OF DIGITAL 
TECHNOLOGY AND DATA USAGE
It is essential to further intergrate the 
benefits of powerful new IT technology, 
digital technology and Data. Our goal is 
threefold: delivering value to our clients, 
improving operational efficiency and the 
quality of our processes, and innovating 
with new business models.  
We will continue to stimulate our capacity 
for innovation, sharing our progress with 
our teams and opening up our innovation 
ecosystem. 
A RESPONSIBLE BANK AND EMPLOYER, 
LEADER IN SUSTAINABLE FINANCE  
Our ESG ambition, built together with 
our stakeholders, is structured around 
four key areas: environmental transition, 
positive local impact, a culture of 
responsibility and being a responsible 
employer. We are integrating these issues 
at the heart of our strategy and business 
model, and are working to thoroughly 
integrate them into our governance and 
all our day-to-day processes. We are 
committed to ambitious objectives. We 
want to be a leader in sustainable finance 
by helping to design new standards 
and being a partner to our clients in 
their transitions. We want to act as a 
responsible bank and employer by being 
engaging and inclusive for our staff.
“Making full use of the power of IT, digital technology and Data is key  
in delivering added value for our clients, improving the operational quality  
of our processes and creating new business models.”
GAËLLE OLIVIER,   
DEPUTY GENERAL MANAGER AND CHIEF OPERATING OFFICER
O U R  S T R AT E G I C  F O C U S

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OUR STRATEGIC INITIATIVES 
TO PREPARE THE FUTURE
VISION 2025, CREATING A NEW RETAIL BANK AT THE SERVICE  
OF OUR CUSTOMERS  
Vision 2025 is a project which aims to merge our two retail 
networks in France and create a new bank by 2023 with greater 
profitability, rooted in local communities and combining the 
best human (25,000 staff) and digital expertise to serve nearly 
10 million clients. The objective is to be in the Top 3 for client 
satisfaction among our core French clients by making our 
operations more responsive and efficient, and deliver the services 
and products best suited to our clients’ needs. The customer 
experience will be improved by enhancing the expertise of  
our bankers, the quality of the customer journey and the 
accessibility of the digital experience. Furthermore, Vision 2025  
is a responsible banking initiative, characterised by accelerating 
our ESG commitments to enhance positive impact in France.  
From a financial standpoint, this initiative will lead to substantial 
cost synergies with the goal of a net reduction in the cost base  
of about €450m in 2025, compared to 2019. 
The initial phases of Vision 2025 were successfully implemented 
in 2021. Most notably, an agreement on job security and skills 
training aimed at providing social support to the staff of the new 
bank was signed with all staff representative bodies. The Group 
will provide skills development and ensure members of staff find 
their place within the new organisation. 2022 will be devoted to 
preparing the legal merger in January 2023, the merger of the  
IT networks of the two retail banks and the ongoing social support  
of staff. The Group also announced the future brand system  
for the new bank, which will be rolled out at the start of 2023 
around a new national SG brand supported by 10 regional brands. 
RETAIL BANKING ACTIVITIES IN FRANCE:  
A DUAL MODEL
RETAIL BANKING  
& INSURANCE
BRING TO MATURITY THE DEVELOPMENT OF BOURSORAMA,  
THE LEADER IN ONLINE BANKING IN FRANCE
Societe Generale aims to confirm Boursorama’s position as the 
undisputed leader in online banking in France by accelerating its 
development with the new target of between 4 and 4.5 million clients 
by the end of 2022. The number of new clients increased sharply  
in 2021 by more than 800,000, and this is set to continue by building 
on Boursorama’s original promise: to simplify clients’ lives at the 
most competitive price and highest quality, delivering a full range  
of banking products and services. 
The signature in early 2022 of a definitive partnership agreement with 
ING, which is withdrawing from the French market, with a view to 
offering its clients the best possible alternative banking solution will 
amplify this strong commercial momentum. The objective is to keep 
customer satisfaction at the highest levels: Boursorama has been 
ranked No.1 on the Customer Relationship Podium since 2020 and 
acclaimed as the least expensive bank in France for 14 consecutive 
years, with a recommendation rate of 86% in 2021 and a Net Promoter 
Score of more than 40%.
CONSOLIDATING OUR LEADERSHIP POSITIONS  
IN INTERNATIONAL RETAIL BANKING 
Societe Generale’s ambition is to strengthen its international retail 
banking business by making our respective networks the leaders 
in their geographic areas, capable of maintaining profitable and 
responsible growth. To reach this goal, the Group has identified the 
following priorities: providing personalised solutions to the needs 
of individual and corporate clients, consolidating the networks’ 
operational and business efficiency and building digitalised, high 
performing customer platforms. In Eastern Europe, the Group is 
forging ahead with strategic plans in the Czech Republic and Romania. 
Through its Change 2025 strategic plan, our Czech subsidiary, KB, is 
specifically aiming to increase the digitalisation of its operations and 
become a leader in sustainable development. In Africa, the Group 
intends to consolidate its leading positions in the Mediterranean Basin 
and sub-Saharan Africa. The Grow with Africa strategic programme 
includes a number of sustainable growth initiatives to foster 
positive transformation across the continent, including providing 
multidimensional support to African SMEs, funding infrastructure, 
supporting the energy transition and agribusiness, and developing 
innovative financing solutions. Furthermore, in consumer credit,  
the Group is seeking to strengthen its presence in the developed 
markets of Western Europe (specifically Italy, Germany and France).
A SELECTIVE INTERNATIONAL PRESENCE 
DEVELOPING OUR BANCASSURANCE MODEL  
The Group is accelerating the roll-out of its bancassurance model in 
France and internationally. Bancassurance allows the Group to create 
synergies between its insurance business and retail banking activities, 
develop new growth drivers and build partnerships and innovative 
financial solutions serving our customers. Societe Generale has 
chosen an omnichannel development model, combining our strong 
regional roots with digital solutions allowing us to offer our clients 
personalised products and services while diversifying our business 
models and growth drivers through a strategy of innovation and 
partnerships. This growth strategy will be supplemented by our 
commitments in responsible finance.
INSURANCE
CEASING OUR OPERATIONS IN RUSSIA  
Societe Generale announced its decision to cease its operations 
in Russia and the signing of an agreement to sell its entire 
stake in Rosbank and its insurance business in Russia  
to Interros Capital, the previous shareholder of Rosbank.  
Since the outbreak of the war in Ukraine, in addition to 
managing the initial consequences of the crisis, we quickly 
concluded that we are facing geopolitical upheaval that will 
radically and permanently alter the prospects for cooperation 
with Russia. The planned ceasing of our operations will allow 
for a definitive and orderly exit from Russia while ensuring 
continuity for Rosbank’s staff and clients.
“We will pursue this strategic project according  
to the timetable and in accordance with all  
the commitments we’ve made to our clients  
and our staff.”
SÉBASTIEN PROTO, 
DEPUTY GENERAL MANAGER IN CHARGE OF THE SOCIETE GENERALE,  
CRÉDIT DU NORD AND PRIVATE BANKING NETWORKS  
AND THEIR INNOVATION, TECHNOLOGY & IT DEPARTMENT
O U R  S T R AT E G I C  F O C U S

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WHOLESALE BANKING
MOBILITY
ALD AUTOMOTIVE, A LEADER  
IN SUSTAINABLE MOBILITY   
With its Move 2025 strategic plan launched 
at the end of 2020, Societe Generale 
plans to make ALD Automotive a fully 
integrated global leader in sustainable 
mobility, with innovative solutions and 
specialised expertise, well positioned to 
continue profitable growth. ALD’s planned 
acquisition of LeasePlan, announced 
in 2022, marks a major milestone. This 
major transaction will be an opportunity 
to create a global leader in operational 
vehicle leasing and mobility, benefiting 
from a number of operational and supply 
chain synergies (about €380m per year) 
and complementary expertise. The new 
entity will have a total fleet of 3.5 million 
vehicles with a global offering covering all 
customer segments and an extended range 
of services, with the goal of at least 6% 
fleet growth per year after the integration 
of LeasePlan. With robust investment 
capacities and outstanding expertise, 
the combined entity will be particularly 
well placed to take full advantage of the 
underlying trends in this market, namely 
changing customer needs in terms of 
private vehicle ownership, the shift in 
vehicle fleets towards electric vehicles and 
the growing use of digital technologies to 
enhance the services offered.
This acquisition, which should be finalised 
by the end of 2022, would be the largest 
in Societe Generale group’s history. In 
the medium term, the intention is for the 
mobility sector’s activities to become a 
third pillar alongside retail banking and 
insurance and corporate and investment 
banking, thereby strengthening the balance 
and diversification of the Group’s business 
model. This project is perfectly in line 
with our corporate purpose and will also 
contribute to our ambition of supporting 
the economy in a proactive and engaged 
manner and helping our clients with their 
energy transition.
MOBILITY
“In the context of unprecedented 
transformation in the automotive and mobility 
sectors, our proposed acquisition of LeasePlan 
is instrumental in the creation of a leading 
global player. By combining the strengths 
of ALD and LeasePlan, gaining size, joining 
forces in digital and creating a leading provider 
of sustainable mobility solutions, we would 
transform our industry and be best positioned 
to deliver even better solutions and value 
propositions to our enlarged client base.”
TIM ALBERTSEN, 
CHIEF EXECUTIVE OFFICER, ALD AUTOMOTIVE
DEPLOYING A SUSTAINABLE GROWTH STRATEGY   
In 2021, the Group unveiled the medium-term profitable 
and sustainable growth strategy for its Global Banking 
and Investor Solutions business, which builds on the 
strengths of its diversified customer base, high value-
added products and recognised expertise. Our ambition 
is to reinforce our position as a leading European 
corporate and investment bank. To achieve this, we have 
identified three priorities. The first is to capitalise on 
our customer relationships and to invest in a targeted 
manner, building on the growing needs in our areas 
of expertise. Globally, we are aiming to rebalance our 
operations towards financing, advisory and  transaction 
banking and achieve better geographical diversification 
in the Americas and Asia Pacific. The second objective 
is to maintain rigorous cost control to enhance our 
operational efficiency. The third is to maintain strict risk 
management and reduce the sensitivity of our results to 
market shocks. Furthermore, by building on our role as 
a pioneer, which has been recognised through several 
awards, we are placing CSR issues at the heart of our 
strategy to develop an ESG by Design approach.
GLOBAL BANKING  
AND INVESTOR SOLUTIONS 
O U R  S T R AT E G I C  F O C U S

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VALUES THAT  
STAND US APART
To strengthen the bond of trust that we build with our 
clients, the Group draws on its long-standing strengths: 
committed staff, with the diversity and expertise to reflect 
today’s challenges; a policy of constant innovation to offer 
the best financial products and services; and a culture  
of responsibility fuelled by meaningful dialogue with our 
stakeholders.

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BEING A RESPONSIBLE 
EMPLOYER
To strengthen the commitment of our staff, attract talent and enhance performance, Societe Generale is committed 
to five areas of strategic importance in Human Resources.
“The inclusion of all staff, irrespective of their gender, orientation or origin, 
is a duty and a strength of our Group. An open and diverse environment 
where everyone can contribute leads to an improved individual and collective 
performance. Every day, we do everything we can to ensure a diverse  
and inclusive working environment where everyone feels respected and free  
to be themselves.”
DIONY LEBOT,   
DEPUTY CHIEF EXECUTIVE OFFICER 
ZERO TOLERANCE 
OF INAPPROPRIATE 
BEHAVIOUR
Societe Generale is committed 
to preventing and combating all 
inappropriate behaviour, including but 
not limited to sexual or psychological 
harassment, homophobia, racism, 
and sexism, which all go against its 
Code of Conduct. The Group applies 
zero tolerance at every level of the 
organisation and has strengthened  
its policy through different systems  
of alert (company doctor, line 
management, Human Resources, 
Compliance Manager, etc.) and a 
community of international experts able 
to intervene anywhere in the world.  
In parallel, a mandatory training session 
entitled “Standing up to inappropriate 
conduct” has been put in place.
RAISING STAFF 
AWARENESS  
ABOUT CSR
In 2021, the plan to train all staff 
in matters of Corporate Social 
Responsibility (launched in mid-2020 
by the CSR Department and Human 
Resources) was broadly rolled out across 
the Group’s Business Units, Service Units 
and entities. The programme consists of 
four pillars: developing a common culture 
through awareness-raising workshops on 
global warming and through a training 
course catalogue (e-learning and MOOC 
modules); raising the awareness of a 
targeted audience about environmental 
and social risks though e-learning training 
sessions; training the commercial teams 
so that they can better advise their clients 
on the energy transition; and, lastly, 
identifying the many initiatives developed 
by the Group’s experts around the world  
to enable their improved availability to 
 as many people as possible.
PROTECTING  
AND SUPPORTING STAFF 
IN AN UNPRECEDENTED 
CONTEXT
A dominant feature of 2021 was once again 
the public health crisis. As a responsible 
employer, Societe Generale conducted a 
large-scale communication, information 
and awareness-raising campaign focused 
on members of staff. In this sense, the 
Group demonstrated its willingness to 
combat psychosocial hazards with a view 
to protecting and ensuring the well-being 
of its staff at work, whether in the office or 
working from home. To properly address 
the challenges of psychosocial hazards, 
the Group’s response mechanism is active 
at the level of each Business Unit and 
Service Unit to help those managers and 
staff regarded as vulnerable, guiding them 
toward the right structures and providing 
support for their return to the office. 
Dialogue channels have been set up to 
gauge the level of staff commitment and 
to hear their views on the transformations 
underway.
CORPORATE CULTURE AND ETHICS PRINCIPLES
The Group’s staff are encouraged to act responsibly within a 
framework of strict ethical standards shared by all. With this in mind, 
Societe Generale has been working for several years to strengthen  
its culture centred on its values, from which we developed a Code  
of Conduct, and its Leadership Model, which defines the behaviours 
and skills expected from managers and staff. 


PERFORMANCE AND COMPENSATION
All Group staff are assured that their contribution to the Group’s 
performance will be rewarded. Our attractive and fair compensation 
policy promotes commitment and loyalty while integrating 
appropriate risk management.
  €10m dedicated to reducing pay gaps between women and men 
between 2019 and 2022

PROFESSIONS AND SKILLS
Societe Generale staff benefit from meaningful career development: 
the Group prides itself on offering a wide range of training options 
and is committed to developing staff employability, consistent with 
its needs and the changing labour market. For instance, a long course 
on reskilling made it possible for 149 staff members to reorient 
themselves towards Group businesses in growth or under tension. 
Promoting talent, encouraging staff mobility between business lines 
and ensuring management succession are critical for attracting, hiring, 
and retaining staff. The Group pays special attention to the quality of 
dialogue with its staff representative bodies. 
  88% of staff took at least one training course in 2021

DIVERSITY AND INCLUSION
Societe Generale prides itself on being a company open to the world, 
one that reflects the diversity of the clients we serve every day.  
This proactive diversity and inclusion policy has translated into 
concrete initiatives. In 2021, the Group introduced a Diversity and 
Inclusion Committee, which sets annual (or multi-annual) priorities, 
including training on unintentional bias, made mandatory for  
recruiters and Ambassadors, the managerial circle comprising  
the Group’s top 1,400 managers.


OCCUPATIONAL HEALTH AND SAFETY
Developing a respectful and safe working environment where staff 
are able to find the right balance between their work with their 
private lives is one of the Group’s key commitments. Taking due 
account of the increase in hybrid working (combining on-site and 
remote working), the Group put in place the necessary means to 
guarantee the optimum working conditions to protect the health 
and safety of staff working from home. Accident prevention efforts 
(communication, training and awareness-raising) specifically 
addressing the risks related to isolation were implemented for 
managers and all staff alike. 
  98% of staff are covered by accident prevention and safety  
information campaigns

F I N D  O U T  M O R E
> Universal Registration Document 2022, Chapter 5.4.1
> www.societegenerale.com/news/newsroom/responsible-employer
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A SPIRIT OF CONSTANT 
INNOVATION
Committed for many years to an ambitious digital transformation, Societe Generale has built the technological  
and cultural foundations necessary to strengthen its digital maturity in all its core businesses, functions and regions. 
The Group’s pioneering spirit enables the creation of high value-added solutions for our clients and us  
to respond to new and growing economic, societal and environmental challenges. 
Fuelled by a pioneering spirit and drawing 
on solid technological foundations, 
continually improving our operating 
model and solutions is at the core of our 
innovation and digital transformation 
strategy.
Our clients’ digital uses are rapidly 
expanding and we create the services they 
need every day. Innovation allows us to 
invent the models of the future, play a 
role in positive economic transformation 
and offer new customised, secure and 
responsible products and services to our 
clients and the wider market.
To reach this goal, our strategy uses the 
integration of Data and Artificial Intelligence 
to deliver greater value to our clients 
(such as the digitalisation of the customer 
experience, customised offers, etc.) and 
improve our processes (such as operational 
efficiency and risk management for 
example) as well as the identification and 
development of new disruptive and natively 
digital models. Our strategy concerns all our 
core businesses with their transformation 
and the implementation of their strategic 
roadmaps and brings benefits to all our 
customers, whover they may be. 
>66%
of our customers
use digital channels
94%   
of payments and money transfers   
take place over digital channels  
80%   
of our IT infrastructure   
transferred to the Cloud (public and private)
>4,000
Application Programming Interfaces  
(APIs)
>330
Data and Artificial intelligence   
use cases in the process of production 
“The primary aim of Societe Generale 
Ventures is to generate value for our clients 
not only through the launch of new offers 
or new products but by also reducing 
our time-to-market and improving our 
operational efficiency.” 
DIDIER LALLEMAND,  
MANAGING DIRECTOR, SOCIETE GENERALE VENTURES
A CULTURE OF INNOVATION EMBEDDED IN THE GROUP’S DNA
DATA AND ARTIFICIAL INTELLIGENCE, 
THE DRIVING FORCE OF OUR DIGITAL 
STRATEGY
The data resources the Group holds 
continue to expand as a result of the 
digitalisation of our services and our 
clients’ growing use of digital technology. 
Harnessing the full potential of Data and 
Artificial intelligence allows us to offer an 
increasingly personalised, seamless and 
secure customer experience. Since 2014, 
Societe Generale has been continuously 
and heavily investing in this area while 
ensuring the security and the protection 
of the data we hold. Every day, over a 
thousand experts are working on designing 
more responsive and efficient services. 
The Group has deployed more than 330 
solutions that are used daily by our clients 
and our staff. These include Eliott, the 
Boursorama call-bot that manages more 
than four million conversations in France 
and answers questions 24/7, or SG Market | 
My Cases, which analyses more than  
12 million emails a day in our capital 
markets business thereby aiding the 
processing of client requests and improving 
their satisfaction rate.  
WORKING TODAY WITH THE PEOPLE 
BUILDING THE WORLD OF TOMORROW
Societe Generale creates and offers 
innovative products and services to our 
clients by forging strategic and commercial 
alliances with French and European start-
ups and fintechs. These close and long-term 
relationships are also brought to reality 
through our Societe Generale Ventures 
investment fund. In fact, the Group 
invests in around thirty promising start-
ups and fintechs through minority equity 
F I N D  O U T  M O R E
> www.societegenerale.com/societe-generale-
group/strategy/innovation-and-digital
investments or acquisitions. These include 
Shine, the neobank offering bank accounts 
and services for SMEs and professionals, 
Reezocar, the first marketplace for used 
cars to private individuals in France, Societe 
Generale – FORGE, who are developing a 
platform for digital assets (such as bonds, 
equities and structured finance products) 
using public blockchain technology, and 
Treezor, a leading Bank-as-a-Service 
platform, considered to be the fintech  
of all fintechs. 
TREEZOR, THE FORERUNNER  
OF BANKING-AS-A-SERVICE:  
A CONCRETE EXAMPLE OF OUR  
OPEN BANKING STRATEGY
Acquired in 2019 by Societe Generale, 
Treezor offers white-label payment services 
throughout Europe, incorporating all 
the technical, regulatory and security 
aspects. This embedded finance logic 
accelerates the time-to-market of its 
fintech or institutional clients’ projects 
(such as the creation of a neobank, a 
participatory digital platform or a credit 
card programme) while improving the 
user experience. With more than one 
hundred clients, including Swile, Total 
Energies, Pixpay and Shine, and more 
than two million managed cards for a 
transaction volume of €30 billion, Treezor 
aspires to become the leading European 
marketplace dedicated to financial services. 
By combining new financial technologies 
with the sharing of payments and account 
management data, Treezor perfectly 
illustrates the Group’s open banking 
strategy. This ability to develop synergies 
in turn supports the creation of innovative 
solutions for online merchants or new 
digital financial players. 
OUR NEW BUSINESS MODELS
+60%
of new clients in 2021
>100,000
clients in total
1st 
digital bonds (CBDC) issued on behalf 
of the European Investment Bank
5 
disruptive transactions
Revenues x2 
in 2021 
7m 
vehicles offered  
in their catalogue 
€33bn 
in cumulative transaction volumes 
(+32% in 2021)
>80
digital players  
hosted on the platform
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CO-CONSTRUCTING THE CSR AMBITION  
In 2020, the Group launched an extensive 
consultation with its key internal and 
external stakeholders which resulted in the 
creation of a new materiality matrix. The 
materiality matrix classifies issues according 
to their impact, as assessed by General 
Management, on the company’s different 
value creation dimensions and according 
to their relative importance for internal and 
external stakeholders.
In line with the Group’s values and purpose, 
the interpretation of this materiality matrix 
has made it possible to define the four key 
areas of the Group’s CSR ambition. Two of 
these pillars — a culture of responsibility 
and being a responsible employer — form 
the framework of responsible banking. 
The other two areas — supporting the 
environmental transition and having a 
positive local impact — are the springboards 
for positively transformations driven by the 
Group’s actions as a responsible bank. 
2025 OBJECTIVES   

92 % of staff successfully completed the 
Code of Conduct training module in 2021 

raise to 30% the proportion of women in  
the Group’s senior management by 2023
   Accelerate the positive transformations: 
•  €18.5bn in green and social funding 
and €27.7bn in Sustainable and Positive 
Impact (SPI) assets under management
•  Exit from coal in 2030 in OECD and EU 
countries and 2040 elsewhere
•  Reduce exposure to the Oil and Gas 
extraction sector by 10% by 2025
•  Reduce the Group’s carbon footprint by 
50% in 2030 vs. 2019
“With the urgency of climate 
change, it is crucial to build 
together, with our peers and 
our clients, a fair and inclusive 
transition while keeping in 
mind new usages and the need 
to develop lifestyles affordable 
for all.”
HACINA PY, 
GROUP CHIEF SUSTAINABILITY OFFICER
ACTING FOR POSITIVE 
TRANSFORMATIONS
The Group built upon the review of its materiality matrix and identified four key areas to define its new  
CSR ambition: supporting the environmental transition, having a positive local impact, reinforcing a culture  
of responsibility and being a responsible employer. 
F I N D  O U T  M O R E
>  Universal Registration Document 2022, 
Chapter 5
> www.societegenerale.com/responsibility/csr-
ambition/csr-commitments

10
12
3
13
16
7
1
17
11
8
5
2
14
15
9
6
4
MATERIALITY MATRIX
1
2
3
4
5
6
7
8
Accelerate the low-carbon transition and increase 
the positive impact of the Group,s products 
and services dedicated to fighting climate change
Contribute to the preservation of biodiversity
Participate in the inclusion of stakeholders 
in situation of fragility
Expand the Group,s offering of products 
and services with a positive social impact 
Contribute to the sustainable development 
of territories/regions
Contribute to the sustainable development of Africa
Anticipate and support transformations 
and innovations
Commit to safe and responsible digital development
9 Ensure effective ESG risk management 
in all businesses
10
11
12
13
14
15
16
Co-develop ESG risk assessment
methodologies
Strengthen the satisfaction and trust of all 
the Group,s clients  
Nurture the innovation dynamic of all 
the Group,s staff
Unite the teams around committed 
and responsible employer management
Attract and grow talents
Value diversity in Skills and Talent management 
Rely on a Group and business Governance 
with a long-term vision
Conduct the Group,s business in an exemplary 
manner
17
Highest
Significant
High
Low
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OPEN DISCUSSION WITH 
OUR STAKEHOLDERS
Listening to our stakeholders is fundamental to better understanding our changing environment, working together 
to develop our products and services as well as building an ecosystem that matches their needs and expectations. 
Appropriate and dedicated channels have been set up for working together with our clients, staff, regulators  
and supervisors, shareholders and investors, rating agencies, civil society and suppliers.
LISTENING TO AND TALKING  
WITH CIVIL SOCIETY 
Societe Generale pays special attention to 
requests from NGOs about environmental 
and social issues. These requests are 
centralised by the Sustainable Development 
department and, as rapidly as possible, the 
Group endeavours to provide a constructive, 
reasoned response to inform this dialogue.
Specifically, Societe Generale has two areas 
on its corporate website: 
•  “Dialogue and Transparency”, dedicated 
to environmental and social issues raised 
by NGOs, where the Group explains its 
responses, notably after a public inquiry or 
when documents are published;
•  “Statements”, where all the Group’s 
position statements are centralised, 
regardless of the type of inquiry.
More generally, in 2021, Societe Generale 
continued its dialogue with some ten 
NGOs through working sessions, written 
exchanges, bilateral meetings or more 
comprehensive consultation meetings 
organised by the associations themselves 
or through the French Banking Federation, 
Businesses for Human Rights and the United 
Nations Environment Programme Finance 
Initiative (UNEP-FI).
CONSULTING OUR STAKEHOLDERS
As we believe it is essential to listen to our 
stakeholders, Societe Generale launched a new 
materiality survey at the end of 2020. In 2021, 
informed by the results of this information-
gathering survey, Societe Generale defined  
the four key areas of its CSR action: reinforcing 
a culture of responsibility, supporting 
the environmental transition, acting as a 
responsible employer and having a positive 
local impact. The Group’s materiality matrix 
has been updated accordingly. 
F I N D  O U T  M O R E
>  Universal Registration Document 2022,  
Chapter 5 
> www.societegenerale.com/responsibility/
dialogue-with-our-stakeholders
> www.societegenerale.com/news/statements

 STAKEHOLDER INVOLVED
DIALOGUE FRAMEWORK IN PLACE
ADDED VALUE FOR STAKEHOLDERS
- Regular meetings with NGOs
-  Monitoring of projects, businesses,
or sectors, whether or not they are
financed by the Bank, subject  
to controversy or public campaigns  
by civil society
-  “Statements” and “Dialogue 
and Transparency” sections 
on the Group’s website
-  Four position statements published in 2021
on the Group’s corporate website
With civil  
society
- Responsible sourcing policy 
- Responsible share purchase plan 
-  The Positive Sourcing Program 
action plan favouring
VSEs/SMEs and the Social
and Solidarity Economy
- Value of purchases: €5.9bn.
-  Revenue with the Social and Solidarity
Economy: €10m.
With our 
suppliers
-  Close working relations with 
banking and financial supervisory 
authorities and regulatory bodies
-  Participation in marketplace 
consultations and events
-  ANC (French Accounting Standards Authority): 14 plenary 
sessions and 26 working groups .
-  AMF (French Financial Markets Authority): 2 working 
meetings and 2 bilateral meetings
-  EFRAG (European Financial Reporting Advisory Group): 
8 sessions of the Financial Instruments Working Group 
and 3 working groups
-  IASB (International Accounting Standard Board): 
5 working meetings 
-  FBF (French Banking Federation): 10 sessions of
the Accounting Committee and 38 working groups 
- Acteo/AFEP/MEDEF: 26 meetings 
-  ORSE (French Observatory on Corporate Social 
Responsibility): 13 meetings
With regulators  
and supervisors
- Staff survey
-  Dialogue with staff 
representative bodies
- Staff whistle-blowing rights
- Compensation(4): €9.8bn.
-  Staff engagement rate (survey response): 66%.
-  Labour agreements: 181, of which 27 cover Health
and Safety
-  100% of staff covered by the UNI Global Union Agreement
on Fundamental Rights(5).
-  122 alerts received by the whistle-blowing tool
(75% of which were related to HR issues).
With our  
staff
- Investor meetings
-  Events and meetings with 
shareholders
-  Dedicated communication 
publications (Letter to Shareholders 
and the dedicated Shareholders
area of the corporate website)
-  Shareholders’ Advisory 
Committee
-  Investor conferences and presentations:
12 events.
-  EPS: €5.52(4) per share.
-  Dividends: €2.75 per share proposed in 2022
for the 2021 financial year(5).
With our  
shareholders  
and investors
-  Study and analysis of financial 
and extra-financial performance 
reviews
-  Regular discussions and follow-up 
with extra-financial analysts
-  Ratings by financial agencies(6):
• Fitch Ratings: F1/A (stable).
• Moody’s: P-1 / A1 (stable).
• Standard & Poor’s: A-1/A (stable). 
-  Ratings by extra-financial agencies:
•  S&P Global CSA: 80/100; 90th percentile (up)
•  MSCI: AAA (increase)
•  Sustainalytics: 20.2/100 (up)
•  Moody’s ESG: A1+; 69/100 (up)
•  CDP: B (stable)
With rating  
agencies
-  Measuring and analysing 
customer satisfaction
-  131,000 members(1) of staff in 66 countries serving
26 million customers(2).
-  Net Promoter Score(3): scores are generally stable
or progressing across the three major core businesses, 
although results were more mixed for subsidiaries in Europe 
and Africa, but against a stable or improving backdrop.
With our 
customers
(1)  Headcount at end of period, excluding temporary staff.
(2)  Excluding clients of the Group’s insurance companies. 
Change in the methods of counting clients in 
International Retail Banking which has no impact on 
the change in the number of clients compared to 2020 
using the same method.
(3)  Indicator of customer satisfaction and loyalty according 
to propensity or likelihood of recommending our 
products/services to others in their circle.
(4)  Underlying EPS: restated for exceptional items.
(5)  Proposal for 2021 distribution to shareholders of 
€2.75 per share broken down into a cash dividend of 
€1.65 per share (submitted to a vote by the Combined 
Shareholders’ Meeting of 17 May 2022) and a share 
buyback programme of approximately €915m, 
equivalent to €1.10 per share (subject to the usual 
authorisation of the ECB and the Shareholders’ Meeting 
for implementation).
(6)  Senior short-term rating/Preferred senior long-term 
rating.
A FRAMEWORK FOR APPROPRIATE DIALOGUE 
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GOVERNANCE  
AT THE HEART OF OUR 
PERFORMANCE
The Group’s governing bodies define our strategy. The Board  
of Directors determines the Group’s strategic focus and ensures 
it is in line with the company’s corporate purpose. It considers 
the interests of the company and its stakeholders, while  
the General Management team is responsible for executing  
the strategy. The Group’s governance follows the evolution  
of the sector, assessing risks and opportunities. It also initiates 
the policies in terms of risk management, ethics and corporate 
responsibility, which are the cornerstone of the Group’s 
sustainable performance.

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A BOARD OF DIRECTORS  
TO GUIDE OUR STRATEGY
Comprised of members selected for their experience, abilities, diversity and independence,  
the Board of Directors approves the Group’s strategy and oversees its implementation. 
* In accordance with the law and the Afep-Medef code, the pay of the three
Directors representing the staff was excluded from the bank’s calculations. 
** Taking into account some Directors’ dual citizenship.
DUTIES AND ACTIVITIES OF THE BOARD  
OF DIRECTORS 
As part of its statutory and regulatory 
duties, the Board of Directors approved 
major strategic changes in 2021 (inlcuding 
the merger between the Societe Generale 
and Crédit du Nord retail banking networks 
and the acquisition of LeasePlan by ALD 
Automotive). The Board met 15 times with 
an attendance rate of 96%. It determined 
the compensation of the Executive Officers, 
which then needs to be approved by a large 
majority at the Annual General Meeting of 
Shareholders. It oversaw due observance 
of banking regulations and took note of the 
settlement of three major cases with the US 
authorities subsequent to the implementation 
of substantial compliance remediation plans 
for which it provided close monitoring. Lastly, 
it discussed the CSR strategy and included 
staff relations and environmental issues  
in its strategic decision-making. 
MEMBERSHIP BASED ON DIVERSITY  
AND THE COMPLEMENTARITY  
OF THE DIRECTOR’S PROFILES  
Chaired by Lorenzo Bini Smaghi since 2015, the 
Board of Directors is made up of 15 Directors, 
13 of whom are appointed by the Annual 
CHAIRPERSON: 
WILLIAM CONNELLY
DUTIES: 
to assist the Board with its overall 
strategy and appetite for all types 
of current and future risks and 
with the supervision of the overall 
implementation of the strategy.
CHAIRPERSON: 
JÉRÔME CONTAMINE
DUTIES: 
to prepare Board decisions on  
the compensation of Executive Officers 
and staff who have an impact on risk 
and risk management within the Bank.
CHAIRPERSON:
ALEXANDRA SCHAAPVELD
DUTIES:
to address issues relating to the 
preparation and control of accounting 
and financial information and the 
effectiveness of internal control 
systems and risk assessment, 
monitoring and management 
processes.
CHAIRPERSON: 
GÉRARD MESTRALLET
DUTIES:
to assist the Board with the appointment 
of Directors, members of Board 
committees and with succession 
planning for Executive Officers;  
to review and prepare discussions  
of issues relating to corporate 
governance and corporate culture. 
6 members 
100% Independent
Directors  
67% women 
10 meetings 
98% average attendance rate 
4 members 
100% Independent
Directors  
25% women 
6 meetings
100% average attendance rate 
5 members 
100% Independent
Directors  
80% women 
10 meetings 
98% average attendance rate 
4 members 
100% Independent
Directors  
25% women 
8 meetings 
97% average attendance rate 
FOUR SPECIALISED BOARD OF DIRECTORS COMMITTEES 
The Board of Directors is assisted by four committees, tasked with preparing and assisting its work on specific subjects.  
Each committee has at least four Directors and seeks to ensure gender equality.
General Meeting of Shareholders. The Board 
has three Directors representing the Group’s 
staff, of which one represents share-owning 
staff. The renewal of the terms of office of 
Lorenzo Bini Smaghi, Jérôme Contamine 
and Diane Côté will be proposed at the 2022 
General Meeting of Shareholders.
The Board of Directors seeks to achieve a 
balance between experience, independence 
and diversity among its members. As terms 
of office are reviewed at regular intervals, 
Directors are selected for their experience 
in the financial world and their successful 
management of large international companies, 
with special attention placed on expertise in 
digital transformation, cybersecurity and CSR.
COMPENSATION 
COMMITTEE
AUDIT AND INTERNAL  
CONTROL COMMITTEE
RISK  
COMMITTEE
NOMINATION  
AND CORPORATE 
GOVERNANCE COMMITTEE
58 years 
average age 
15 
meetings in 2021
44 
committee meetings
MAIN ISSUES ADDRESSED  
IN 2021: 
comprehensive review of risks; 
assessment of risk appetite for activities 
in the United States and oversight of 
the remedial action ordered by the FED; 
supervision of the transformation of retail 
banking networks in France; handling of 
disputes; review of the organisation of the 
Risk Department; meeting with the heads 
of the control functions; recognition of the 
risks involved in the compensation policy.
MAIN ISSUES ADDRESSED 
 IN 2021:  
review of general compensation  
policy guidelines affecting  
regulated staff and Executive Officers; 
deferred compensation schemes; 2021 
quantitative and qualitative objectives 
for Executive Officers; share allocation 
plans; analysis of the pay equity ratio; 
preparation of the Board’s work on 
equal opportunities for women and 
men at work.
MAIN ISSUES ADDRESSED  
IN 2021:  
consolidated financial statements, 
internal control, financial trajectory, 
monitoring of corrective action 
plans, statement of disposals and 
acquisitions; financial security 
mechanism; embargoes and sanctions; 
integrity of financial markets; 
protection of customers; tax policy; 
review of general inspection and audit 
activities; client security. 
MAIN ISSUES ADDRESSED  
IN 2021:  
review of the General Management 
organisation; review of documents 
relating to the monitoring of existing 
agreements; preparation of resolutions 
for the General Meeting of Shareholders; 
assessment of the independence  
and good repute of directors, review  
of the composition of committees, 
diversity policies in management bodies.
F I N D  O U T  M O R E
> Universal Registration Document 2022, Chapter 3
> www.societegenerale.com/societe-generale-group/governance/board-of-directors
From left to right: Jean-Bernard Lévy, Diane Côté, Frédéric Oudéa, Juan Maria Nin Genova, William Connelly, France Houssaye, Jérôme Contamine,  
Alexandra Schaapveld, Johan Praud, Gérard Mestrallet, Henri Poupart-Lafarge, Annette Messemer, Lorenzo Bini Smaghi, Lubomira Rochet, Sébastien Wetter and Kyra Hazou. 
G O V E R N A N C E  AT  T H E  H E A R T  O F  O U R  P E R F O R M A N C E
15
Directors,  
including 3 representing 
the Group’s staff
1  
non-voting Director  
with expertise in CSR  
and the energy transition
42%  
women
9 
nationalities**
92%  
Independent 
Directors*

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A MANAGEMENT TEAM READY FOR 
THE CHALLENGES OF TOMORROW
The General Management team – comprised of the Chief Executive Officer and two Deputy Chief Executives,  
assisted by three Deputy General Managers – oversees the Group and acts as its representative  
with third-party stakeholders. 
A GENERAL MANAGEMENT TEAM BUILDING 
THE BANK OF TOMORROW
As Environmental, Social and Governance 
(ESG) issues, as well as those related to 
the digital transformation of business and 
society, become increasingly important, 
the Bank adjusted its General Management 
team in 2021. The objective is to accelerate 
the transformation of its businesses, build a 
medium-term strategic roadmap and oversee 
the proper and complete execution of all 
projects. 
Frédéric Oudéa, Chief Executive Officer, 
supervises the Risk and Compliance 
departments in addition to Inspection and 
Audit, the Finance department, Permanent 
Control, the Corporate Secretary office, Human 
Resources and Communication. 
Diony Lebot, Deputy Chief Executive 
Officer, oversees all ESG policies and retains 
responsibility for the Specialised Financial 
Services and Insurance business lines, in 
particular the strategic development of ALD 
Automotive, where she chairs the Board of 
Directors.
Philippe Aymerich remains Deputy Chief 
Executive Officer in charge of all Retail Banking 
activities. 
Sébastien Proto, Deputy General Manager in 
charge of the French Retail Banking networks 
and Private Banking, is particularly responsible 
for the creation of the new bank resulting from 
the merger of the Societe Generale and Crédit 
du Nord networks.
Slawomir Krupa is Deputy General Manager 
and Head of Global Banking and Investor 
Solutions.
Gaëlle Olivier is Deputy General Manager and 
serves as Chief Operating Officer in charge 
of the IT function, digital transformation and 
innovation.
THREE COMMITTEES TO IMPLEMENT  
THE STRATEGY
To ensure that the Group’s strategic decisions 
are implemented appropriately, the General 
Management team relies on three committees: 
• The General Management Committee
The Committee, which reports to the Chief 
Executive Officer, prepares the Group’s 
overall strategy submitted to the Board of 
Directors and oversees its implementation. 
• The Group Strategy Committee
The Group Strategy Committee, which 
comprises the Chief Executive Officer, 
Deputy Chief Executive Officers and Heads 
of the Business and Service Units, meets 
every two months. The Committee reports 
to the Chief Executive Officer and helps 
implement the Group’s strategy. 
Operating under the authority of the Chief 
Executive Officer, the Committee shares 
information and organises forums for the 
exchange of views on cross-business issues 
for the purpose of preparing the decisions 
of Executive Management. In particular, 
it devotes its meetings to reviewing the 
Group’s portfolio of activities and its 
strategy and conducts cross-business 
strategic reviews of activities in countries 
or regions not covered by a Business Unit 
steering committee.
• The Group Management Committee
Comprising 61 executives appointed by 
the Chief Executive Officer and belonging 
to the Service Units and Business Units, 
the Group Management Committee meets 
to discuss the Group’s strategy and other 
matters of general interest to the Group. 
The committee meets at least once every 
quarter.
GENDER EQUALITY ON THE RIGHT TRACK
In line with our ambition announced in 2021, 
the Group has set itself the goal of achieving 
by 2023 a minimum representation of 30% of 
women in senior management positions in 
the business lines and support functions. This 
proactive diversity policy has already made 
substantial progress. In 2021, the percentage 
of women in General Management rose to 
33% and stands at 25% in core functions 
(versus 21% in 2020). To make further 
progress, the Group has introduced an action 
plan at several levels. Essentially, it includes a 
talent management strategy that emphasises 
career development support for women, 
mandatory sessions to raise awareness about 
gender bias and stereotyping for current 
and future executives and, since 2021, an 
evaluation of each member of the Group 
Management Committee with respect to 
diversity targets.
COMPENSATION IN LINE WITH 
STAKEHOLDERS’ EXPECTATIONS
The Group ensures its compensation 
policy satisfies the recommendations of 
the European Banking Authority and the 
European Central Bank by taking account of 
long-term objectives, risks, and CSR issues, 
and allows the Bank to attract and retain 
the best talent available. In particular, for 
Executive Officers, variable compensation 
is based on collective performance 
(improving the market’s perception of the 
Group, operational efficiency, speeding 
up digitalisation, etc.) as well as individual 
performance (applying the corporate purpose 
to strategic choices, talent and diversity 
management, etc.) observed over the past 
year. Annual variable compensation is capped 
at 135% of fixed annual compensation for 
the Chief Executive Officer and 115% for 
the Deputy Chief Executive Officers. Lastly, 
long-term profit-sharing aims to strengthen 
the ties between Executive Officers’ and 
shareholders’ interests and encourage a 
focus on long-term financial performance. 
Specifically, its payment depends on both 
the Group’s financial and non-financial 
performance.
F I N D  O U T  M O R E
>  Universal Registration Document 2022, 
Chapter 3
> www.societegenerale.com/societe-generale-
group/governance/general-management

From left to right: Sébastien Proto, Gaëlle Olivier, Frédéric Oudéa, Diony Lebot, Slawomir Krupa and Philippe Aymerich.
BOARD OF DIRECTORS
AUDIT AND 
INTERNAL CONTROL 
COMMITTEE
COMPENSATION 
COMMITTEE
NOMINATION AND  
CORPORATE GOVERNANCE 
COMMITTEE
RISK 
COMMITTEE
GENERAL MANAGEMENT COMMITTEE
GROUP CROSS-
FUNCTIONAL 
SUPERVISION
GROUP STRATEGY 
COMMITTEE
BU/SU STRATEGIC 
OVERSIGHT COMMITTEE
GROUP MANAGEMENT 
COMMITTEE
Only bank 
in France with 2 women  
in the General Management team
Within the Group, women hold
36% 
of the 10% of management positions  
with the greatest responsibility
45.7% 
of management level staff are women
G O V E R N A N C E  AT  T H E  H E A R T  O F  O U R  P E R F O R M A N C E

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A CULTURE BASED ON ETHICS 
FOR THE BENEFIT OF ALL  
OUR STAKEHOLDERS
Having a positive impact on the environment by showing solidarity with and caring for our ecosystem.  
This is how we see our role as a responsible bank in full respect of the trust placed in us by our stakeholders.
REINFORCING A STRONG  
AND SUSTAINABLE CULTURE  
OF RESPONSIBILITY 
Launched in 2016, the Culture & Conduct 
programme was rolled out to all members 
of staff to reaffirm and promote conduct 
that is both ethical and responsible when 
carrying out the Group’s activities. Since 
2021, the Human Resources department 
CSR AT THE HEART OF THE GROUP’S 
STRATEGY 
To underscore the strategic importance 
of CSR, the Sustainable Development 
department reports directly to General 
Management since 1 January 2022 and is 
responsible for accelerating efforts to make 
these priorities a cornerstone of Societe 
Generale’s business development and 
enhancing the Group’s positive impact.
To support this mission, two programmes 
have been introduced with the goal of 
accelerating the operational implementation 
of the transformation and developing the 
tools for producing ESG reports:
•  ESG by Design, which aims to develop the 
processes and tools necessary to manage 
the Group’s strategic CSR commitments 
with special focus on the integration of 
climate and environmental risks into the 
Group’s risk management and ESG criteria 
in existing processes, such as in Know 
Your Client procedures, granting loans, the 
design and structure of new products and 
IT architecture.
•  ESG Analytics, which aims to develop the 
production of reports as part of internal 
oversight structures to meet regulatory 
reporting requirements, with a dual 
objective of enlarged production and 
ensuring the high quality of CSR data.
F I N D  O U T  M O R E
> Universal Registration Document 2022, Chapter 5 
> www.societegenerale.com/responsibility/responsible-employer/corporate-culture-and-ethics-pinciples
> www.societegenerale.com/societe-generale-group/ethics-and-compliance/code-of-conduct
BRINGING GENERAL E&S PRINCIPLES  
AND SECTOR POLICIES INTO COMPLIANCE 
For years, Societe Generale has had a 
framework of general E&S principles setting 
out the required E&S rules that guide the 
day-to-day activities of the Group. These 
principles were reviewed in 2021 and three 
engagements on major cross-business issues 
were added in order to include the initiatives 
Societe Generale has committed to:
•  on Human Rights (update of the existing 
engagement),
•  on Climate issues (new engagement),
•  on Biodiversity (new engagement).
In addition, sectoral policies, which define 
92%
of staff completed the Code  
of Conduct training module at the end  
of December 2021 as part of the annual 
campaign dedicated to awareness-raising.
1
non-voting Director, appointed  
by the Board of Directors, whose  
role is to assist the Board on matters 
regarding the energy transition.
3
new thematic annexes    
to the General E&S Principles  
(Human Rights, Climate Change  
and Biodiversity).
has led the culture-related aspects of 
the programme, while the Compliance 
department has led the conduct-related 
ones. Its central aim is to ensure that the 
Business and Service Units put in place 
the necessary measures to encourage 
appropriate behaviour and protect the 
Group’s interests over the long term.
the standards that the Group applies to 
sectors considered as potentially sensitive 
from an E&S or ethical perspective, were also 
updated to bring the contents of policies 
into compliance with the changes made to 
the system for managing risks arising from 
E&S, as described in the Group’s standard 
policy documents (SG Code and General 
E&S Principles). These updates include the 
new commitments and objectives set, such 
as joining the Net-Zero Banking Alliance, 
goals in the Oil and Gas sector, and more 
ambitious management of risks linked to 
deforestation for the Industrial Agriculture 
Policy, agri-food and logging.
G O V E R N A N C E  AT  T H E  H E A R T  O F  O U R  P E R F O R M A N C E

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MANAGING RISKS  
AS A RESPONSIBLE BANK 
Serving our clients by controlling the risks is our clear duty as a responsible bank. We draw on a strong and effective 
organisation to analyse, assess and manage these risks in every business, market and region where we operate, 
maintained by a strong culture shared by all across the Group. 
THOROUGH RISK ANALYSIS  
The main risk factors facing the Group’s 
activity are the following: 
•  risks related to the macroeconomic, 
geopolitical, market and regulatory 
environments; 
• credit and counterparty risks; 
• market and structural risks; 
•  operational risks (including risk of 
inappropriate conduct) and model risks; 
• liquidity and funding risks; 
• risks associated with insurance activities.
CLIMATE RISK: AN AGGRAVATING FACTOR 
The Group considers the risks associated 
with climate change as an aggravating 
factor for those categories already covered 
by the Bank’s risk management system. 
Accordingly, the Group has updated its 
existing risk management framework and 
processes to include physical and transition 
risks (political, legal, technological and 
market changes) and ensures the increasing 
relevance of these factors is properly taken 
into account. 
THE RIGHT BALANCE BETWEEN 
RIGOROUS RISK MANAGEMENT  
AND BUSINESS DEVELOPMENT
Societe Generale places strong emphasis 
on implementing a high-performance and 
efficient risk management structure in all the 
businesses, markets and regions in which 
we operate, as well as maintaining the right 
balance between the awareness of risks and 
promoting innovation. This can be seen in:
•  clear guidelines on risk governance, 
management and organisation;
•  setting and formalising the Group’s risk 
appetite, the level of risk the Group is 
willing to take as part of its strategy;
• efficient risk management tools;
•  heightened risk awareness at every level
of the company; 
•  balanced capital allocation between 
activities, with emphasis on retail banking 
activities; 
•  a targeted growth policy and a 
geographically-balanced model;
•  special attention made to the company’s 
reputation, an asset of high value. 
“Our corporate purpose requires 
each of us to demonstrate 
commitment, responsibility and 
exemplarity on a daily basis. 
Identifying and managing our 
risks is how we maintain the 
trust of our clients, our staff  
and all of our stakeholders.”
SADIA RICKE,   
GROUP CHIEF RISK OFFICER
RISK MANAGEMENT AT THE HEART  
OF GOVERNANCE  
Two leading governance bodies – 
the Board of Directors and General 
Management – are responsible for the 
Group’s risk management. At least once 
a year, General Management presents to 
the Board of Directors the main aspects of 
and notable changes to the Group’s risk 
management strategy, regardless of their 
nature. 
Within the Board of Directors, the Risk 
Committee advises the Board on overall 
strategy and appetite regarding all kinds 
of current and future risks, and assists the 
Board when it verifies the implementation 
of this strategy. 
Sadia Ricke was appointed Group Chief 
Risk Officer in January 2021. Reporting 
directly to Frédéric Oudéa, Chief Executive 
Officer, Sadia’s expertise and experience 
are pivotal assets in guiding the Group’s 
governance so that its risk profile 
continues to meet the highest standards. 
F I N D  O U T  M O R E 
> Universal Registration Document 2022, Chapter 4
> www.societegenerale.com/societe-generale-group/
ethics-and-compliance/risk-management

1st LINE OF DEFENCE  
(LOD1)
ACTIVITIES,  
BUSINESS & FUNCTIONS
RISK MANAGEMENT  
ACTIVITIES
AUDIT  
FUNCTIONS
2nd LINE OF DEFENCE  
(LOD2)
RISK, COMPLIANCE  
AND FINANCE FUNCTIONS
GENERAL INSPECTION  
AND INTERNAL AUDIT
3rd LINE OF DEFENCE  
(LOD3)
2nd LEVEL  
PERMANENT  
CONTROM
1st LEVEL PERMANENT CONTROL
PERMANENT CONTROL
A COMPREHENSIVE INTERNAL CONTROL PROCEDURE
76%
of Group Risk-Weighted  
Assets concern credit risk
Low cost of risk:
13bp
(annual cost  
of risk objective <20bp)  
G O V E R N A N C E  AT  T H E  H E A R T  O F  O U R  P E R F O R M A N C E

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N O T R E  G O U V E R N A N C E
MANAGING  
EXTRA-FINANCIAL RISKS 
AS AN OPPORTUNITY  
FOR GROWTH 
In addition to the materiality matrix (see page 32), which supports the Group’s strategic reflections,  
Societe Generale conducts several extra-financial risk identification exercises. Determining these risks is also  
an opportunity for growth that allows for the creation of new sources of added value for our stakeholders.
To identify extra-financial risk factors, 
Societe Generale has created a risk map that 
combines the main focuses of its materiality 
matrix with the types of risks to which it is 
exposed.
The Group considers environmental, social 
or human rights-related risks to be largely 
triggering or aggravating factors for certain 
types of risk, in particular credit, non-
compliance and reputational risks. 
Extra-financial risk factors are ranked 
and evaluated according to two criteria: 
how serious they could be and how likely 
they are to occur, taking into account the 
inherent risk, i.e. before the application of 
internal measures that aim to mitigate their 
impact. Time considerations were added for 
certain risk factors, including their scale of 
importance, which, although low at present, 
could become significant in the future. 
WEAKNESSES IN IT SYSTEMS 
(CYBERCRIME)
The Group is assigning greater importance to 
the security of its IT systems and the data they 
contain in a context of constantly increasing 
cyber threats and risks linked to Information 
Technology. Societe Generale offers the same 
level of protection to our clients, notably 
through the start-up OPPENS, which advises 
and supports SMEs on improving their 
cybersecurity via a digital platform. In its 
“Awareness-Raising and Training” section, 
the platform provides advice and expertise on 
cybersecurity and combating cyber risks.
ENVIRONMENTAL, SOCIAL  
AND GOVERNANCE RISKS
Societe Generale is exposed to 
environmental risks, in particular risks linked 
to climate change through our financing, 
investment and services businesses. Aware 
of our responsibility in this area, the Group 
was one of the first banks to plan  
a complete exit from coal and announce 
a 10% reduction in absolute value in its 
exposure to oil and gas extraction by 2025. 
The Group began financing renewable 
energy 20 years ago and continues to 
develop genuine expertise in terms 
of sustainable solutions in this area. 
Significantly, we became one of the global 
leaders in offshore wind energy. For 
example, Societe Generale assisted Siemens 
Gamesa, a world leader in the wind turbine 
industry, with the delivery of 69 turbines for 
an offshore project in the Netherlands that 
will generate enough renewable energy to 
meet the energy needs of one million Dutch 
households.
OPPORTUNITIES IN THE MOBILITY 
SOLUTIONS OF TOMORROW 
The Group is constantly aware of its 
surrounding environment as we seek out 
new growth opportunities. Over the past 10 
years, thanks to the subsidiary’s long-term 
strategy and its rigorous implementation, 
Societe Generale has placed ALD Automotive 
in an excellent position to reap the benefits 
of the tremendous potential for profitable 
growth in the sustainable mobility market. 
In addition, through the acquisition of 
LeasePlan, it will help ALD Automotive to 
create a leading global player in the mobility 
It is this expertise in assessing the materiality 
of risks that helps to identify growth 
opportunities best serving the interests 
of our stakeholders and meeting their 
expectations. The following non-exhaustive 
list of examples shows how the Group 
creates value based on our management of 
extra-financial or emerging risks.
EXTRA-FINANCIAL RISKS  
TRANSFORMED INTO OPPORTUNITIES
solutions sector with a total combined fleet 
of around 3.5 million vehicles. The activities 
of the combined entity (“New ALD”) are 
focused on becoming the Group’s third pillar, 
alongside Retail Banking and Insurance and 
Corporate and Investment Banking, and 
strengthening the balance of our business 
model. Ideally positioned in a fast-growing 
market supported by long-term trends, New 
ALD will have a unique opportunity to drive 
the sector’s digital transformation around 
the use of Data and to support the shift 
from ownership to access in all segments, 
such as B2B, B2C and even B2E (Business to 
Employee), whilst accelerating the transition 
to low-emission and sustainable mobility 
solutions.

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RECORD  
PERFORMANCES IN 2021
In 2021, the Group continued our trend of profitable, 
sustainable growth across all our businesses, 
demonstrated through record financial performances 
linked to confirmed ESG commitments. The results 
recognise the Group’s ongoing efforts to transform  
our businesses and target operational excellence and  
the highest levels of client satisfaction.

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AN ALL TIME RECORD  
PERFORMANCE IN 2021
SOCIETE GENERALE GROUP
In 2021, Societe Generale posted the best operating results in its history. A positive dynamic across all the Group’s 
business lines and solid financial and extra-financial performances are proof of the coherence of our model,  
the solidity of our risk profile and the relevance of the strategies we are pursuing in each of our business lines.
RECORD PERFORMANCE
With net income of €5.6bn* and profitability 
of 10%**, the Group achieved the best 
financial performance in its history. Revenue 
rose sharply at +16% compared to 2020, 
building on robust growth in all business 
lines. A number of our business lines are 
reporting a particularly high level of activity, 
including Finance and Advisory, Financial 
Services, Capital Market Activities and 
French and International Retail Banking.  
At the end of the year, the Bank had a solid 
balance sheet with a high-quality credit 
portfolio, excellent risk management and 
disciplined cost control.
A KEY PLAYER IN SUSTAINABLE FINANCE
In confronting the climate emergency, 
we reaffirmed our commitments to the 
environmental transition by joining the 
Net-Zero Banking Alliance. We are aligning 
our credit and investment portfolios based 
on medium-term objectives, starting with 
the most carbon-intensive sectors. We are 
already reducing our fossil fuel portfolio — 
with a planned exit from the sector by 2040 
— and we are actively supporting the energy 
transition and renewable energy, having 
contributed more than €150bn in financing 
since 2019.
VALUE-CREATING STRATEGIC PROJECTS
2021 saw great progress in a number 
of strategic structural initiatives for the 
Group. Vision 2025, the project to create a 
new bank from the merger of the Societe 
Generale and Crédit du Nord French 
retail banking networks, marked a major 
milestone with the unveiling of the future 
organisation. Boursorama surpassed the 
symbolic threshold of 3 million customers 
one year ahead of schedule. In International 
Retail Banking, progress on the strategic 
roadmaps is continuing. Global Banking 
and Investor Solutions, as well as our 
specialised businesses such as insurance 
and equipment financing, saw substantial 
growth. ALD Automotive’s acquisition of 
LeasePlan is expected to be completed by 
late 2022, making it the leading global player 
in the sustainable mobility sector.
“2021 marks a milestone for Societe Generale, 
which achieved the best financial results 
in its history. All the businesses have 
contributed to this excellent performance.”
FRÉDÉRIC OUDÉA, CHIEF EXECUTIVE OFFICER
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 2
> www.investors.societegenerale.com/en/financial-
and-non-financial-information/financial-results-
and-publications/financial-publications
OUR PRIORITIES IN 2022
Continue the execution of major strategic 
projects in all our core businesses.
Deepen our commitments  
in Corporate Social Responsibility.
Accelerate the use of new technologies  
to serve our clients and improve  
our operational efficiency. 
R E C O R D  P E R F O R M A N C E S  I N  2 0 2 1
* reported Group net income.
** underlying ROTE.
RECORD RESULTS 
NET BANKING INCOME  
FOR THE CORE BUSINESSES  
(€bn)
CONTRIBUTION OF CORE BUSINESSES TO NET BANKING INCOME 
(% rounded)
2019
24.7
2020
22.1
2021
25.8
French Retail 
Banking
International Retail 
Banking and Financial 
Services
Global Banking and 
Investor Solutions
2021
31%
37%
30%
OPERATING EXPENSES 
(€bn)
COMMON EQUITY TIER 1  
AND CAPITAL ADEQUACY RATIO 
(%)
COSTS UNDER CONTROL AND SOLIDITY MAINTAINED
20%
15%
10%
5%
0%
2019
2020
2021
17.7
17.6
16.7
2019
2020
2021
12.7%
13.4%
13.7%
18.3%
19.2%
18.8%
PROGRESS ON OUR ESG COMMITMENTS
FIGHTING CLIMATE CHANGE 
GROW WITH AFRICA
New commitment of  
€300bn 
in sustainable finance   
for 2022 to 2025  
New commitment   
to reduce the Group’s carbon  
footprint by 
50% 
between 2019 and 2030: -35% as the end of 2021
Exceeding the target of a  
20%
increase in financial commitments   
for structured finance  
in Africa   
2018 to 2021: +43% at the end of 2021 (€12.1bn)
Corporate Centre 2%

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A YEAR OF SOLID 
PERFORMANCE 
FRENCH RETAIL BANKING
French Retail Banking’s commercial performance saw a clear rebound in 2021. The Group continues to support  
the economy and its individual, corporate and professional clients while preparing its dual model based around  
a network of branches and an online bank meeting its clients’ needs.
STRONG GROWTH MOMENTUM
With a broad range of products and services 
adapted to the needs of a diverse customer 
base, the Group’s French Retail Banking 
networks supported their clients with 
financing for their projects. 
Average loan outstandings rose 9% 
compared to the fourth quarter of 2019. 
This performance was maintained by robust 
levels of real estate loans to individuals 
(+33% compared to Q4 2020) and to 
corporations and professionals (+45% vs.  
Q4 2020). The same trend was seen in 
insurance products — with the number of 
property and personal protection insurance 
policies up 6.7% compared to 2020 — and 
Private Banking, which posted a strong 
performance, with net inflows of €4.2bn 
for the year and €78bn in assets under 
management as of 31 December 2021. 
These excellent results were accompanied 
by several measures, including increased 
funding and more high-added-value 
expertise to support the development of 
the Group’s clients, the launch of a unique 
responsible investment offering and 
the buoyant growth of Private Banking 
solutions.
A MERGER SOON TO BE OPERATIONAL  
The merger of the Societe Generale and 
Crédit du Nord networks is progressing 
according to schedule. It will soon result in a 
new retail banking network in France, more 
responsive, efficient and accessible. Several 
crucial milestones were achieved in 2021, 
including the unveiling of the new banking 
model to staff and the signature of an 
agreement on the conditions of the merger, 
the preparation of an IT framework and  
the launch in early 2022 of the first common 
offering aimed at supporting clients with 
their CSR efforts. 
BOURSORAMA CONSOLIDATES  
ITS POSITION AS FRANCE’S LEADING 
ONLINE BANK 
With more than 3.3 million clients at the end 
or 2021 — and a target of 4 million by the end 
of 2022 — Boursorama is consolidating its 
position as the clear leader in online banking 
in France. Average outstanding loans, 
mortgages and savings grew 28%, 30% and 
25% respectively compared to Q4 2020. 
Recognised as the least expensive bank for 
the 14th consecutive year by the newspaper 
Le Monde and the meilleurbanque.com 
website, Boursorama sat also at the top of 
the podium with the highest Net Promoter 
Score in the French banking sector. In 2022, 
Boursorama will offer French clients of the 
online bank ING the best alternative banking 
solution, with a simplified joining process 
and exclusive offers for subscribed products 
and services.  
“In an environment still 
impacted by the public health 
crisis, we supported our clients 
on a daily basis in all our 
geographical regions while 
adopting a prudent approach 
to risk, and we accelerated 
the execution of our strategic 
roadmap.”  
PHILIPPE AYMERICH, 
DEPUTY CHIEF EXECUTIVE OFFICER 
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 2
> www.investors.societegenerale.com/en/financial-
and-non-financial-information/financial-results-
and-publications/financial-publications
OUR PRIORITIES IN 2022 
TWO DIFFERENTIATED AND VALUE-CREATING 
BANKING MODELS IN FRANCE
New bank (merger of the Societe Generale 
and Crédit du Nord networks):  
Vision 2025
• Be among the top 3 in customer satisfaction, 
with a value proposition combining expertise, 
digital technology and proximity.  
• Develop the best savings 
and investment offer. 
• Be the leading bank for professionals 
and businesses alike. 
• Become the bank of reference, 
making a positive impact at the heart  
of all France’s regions.  
Boursorama: 
• Remain No.1 in customer satisfaction. 
• Over 4 million clients targeted 
by the end of 2022
• Consolidate our position as the undisputed 
leader in online banking in France. 
• Be one of the leading banks for individual 
customers. 
OUTSTANDING COMMERCIAL PERFORMANCE
NET AVERAGE OUTSTANDING LOANS  
(€bn)
AVERAGE CUSTOMER DEPOSITS  
AND FINANCIAL SAVINGS  
(€bn)
NET BANKING INCOME  
(€M)  
CONTROLLED OPERATING EXPENSES, LOW COST OF RISK
2019
2020
2021
7,746
7,777
7,315
A STRONG CONTRIBUTION TO THE GROUP’S RESULTS
CONTRIBUTION TO GROUP  
NET INCOME  
(€M)  
(1) SMEs, professionals, local authorities, large corporations, and associations, including foreign currency loans.
2019
2020
223
202
Housing and 
mortgages
Business  
customers(1) 
Financial  
institutions
Consumer loans  
and treasury
107
110
82
99
13
13
2019
2020
349
318
Deposits
Financial 
savings
211
243
107
106
OPERATING EXPENSES 
(€M)  
NET COST OF RISK 
(€M)  
2019
2020
2021
5,700
5,635
5,418
2019
2020
2021
467
104
1,097
RESPONSIBLE SOLUTIONS TAILORED  
TO OUR CLIENTS’ NEEDS  
French Retail Banking places sustainable 
development challenges at the heart of its 
strategy by developing an offer that caters  
to the aspirations of its clients and helps  
them with their own energy transition.  
In 2021, an environmental and social loan was 
made available to businesses. For individual 
clients, the Group introduced a new range  
of savings with 100% SRI-labelled funds.  
In all, the Group offers 20 SRI-labelled  
or environmentally-friendly funds. 
2019
2020
2021
1,131
1,492
666
2021
224
116
95
13
2021
373
262
111
R E C O R D  P E R F O R M A N C E S  I N  2 0 2 1

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A SIGNIFICANT INTERNATIONAL 
PERFORMANCE
INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
International Retail Banking and Financial Services made a substantial contribution to the Group’s growth in 2021.  
A position reflecting the continuing transformation efforts made by the business lines as well as the capacity  
to generate synergies with other Societe Generale businesses.
International Retail Banking and Financial 
Services includes the International Retail 
Banking division and three specialised 
businesses: insurance, operational vehicle 
leasing and fleet management (ALD 
Automotive) and equipment financing 
(Societe Generale Equipment Finance). 
The Group successfully transformed its 
International Retail Banking division’s 
business model. There was robust revenue 
growth in 2021, up 9.9% compared to 2020, 
a trend fuelled primarily by the performance 
of Financial Services (+32%). Operational 
efficiency measures, increased digitalisation 
and synergies between our business lines 
have enabled us to do well in these  
high-potential markets. 
INTERNATIONAL RETAIL BANKING 
This business line, which combines 
international banking networks and consumer 
credit activities, holds market leadership 
positions in several countries where the 
Group does business and contributes to the 
growth of their economies. Despite continued 
tensions on supply chains and the sharp 
drop in tourism, activity held up well in 2021. 
At €5bn, net banking income rose 2.8% 
compared to 2020, primarily due to excellent 
results in Europe (+10.7%) and in Africa, the 
Mediterranean Basin and Overseas French 
Territories (+4.6%).
INSURANCE
In 2021, Societe Generale Assurances 
strengthened its ambition to support and 
protect the clients of the Group’s banking 
networks. Digitised marketing tools, a fully 
“phygital” presence, and personalised 
solutions, realised through the optimisation 
of collected data and familiarity with 
customer behaviour, allowed us to record 
excellent performance: premiums paid rose 
50% year-on-year and life insurance reserves 
increased 7%. Net banking income increased 
8.6% compared to 2020 to reach €963m.
FINANCIAL SERVICES  
With net banking income up 32% compared to 
2020, financial services recorded an excellent 
2021. This result is mainly due to the positive 
growth at ALD Automotive. The operational 
vehicle leasing business has a stock of  
1.7 million contracts, including 1.4 million 
financed vehicles, up 4% compared to 2020. 
In addition to the robust growth of the fleet, 
used car sales (1,422 euros per vehicle) also 
contributed to this success. Moreover, ALD 
Automotive has accelerated its sustainable 
mobility efforts: more than one-quarter (27%) 
of new vehicles delivered in 2021 were electric.
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 2
> www.investors.societegenerale.com/en/financial-
and-non-financial-information/financial-results-
and-publications/financial-publications
OUR PRIORITIES IN 2022
Execute our International Retail Banking 
roadmaps in Europe and in Africa, withdraw 
from Russia with the announced sale  
of our banking and insurance activities.
Strengthen our bancassurance model  
in all regions. 
Finalise ALD Automotive’s planned 
acquisition of LeasePlan. 
“Our International Retail 
Banking, Insurance and 
Financial Services to corporates 
business lines have shown 
very good momentum in 2021, 
which justifies the investments 
in the development of these 
businesses and perfectly 
illustrates the combination of 
high performance and affirming 
our CSR ambitions, which are 
at the heart of our strategy. In 
addition, the announcement 
of the planned acquisition of 
LeasePlan by ALD Automotive 
strengthens our competitive 
position by creating a leading 
global player in the field of 
sustainable mobility.” 
DIONY LEBOT,   
DEPUTY CHIEF EXECUTIVE OFFICER   
STRONG MOMENTUM IN OUR DEPOSITS AND LOANS
OUTSTANDING LOANS  
(€bn)
OUTSTANDING DEPOSITS  
(€bn)
SUSTAINED GROWTH IN INSURANCE AND FINANCIAL SERVICES
A STRONG PERFORMANCE BY THE BUSINESS LINES 
BREAKDOWN OF OUTSTANDINGS  
AND PERCENTAGE OF UNIT-LINKED LIFE 
INSURANCE POLICIES (€bn)
PERSONAL PROTECTION INSURANCE 
AND PROPERTY & CASUALTY INSURANCE 
PREMIUMS (€bn)
MOBILITY 
30% 
of ALD Automotive’s  
new contracts will be  
for electric vehicles  
by 2025
Services  
for corporates 
Insurance
International  
Retail Banking
A LEADING BANK IN AFRICA  
In 2021, Societe Generale received the 
Best Investment Bank in Africa award from 
The Banker magazine and also took the 
Outstanding Leadership in Sustainable 
Finance in Africa prize awarded by Global 
Finance. For the seventh consecutive 
year, the industry magazine EMEA Finance 
recognised Societe Generale Cameroun 
and Societe Generale 
 as  
Best Bank and Best Investment Bank in 
their respective countries.
Côte d’Ivoire
Unit-linked  
Life Insurance
Non-unit 
linked
P&C
premiums
PPI
premiums
R E C O R D  P E R F O R M A N C E S  I N  2 0 2 1
963
2,154
5,000
887
909
1,735
1,872
4,902
5,592
8,373
7,524
8,117
2021
2020
2019
1,091
781
1,064
725
1,120
666
1,789
1,872
1,786
2021
2020
2019
37
63
32
68
30
70
126
135
125
2021
2020
2019
90
2021
78
80
2020
2019
94
2021
88
86
2020
2019
BREAKDOWN
BR
OF NET BANKING INCOME
OM
(€M)

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A PROFITABLE AND SUSTAINABLE 
GROWTH STRATEGY
GLOBAL BANKING AND INVESTOR SOLUTIONS
The outstanding results reported by Global Banking and Investor Solutions reflects the implementation of the first 
stages of the strategic plan presented in May 2021. The entity also successfully incorporated the growing importance 
of ESG factors into the services provided to its clients. 
Global Banking and Investor Solutions 
supports its clients — businesses, financial 
institutions, investors, wealth managers 
and private clients — by proposing a broad 
range of customised services that meet 
their specific needs. The Group has forged 
strong, long-term relationships with a wide 
customer base thanks to the added value 
of its franchises and the expertise of its 
different business lines recognised the world 
over: Global Markets and Investor Services, 
Financing and Advisory, Asset Management 
and Private Banking.
A NEW MEDIUM-TERM ROADMAP 
The Global Banking and Investor Solutions 
medium-term strategic plan aims to 
consolidate its position as a leading 
European player. The roadmap includes 
three priorities: resume profitable and 
sustainable growth, pursue a policy of 
cost-cutting while maintaining strict risk 
management and reduce the sensitivity of 
its results to market shocks. Furthermore, 
major commitments in terms of corporate 
social responsibility, which are now more 
than ever emblematic of the values of the 
rest of the Group, are a key part of the 
activities of the Corporate and Investment 
Banking businesses lines.
GLOBAL MARKETS AND INVESTOR 
SERVICES
With net banking income of €5,648m, 35.6% 
higher than in 2020, Global Markets and 
Investor Services reported excellent earnings 
in 2021, characterised by the dynamism  
of its Global Markets activities (+40.2%). 
This performance was driven by our unique 
offers that are central to Investor Services: 
the highest levels of innovation to create 
disruptive business models and equity 
research publications that regularly include 
an analysis of Environmental, Social and 
Governance (ESG) factors.
FINANCING AND ADVISORY 
Financing and Advisory is responsible for 
managing and developing relationships with 
the Bank’s strategic clients. The division 
houses the Global Banking & Advisory 
platform as well as Global Transaction and 
Payment Services. In 2021, the core business 
saw the best performance in its history, 
with revenues up 14.8% compared to 2020 
(coming in at €2,924m), driven by favourable 
market trends.  
ASSET MANAGEMENT  
AND PRIVATE BANKING 
Enjoying strong commercial activity in every 
region, Societe Generale Private Banking 
saw its revenue rise 3.15% compared to 
2020, with net banking income of €958m. 
Lyxor Asset Management, which houses 
 the Group’s Asset Management activity,  
was sold to Amundi on 31 December 2021, 
two months ahead of schedule.
OUR PRIORITIES IN 2022
Strengthen our global markets franchise 
while keeping risk exposure under control. 
Continue our strong trend in financing  
and advisory. 
Pursue the implementation  
of the efficiency plan.
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 2
> www.investors.societegenerale.com/en/financial-
and-non-financial-information/financial-results-
and-publications/financial-publications
“In 2021, we made progress 
on all our strategic priorities. 
These priorities are now more 
relevant than ever, and we 
will continue to pursue them 
with determination by relying 
on our leadership positions, 
including our very widely 
acclaimed position in the field 
of ESG.” 
SLAWOMIR KRUPA,   
DEPUTY GENERAL MANAGER,  
HEAD OF THE GLOBAL BANKING AND 
INVESTOR SOLUTIONS ACTIVITIES
SUSTAINED GROWTH 
RISK-WEIGHTED ASSETS  
(€bn)
ASSETS UNDER MANAGEMENT  
(€bn)
SUSTAINABLE GROWTH COMBINED WITH COST CONTROL
HIGHLIGHTS
2021
131
89
12
30
2021
308
178
130
BREAKDOWN OF NET BANKING INCOME 
(€bn)
OPERATING EXPENSES  
(€bn)
2021
9,530 
2,924 
958
268
2019
2020
126
118
2019
2020
256
Lyxor
Private Banking 
72
79
149
140
119
116
14
15
32
32
Global Markets and 
Investor Services 
Financing  
and Advisory 
Asset Management 
and Private Banking 
Management fees
Restructuring costs, 
integration of ECM 
activities and disposals
2019
2020
6,713
7,352
7,084
6,556
2019
8,704
5,210
2,547
947
268
157
2020
7,613
4,164
2,546
903
5,648 
2021
6,863
A LEADER IN SUSTAINABLE FINANCE 
A pioneer in sustainable and positive impact 
finance, the Group advises its clients and offers 
concrete financing and investment solutions aimed 
at the transition to a fairer and greener economy. 
The Bank’s expertise was recognised again in 2021 
and was named Best Bank in Sustainability by  
The Banker and Global Finance. 
A PIONEERING GROUP IN CRYPTO ASSETS  
In April 2021, Societe Generale issued the first 
structured product as a Security Token directly 
registered on the Tezos public blockchain. 
This transaction marks a new milestone in the 
development of Societe Generale - Forge, a 
regulated subsidiary of Societe Generale group, 
which aims to offer crypto asset structuring, 
issuance, exchange and custody services to the 
Group’s professional clients beginning in 2022. 
Operational risk
Market risk
Credit risk
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A COMPREHENSIVE AND  
INTEGRATED PERFORMANCE	
To best track the progress of our development and transformation plan, the Group set itself a series of indicators 
reflecting all the aspects of our performance, whether financial, economic, environmental, or societal.
Reinforce a culture of responsibility
Lead an annual Culture & Conduct programme across the Group
Code of Conduct training:  
92%
Be a responsible employer
30% of women in management bodies by 2023
25%
30% (2023)
Drive operational excellence
Underlying cost-income ratio
67%
Between 66% and 68% (2022)
Maintain a controlled risk profile
Net cost of risk in basis points 
13 bp
30 and 35 basis points (2022)
Ensure a solid return on equity
ROTE
11.70%
Maintain a strong capital position 
Common Equity Tier One (CET1) capital ratio
13.70%
200-250 basis points above
regulatory requirements 
Achieve recognition of the excellence of our CSR commitments
Achieve an extra-financial rating that ranks in the top quartile  
and maintain that position over the long term (MSCI above BBB)
S&P Global CSA: 80 
Sustainalytics: 20.2 
(0 = lowest risk) 
MSCI: AAA
Remain in the top quartile  
of extra-financial ratings
Support our clients in continuing to make positive changes  
in the world 
Sustainable and Positive Impact Financing (SPIF)
€18.5bn (new loans)
Sustainable and Positive Impact Investments (SPII)
€27.7bn (assets under management)
Drive the ecological transition
Finance the energy transition 
€157bn  
(131% of the €120bn target for 2020-2023)
Reduce exposure to coal
In line with the target
Exit in 2030 for EU and OECD countries; 
2040 for the rest of the world
Reduce exposure to oil and gas 
In line with the target
-10% by 2025 
in oil and gas extraction 
Reduce the CO2 emission intensity in financed electricity generation
-30% (Q4 2020)
-18% by 2025
-74% by 2040
Reduce the CO2 emission intensity in financed maritime activities
+2% (Q4 2020)
-50% by 2050 vs. 2008
Reduce the Group’s carbon footprint 
-35%
-50% in 2030 vs. 2019
(292,741t CO2 eqv.)
Promote positive local impact 
Support company stakeholders and entrepreneurs 
New loans for SMEs/ISEs  
and professionals: €5.1bn
Support the transition to sustainable cities in France
67%
Support the Grand Paris development 
project: €5.5bn in financing committed 
between now and 2023
Sustainable mobility 
27%  
(at end-September 2021)
At least 30% of new vehicles  
delivered must be electric by 2025
Around 50%  
of new vehicles delivered  
will be electric  
by 2030 
Promote the development of sustainable infrastructure in Africa
+25%
Structured finance commitments  
up 20% between 2018 and 2021
Double outstanding loans to Microfinance Institutions  
between 2018 and 2022
€101m
€120m in 2022
SOCIETE GENERALE BUILDS ON ITS CORPORATE PURPOSE,  
STRATEGY AND RIGOROUS AND RESPONSIBLE MANAGEMENT
TO DELIVER A SOLID PERFORMANCE
AND HAVE A POSITIVE IMPACT ON SOCIETY AND THE ECONOMY
2021 performance
Objective
Medium/ 
long-term target
2020/2021 
change
SDG
Progression in line with objectives 
Objective achieved 
Peace, justice  
and strong  
institutions
Decent work  
and economic  
growth
Sustainable  
cities and  
communities
No poverty
Industry, innovation,  
and infrastructure
Gender  
equality
Climate action
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Commitment is a fundamental value for Societe Generale 
that embodies our culture. Helping our clients achieve their 
goals, managing our businesses in a way that drives a socially 
fair environmental transition, supporting positive local impact 
and involving our staff in promoting inclusion… these are just 
some of the examples of how the Group demonstrates our 
commitment to building a better and sustainable future.
COMMITMENTS FOR  
A BETTER AND  
SUSTAINABLE FUTURE

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CONSTANTLY IMPROVING CLIENT 
SATISFACTION
In 2021, the improving level of client 
satisfaction reached a very high rate across 
all our core businesses. This outcome is 
the result of an intensive review of our 
operating and business processes. We 
have adopted a number of tools to provide 
us with an overview of the quality of the 
client relationship, as delivered by the 
Group’s business lines and as perceived by 
our customers. We use the Net Promoter 
Score (NPS), considered to be an important 
indicator of customer satisfaction and 
loyalty. The system is further informed 
by annual satisfaction surveys of French 
Retail Banking and International Retail 
Banking activities (Individual and Corporate 
clients) as well as the Global Banking 
segment (large corporates and financial 
institutions). Despite a context of profound 
transformation in some Group entities, 
the NPS improved in 2021 with 12 out of 
25 scores increasing and more than half 
above market average. In particular, several 
marks recorded leadership positions (1st 
or 2nd in their markets) on the individual 
client segment. These results from across 
our subsidiaries and core businesses 
demonstrate our ability to meet our clients’ 
expectations by proposing solutions in line 
with our aims for positive transformations.   
CLIENT SATISFACTION,  
THE KEY TO WHAT SETS US APART
Our relationship with our 26 million 
clients is at the heart of the Group’s 
business model. By supporting  
their projects contributing to the 
positive transformations of the 
world, we are building with them a 
better and more sustainable future. 
F I N D  O U T  M O R E
> www.wholesale.banking.societegenerale.com/fileadmin/user_upload/Wholesale/pdf/Corporate/21_Tour_du_Monde_Brochure-FR-vf.pdf
> www.societegenerale.com/sites/default/files/documents/2022-02/Societe-Generale-Entrepreneurs-en-France.pdf (available in French only)
> www.wholesale.banking.societegenerale.com/fr/insights/clients-successes
SOCIALLY RESPONSIBLE INVESTMENT  
AT THE HEART OF OUR NEW PRODUCTS 
FOR INDIVIDUAL CLIENTS
More and more individual clients are 
seeking meaning in their investments. To 
satisfy this need, the Group is developing 
responsible and positive impact product 
offerings through 20 funds labelled as 
Socially Responsible Investments (SRI) 
or environmentally oriented. In 2021, 
Societe Generale Private Banking launched 
a dedicated discretionary management 
solution, invested up to 90% in the Group’s 
SRI-labelled funds. Societe Generale 
Assurances also offers Boursorama clients 
subscription to its new individual retirement 
savings plan, called Malta, which provides 
access to a range of SRI-certified funds.  
SUPPORTING SUSTAINABLE  
MOBILITY SOLUTIONS
The leader in operational vehicle leasing 
in Europe, ALD Automotive has launched 
a Tesla electric vehicle leasing offer to 
companies in 16 European countries. The 
vehicles will be available with flexible 
terms and mileage options, and can be 
customised directly via the Tesla website. 
Leases include options for tyre management 
services, roadside assistance, insurance 
and registration. This offer contributes to 
the growth strategy of ALD Automotive, a 
key player in the transition to sustainable 
mobility in more than 40 countries. 
“We were pleased that Societe 
Generale chose to be part of 
this milestone project, which 
demonstrates how private 
financing can be effectively 
mobilised to develop wind 
power projects in Asia and the 
Pacific.” 
JACKIE B. SURTANI, 
DIVISION DIRECTOR, PRIVATE SECTOR 
OPERATIONS INFRASTRUCTURE FINANCE 
DEPARTMENT OF ADB EAST ASIA,  
SOUTHEAST ASIA, AND THE PACIFIC 
HELPING OUR CLIENTS SPEED UP ENERGY TRANSITION IN VIETNAM
WHAT OUR CUSTOMERS SAY
In 2021, Societe Generale partnered with the 
Asian Development Bank (ADB) to finance 
a wind power project in Vietnam which will 
help speed up energy transition in South-
East Asia. These wind farms will be able 
to generate 144 megawatts of electricity, 
equivalent to about 25% of the wind 
power capacity available in the country in 
December 2020 and could potentially satisfy 
about one-fifth of all ASEAN (Association  
of Southeast Asian Nations) electricity needs.
“Colas Afrique, as a local builder, is proud 
to contribute to the development of this 
infrastructure serving the people, in Ivory coast 
and elsewhere on the African continent, while 
respecting Colas group’s values. Together with its 
financial partners, Societe Generale makes every 
effort to provide the most competitive project 
financing solutions to its customers beyond its 
recognised technical capabilities.”
MARCEL ALLOU, 
DIRECTOR OF IVORY COAST, COLAS AFRIQUE
CREATING POSITIVE LOCAL IMPACT IN AFRICA 
Global Banking and Investor Solutions draws on a dedicated 
department of experts to finance sustainable assets in five sectors  
of economic activity: Technology, Industrial Equipment, Healthcare, 
Green Energy and Transport. This is particularly the case in Africa, where 
the Grow with Africa strategic programme plays a role in the sustainable 
development of cities and infrastructures. Specifically, Societe Generale 
financed the construction of the Eastern Corridor Road, the main high-
speed route in West Africa, contributing to the construction and repair  
of bridge and highway infrastructure in the region to provide access 
for rural populations and improve transport services, which means 
significant and positive social and economic impacts. 
“Societe Generale responds 
immediately and quickly 
understands the vision we 
have of our market and our 
challenges. They supported 
us in our development  
where other banks wouldn’t 
have followed.”   
VINCENT THILLEROT,  
CREATOR OF MEDISAFE, A WEBSITE 
SELLING FIRST AID KITS
C O M M I T M E N T S  F O R  A  B E T T E R  A N D  S U S TA I N A B L E  F U T U R E
“Since the creation of the 
company we have worked 
with Societe Generale, 
that’s 53 years together. 
Above all it’s a financial 
partnership but also a 
strategic partnership 
that supports us in all our 
developments, research 
and innovations.”
BRIGITTE DELANCHY, 
PPRESIDENT OF DELANCHY  
TRANSPORTS, A COMPANY  
SPECIALISING IN LOGISTICS  
AND THE TRANSPORT OF FRESH  
PRODUCTS 
“The future of lorry transport lies in the energy mix.”
“It goes to show that an idea can take care of millions 
of people.”

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SUPPORTING OUR CLIENTS  
WITH THEIR SUSTAINABLE DEVELOPMENT 
CLIENT TYPE
OFFER TOPIC
EXAMPLE OF PRODUCTS 
LARGE CORPORATES
Strategic functions
ADVISORY
• Extra-financial ratings.
• Structuring of products indexed
to ESG criteria.
GROUP RETIREMENT, PERSONAL 
PROTECTION AND INSURANCE
• Launch of a company retirement
savings plan.
• Inter-compagny collective plan
for professionals and corporates
(under the French PACTE law).
INSTUTIONAL  
INVESTORS
SECURITIES  
AND ISSUER SERVICES
• Services to help issuer and investor
clients to incorporate ESG criteria
into their strategy.
SUSTAINABLE AND  
RESPONSIBLE INVESTMENT
• ESG research since 2006.
• Global Impact Platform.
• Positive Impact structured notes.
INDIVIDUAL  
CUSTOMERS
FINANCIAL INCLUSION
• Kapsul, a French low-cost bank account
for €2/month with no income conditions
and no other account charges.
RESPONSIBLE SAVINGS
• Platform for responsible open-architecture 
investments.
SMEs, PROFESSIONALS  
AND ENTREPRENEURS
DEDICATED SUPPORT
• 31 dedicated spaces for professional clients 
in France.
• 8 SME Centers in Africa. 
• Shine offers a fully digital professional 
account with administrative management 
support.
• Oppens helps VSEs/SMEs to improve their 
cybersecurity.
LARGE COPORATES
Operational functions
SUSTAINABLE AND  
POSITIVE IMPACT FINANCING
• Impact-based finance.
• Social impact solutions.
CASH FLOW  
AND RISK HEDGING
• Sustainability-linked derivatives.
• Sustainabilty-screened collateral. 
• Socially responsible deposits.
BANKING AND  
FINANCE SERVICES
• Tailored solutions in green trade finance.
• Sustainable mobility solutions.
SUPRANATIONAL AGENCIES, 
GOVERNMENTS, REGIONS
SUPPORTING POSITIVE  
CHANGE
• SOGEPROM develops exemplary real estate 
programmes: green and energy-efficient. 
• Grow with Africa programme dedicated
to sustainable economic development
on the continent.
WORKING WITH OUR CLIENTS TO BUILD  
A BETTER, MORE SUSTAINABLE FUTURE
Societe Generale has developed a 
responsible and innovative financing and 
investment solutions offer that contributes 
to the United Nations’ Sustainable 
Development Goals, promoting activities 
that have a positive impact on the 
development of the economy and society. 
As a responsible bank, the Group chooses 
to support our clients, whether or not 
they currently meet all the available 
sustainability criteria, to help them toward 
a fair, environmentally-friendly and 
inclusive transition in keeping with our own 
commitments. 
INTEGRATING  
SUSTAINABLE FINANCE 
IN ALL OUR ACTIVITIES
In line with our corporate purpose and our commitments as a responsible bank, we  support our clients in achieving 
their sustainable development objectives. In parallel with playing a leading role in the ESG transformation of 
the banking sector, we aim to be being a key partner for our clients in their own transitions. To do so, we have 
developed a comprehensive and global approach to integrating CSR issues in all our products and services, an 
approach we want to keep constantly building on and improving.
F I N D  O U T  M O R E
> Universal Registration Document 2022, 
Chapter 5  
> www.wholesale.banking.societegenerale.
com/fileadmin/user_upload/Wholesale/pdf/
Corporate/21_Tour_du_Monde_Brochure-UK-
vf.pdf
> www.societegenerale.com/sites/default/files/
documents/CSR/Societe-Generale-Climate-
Disclosure-Report-December-2021-EN.pdf 
(1) Sustainable and Positive Impact Financing
(2) Sustainable and Positive Impact Investments (SPII)
€73bn
Directed Sustainable Bond 
Issuance (annual volume)
€18.5bn
SPIF(1) (production)
€1bn 
Structured charitable notes  
(inflow)
€27.7bn
SPI(2) (assets under management) 
The sustainability factor is an integral part 
of our offering for all of our clients, not just 
in terms of financing and investment but 
also in our range of financial services. It 
is based on an innovative approach that 
combines Societe Generale’s expertise 
in incorporating ESG criteria in financial 
products and services with analysis of its 
clients’ sustainable finance needs.
RECOGNISED EXPERTISE
Societe Generale was recognised as Bank of 
the Year for Sustainability by the International 
Financial Review (IFR). The Group was also 
named Best Investment Bank for Sustainable 
Finance 2022 by Global Finance magazine. 
C O M M I T M E N T S  F O R  A  B E T T E R  A N D  S U S TA I N A B L E  F U T U R E

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F I N D  O U T  M O R E 
> Universal Registration Document 2022, Chapter 5 
> www.wholesale.banking.societegenerale.com/fileadmin/user_upload/Wholesale/pdf/Corporate/21_Tour_du_Monde_Brochure-UK-vf.pdf 
> www.societegenerale.com/sites/default/files/documents/CSR/Societe-Generale-Climate-Disclosure-Report-December-2021-EN.pdf 
(1) The SBTi is an initiative driven by the World Wide Fund 
for Nature and the United Nations Global Compact aimed at
ensuring that the greenhouse gas (GHG) emissions targets 
set by corporations are in line with climate science data.
A PROGRESSIVE EXIT  
FROM THERMAL COAL 
Since announcing our determination 
in 2019 to eliminate our exposure to 
companies operating in the thermal coal 
sector by 2030 in EU and OECD countries, 
and by 2040 elsewhere, and after tightening 
our criteria in 2020 by rolling out a new 
sectoral policy, Societe Generale has made 
substantial progress towards its objective 
of a complete exit.
REDUCE OVERALL EXPOSURE TO  
THE OIL AND GAS EXTRACTION SECTOR
In 2020, we were among the first banks to 
announce an objective of reducing overall 
exposure to this sector by 10% in absolute 
terms by 2025. In 2021, we strengthened 
our commitments in a number of activities 
linked to non-conventional hydrocarbons, 
such as shale oil and gas, tar sands, extra 
heavy crude oil, Arctic petroleum, and 
equatorial Amazonian petroleum.
DECARBONISE THE MARITIME  
TRANSPORT INDUSTRY… 
After joining the Poseidon Principles to set 
the standard of environmentally responsible 
POSITIVE ACTION FOR  
THE ENVIRONMENTAL TRANSITION 
This decade will be crucial to engage in a strong energy transition and so meet the guidelines of the Paris Climate 
Agreement. By joining the Net-Zero Banking Alliance, the Bank undertook to align its activities with scientific 
scenarios consistent with reaching the Paris Climate Agreement’s objectives by setting regular medium-term 
objectives. Consequently, we have already put in place initiatives to act on our portfolios in the most carbon-
intensive sectors. 
financing of the global shipping industry 
and signing the Getting to Zero coalition in 
2019, which aims to develop and deploy 
commercially viable zero-emission vessels on 
the high seas by 2030, Societe Generale joined 
Call to Action for Shipping Decarbonisation 
in 2021. This call is aimed at encouraging all 
businesses committed to decarbonisation 
and using maritime transport in their supply 
chains to commit to concrete measures to 
make zero-emission vessels and fuels their 
default choice by 2030.
… AND THE STEEL AND AVIATION 
INDUSTRY
Societe Generale is Co-Leader of the Steel 
Climate-Aligned Finance Working Group, 
which seeks to define standards advancing 
the decarbonisation of this sector. The 
working group aims to draft a joint climate-
aligned finance agreement for the sector 
modelled after the Poseidon Principles. 
Societe Generale is also applying this 
approach to the aviation sector and is a 
founding member of the Aviation Climate-
Aligned Finance (CAF) Working Group 
supporting the decarbonisation of the 
aviation sector.
PRESERVING BIODIVERSITY 
We exclude supporting projects located 
in protected areas as classified by the 
International Union for Conservation 
of Nature (Zone I-IV), areas classified as 
RAMSAR wetlands, UNESCO’s World Heritage 
sites and Alliance for Zero Extinction sites 
for sensitive sectors such as oil and gas 
exploration and development, mineral 
extraction, upstream industrial farming, 
water storage dams, power plants and 
shipyards. 
RESPONSIBLY MANAGING OUR OWN 
CARBON EMISSIONS
In 2021, we further looked to reduce our own 
direct emissions on the basis of a net-zero 
emission scenario extending to 2050. The 
scenario ran through the Group’s main sources 
of emissions (specifically our buildings, IT 
infrastructures, air travel and vehicle fleet) 
and allowed us to define a roadmap to reduce 
our carbon emissions by 50% between 2019 
and 2030 (in tons of CO2 equivalent). Societe 
Generale also decided to ban single-use plastic 
from the workplace by 2025, and sooner if 
possible in some regions.
In line with this reasoning, after having signed 
a Power Purchase Agreement in 2021 for the 
supply of wind-generated electricity to cover 
20% of the annual electricity needs of our 
branches in France, the Group went a step 
further in reducing our carbon footprint in 
France and signed an addendum covering 
the remaining 80% of our power needs with 
French hydroelectricity. As a result, 100% of 
our French branches will be supplied with 
renewable energy. 
SUPPORTING OUR CLIENTS ACHIEVE 
THEIR CLIMATE TARGETS
By way of example, we helped Faurecia, 
a world leader in the development of 
sustainable mobility solutions, with its 
acquisition of Hella, a German corporation 
specialising in lighting and electronics, to 
become the seventh largest automotive 
equipment manufacturer and supplier 
in the world. Financing took the form of 
sustainability-linked notes indexed to 
reducing Faurecia’s Scope 1 and 2 greenhouse 
gas emissions by 80% compared to 2019 
and in line with a scenario validated by the 
Science-Based Targets initiative (SBTi)(1).
€12.6bn 
in green loans   
or other funding contributing  
to the energy transition
€120bn
dedicated to the energy transition  
between 2019 and 2023,  
already surpassed with a contribution  
of €157 bn at the end of 2021
A commitment of 
235
green, social or sustainable  
bond mandates  
completed since 2013 for  
a total of more than €240bn
Over
No.1
worldwide in renewable  
energy financing   
for the EMEA region at the end  
of June 2021, Dealogic
-35%
reduction in the Group’s  
carbon footprint   
(target of -50% in 2030 vs. 2019)
€300bn
in sustainable finance   
between 2022 to 2025
New commitment of

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69
SUPPORT SMEs TO CONTRIBUTE TO LOCAL 
ECONOMIC DEVELOPMENT 
As a actor in the business world and keen to 
forge ties with local communities, Societe 
Generale seeks to become the leading 
relationship-focused bank, selected  
for the high quality and commitment of  
our staff as well as the offer we present 
our clients. Accordingly, the Group offers 
environmental and social loans in France 
 to 
support environmentally-friendly initiatives, 
sustainable development and the social role 
of businesses. After providing documentation 
on the specific nature and characteristics 
of the purpose of the financing, companies 
and associations can benefit from an 
environmental and social loan of up to €5 
million, over a term of up to 15 years, while 
public economic actors can access a 30-year 
loan for an uncapped amount. In Africa, the 
Group is targeting ambitious and substantial 
growth by 2025. This initiative is characterised 
by the unique concept of SME Centers, 
which are now serving client needs in eight 
countries (Senegal, Burkina Faso, Côte 
d’Ivoire, Benin, Ghana, Cameroon, Guinea-
(Prêt Environnemental et Social, PES)
WORKING LOCALLY FOR  
POSITIVE AND SUSTAINABLE 
REGIONAL DEVELOPMENT 
We want to be a key player in the regions where we are present, seeking to generate positive impact. Financing  
local infrastructue and supporting local actors, SMEs and entrepreneurs to help contribute to new ways of consumption 
and more sustainable development. 
Conakry and Madagascar), offering financial, 
legal and accounting advice, training, 
mentoring programmes and a co-working 
space, all under one roof. 
CREATE THE CONDITIONS  
FOR SUSTAINABLE MOBILITY
As part of its 2025 plan, ALD Automotive, 
a subsidiary of Societe Generale and the 
leader in operational vehicle leasing in 
Europe, has set itself the target of raising 
the share of electric vehicles in new vehicle 
deliveries to 30% by 2025 and 50% by 2030. 
The proposed acquisition of LeasePlan will 
create a global leader in the sustainable 
mobility sector and will support economies 
and clients in the process of energy 
transition in a proactive and engaged 
manner.
ENABLING THE TRANSITION  
TO SUSTAINABLE CITIES IN FRANCE
SOGEPROM, the Group’s Real Estate 
development subsidiary, is a responsible 
actor, committed to reducing its carbon 
footprint by guaranteeing green building 
practices and furthering the wellbeing of 
residents. SOGEPROM focuses on five key 
indicators, both ambitious and achievable. 
These are reducing the carbon footprint 
of its programmes, factoring the circular 
economy and innovation into its choice of 
materials, incorporating water efficiency into 
its water management strategy, respecting 
biodiversity and achieving the highest 
levels of certification. Specifically, it has 
been selected to create the Aire des Vents 
section of the media village for the Paris 
2024 Olympic and Paralympic Games. These 
living quarters will eventually be converted 
to a mixed-use neighbourhood with more 
than 700 homes and various residences 
(senior accommodations, a nursing home, 
a day care centre, etc.) and is expected 
to create nearly 175 jobs. The first phase 
(accommodation, businesses and services)  
is expected to be ready in March 2024.
PROMOTE AFRICA’S DEVELOPMENT 
THROUGH INFRASTRUCTURE FINANCING
In Benin, Societe Generale acted as Joint 
Sustainability Structuring Advisor and Joint 
Bookrunner on an innovative €500 million 
transaction, the first ever sustainable 
bond issue in Africa and one of the first in 
the world. The country opted for bonds 
dedicated to financing projects with a 
major impact on Sustainable Development 
Goals (SDG) to support the reforms and 
investments necessary to ensure that the 
population has suitable working conditions, 
an adequate healthcare system, the food 
and clean water they need, and also access 
to clean energy. About three years of work 
were required to complete this transaction, 
enabling the country to conduct a key debt 
issue on the sustainable finance market.
PUBLIC ISSUE OF A FIRST SOCIAL  
IMPACT BOND  
The €1 billion in funds raised by Societe 
Generale will be used exclusively to 
finance or refinance projects contributing 
to socioeconomic advancement and 
empowerment, affordable housing, access 
to education and vocational training, as 
well as access to healthcare. Projects will 
be selected in strict accordance with the 
“Sustainable and Positive Impact Bond 
Framework” published by the Bank in 
compliance with the most recent standards.
€12.1bn  
in commitments  
linked to structured finance  
in Africa
€5.9bn
in social and societal financing  
(origination in 2021)
€45.2bn 
in social bond issues   
managed by the Group
€100m 
in origination   
for environmental and social loans  
to businesses in France
F I N D  O U T  M O R E
> Universal Registration Document 2022, Chapter 5 
> www.societegenerale.com/responsibility/social-
innovations
> www.societegenerale.com/responsibility/
sustainable-development-in-africa
> www.societegenerale.africa/societe-generale-
africa/solid-and-historical-presence/
No. 1  
in Export Financing in Africa 
Best SME bank 
in 2022 for Societe Generale  
Côte d’Ivoire – Global Finance
No. 1
Best Bank for Sustainable Finance 2021 – 
Global Finance
No. 3  
in Sustainability-Linked Bonds Euro–  
2021 – Dealogic 
No. 1  
in Export Financing  
for Emerging Countries

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71
Societe Generale corporate foundation  
The Future Is You brings together our 
sponsorship activities focused on classical 
music, education and professional 
integration. Chaired by Frédéric Oudéa, Chief 
Executive Officer, and with an annual budget 
of €7m, the foundation has a central mission, 
to support young people getting started as 
well as all those who we can help develop in 
their personal and professional lives. 
To build their future, young people in 
particular need to expand their knowledge 
and their skills to help them find their 
place in society. This is the purpose of 
the Foundation’s support for educational 
programmes, particularly through music and 
sports, two areas in which we have earned a 
reputation as a long-term partner.
The Foundation has supported 61 
programmes encouraging young people to 
stay in school or that support professional 
integration, mainly in France and Africa.
In parallel and for over 30 years, Societe 
Generale has been encouraging and 
promoting excellence in the French 
professional classical music world. A 
partner of the most respected educational 
institutions, the Foundation supports young 
musicians on their professional development 
paths. The association also supports many 
orchestras and musical groups with the aim 
of making classical music accessible to new 
audiences and promoting a thriving cultural 
scene.
The direct involvement of staff complements 
the activities of the Foundation. In France, 
staff members are able to devote three 
days of their working time per year to help 
charity associations supported by the Future 
is You foundation. In particular, they can 
make a contribution through skills-based 
sponsorship by becoming mentors to young 
people to coach them during their studies or 
when they first enter working life.
COMMITMENT AT THE HEART 
OF OUR VALUES
In 2021, the Group launched the Societe Generale corporate foundation The Future Is You, bringing together  
our long-standing corporate sponsorship in the fields of solidarity and classical music while continuing our 
commitments to contemporary art. Alongside our sponsorship activities, we are maintaining our long-term  
support for the sporting world through rugby, parasports and eSports. 
MOVE FOR YOUTH: THE GROUP’S 
SPORTING AND SOLIDARITY CHALLENGE  
The Group’s staff are directly involved in 
supporting a number of key annual events. 
In September 2021, nearly 10,000 people 
from over 50 countries answered the call, 
walking, running and cycling in teams in aid 
of charity. Their individual and collective 
commitment raised €1 million for some 
40 associations working on the ground to 
promote education and the professional 
integration of young people. 
AN UNSTOPPABLE COMMITMENT TO RUGBY 
Sharing many of the sport’s values, the Bank 
supports widening the appeal of rugby to 
anywhere it might be played, including 
supporting amateur and professional rugby, 
bringing rugby to new audiences or helping 
highlight its different forms (Rugby Union, 
Rugby Sevens, women’s rugby, wheelchair 
rugby, etc.), as well as promoting rugby as 
a useful tool for social inclusion. Societe 
Generale is a partner of the French Rugby 
Federation (FFR), the National Rugby League 
(LNR) and more than 200 amateur clubs 
in France. The Group’s commitment to the 
game also extends to international rugby, 
with partners such as Rugby Europe and 
different clubs and federations in Algeria and  
India, among others. For the seventh time 
in a row, Societe Generale will be a major 
partner to the Rugby World Cup in 2023, 
which will be held in France.
CONTEMPORARY ART: BUILDING BRIDGES BETWEEN ART AND BUSINESS 
For nearly 30 years, Societe Generale has been supporting contemporary artistic creation by 
building a living collection across various media - including photographs, paintings, sculptures 
and lithographs - selected by independent experts, members of the General Management 
team and other Group staff members. Its purpose is to share with all audiences a set of more 
than 1,200 contemporary works from talented international artists of all ages. In 2021, the 
Group honoured young artists with the two-part Transport Commun exhibition. The first part 
established a dialogue between works in the Group’s Collection and borrowed works by young 
artists. The second part does the same with works received via a call for projects to the 
Outside of France, this commitment will continue 
through 2022 with a call for projects in Hong Kong and an emerging artists award in Switzerland.
École 
Nationale Supérieure des Beaux-Arts de Paris. 
PRESENT ON EVERY PLAYING 
FIELD OF PARASPORTS
A long-standing partner of 
the French Disabled Sports 
Federation, Societe Generale 
supports the development 
of all kinds of parasports, 
whether local or international, 
from leisure to elite level. In 
particular, the Bank supports six 
top athletes, including Arthur 
Bauchet, the world’s No.1 athlete 
in the standing skier category of Para Alpine Skiing and a triple gold 
medal winner at the Paralympic Games in Beijing. Since 2010, the Bank 
has also been a partner to parasports skier Marie Bochet - an eight-time 
Olympic gold medallist and world champion several times over - who 
added to her career medal wins with a silver medal in Beijing in 2022. 
Furthermore, as a partner of the Federal Wheelchair Rugby Committee, 
Societe Generale has been supporting this spectacular sport since 2019 
and the sponsored French team became European Champions for the 
first time in February 2022.
COMMITTED TO ESPORTS AND GAMING  
Seeking to diversify its sponsorship activities by reaching out to 
a younger audience, Societe Generale first became involved in 
eSports in 2018 by sealing a partnership deal with the professional 
eSports club Gamers Origin. Societe Generale shares the values 
of performance, discipline, team spirit and commitment with this 
club, created in 2011. The Group sponsors and organises eSports 
events that further build its position as an innovator and enhance 
its appeal as an employer. The Bank’s activities are also aimed at 
promoting gender equality in eSports, as seen by its support for 
Women in Games France, an association working to encourage 
better gender diversity in the video games industry. In addition, to 
raise the visibility of disabled players in gaming, Societe Generale 
has created the first “playable skins” (character attributes) 
representing physical or invisible disabilities in the online game 
Among Us.
SOLIDARITY WITH THE PEOPLE OF UKRAINE   
Since the beginning of the conflict in Ukraine, Societe Generale group has been 
engaged in solidarity measures, notably through its subsidiaries in Romania,  
Poland, the Czech Republic and its ALD Automotive subsidiaries in several countries.  
The Group also quickly activated a solidarity fund for a total of €2 million for the 
benefit of the Red Cross and the Fondation de France. 
A collection on behalf of the Red Cross was also opened to all staff, generating a huge 
response. According to the Red Cross, it was the most widely supported collection 
by staff of a French company. The donations collected were matched by the Group 
and, as a result, €850,000 was raised. In total, over €3 million has been donated by 
the Group to charitable organisations acting on the ground to help victims of the 
conflict. As part of its emergency support framework, the Group remains ready to 
continue to act according to the evolving needs of the populations affected. 
CORPORATE SPONSORSHIP PRIORITISING THE FUTURE GENERATIONS
F I N D  O U T  M O R E
> www.societegenerale.com/patronage-and-
sponsorhip/sports/rugby
> www.societegenerale.com/patronage-and-
sponsorhip/supporting-the-arts-and-music/
contemporary-art
> www.fondation.societegenerale.com/en/music
> www.fondation-solidarite.societegenerale.com

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WE WOULD LIKE TO THANK ALL THE PARTNERS  
AND STAFF WHO CONTRIBUTED TO THIS REPORT. 
This fifth edition of Societe Generale’s Integrated Report was inspired by the guidelines  
of the reference framework published by the Value Reporting Foundation. It presents  
Societe Generale’s corporate purpose and how it links to its strategic focus, the Group’s values  
and assets, its business model and commitments to creating a positive impact.  
As a project jointly led by the Communications and CSR departments, this report describes  
the Group’s activities and financial and extra-financial results for the 2021 financial year with a view  
to enhancing dialogue with all our stakeholders, in a proactive process of transparency and progress. 
The contents of this report were selected according to their relevance with regard to the Group’s 
corporate purpose and strategic achievements. They were informed by discussions with  
the Innovation, Strategy, Investor Relations, Human Resources and CSR departments, as well  
as with the senior management of the business lines and the heads of geographic areas. 
Unless indicated otherwise, the information presented is as of 31 December 2021. 
Abbreviations used:
millions of euros: €m - billions of euros: €bn. 
Rankings: 
The source for all references to rankings is given explicitly.  
Where no source is given, the information is based on internal sources.
OUR PRINCIPAL PUBLICATIONS
PRINCIPLES FOR 
RESPONSIBLE BANKING  
Reporting and Self-Assessment 2021
The Group’s progress and status 
regarding the 6 Principles for 
Responsible Banking of the United 
Nations Environment Programme 
Finance Initiative (UNEP FI).
SOCIETEGENERALE.COM
Corporate website featuring the Group’s 
financial and extra-financial news. 
ENTREPRENEURS IN FRANCE
Twenty inspiring French businesses 
from across the regions tell their stories 
including the support by Societe Generale 
Entrepreneurs, an offer providing expertise 
and high-level solutions to support 
businesses with their growth strategies.
CLIMATE DISCLOSURE  
December 2021
Climate activity report in line with the 
reporting frameworks of the Task Force 
for Climate-Related Disclosure and the 
Non-Financial Performance Declaration.
AROUND THE WORLD 2021 
Twenty-one client stories from around 
the world showing Societe Generale’s 
commitment to guiding clients through 
the energy transition, working with 
communities and regions, developing 
innovative ESG market solutions  
and contributing to new standards.
UNIVERSAL REGISTRATION 
DOCUMENT 2022
A regulated publication containing  
all information about the business  
activity, governance, financial and  
extra-financial results, and outlook  
of Societe Generale group.
CORPORATE SOCIAL RESPONSIBILITY DEPARTMENT
GROUP COMMUNICATION DEPARTMENT
CONCEPTION AND EDITORIAL CONTENT
Société Générale, 
DESIGN AND REALISATION 
PHOTO CREDITS
Caroline Bottaro, Boursorama, Michel Cecconi, Thomas Chéné/LaCompany,  
Régis Corbet, Jean-Marie Cras, D. Echelard, Forge, GO, Anthony Huus,  
Julien Lienard, Thierry Mamberti, André Mirat, Luc Percival, Aleix Plademunt, 
Mathieu Philibert, Reezocar, Shine, Treezor, Gérard Uferas, Société Générale,  
Getty images, iStock. 
SOCIETE GENERALE
Societe Generale Towers - 75886 Paris Cedex 18, France
Head office: 29, bd Haussmann - 75009 Paris, France
Telephone: +33 (0)1 42 14 20 00
A French limited company (Société anonyme) founded in 1864
Share capital in euros as of 1 February 2022: €1,046,405,540
Paris Trade and Corp. Reg. no. 552 120 222
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