Corporate Social &Environmental
Responsibility
2023 ReportMessage fromthe Chairman
and Chief
Executive Officer
DENIS
LADEGAILLERIE

For the third consecutive year, revenue growth and theimprovement in our profitability were again on theagenda in 2023. These results stem from theremarkable work of our teams, in line with our mission
to develop artists and labels at each stage of theircareer, providing expertise, respect, fairness andtransparency.
In 2023, we continued to recruit talent, invest intechnology and innovate with our partners, with a viewto maximizing the commercial value and cultural
relevance of the artists and labels who trust us, by
supporting their creativity and the development of
their audiences. We identify artists and labels early on
and help them increase their notoriety, as well as
supporting mid-level artists and labels in their growth
to become the best in their market segment. Lastly, we
help artists and labels already at the top of the music
charts to reach new heights.
We contribute to their commercial success. The morevalue we create in partnership with them, the more weshare the value we have created together. Our priority
in 2023 - and which will remain the same in 2024: toinvest and innovate in order to create more value forour artists and labels and capture more value acrossall our activities.

1

Extract of the Universal registration document 2023 - Believewww.believe.com

Message from the Chairman and Chief Executive Officer“In 2023, we continued to recruit talent, invest in technology andinnovate with our partners, with a view to maximizing thecommercial value and cultural relevance of the artists and labels
who trust us, by supporting their creativity and the developmentof their audiences.”

In Premium Solutions, our ongoing investments inteams and innovation have enabled our labels to growfaster than the market and launch more artists in the
top 200 than ever before in Believe’s history. In
Automated Solutions, we launched new functionalities
and a unique marketing program called TuneCore
Accelerator, which supports the development of selfreleasing artists. We also continued to build a leader in
Asia, including the launch of the complete Believe
offering in Japan.
With the acquisition of Sentric in March 2023, we alsoachieved a first step in the deployment of a global
and comprehensive music publishing offering. We
finalized its integration during 2023, with a view tocommercially extending this activity across all Believe
regions and conducting it on a large scale, as we didfor recorded music.
From a financial point of view, our profitable growthstrategy resulted in an increase in the adjusted EBITDA
profit, reflecting both our investment and the strong
positioning of our model, and the continued search for
efficiency, which we monitored throughout the year.

Lastly, Believe continued its efforts to promote a fairand equitable ecosystem in the music industry, in linewith the goals of the company's "Shaping Music forGood" corporate social responsibility program. This
resulted, notably, in the continuous improvement ofequality and parity within the Group, with women
representing 46% of our headcount. We also
supported the fight against streaming fraud, which can
only be detrimental to artists.
It is with our artists and employees, our two hearts
that beat in unison, that we will pursue our strategy of
profitable growth and our investments to support it. It
is also with them that we will continue to transform thedigital music sector, and develop fair and equitablemusic ecosystems in each of our markets.

Denis Ladegaillerie
Founder, Chairman and Chief Executive Officer

Extract of the Universal registration document 2023 - Believe2

2023 KeyfiguresFranceGermany€147.8m€110.9m

REVENUESREVENUES

16.8%

12.6%

699

264

1

1

OF GROUP REVENUEEMPLOYEESCOUNTRY

OF GROUP REVENUEEMPLOYEESCOUNTRY

Europe(excluding France and Germany),
including Russia and Turkey€264.6m
REVENUES

30,1%

OF GROUP REVENUE

327

EMPLOYEES

13

COUNTRIES

Americas€128.1m
REVENUES

14.6%

OF GROUP REVENUE

187

Asia/Pacific/
AfricaEMPLOYEES

8€228.9m

COUNTRIESREVENUES

26.0%

OF GROUP REVENUEA TECHNOLOGYCENTRAL PLATFORM
IN FRANCE,A FOOTPRINT
IN

50

3

442
EMPLOYEES27

COUNTRIESCOUNTRIESExtract of the Universal registration document 2023 - Believewww.believe.com

Key figures

1.2Md

€

DIGITAL MUSIC SALES

94%880.3mPREMIUM
SOLUTIONS€

6%

REVENUESAUTOMATEDSOLUTIONS+

15.7% + 14.4% 5.7%

REVENUE GROWTH

ORGANIC GROWTH

1.35 million+

ADJUSTEDEBITDA MARGIN

100

DIGITAL DISTRIBUTION PLATFORMS
DIGITAL SERVICE PROVIDERSARTISTS DIRECTLY OR TROUGH THEIR LABEL

1,322

1,919

PREMIUM AND AUTOMATED
SOLUTIONS597

EMPLOYEESCENTRAL PLATFORM

46% 54% 8%

WOMEN

MEN

SHAPERS94%

TRAINING RATE** Employees who attended at least one training course during the year.

Extract of the Universal registration document 2023 - Believe

4

OUR CSR STRATEGY IS AT THE HEART OF OUR BUSINESS MODELENGAGE LEADERSDEPLOY GOOD COMPLIANCE PRACTICESSHARE THE VALUE CREATED

of Believers completed:

FAIR & TRANSPARENT

CODE OF ETHICS,
ANTI-CORRUPTION, and/or% CONFLICT OF INTEREST training

79

A CSR COMMITTEE

within the Board of Directors

CSR OBJECTIVES

compensation contract and modelfor our artists & labels

Independent

integrated into the variable
compensation of Leaders teams

SHARING & VALORIZATION

WHISTLEBLOWINGPLATFORM implementedof streaming data with artists & labels

GENDER EQUITYSUPPORT INITIATIVES IN FAVOR OF GENDER EQUITYPROMOTE GENDER EQUITY & PARITY

46%

WOMEN
BELIEVERS

NEW HIRES

identifying as

WOMEN

50%

40%

of women among

MANAGERSSCORE ON GENDER
EQUALITY INDEXin France

99/100

DIVERSITY, EQUITY AND INCLUSIONAMPLIFY UNDER-REPRESENTED
COMMUNITIESDEVELOP A DEI CULTURE"AT BELIEVE, EVERYONE IS ACCEPTED
FOR WHO THEY ARE"

SUPPORT LOCAL COMMUNITIES ANDMUSICAL HERITAGE
Training and development program foryoung artists:

BE THE CHANGE REPORT
on gender equity in the music industry

8.6/10 to the internal 2023 survey

BelievHER

BE FAIR TRAINING

playlist spotlighting women artists at Believe

on combating biases and stereotypes

microgrants

TALENT DEVELOPMENT AND WELLBEING
TRAIN AND SUPPORT OUR BELIEVERSENGAGE OUR BELIEVERS

94% 98%Believers
participated in+1000 PARTICIPANTS

140 SHAPERS

in our solidarity days
“Shaping Together”

in our “Shapers forGood” program

Believers participatedin at least one

SUPPORT OUR ARTISTS AND LABELSEXPERTS teams in+50 countries

CAREER REVIEWTRAINING

150 000 km

PLATFORM & WEBINARS

Advocate fortracked for

dedicated to mental-health & wellbeing

RESPONSABLE AI

SOLIDARITY CHALLENGES

Digital marketing

TRAINING &MASTERCLASSES
Founding member ofMusic Fights Fraud Alliance

MEASURING AND TAKING ACTION TO REDUCE OUR CARBON FOOTPRINTSUPPORTING INITIATIVES FOR THE PLANET

Our greenhouse gas emissions in 2023:

1265

eqCO2 for our directt activities (scope 1&2)

= 208 ﬂights around the globe

1.9

eqCO2
t per Believers= 1 ﬂight from Paris to Jakarta

74

of our oﬃces implement

ECO-FRIENDLY% PRACTICES

7500

TREES
plantedStudy on the streaming
music's carbon footprint

2023-2024 EDITION - 2023 DATASENVIRONMENTAL SUSTAINABILITY

2

Extract of the Non-Financial
Performance Statement: Chapter 2.

Corporate social responsibility
2.1

Shaping Music for Good:a strategy aligned with
Believe’s values

7

2.1.1 Shaping Music for Good, a CSR strategy
at the heart of Believe’s business model

7

2.1.2 Believe’s values
2.1.3 A structured CSR organization

2.2

Analysis of the risks andopportunities related toGovernance, Social andEnvironmental issues

2.2.1 Nurturing the Shaping Music for Goodapproach through dialogue withstakeholders
2.2.2 Policies and actions to address ESG
challenges: risk and opportunities table2.3

An ethics and deontologicalsystem as close as possible toemployees, artists and labels

2.3.1 Organizing the governance of ethical issues
2.3.2 Deploying policies and tools to apply
ethics and compliance standards
2.3.3 Setting up and raising awarenesson the whisteblowing alert protocol

2.4

Employees at the heart ofBelieve’s business model andShaping Music for Good

2.4.1 Believe employees in key figures
2.4.2 A structured human resources
organization to support the Group’s growth
2.4.3 Be an attractive employer: hiringand integrating talent
2.4.4 Retaining and supporting employees
in their careers
2.4.5 Creating a diverse, inclusive and fairworking environment

2.4.6 Developing efficient working conditions,well-being and mental health2.4.7 Deploying a fair compensation systemand sharing value creation with employees
2.4.8 Ensuring continuous dialogue with theteams and measuring the level ofcommitment and satisfaction

10
10

2.5

14

14
19

24
24
25

26
26
28
29
31
34

2.5.1 Nurturing relationships of trust andsupporting creativity with our artists
and labels, and our stakeholders
2.5.2 Leading change in the music industry
and developing a culture of engagementwith local communities

2.6

24

A committed player serving
artists and labels, and local
communities

37
40

41

42

42

46

Actions on the ground in favor
48of the environment

2.6.1 Formalizing the environmental approach
2.6.2 Supporting the engagement of employees
and the music and digital industry to theenvironment
2.6.3 Applying the principles of the “green
taxonomy” to measure its contribution
to the EU’s climate objectives

49

52

53

2.7

Methodological note andsummary of indicators

59

2.7.1
2.7.2
2.7.3
2.7.4

Scope of the risks covered
Reporting period and frequency
Reporting scope
Non-financial indicators

59
59
60
60

2.8

Report of one of the Statutory
Auditors, appointed as anindependent third-party
organization, on theverification of theconsolidated Non-Financial
69
Performance Statement

Extract of the Universal registration document 2023 - Believe

6

2

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

For this third publication of its Non-Financial Performance
Statement (NFPS), Believe has brought together, in
Chapter 2 of its Universal Registration Document (URD),
the relevant information regarding the Group’s strategy
and main non-financial risks and opportunities, their
management and their control, as required by theregulatory framework of the NFPS.
In addition to Believe’s business model and values
presented in Chapter 1 of the URD, Believe publishes inthis Chapter 2 (NFPS), useful social, societal andenvironmental information that is important tounderstand its CSR approach, Shaping Music for Good.
This NFPS presents the initiatives already launched andthe improvement focuses to be carried out in the shortand medium term.
Section 1 presents Believe’s CSR strategy and its place inBelieve’s business model.

Sections 2 and 3 describe the governance of corporate
responsibility, the materiality analysis and the frameworkof professional ethics. Stakeholder expectations and asummary table of non-financial challenges, risks andopportunities are presented in Section 2.
The commitments made to employees in response to thematerial risks and opportunities identified are presented
in Section 4.
Commitments to artists and labels, the music industry andcivil society are set out in Section 5.
Section 6 provides details of our environmental andclimate initiatives.
Finally, Section 7 presents the methodology and indicators(key and additional indicators) monitored under this NFPS
and the Shaping Music for Good program.

2.1 Shaping Music for Good: a strategy alignedwith Believe’s values
The concept of social responsibility is embedded inBelieve’s history and its primary purpose. Since its
creation in 2005, the Group has positioned itself with local
artists and labels in an inclusive way: giving all the means
to access streaming and social media platforms, and tomonetize their creations. Whatever the stage of theircareer, the solutions and tools of Believe’s innovative andconstantly evolving technological platform enable them toaccess the power of the digital market.

2.1.1 Shaping Music for Good, a CSR strategy
at the heart of Believe’s business model
The early 2000s marked a major turning point in thehistory of the music industry with the arrival of theInternet, digital tools and social networks. Very early on,
Believe anticipated and prepared for the rapid evolutionof digital uses (streaming, social networks, etc.), frommusic production to distribution and consumption:●●

development of new digital tools to support music
creation;
evolution of the distribution of market value towards
the middle class of artists;●

new expectations of artists (control of rights, moretransparent value sharing, independence).

Believe offers an alternative that allows artists and labels
to lead their careers in a more autonomous, fast and agile
way, by assisting them with their promotion anddistribution on digital platforms, while respecting theircreativity and artistic content. Believe addresses at all
types of music (urban, pop, electronic, classical, jazz, indie,
traditional local music, etc.).

Chapter 2 of this Universal Registration Document provides a complete and transparent description of Believe’sbusiness model and its contribution to the creation of value, in the short and medium term, for the benefit of all its
stakeholders.

7

Extract of the Universal registration document 2023 - Believewww.believe.com

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

Thebusiness model

Believe’s mission is to develop artists at every stage of their career and development, in all local markets
The Group’s around the world, with respect, expertise, fairness and transparency.

ARTISTS SERVICESSOLUTIONS PREMIUM

Tailored go-to-market and audiencedevelopment strategies
50% tech / 50% music and digital expertise

Emerging and EstablishedLabels & Artists

Revenue share model

93.7% of revenue
60% to 65% of recording
fees collected by Believe
through the DSPs paid
to artists and labels

LABEL AND ARTISTS SOLUTIONSDistribution, marketing and digital promotion
70% tech / 30% music and digital expertise
Revenue share modelMusic creators andself-distributed artists

6.3% of revenue

TUNECORE

SOLUTIONSAUTOMATED

1,3 million artists, directly or through their labels

Established and
Top Labels & Artists

80% (freemium model)
to 100% (paid model)of royalties paid
to creators

Tech distribution platform for music creators
100% tech
Subscription model

Streaming
platforms+100 DIGITALPARTNERS

Social media
platforms

The Group’s Business model is supported by the four priorities of its corporatesocial responsibility (CSR) strategy: Shaping Music for Good.

SHARED VALUE CREATIONWITH OUR VARIOUS STAKEHOLDERSRESSOURCES

HUMAN
CAPITAL• 597 experts
in the central platform• 1,322 music• and digital experts• Training
and monitoring• Compliancepractices

CAPITALTECH &INNOVATION• Proprietaryand scalable
technologicalplatforms (Backstage,
TuneCore)• Data collection,
processing
and analysis capacity• Innovationin functionalities& services adapted
to new digitalpractices• Cybersecurity
and data protection

OPERATING
CAPITALFINANCIALCAPITAL

ARTISTS, LABELS& BUSINESSPARTNERS• A central platformthat develops
all solutions
and innovations(products,
formalizationand deployment
strategies for oﬀers,
etc.)• A local network
deployed in+50 countries• Solidary founding
shareholder• 182.3 million
in net cash equity• Partnerships withdigital service
providers (DSP)• Targeted acquisition
policy to accelerate
growth• Training & expertise(Artist Resources,
TuneCore Rewards
and Master Class
solutions)• +317 billion streams
on the 9 main DSPs
• +1,331 billion views
on YouTube• +1.2 billion in DMS(Digital Music Sales)• Transparent and faircontracts andcompensation• Customer NPS• Tiktok preferredpartner

LOCAL
COMMUNITIESAND THEMUSIC INDUSTRY• Around 140 shapers(ambassadors)• +1,000 participantsin our solidarity
month Shaping
Together• “Be the Change” study
on women andminorities in themusic industry
to the internalYour Voice survey• Support forunder-represented
minorities• 1,265.5 TeqCo2(scopes 1 & 2)
vs 708 TeqCo2
in 2022Extract of the Universal registration document 2023 - Believe8

2

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

Our corporate social responsibility (CSR) strategy, Shaping
Music for Good, is at the heart of Believe's business modeland mission: to support local artists and labels at every
stage of their careers in the digital world with fairness,expertise, respect and transparency.

growth and development of talent in local markets. The
Group also strives to give its various stakeholders themeans to engage with and have a positive impact on civilsociety and the music industry.
The Shaping Music for Good approach is structured
around four priorities for the benefit of the artists andlabels, employees and communities in which the Group
operates.

Believe's Shaping Music for Good goal is to help “shape
the music industry for good” by building trusting
relationships with artists and labels, partners andemployees. Through its activities, Believe invests in the

The priorities of Shaping Music for Good, Believe's CSR goal

Gender equity
Mobilize to make the musicindustry an industry
where people can thrive
whatever their gender
identity might be.

Diversity, Equity
and Inclusion

Well-being and talentdevelopment

Environmental
sustainability

Commit to amplifying
under-represented voices
and to ensuring respect for
all artists and employees.

Create an environment that
promotes health and wellbeing for all, by supporting
career paths, skills
development and training
for employees, artists andpartners.

Participate in the collective
effort to protect theenvironment and fightagainst climate change.

These priorities reflect Believe's commitments and deep
convictions: developing a more diverse, inclusive andresponsible music industry:
●

●

9

●

developing the diversity of local talent by
supporting artists and labels at each stage of theircareer thanks to teams present throughout the world;
supporting artists’ transition to the digital world bydeveloping and training a new generation of experts inthe digital music market. It's also making the most oftechnology to sustainably develop talent;

Extract of the Universal registration document 2023 - Believe●building trusting relationships through respect,fairness and transparency. For our artists, it is a matterof respect for their creative independence, theirfreedom of expression and the protection of their data.
For employees, this means promoting andimplementing Believe’s values across the Group andthe music industry;empower Believe’s various communities to have along-term positive impact on society. Rely on a
network of ambassadors at Believe and give
employees the opportunity to engage with local
communities. It also means taking action to measure
and reduce the environmental impact of Believe’s
activities.

www.believe.com

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

2.1.2 Believe’s values
Generating trust for artists and labels, Believe's four
values (Driving Forces) empower them while providingthem the autonomy they need. For employees, they arealso a source of efficiency, openness and trust.

Serving as the foundation of the Shaping Music for Good
strategy, they are at the heart of every CSR policy,
objective and action.

Believe’s values

RESPECTBe respectful to all artists,
all labels, and all employees
at every stage of their careerand in all countries where
the Group operates.

EXPERTISE

FAIRNESSTRANSPARENCY

Be an expert in developing
the expertise of our teams,
guaranteeing the eﬀectivenessand excellence of the services
we provide to artists & labels.

Be fair in our relations withartists and employees to oﬀer
equal opportunities andfreedom of choice in termsof personal development.

Be transparent in our projects
and contracts, by sharing
the necessary information
with artists, labels, employees
and partners to enable everyone
to make informed decisions.

2.1.3 A structured CSR organization
2.1.3.1 From the CSR strategy tosteering Shaping Music for Good
Since its IPO in 2021, Believe has formalized andorganized its CSR strategy around its “Shaping Music forGood” goal, notably by implementing the following
structuring actions:
●

●

●

●

●

●

●

In 2022 and 2023, following the CSR Committee
recommandation, the Board of Directors confirmed
Believe’s CSR challenges with regard to the expectations
expressed by the various stakeholders and the Group’s
main CSR priorities, namely:●

strengthen the governance model, with the creation ofa CSR Committee within the Board of Directors and theestablishment of a CSR Department, reporting to theGroup Human Resources Department, overseen by amember of the Executive Committee;
conduct an extensive consultation and regular dialogue
with internal and external stakeholders to better
understand their expectations;structure the Shaping Music for Good ambition and the
CSR strategy to meet the Group's major challenges;●●

raise employee awareness of the fundamentals of CSR
and develop a network of internal ambassadors known
as “Shapers”, the intermediaries of Shaping Music forGood;establish and disseminate the Diversity, Equity andInclusion charter;
carry out an initial assessment of the Group’s carbon
footprint;
establish
non-financial
performanceindicators
integrated into the annual and long-term variable
compensation of the members of the Executive
Committee and senior executives of the Group’s main
subsidiaries, with the exception of the Chairman andChief Executive Officer's long-term compensation.

●

expertise challenges, with investment in the
recruitment of local teams and the development of
employee training, to support the Group's growth andensure a high level of employee expertise at the serviceof artists and labels. A special effort was also made tointegrate recent acquisitions and roll out standardized
human resources management processes throughout
the Group;
challenges regarding gender equity and parity inBelieve's teams, with continued efforts across all
human resources processes;
diversity and inclusion challenges in the musicindustry, with support for local artists and labels, inparticular women and under-represented communities
in the music industry, and employee training. The
objective is also to promote the development ofdiversified musical production and to showcase local
musical heritage, notably through partnerships withlocal associations;challenges regarding employee involvement inBelieve and local communities, notably through the
network of internal ambassadors, the "Shapers", theShaping Together solidarity program (formerly called
Believe Tomorrow) and partnerships with civil society
actors;Extract of the Universal registration document 2023 - Believe10

2

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values●

environmental challenges, with measurement andmonitoring of the direct and indirect carbon impact ofBelieve's activities (Scopes 1 & 2 and partially Scope 3)
and the implementation of action plans to reduceenergy consumption.

music industry (see Section 2.1.1 “Shaping Music for Good,a CSR strategy at the heart of Believe’s business model” ,page 50):

In 2023, Believe reinforced its Shaping Music for Good
strategy around four key priorities in view of the Group's
values and business model, and the challenges facing the●gender equity;●

Diversity, Equity and Inclusion;●

well-being and talent development;●

environmental protection.

2.1.3.2 The Group’s main non-financial objectives
In view of Believe’s challenges, the Group monitors the following indicators in particular:
Challenges

Non-financial indicators

Gender equity% of women among
employees

Talent development Training% of employees trained (andaverage hours of training per
employee)

Employee engagement

Commitment to Shaping
Music for Good

2023 targets

2023 results

2023 NFPS reference

44%

45.6%

2.4.5 Creating a diverse, inclusiveand fair working environment,
page 77
2.4.4 Retaining and supporting
employees in their careers, page
74

85%

94.4%

(10h)

(11h)

eNPS (employee Net
Promoter
Score – Your Voice)13

15

2.4.8 Ensuring continuous dialogue
with the teams and measuring thelevel of commitment andsatisfaction, page 84% of ambassadors / Shapers
among employees

7.5%

~8.3%

2.1.3.5 A global network ofcommitted ambassadors, page 56(around 140
ambassadors/
Shapers)

2.5.2 Leading change in the musicindustry and developing a cultureof engagement with local
communities, page 89

The eNPS corresponds to the following question asked as part of the Your Voice 2023 internal barometer: “To what extent would you
recommend Believe as an employer?” Calculation of the eNPS score: % promoters (score 9 and 10) - % detractors (score 0 to 6).

2.1.3.3 CSR governance system
Driven by Believe' values, the CSR governance enables andencourages the collaboration of all stakeholders to
deploy Shaping Music for Good at all levels of theCompany.
Built on Believe's two essential components – Artists andLabels, and Employees – the Shaping Music for Goodpriorities are applied throughout the Group and adapted
to various stakeholders internally and externally. Thesepriorities support employee engagement and Believe's
overall performance.
The CSR department reports to the Group Human
Resources Department and is supervised by a member ofthe Executive Committee. This illustrates Believe's desire
to make CSR a structuring element for the organization
and an engagement driver by directly involving
employees.

11

Extract of the Universal registration document 2023 - Believe

The CSR Department ensures the operational deploymentof the approach, with the full attention of the Board of
Directors: the CSR Committee is chaired by anindependent member of the Board of Directors. The
presence of Denis Ladegaillerie, Chairman and Chief
Executive Officer, on this Committee reflects theimportance given to social, environmental andgovernance issues in defining the Group's strategy.
Chapter 4 “Corporate governance” of the URD (page 149)
presents the composition and functioning of theCommittee, and the details of its work during the pastfiscal year.

www.believe.com

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

CSR governance at the service of Shaping Music for Good
The diagram below details the role of each body in the steering, implementation and control of the Shaping Music for Goodapproach.

BOARD OF DIRECTORSCSR COMMITTEEEXECUTIVE COMITEE• Advises on CSR strategic orientations• Identiﬁes and incorporates CSR issues and risks within
the Group strategy• Validates CSR reporting, the principles of CSR governance,
and the compensation models aligned with the CSR strategy• Validates CSR strategic orientations and objectives• Ensures alignment with the Group’s strategy and values• Oversees the deployment of the CSR strategy and theShaping Music for Good ambition

CSR DEPARTMENT
Within the Human Resources Department• Builds and manages the CSR strategy, objectives and roadmap in accordance with the Shaping Music for Good ambition• Sets up and deploys CSR processes, tools and training• Leads, coordinates and advises local HR networks and ambassadors, and functional, business and country departments• Consolidates, measures and monitors non-ﬁnancial performance, and publishes the CSR/NFPS report• Coordinates and guides the CSR partnership policy

AMBASSADORNETWORK• Proposes and contributes
to initiatives in line with
CSR priorities• Raises awareness and promotes
the Shaping Music for Goodambitions• Shares best practices

LOCAL ANDCENTRAL HR• Deploys the CSR roadmap locallyand in HR processes(social and environmental)• Leads the Ambassadors networkand local solidarity actions• Contributes to CSR reporting

COUNTRY / BUSINESS DEPARTMENT• Deﬁnes and implements the local roadmap• Reports on progress• Raises speciﬁc issues

EMPLOYEES• Puts the Believe values (Respect, Fairness, Transparency, Expertise) and the Shaping Music for Good roadmap into practice• Participates in solidarity action• Monitors Compliance and Diversity & Fairness & Inclusion training and practices

As part of the Human Resources Department, the Group's
CSR Department works closely with several central
functions, as well as with the local teams of the function
and business lines, in order to:●roll out the CSR roadmap;●

establish CSR policies and actions;●

CENTRAL PLATFORM /FUNCTIONSSHARING AND ENGAGING ARTISTS & LABELS, MUSIC INDUSTRIES AND LOCAL COMMUNITIESPRACTICE & PARTICIPATEDEPLOY & ENGAGE

MANAGE & LEADGUIDE & CONTROLCSR governance for

The CSR Department also relies on the local CSR steeringcommittees set up in certain countries (France, North
America, Latin America, India, Southeast Asia, etc.). These
committees are usually composed of the Executive
Management of the country and/or the members of theGroup’s Executive Committee, local human resources
teams, and the regional CSR manager.

measure progress and prepare for regulatory changes
and ESG (Environment, Social, Governance) challenges.

Extract of the Universal registration document 2023 - Believe

12

2

Corporate social responsibility
Shaping Music for Good: a strategy aligned with Believe’s values

DEPARTMENTS

CONTRIBUTION TO AND PARTICIPATION IN CSR INITIATIVES AND ESG CHALLENGES

Align CSR reporting with the financial scope.

Finance, Internal
Control
Legal,
Risks and Compliance

Carry out the environmental taxonomy analysis.
Identify environmental, social and governance risks and opportunities, and their potential financial impacts,in order to integrate them into risk mapping.
Ensure compliance with applicable local and international regulations.
Roll out compliance training for employees, and monitor and address the alert procedures available forartists & labels and employees.
Roll out consistent communication on Believe’s CSR commitments and progress.

Investor Relations

Understand the expectations of the financial community.
Respond to ESG questionnaires.
Integrate the Group’s CSR strategy into financial communication (messages and materials).
Integrate CSR issues and priorities into all HR processes.
Roll out CSR activities at the local level.

Human Resources

Contribute to CSR reporting and the CSR report.
Define and monitor the CSR criteria for the compensation of the Group's executive director and senior
executives (or equivalent).

Information &Technology

Measure part of the environmental impact (data centers, cloud centers, IT equipment).

Communication

Support and promote CSR activities and progress by communicating with employees and stakeholders.

Local “Business” teams
with a local CSR
Committee

Roll out and monitor the Shaping Music for Good roadmap at the local level and among artists & labels.
Implement CSR activities locally with employees and artists & labels.
Establish partnerships with organizations and associations in the music industry.

2.1.3.4 Non-financial criteria included
in compensation schemes
The Group ensures that management teams are involvedin CSR challenges by incorporating non-financial criteria
into the compensation policy. The Chairman and Chief
Executive Officer's annual variable compensation is thus
subject to non-financial criteria. This is also the case forthe members of the Executive Committee and the
managers of the Group’s main subsidiaries, who have a
non-financial criterion in their performance evaluation. In
addition, free share allocation plans also include a nonfinancial criterion.
The performance criteria are described in Chapter 4 of the
URD (Section 4.6.3 "Compensation policy for 2024 for the
Chairman and Chief Executive Officer, Executive Director",
page 191) for the Chairman and Chief Executive Officer's
variable compensation, and for the free share allocationplans (Section 4.6.4.4 "Principles and rules used for the
allocation of free shares", page 206).

2.1.3.5 A global network of committed
ambassadors
Believe ambassadors, known as “Shapers” in reference to
the Shaping Music for Good ambition, are employee
volunteers who propose and contribute to initiatives thathave a positive impact for teams and local communities, inline with the priorities of Shaping Music for Good. The
system works collaboratively, in close coordination with
regional CSR managers and local human resources teams,
and with local management's support.

13

Extract of the Universal registration document 2023 - Believe

Created in 2019, at the initiative of employees and withthe support of human resources, the ambassadors/
Shapers network has gradually been organized andstructured into different communities, addressing
Believe’s priority topics:●●

People & Parity: on the topics of gender equality,
diversity and inclusion, well-being at work, mentoringand support for local communities;
Planet: on environmental and climate issues.

Ambassadors/Shapers propose initiatives and implement
concrete actions in these areas.
The goal is to create and lead communities to share bestpractices, disseminate and implement the CSR strategy
locally in line with the Shaping Music for Good approach.
Examples of the contributions of the Shapers network aredetailed in Section 2.5.2.2 “Promoting music as a vehicle
for committed messages and responsible practices", page
90. To this end, the Ambassadors / Shapers receive
information on the CSR strategy, objectives and resources
allocated. They meet regularly at local and regional level toshare best practices and define and implement concreteand shared actions on the ground.
The Group has been building and expanding the networkof ambassadors/Shapers. In 2023, the Group shifted its
focus from increasing the number of participants in thisnetwork to enhancing the level of participation andcommitment among existing ambassadors. At the end of2023, the Group had around 140 ambassadors / Shapers
in 12 countries, i.e. almost 8.3% of employees, exceeding
the initial target of 7.5% of ambassadors as a percentageof the Group's total headcount in 2023. This indicator is
one of the non-financial criteria included in certain longterm free share allocation plans.

www.believe.com

Corporate social responsibility
Analysis of the risks and opportunities related to Governance, Social and Environmental issues

2.2

Analysis of the risks and opportunities related
to Governance, Social and Environmental issues

This statement for the 2023 fiscal year is based on a risk analysis, pursuant to Order 2017-1180 of July 19, 2017, in order toreflect the expectations of Believe's main stakeholders regarding the assessment and management of CSR risks andopportunities.

2.2.1 Nurturing the Shaping Music for Goodapproach through dialogue with stakeholders
2.2.1.1 Believe’s stakeholders
Believe attaches the utmost importance to the voices of its
stakeholders in line with its values and in accordance withthe principle of dual materiality. The Company has
identified six categories of stakeholders to ensure that
their expectations are taken into account when identifying
priority CSR challenges:●

Believe’s talent (employees, etc.);●

artists and labels;●

members of governance and financial partners;●

business partners and suppliers;●

the music industry ecosystem;●other key stakeholders
shareholders, associationsorganizations, etc.).

(Board of Directors,
and non-governmental

This mapping also involves ensuring regular dialogue
between Believe and all players in its ecosystem. It was
refined in 2023 with the identification of interdependent
relations among Believe and its stakeholders, and will be
gradually supplemented by a more in-depth analysis of
the risks and opportunities of each of the stakeholders
identified below.

Extract of the Universal registration document 2023 - Believe

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Mapping of stakeholders
ARTISTS & LABELSMusic creators - Emerging or established artists - Top artists - Labels

BUSINESSPARTNERS• Digital Social Platforms• Social media• Minority stakes• Datacenter &cloud providers• Employees• Business Consultants• Candidates• Shapers / Ambassadors

GOVERNANCE
AND FINANCIAL PARTNERS• Board of Directors• Shareholders• Investors• Banks

BELIEVE'S MAINSTAKEHOLDERS:
Believe's primary stakeholders include the Believe
employees, known as “Our talent,” who provide vital
support to artists and labels by sharing their expertise inmusic and digital solutions. Additionally, Believe fosters
strong relationships with business partners, including
streaming platforms and social networks. The Groupleverages these privileged relationships with its partners
to serve artists and labels, often acting as a “preferredpartner.” Moreover, technology partners, such as serverand cloud providers, play a crucial role in ensuring the
optimized and sustainable management of artists' andlabels' data to and from the platforms. Finally, Believe
actively engages with the music industry ecosystem,
aiming to involve all stakeholders in creating a morediverse, inclusive, and sustainable industry.

15

MUSIC INDUSTRYECOSYSTEMOUR TALENTS

Extract of the Universal registration document 2023 - Believe• Collective rights
authorities• Professional associations• Live stakeholders• Music publishers

COMMUNITIES• Associations and NGOs, local communities• Public authorities and institutions• Media and inﬂuencers• Associations and NGOs, local communities

OTHER BELIEVESTAKEHOLDERS:
Believe also maintains relationships with its financial
partners, in the framework of responsible and transparent
governance. The Group is also involved with local
communities, notably as part of the solidarity activities of
the Shaping Music for Good program. Believe does notcommunicate directly to the general public, but supports
artists and labels so that they can expand their audienceamong music consumers via digital platforms.

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Corporate social responsibility
Analysis of the risks and opportunities related to Governance, Social and Environmental issues

2.2.1.2 Consultation with stakeholders

The results of this consultation made it possible to:

As part of the construction of its CSR strategy - Shaping
Music for Good - Believe consulted employees, artists andlabels, as well as partner platforms, in 2021.

●●

identify priority materiality challenges;
strengthen and improve the Shaping Music for Good
strategic axes.

This dialogue also gave respondents the opportunity to
express their diverse expectations and opinions in termsof social responsibility, in an authentic and personal way.

Results of stakeholder survey with a panel of 320 people in 2021
(employees, artists and labels, platforms...)

SOCIAL
2.42/3ENVIRONMENT
2.26/3

SOLIDARITY
1.33/3Equal opportunities, diversity
and inclusion, ﬁght against
discrimination, talent development.

Reduction of the buildings carbon
footprint, digital carbon impact,
IT equipment management.

Access to digital technology
and monetization for artists,
support for local communities.

The Group intends to integrate its values into relations with its stakeholders, and thus best meet their expectations, throughthe implementation of concrete actions. These challenges are addressed via the Group’s human resources and CSR policies,
and projects carried out in support of local communities.

MAIN EXPECTATIONS OF BELIEVE STAKEHOLDERSREFERENCE TO THE POLICIES AND INITIATIVES PUT IN
PLACE BY BELIEVE TO MEET THE EXPECTATIONS OFSTAKEHOLDERS

Diversity and inclusion within teams

Section 2.4.5 Creating a diverse, inclusive and fair working
environment, page 77

The efforts to reduce gender inequalities or thosetargeting minorities within the music and digitalindustries

Section 2.4.5 Creating a diverse, inclusive and fair working
environment, page 77

The physical and mental health and well-being of
employees and artists

Section 2.4.6, Developing efficient working conditions,well-being and mental health, page 80

Section 2.5.2 Leading change in the music industry anddeveloping a culture of engagement with local
communities, page 89

Section 2.5.1.4 Training artists and labels in career
management, page 87
Equitable and transparent relations with all artists,labels, employees and partners

Section 2.4.7, Deploying a fair compensation system andsharing value creation with employees, page 83
Section 2.5.1.5 Respecting the creative independence anddata privacy of artists, page 88

The development of employees and artists, and local
communities, notably through training and support
in new digital practices

Section 2.5 A committed player serving artists and labels,
and local communities, page 85

Measuring and managing the carbon footprint,
notably by reducing energy consumption

Section 2.6.1 Formalizing the environmental approach,page 92

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2.2.1.3 The Shaping Music for Good goal and Believe’s CSR initiatives
with regard to the United Nations Sustainable Development Goals
United Nations Sustainable Development Goals
Believe has identified the Sustainable Development Goals (SDGs) defined by the United Nations to which the Group makes asignificant contribution, in particular through its Shaping Music for Good program.
SDGs

Believe's priorities and actions

Good healthand well-being

Believe deploys a social protection floor for all its employees. The Group offers global and local
activities that promote their well-being at work and their physical and mental health.

Quality education

Believe shares its musical and technological expertise with artists, labels and local communities
through employee engagement (mentoring) and partnerships (masterclasses, etc.). Numerous
partnerships, programs, and events are also organized to promote education through music.

Gender equality &The Group ensures the fairness and parity of all its HR and management processes. It trains
reduced inequalities teams in inclusive practices (including through training on cultural, gender prejudices, etc.), antidiscrimination and anti-harassment practices.
Believe is committed to the issues of diversity, equity and inclusion in the music and digitalindustry (“Be The Change” study, 50InTech partnership), and via the actions of theambassadors/Shapers (Believe for People/Parity).
Decent workand economic
growthBelieve gives its employees, artists and labels the means to develop their careers, ensure theiremployability and monetize their musical talents. Believe provides them with its digital expertise,innovative technological solutions, as well as a transparent and fair value-sharing system.

Climate action

Believe measures and manages its direct impacts on the environment through concrete actionsin its offices via the commitment of its ambassadors (Believe for Planet) and employees.
The Group is also beginning to analyze its Scope 3, a still complex exercise that will make itpossible to measure the impacts of data centers, the cloud and streaming practices.

17

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Corporate social responsibility
Analysis of the risks and opportunities related to Governance, Social and Environmental issues

2.2.1.4 Ongoing dialogue with thefinancial community
Since its IPO in June 2021, Believe has communicatedregularly and transparently on its activities, strategy andoutlook with its individual and institutional shareholders
and, more generally, with the financial community(investors, analysts, rating agencies, etc.).
The Group follows the best practices of the profession.
Believe’s Executive Management and Investor Relations
Department
maintainaregulardialogueonenvironmental, social and governance (ESG) issues withthe financial community. They take part in roadshows, andother individual meetings and thematic conferences,notably on socially responsible investment (SRI) topics.
In 2023, the Group’s Investor Relations Department met
with 275 institutions.
On the Group’s website, in the "Investors" Section, thefollowing information is available:●●

regulated information, of which the effective andcomplete dissemination is carried out electronically,
including on the AMF (Autorité des Marchés Financiers Financial Markets Authority) website, by a professional
distributor on the list published by the AMF;
financial press releases, quarterly results presentations,
webcasts and transcripts ("Financial results" Section);

RATING
AGENCY

MSCIGaïa Researchby EthifinanceMorningstar
Sustainalytics

BELIEVE'S EVALUATION IN 2023

8.2/10AA

58/100BronzeLow level of ESG risk ​13.7/100

●

●
●

●

●

the financial publications calendar ("Financial results"
Section);the share price ("Capital & share ownership" Section);the capital structure ("Capital & share ownership"
Section);the possibility of subscribing to the mailing lists andcontact details to contact Investor Relations;financial press releases, quarterly results presentations
in webcast and their transcription;●

the financial publications calendar;●

the share price.

2.2.1.5 Recognized non-financial
performance
Believe notably relies on the assessments and commentsof non-financial assessment agencies to make progress inthe various areas of ESG.
In 2023 (based on 2022 data), Believe improved its MSCIand Gaïa Ethifinance rating versus 2021/2022, and isconsidered a “low ESG risk” by Morningstar Sustainalytics
for its first year of rating.

DESCRIPTIONWith over 50 years of expertise in research, data andtechnology, MSCI (Morgan Stanley Capital International)
provides in-depth research and analysis on ESG topics on
more than 2,900 companies. Its rating system is updated
regularly to assess a company's management of financiallyrelevant ESG risks and opportunities in light of regulatory,
technical and sectoral developments.
Gaïa Research assesses the performance and management of
ESG risks and opportunities of small and medium-sizedcompanies listed on European markets. Its rating system isbased on more than 140 ESG criteria linked to stakeholders
updated annually.
Morningstar Sustainalytics is an independent ESG andcorporate governance research, rating and analysis firm
helping investors develop and implement responsible
investment strategies. Their analysis is based on the
Sustainalytics methodology and data.

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2.2.2 Policies and actions to address ESG challenges: risk andopportunities tableNon-financial risk analysis methodology:
As part of its CSR strategy, Believe has identified andregularly updates its key environmental, labor, societal
and governance (ESG) challenges, risks and opportunities.
This work to identify, analyze and manage ESG risks is
carried out in line with the methodology used for Grouprisk management (Section 3.2.2.2 "Risk identification andassessment", page 145) with the validation of the CSR
Committee:● setting the context: ESG challenges, risks andopportunities are identified considering the priorities of
the Shaping Music for Good strategy, stakeholder
expectations, regulations and best practices in nonfinancial reporting;● identifying and analyzing ESG risks: identified risks
are then assessed and prioritized according to theirprobability of occurrence and their ESG and/or financial
impact. This process is iterative and collaborative,
involving the various teams concerned;● addressing ESG risks and opportunities: thiscomponent encompasses actions taken within the Groupto avoid and limit ESG risks or to take advantage ofopportunities, at local and Group level. Corrective policies
and actions are implemented at local and Group levels to
mitigate the risk identified and reduce it to an acceptablelevel.
The table of Believe’s challenges, risks and opportunities
shows:●●

the results of the analysis;a description of the main ESG risks and opportunities
identified with regard to Believe’s activities, as well as
its challenges and those of the music industry;

This analysis was carried out taking into account:
●
●

●

19

The scope of the ESG risk analysis covers Believe’s
activities and part of its value chain.
ESG risks and opportunities have been prioritized basedon the methodology used by Internal Control to identify
the risks to which Believe is exposed, an overview of which
is presented in Chapter 3 of the URD.
The Group’s main risk factors in Chapter 3 of thisdocument were enhanced in 2022 and 2023 through thework done on the matrix of ESG challenges, to integratethem into the Group’s strategic and financial challenges.
This table is organized into three main themes, which
cover Believe's main ESG challenges:●●●

labor, talent
challenges;

development

andethicalpractices

societal challenges, with artists and labels and local
communities;
environmental challenges.

For each of these three themes, the table summarizes:
●
●

●

●

risks and opportunities;
the main policies and action plan implemented toreduce risks and develop opportunities under theprism of the four priorities of the Shaping Music forGood strategy;
the Sections in which these topics are addressed in this
URD, to invite the reader to inform themselves fully;
an illustration of the United Nations Sustainable
Development Goals (SDGs) to which the Group
contributes.

At the end of this analysis, it was concluded that thematerial risks related to relations among Believe and its
suppliers and subcontractors were not significant andtherefore were not included in this table.

the Shaping Music for Good strategy;
the priorities identified by stakeholders in the context
of the music and technology sector;
regulatory expectations and best practices in nonfinancial reporting, and the recommendations made by
the CSR Committee.

Extract of the Universal registration document 2023 - Believewww.believe.com

Corporate social responsibility
Analysis of the risks and opportunities related to Governance, Social and Environmental issues

BELIEVE’S ESG CHALLENGES, RISKS AND OPPORTUNITIES MATRIXCSR ISSUESAND CHALLENGESRISKSOPPORTUNITIESPOLICIES AND/ORACTION PLAN

2023
INDICATORSSHAPINGMUSIC FORGOOD
AND SDGPRIORITIESNFPSAND URDSECTION

SOCIAL ISSUES AND CHALLENGES - Employees● Developing the visibility of theemployer brand on the Internet
and social networks with the
Careers website

Developing a strong
employer brand andattracting diverseand high-levelcandidates● Recruiting andretaining theright talent

Risks related tohuman capital andits development;
Risks related to
managing the rapid
growth of the Groupand acquisitions● Participation in various
recruitment fairs and forums
to create a pool of potential
candidates● Performing regular surveys ofall employees to measure thevarious dimensions of theircommitment and satisfaction(Your Voice)

Risk level: HighHaving the skills
necessary to maintainour leadership position
in a rapidly changing
industry and in a highly
stressed labor market:

2.4.3,
page 72● Developing partnerships witheducational institutions(universities, schools, etc.)

Risk of not being an
attractive employer
and not retaining
the talent needed
for growth

Corresponding
Group risks:● Deploying an effective
recruitment policy and tools(deployment of Smart Recruiter,
recruitment training guide,referrals, etc.)

Developing effective
working conditions,well-being andmental health andcreating theconditions forconstructive social
dialogue in the daily
lives of the teams● Supporting employees in the
management of their work andtheir mental health (stressmanagement, mentoring,external psychological support,
etc.)

Participation
rate in theYour Voice
internal
barometer

2.4.6,
page 80● Setting up local activities topromote well-being and teamspirit (sports and physicalactivities, catering, etc.)● Deploying a social protection
floor to all employees● Having anddeveloping technicaland digitalmarketing skills● Supporting their careerdevelopment and assessing
employee performance
Retaining andsupporting
employees in theircareer development● Supporting managers andleaders in their managementrole (training and coaching)● Implementing strategic talentdevelopment
and succession plans

Risk of not providing
artists and labelswith the mostadvanced technicaland digitalmarketing skills

Risk level: Medium

Corresponding
Group risks:Continuously
developing thehighest level ofskills, and training
employees in themost recent
practices,
particularly intechnology anddigital marketing● Deploying skills acquisition
methods adapted to thepractices of the digital sector,
with updated shared modules
and a powerful online platform● Implementing the best practices
and training in cybersecurity% ofemployees
who had atleast one
career review% ofemployees
whocompletedat least one
training
course2.4.4,
page 74

2.4.4.1,
page 74
2.4.4.2,
page 75

Risks related tohuman capital and its
development.

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CSR ISSUESAND CHALLENGESRISKSOPPORTUNITIESSHAPINGMUSIC FORGOOD
AND SDGPRIORITIESPOLICIES AND/OR ACTION PLAN

NFPS
AND URDSECTION

SOCIAL ISSUES AND CHALLENGES

Risk ofdisengagementof employees
and non-alignment
with Believe’s values
and compliancepractices

Creating an inclusive ● Promoting gender equity andparity in all HR and management
environment andprocesses
making diversity alever for employee● Raising employee awarenessattractiveness,of inclusive, anti-bias,
motivation andanti-discrimination andperformanceanti-harassment best practices% ofemployees
whocompletedthe Be FAIR
training
Results
obtained aspart of theinternalYour Voicebarometer

2.4.5,
page 77

Professional
equality
index
FranceRisk level: Medium

Managing the Group’s
rapid growth andinternationalization:● Sharing Believe's
culture and values:
developing acompany recognized
as diverse, inclusiveand fair

Corresponding
Group risks:
Risks related tohuman capital andits development;
Risks related to
fraud, corruption
and ethics.

● Ensuring the local
performance of theteams

Risk of inconsistency
and effectivenessof HR and talentmanagement
processes

Risk level: Medium

Corresponding
Group risks:
Risks related tohuman capital andits development;
Risks related to
the Group’s
international
development.

21

Engaging andmotivating
employees thanks
to our CSR Shaping
Music for Goodambition and byuniting themaround strong
valuesInvolving employees
in the Company's
growthRecognizing talentthroughcompensation
Implementing
structured
and robust HR
processes anddeploying themacross all countries
and subsidiaries● Developing an ambassadors/
Shapers network (Believe forPlanet, Believe for People/Parity)● Promoting Believe's Driving
Forces (Respect, Expertise, Equity,
Transparency)● Deploying policies and tools toapply ethics and compliancestandards● Communicating on thewhistleblowing system among
employees● Deploying a fair and attractive
compensation system● Defining central policies applied
locally and standardize humanresources information systems(Workday deployment)● Developing an attractive and fair
employee shareholding program

Extract of the Universal registration document 2023 - Believe% ofemployees
whocompletedat least oneof theCompliancetraining
modules% ofShapers
among
employees% ofemployees
present
in theWorkday
HR tool

2.1.3.3,
page 542.3.2,
page 67
2.3.3,
page 68

2.4.1,
page 69
2.4.7,
page 83www.believe.com

Corporate social responsibility
Analysis of the risks and opportunities related to Governance, Social and Environmental issues

CSR ISSUESAND CHALLENGESRISKSOPPORTUNITIESSHAPINGMUSIC FORGOOD
AND SDGPRIORITIESPOLICIES AND/OR ACTION PLAN

NFPS
AND URDSECTION

SOCIETAL ISSUES AND CHALLENGES - Artists & labels and communities

Engaging the musicindustry in favor ofdiversity, equity andinclusion:● Being an inclusive
partner for all
diversecommunities and alltypes of music
genresRisk of exclusion
for certain
communities andmusic genres, andnon-alignment with
Believe’s
values● Providing easy
access to digitalmusic technologies● Mastering new
digital musicpractices for all
types of artists andlabels (beginners orexperienced)

Number ofparticipants
andparticipating countries
in the Be
The Change
survey2.5.2.2,
page 90● Developing solidarity-based
activities and building musiceducation programs (Believe
Tomorrow/Shaping Together)

Number ofparticipants
andparticipating countries
in Shaping
Together /Believe
Tomorrow

2.5.2,
page 89● Developing easy-to-use digitalplatforms and service offerings
adapted to the different needs ofartists and at each stage of theircareer (TuneCore offer)

See
Chapter 1,
Presentationof theGroup● Increasing the level of expertiseof artists and labels, and training
them in digital and digitalmarketing practices (Artist
Resources program on Backstage,
TuneCore Rewards, MasterClasses,
etc.)

Numberof artists● Building partnerships with themusic industry and technology
for women and minorities (Key
Change, WIM, 50'inTech, etc.)● Supporting artists committed infavor of minorities

Risk level: Medium

Corresponding
Group risks:
Risks related torelationships withartists and labels;
Risks related tohuman capital andits development.

Attracting,revealing andsupporting local anddiverse artists andlabels in thedevelopment of theirmusic careers throughdigital technologies andservices:

Promoting emerging
artists, women andminorities in themusic industry● Understanding and measuring
the challenges faced by womenand minorities in the musicindustry (Be The Change study)

Risk of digital divide,
invisibility andlack of artist skills to
make the most of
new digitalmarketingtechnologies andpractices

Risk level: Medium

Corresponding
Group risks:
Risks related torelationships withartists and labels;
Risks related toeconomic conditions
and the evolution of
the recorded music
market.

Engaging employees
and providing theopportunityand framework toparticipate insolidarity activities

Training andsupporting artists inthe development of
their careers
and their digitalpresence by making
the most of thelatest technologies
and digitalmarketing practices● Providing access to a broad
portfolio of reliable digital
service providers to ensure a levelof visibility with local communities(150 DSPs assessed according torigorous criteria, partnerships with
DSPs, etc.)

Developing musiceducation programs● Developing music education
for disadvantaged
programs for disadvantaged
communities andcommunities and supporting
supporting future
future young musical talents
young musical(BEAMS India, Songwriting camp,talents as well as the
Casa Preta Hub, etc.)
local musical
heritage

Numberof partner
DSPs

2.5.2,
page 89

Status ofthepartnershipwith themain
streaming
platforms(preferredpartner)

2.5.1,
page 85

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CSR ISSUESAND CHALLENGESRISKSOPPORTUNITIESPOLICIES AND/OR ACTION PLAN

Respecting artists'
fundamental rights
and their artistic
choices● Protecting the creative
independence of artists andlabels while ensuring compliancewith local regulations (monitoringand moderation of content
depending on the country, advice
and educational role for artists inthe eventof potentially sensitive content,
etc.)

Sharing value fairly
and transparently● Establishing a contractual andfair remuneration policy that
respects the sharing of value
with the artist according to thedevelopment of their career (newTuneCore rates, reduced exclusivity
clause)Respecting the data
privacy of artists
and labels● Implementing measures andteams in charge of processing
and protecting data of artists
and labels (within Believe and incoordination with the DSPs)

SHAPINGMUSIC FORGOOD
AND SDGPRIORITIESNFPSAND URDSECTION

SOCIAL ISSUES AND CHALLENGES

Maintaining
relationships of trustwith artists and labels
to promote their artistic
creativity and financial
independence:● Being an advisory
partner while
ensuring theindependence andcreativity of artists
and labels● Helping artists
protect theircontent andmonetize theirmusic

Risk of limiting
the freedom of
expression andindependence ofartists and labels,
and of notrespecting private
data

2.5.1.5,
page 88

Risk level: Medium

Corresponding
Group risks:
Risks related torelationships withartists and labels;
Risks related torelationships withdigital service
providers and social
media platforms;
Risks related to
fraud, corruption
and ethics.

See
Chapter 1,
Presentationof theGroup

2.5.1.5,
page 88

2.5.1.5,
page 88

ENVIRONMENTAL ISSUES AND CHALLENGES● Measuring and reducing energy
consumption and GHG emissions
from office buildings
Reducing the directenvironmental
impact of ouractivities

Promoting an ecoresponsible digitalmusic industry:● Ultimately
contributing tocarbon neutrality
for our direct
activities● Understanding andlimiting the impact ofthe digital musicindustry on theenvironment andclimate● Measuring and reducing the useof electrical and electronicequipment by promoting recycling● Encouraging low-carbon
transport practices● Training and engaging
employees in eco-responsible
practices

Climate andresource-relatedrisks acrossthe entire
digital music anddigital value chain(data center,streaming,
equipment, etc.)

Risk level: Low

Energyconsumption
GHG
emissions(Scopes 1&2)
% of
WEEE
recycled(1)2.6.2,
page 95
2.6.3,
page 96● Assessing the indirect carbon
footprint of our activities (Scope
3 including data centers, cloud,streaming, live, merchandizing...)● Identifying Believe's key levers
for limiting the physical andtransitional risks associated withclimate change.
Contributing to the● Preparing the definition of amusic industry’s
medium and long-term climate
efforts around thestrategy
climate emergency
and participating in● Training and engaging
the mobilization of
employees in eco-responsible
various stakeholders
practices (Shaping Together andBelieve for Planet Shapers/
ambassadors)● Contributing to the discussions
and work of the music industry(Centre National de la Musique(2))
and promoting artists who arecommitted to environmental
protection (Mangroove)

2.6.1.1,
page 92

2.6.3,
page 96(1) WEEE: Waste Electrical and Electronic Equipment.
(2) CNM: The CNM (National Music Centre) is a French public establishment created in 2020 and under the supervision of the Ministry of Culture
and Communication.

23

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Corporate social responsibility
An ethics and deontological system as close as possible to employees, artists and labels

2.3

An ethics and deontological system as close as
possible to employees, artists and labels

Ethics is one of Believe’s first requirements daily, in its
operations. It is anchored in the Group’s history andvalues: Respect, Expertise, Fairness and Transparency.
Believe has put in place a set of tools and systems
described below to promote and ensure theimplementation of ethics and compliance principles in its
activities. In the Group risk mapping, risks related to fraud,corruption and ethics are classified as medium risks.
”The extraordinary growth that Believe is experiencing ispossible because these values are at the heart of ourbusiness. Our ethical standards, supported by strict

regulations, must be imposed on us all, individually andcollectively. Every day we have to make many decisions.
Some of them can sometimes raise complex ethics issues
that deserve special attention. It is in this context thatthe Believe Code of ethics was drawn up. It sets out themain standards of conduct applicable to our businessand sets out the guidelines that we must follow within
Believe when we are required to make decisions. It is theadherence by each one of us to Believe’s values that
contributes to its success”.
Xavier Dumont, Chief Strategy & Finance Officer

2.3.1 Organizing the governance of ethical issues
The Risk and Compliance Department reports directly to amember of the Executive Committee, the Chief Financial& Strategy Officer. This department is responsible fordesigning and implementing the Group’s complianceprogram. This includes, among other things, ethics, anticorruption and conflict of interest tools and rules. The Risk
and Compliance Director participates in the Ethics
Committee to ensure the strict application of proceduresby the Group’s employees and partners.

Department and the Risk and Compliance Department, it
oversees the implementation of the compliance program
and, where applicable, the implementation of sanctions. It
also handles cases of reported breaches of the internal
rules and codes, and reviews the work related to the
Sapin II Law and the GDPR (General Data Protection
Regulation).

The Ethics Committee is dedicated to handling cases
involving breaches of the internal rules and codes.
Composed of the Group’s Chairman and Chief Executive
Officer, the Human Resources Department, the Legal

This organization allows centralized governance, at Grouplevel, of compliance and ethics issues, controls to be
carried out and the management of alerts and risks.

The Ethics Committee is dedicated to handling reports ofbreaches of internal rules and codes.

2.3.2 Deploying policies and tools to apply ethics and compliancestandards
The compliance program includes several tools, including
the Code of Ethics and the Anti-Corruption Code (available
in more than ten languages), as well as the conflict ofinterest procedure and control mechanisms. These Codes
are made available on the Group’s website (https://www.believe.com/fr/conformite-ethique) and Intranet.
They set out the recommended ethical behaviors, thosethat are prohibited, as well as the sanctions incurred forany reprehensible behavior committed by Believe’s
directors, shareholders or employees.

Believe has set up a training and awareness program on
ethics, compliance and respect for human rights to ensure
the permanent application of these rules and proceduresby employees. The program also provides for regular
updates and training campaign reminders for current
employees who completed this training program two or
more years ago. This is why specific campaigns wereorganized in 2021 and 2023, explaining the lower
percentage of employees trained in these topics in 2022.

Extract of the Universal registration document 2023 - Believe24

2

Corporate social responsibility
An ethics and deontological system as close as possible to employees, artists and labels

A major online training campaign was launched in 2021 toaddress these topics as part of the Company’s IPO (67% of
employees trained). In 2023, Believe conducted a new
online training campaign focused specifically on conflict ofinterests risks, and provided for all Group employees:
78.7% of them participated in this training in 2023.
The Group also runs a training program called “Be FAIR”
on Diversity, Equity and Inclusion, which explains the nondiscrimination and anti-harassment principles to berespected at Believe, as well as the whistleblowing
procedure (see Section 2.4.5.4, “Training and mobilizing

employees in the principles of Diversity, Equity andInclusion and anti-discrimination and anti-harassment”
page 79).
Indicator

2023

2022

% of employees having
completed the Code of ethics
and/or anti-corruption and/or
conflict of interests training

78.7%

44%

2.3.3 Setting up and raising awareness on the whisteblowing
alert protocol
Since January 2021, the Group has rolled out awhistleblowing system available in five languages, 24/7
and managed by an independent organization. It should
enable everyone to report online wrongdoing or
inappropriate behavior that does not comply with
Believe’s Code of Ethics, whether proven or suspected.
Employees are encouraged to express themselvesconfidentially, anonymously or not, depending on theirwishes. This procedure enables them to report in goodfaith a serious breach of the law or of Believe’s internal
rules.
This whistleblowing platform makes it possible to detectsensitive situations, notably of fraud, corruption,
discrimination or harassment, or of non-respect of humanrights, throughout the organization and in the various
countries where the Group operates.
The whistleblowing platform meets the requirements of
the Sapin II Law and is open to all employees andstakeholders, including artists, labels, partners and digital
service provider platforms, and suppliers. The platform isavailableontheGroup’s
website:https://
believe.integrityline.org/index.php. It is supported by awhistleblowing management protocol that has been rolled
out within the Group. Depending on the type of incident
and alert reported, the protocol provides for the openingof an investigation and their rigorous handling:
●

●

25

alerts relating to labor law, harassment, discrimination,
employee health and the working environment aretransmitted to and analyzed by the Human Resources
Department and the CSR Department. The Human
Resources Department then takes the necessary
measures or applies appropriate sanctions, whereapplicable;
other alerts, notably alerts relating to fraud, corruption,
conflicts of interest, tax evasion and non-respect ofhuman rights, are sent to the Risk and ComplianceDepartment;

Extract of the Universal registration document 2023 - Believe●alerts with a clear level of seriousness are examined byBelieve’s Ethics Committee, composed of Believe's
Risks and Compliance Department, Human Resources
Department, Legal Department, and Chairman andChief Executive Officer.

Believe is committed to examining all complaints andtreating them with respect and confidentiality. The alerts
processedarefollowed-up
onthroughtheimplementation of measures or sanctions, where
necessary, as well as preventive actions.
In accordance with the principles of the Sapin II law,
Believe has also set up a third-party assessment process,in particular for its main digital service provider partners(data center or cloud provider, or streaming platform forexample).
Lastly, risks related to taxation and changes thereto are
addressed through regular tax monitoring and processes
to ensure compliance with current regulations.
In 2023, Believe initiated a global communication
campaign called “Speak Up” to raise awareness andcombat harassment and discrimination. Through diverse
communication channels, Believe reaffirmed its
commitment to maintaining a “zero tolerance” policy
towards all forms of discrimination, moral, or sexual
harassment. The campaign also provided avenues forreporting incidents, including an anonymous andconfidential whistleblowing platform, direct contact withthe human resources network, or reaching out todesignated harassment and discrimination officers inspecific countries.
Lastly, Believe recalled the provision of psychologicalassistance (via its partner Eutelmed - see Section 2.4.6.2"Supporting employees in the management of their workand mental health", page 80).

www.believe.com

Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

2.4

Employees at the heart of Believe’s businessmodel and Shaping Music for GoodAs a fast-growing international Group, Believe must beable to attract, recruit, retain and train the right talent at
the central and local levels to ensure the development of
its activities and remain at the forefront of digital musictechnology and practices. Employees are one of the key

foundations of Believe’s expertise. The ability to retain its
teams, share the Group’s values and its Shaping Music forGood ambition are also key to Believe’s success. The risk
related to human capital and its development is one of
the Group’s main risk factors.

2.4.1 Believe employees in key figures
As of December 31, 2023, the Group had 1,807 employees in the companies included in its CSR reporting scope (1,919 in its
scope of consolidation(1))

Headcount evolution

Geographical breakdown of 2023 headcount
1,807

1,800

1,651

1,600

14% Germany

1,430

1,400

39% France

1,270

400

12% Europe(excludingFranceand Germany),
Turkeyand Russia
included200

10% Americas

1,200
1,000

900

800
600

0

2019

2020

2021

2022

2023

Headcount

25% Asia/Oceania/
PaciﬁcSince 2019, headcount has increased by 101%. In 2023, headcount continued to grow with an increase of 9% compared to2022 in order to support Believe's growth.

Breakdown of women and men in 2023

46% Women
54% MenDistribution of men and women among
managers(2) in 2023

39% Women
amongmanagers
61% Menamong
managers(1) In this Chapter, the Group’s salaried headcount includes all consolidated legal entities with the exception of Sentric (acquired in 2023). Within
the scope of CSR reporting, headcount is presented at the end of the period, excluding interns and temporary workers. In addition, the Grouprelies on the services of external consultants in a number of countries where it operates. These consultants are not counted as employees.
(2) The population of managers corresponds to employees with managerial responsibilities, in the “Leaders” Career Path, with internal categories
ranging from 5 to 9 (with “direct report”).

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

Breakdown of women and men in the Executive
Committee in 2023

Breakdown of fixed-term/permanentcontracts(1) in 2023

50% Women

96% Permanentcontracts
4% Fixed-term
contracts

50% Men2023 age pyramid(headcount on permanent contracts)

Change in payroll(in € million)
200
156.4
150

> 60 years
50 to 59 years
40 to 49 years

0.8%

104.8
100

7.5%
19.2%

30 to 39 years< 30 years

135.5

44.3%
28.1%

50

0

2021

2022

2023

(1) The fixed-term contracts considered here include fixed-term contracts and work-study or equivalent contracts. 3.6% of employees were on
fixed-term contracts in 2023, i.e. 66 people, including 53 under work-study or equivalent contracts.

27

Extract of the Universal registration document 2023 - Believewww.believe.com

Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

2.4.2 A structured human resources organization to support
the Group’s growth
Believe has put in place structured and robust humanresources management processes and tools capable ofmeeting the following challenges:
●

●

●

●

●

recruiting and integrating a significant number of
employees in more than 50 countries, in a context ofpressure on available talent in certain segments,
particularly in the technological, digital and musicindustry profiles;
developing skills and offering career opportunities in a
disruptive and rapidly changing industry;retaining and supporting employees and managers
throughout their careers, in order to meet new
expectations in terms of quality of life at work and“purpose”;
developing best managerial practices,
ensuring a high level of commitment;

and

thus

integrating and developing the resources of theacquired companies, by sharing and applying theGroup’s values and processes.

In 2023, Believe standardized its Human Resources
Information System (HRIS) by gradually rolling out theWorkday platform for the main administrative
management processes (excluding payroll and time/absence management) and talent management processes
among nearly all the Believe teams worldwide. This highly
structuring program for the human resources (“HR”)
function makes it possible to:●●●reduce the number of systems and applications andensure better control of HRIS costs;
optimize and improve the efficiency of HR processes,
and their reliability, as well as the cross-functionality of
HR data;provide a better “experience” for employees andmanagers, notably by becoming more autonomousand empowered to manage their development andtheir teams.

The roll-out of this new information system over a scope
covering 95% of the employees included in the CSR
reporting scope has been accompanied by a change
management program, to ensure its rapid adoption by HR
teams and all users. Believe has set up numerous training
courses to reinforce the practice of key processes for the
performance and development of teams, such as:●●●

defining and monitoring individual objectives;
evaluating performance through half-yearly career
reviews and;using feedback functionalities.

A central team that defines the policies andpractices rolled out at the Group:
Believe structured the Human Resources Department into
four central departments presented in the table below,
which serve the local human resources teams in theregions and countries where the Company operates.
The main role of the central teams is to define theprinciples, policies and practices, which address thefollowing themes:●

attractiveness, recruitment and retention of teams;●

skills development and support for managers;

●

●
●

●

promotion of the Diversity, Equity and Inclusion
principles and gender parity;well-being at work, and health;sharing value and seeking for fair and attractive
compensation;social dialogue.

They ensure consistency and equity in access to Group
programs, tools and reporting.

CENTRAL HR DIVISIONS

MAIN RESPONSIBILITIES AND ACTIVITIES

People Success

Implementing talent acquisition and development policies and strategies, notably training
programs and succession plans.

Compensation& Benefits

Define and roll out compensation & benefits policies and tools.

Operations

Set up human resources information systems, in particular the roll-out of Workday in 2023;
Centralize and make available HR procedures, dashboards and key HR indicators.

CSR & engagement

Steering the Shaping Music for Good approach, and ESG non-financial performance;
Measuring employee engagement and supporting the implementation of action andengagement plans.

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

Local HR teams that roll out HR processes
The main role of the local human resources teams, withthe support of the central teams, is to:This organization is based on an ongoing dialogue among
the central and local human resources teams. It makes it
possible to:●●implement HR principles and policies in the field;●

adapt practices according to country specificities;●

operationally manage talent development and support
managers in their role of effectively managing theirteams.

●●

consistently and rapidly roll out policies and tools at
the Group’s entities;align and harmonize policies and practices, whilepursuing a pragmatic and effective approach on the
ground;provide local management in countries.

2.4.3 Be an attractive employer: hiring and integrating talent
Believe’s business model is essentially based on theexpertise of its teams in highly competitive businesses.
The ability to attract, recruit and integrate talent is an
important issue in supporting the Group’s growth.
Every year and on all continents, Believe recruits large
numbers of employees with diverse levels of skills andexperience. These include experts in the music industry, IT
engineering and development, digital and data
management and analysis. The job market in the digitalworld is characterized by strong and global competition,
particularly for the “tech” profiles sought by well-known
companies.
Believe defined a talent acquisition policy and processaligned with the Group’s values. The HR People Successteam manages and coordinates the recruitment process
in all countries. It ensures successful recruitment andguarantees a transparent, fair and uniform candidate life
cycle. Teams dedicated to talent acquisition are set up incountries where the number of hires is particularly high.
Believe also strives to increase the visibility andattractiveness of its employer brand in order to attract thebest possible candidates.

2.4.3.1 Developing the visibility andattractiveness of the employer
brand

●

●

●

29

a diverse and inclusive work environment;
the Group’s
employees;

transparent

relationships

withBelieve’s employer brand strategy aims to:
●

●

●

●

●

For several years, Believe has been developing thevisibility and attractiveness of its employer brand bypromoting:●In 2022, the Group formalized and rolled out its employer
brand, Set the Tone. This effort was supplemented in 2023
by the development of a new website dedicated torecruitment and accessible from the Group’s website(https://careers.believe.com/en/). Promoting the Shaping
Music for Good approach also contributes to Believe’s
attractiveness and pride in belonging, particularly among
young talent.

its

the professional opportunities offered throughout theemployee’s career;

recruit committed talent in line with Believe’s values
and culture;strengthen Believe's positioning among Tech andmusic industry candidates, by promoting Believe's
initiatives and opportunities, and by emphasizing theShaping Music for Good program, in particular on thesubjects of gender equality and diversity and inclusion;
engage employees in the recruitment process, inparticular via co-optation and promoting the employer
brand on social networks;
increasing the Group's visibility worldwide, notably on
specialized job boards and platforms such as Indeed,
Welcome to the jungle, Glassdoor, etc.;
promoting Believe among young talent by developing
relationships with schools and by participating in
events (recruitment fairs, webinars, mentoring, etc.).

In 2023, Believe continued to set up internal and external
initiatives, as described below, and partnership programswith recruitment platforms, target schools anduniversities, and professional bodies.
The Group’s goal is to develop its visibility as an employer,
increase its pool of candidates, notably among women,
and improve the candidate experience. In 2023, Believealso continued its proactive policy of recruiting women,with 49.7% female hires (women who were hired andeffectively joined Believe).

fair compensation in line with market practices.

Extract of the Universal registration document 2023 - Believewww.believe.com

Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for GoodBy way of example, Believe set up the following initiatives
to promote its visibility and the recruitment of talent fromdiverse backgrounds:
●

●

●

●

●

communication campaigns with recruitment platforms
to promote successful employee career paths, notably
with LinkedIn, Welcome to the Jungle and 50inTech;
partnerships with committed “Tech” and musicindustry actors, or with LGBTQIA+ communities:
50inTech, Ada Tech School and Ligue des Jeunes
Talents(1) (France), and Saksham Job Fair (India);

●

●

●

Believe has implemented and deployed procedures, tools
and training for the various stages of recruitment in all
countries.

organization of webinars with EMIC students,
participation in the NovaTech innovation fair of theCentrale-Supélec school,Preparing recruitment:

sponsorship of the Campus Live competition among
students from top schools on the Cergy campus,

Recruitment preparation is structured around three major
challenges, aligned with Believe’s values (expertise,fairness, transparency, respect).

participation in recruitment forums: Galileo, CELSA,
and employment of people with disabilities in theentertainment sector, etc.

CHALLENGES

MAIN ACTIONS TO PREPARE RECRUITMENT●●

Training to recruit●●

Positioning the job
clearly●●●

Generating a pool ofcandidates in linewith Believe’s culture
and values

solidarity initiatives with associations to support andtrain young people from disadvantaged backgrounds
who can become potential candidates to be hired(see Section 2.5.2 “Leading change in the musicindustry and developing a culture of engagementwith local communities”, page 89).

2.4.3.2 Deploying an effective
recruitment policy and tools

relations with schools and universities andparticipation in campuses and recruitment events andfairs, notably in France:●

welcoming interns and apprentices or candidates
who have not yet graduated,

●

●

●

Training HR managers on recruitment;
Training and supporting managers by providing recruitment guidelines and training, as wellas the employer brand’s value proposition;
Incorporating the principles of diversity, equity and inclusion, and an understanding of
conscious and unconscious biases, into the recruitment process (see Section 2.4.5 “Creating
a diverse, inclusive and fair working environment”, page 77).
Defining the content of the position and the profile sought by sharing a set of objectives andskills;Calibrating positions in relation to market prices, using internal compensation grids andrecognized external benchmarks, such as that of Towers Watson;
Publishing attractive job offers, clear on roles and responsibilities, and faithful to the realityof the position and respecting the principles of gender equality and inclusiveness.
Communicating on Shaping Music for Good and positive impact initiatives launched locally.
Through the “Life at Believe” LinkedIn pages, candidates can project and learn more about
Believe;
Presenting careers in the music and “Tech” industry to young people and professionals withvarious profiles (Duo Day);
Creating and leading talent communities to which people interested in Believe can subscribe
and indicate their business interests to receive communications from the Company;
Rolling out a referral program, “Spread the Melody”, allowing the employee to win prizes if
the recommended candidate is actually recruited.

(1) Young Talents’ League.

Extract of the Universal registration document 2023 - Believe30

2

Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for GoodInterviewing and assessing candidates:
Believe defined the best practices and key steps to be
implemented during the interview and selection process,in order to ensure the best possible recruitment successin the shortest possible time:
●

●

●

●

●

●

transparently explaining to the candidate the various
stages of recruitment, as well as the benefits andchallenges of joining Believe;
clearlypresenting
working
conditions
andcompensation to potential candidates, as well as
Believe's values and culture, and thus ensuring the
success of recruitment;
preparing the interviews in order to assess candidates
optimally, equitably and fairly;
assessing the candidate in the most objective andunbiased way possible, in particular through the
upstream t r a i n i n g of managers and recruiters on
the conscious and unconscious influence of each
person’s biases;
testing and assessing the suitability of the candidate
with Believe's “culture” and values, in particularthrough a profile test specific to Believe;
identifying and explaining to the candidate careerdevelopment and skills enhancement opportunities.

Believe also set up a system enabling the continuous
assessment of the level of satisfaction at each stage of therecruitment process, both from the point of view of therecruited candidate and that of the recruiter-manager.
Rolled out since January 2023, this system makes it
possible to assess the quality of the feedback received bycandidates, by recruiter-managers, and by the TalentAcquisition team. The Group ensures that Believe’s values
are respected throughout the recruitment process, andidentifies areas for improvement.

2.4.3.3 Offering effective andrapid onboarding of
new employees
The onboarding process is essential to ensure the new
employees have a successful experience at Believe fromthe start and allows them to efficiently integrate within theorganization.
The first onboarding step is offered online and starts
before the employees arrive at Believe. This is followed byadditional online as well as face-to-face onboarding steps.
This process facilitates the integration of new joiners andshares the fundamentals of Believe's culture and values
from the outset.
This onboarding phase includes:
●

●

●

●

the management of administrative matters (contract,equipment, social benefits, organization, etc.);
the presentation of the Group, its activities and its
values;the first mandatory training courses (Code of Ethics,
Anti-Corruption and Conflicts of Interest, Be FAIR on
diversity, equity and inclusion, GDPR...). These Groupwide training modules are supplemented by businessspecific training courses;
interviews at 30 days and 90 days after a hire, carriedout with local HR, make it possible to measure the levelof employee satisfaction and to complete theonboarding process if necessary (reinforce a subject,facilitate internal contacts, etc.).

2.4.4 Retaining and supporting employees in their careers
In the ever-changing music and technology industries, it isessential for Believe to continuously maintain a high levelof skills among its employees, by promoting thedevelopment of individual skills. This means training thenext generation of digital music leaders and experts, whowill offer a high level of service to artists and labels.
The Group’s ability to meet the new expectations of
employees, to retain them, and to develop theirprofessional competencies is a major asset in supporting
its growth and its innovation policy, which are necessary
for its success. The ability of the human resources teams
to adapt to diverse and evolving contexts to maintain its
employees' skills and know-how at a high level is a strong
lever for differentiating themselves from other players in
the “Tech” sector and the digital music industry, which are
Believe’s competitors in the talent market.

31

Extract of the Universal registration document 2023 - Believe

2.4.4.1 Supporting career development
and employee performance
In the technology and digital music industries, and moregenerally in fast-growing companies, employees have highexpectations in terms of career development andmobility. Believe, therefore, deploys precise managementof employee performance. Robust tools assist themthroughout their career. Believe also offers mobility anddevelopment opportunities to retain its talents.
By way of illustration, since 2020, Believe has
implemented a “career review” process (career interview)structured and common to the entire Group. This process
is an essential and indispensable tool in employee career
management and professional development. This system
is implemented in each country where the Group
operates so that each employee benefits from at least one
career interview per year, via the Workday software.

www.believe.com

Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for GoodThis interview allows employees and their line managers
to review the assignments carried out, and theachievement of the objectives set. Employees also identify
their needs for individual support and training, and share
their wishes for professional development with their line
manager. At that occasion, the line manager may propose
development or support plans to the employee whereapplicable, after consulting the human resources teams.
To ensure the smooth running and effectiveness of careerinterviews, training and awareness-raising campaigns for
employees (including managers) are organized twice ayear. They make it possible to communicate on theprocess, to recall the objectives of the interviews, and toprepare for their work.
Indicator

2023

2022

% of employees who
participated in at least one
career review during the year

98%

97%

2.4.4.2 Rolling out training anddevelopment programs adapted
to employees and our businesssectorBelieve provides a wide range of training programs to all
employees so that they can maintain or raise their expert
status on topics specific to their field and business.
The purpose of these training courses is twofold:●●strengthen or acquire managerial and/or personal
development skills, and the fundamentals of Believe(compliance, Be FAIR on issues of diversity, equity andinclusion, onboarding, etc.);
develop expertise on rapidly evolving or disruptive
subjects (IT development, data analysis, digitalmarketing, etc.).

Each employee is encouraged to follow the training
courses that best meet their needs and the changes inBelieve’s activities. Training is thus one of the non-financial
criteria included in the annual and long-term variable
compensation of the members of the Executive
Committee, of the managers of the Group’s main
subsidiaries, and of the Chairman and CEO's variable
compensation in 2023 (See Section 4.6.4.2.2 “Variable
compensation in 2023”, page 198).

each employee to follow their training path, according totheir own organization, and to know the mandatory andrecommended modules adapted to their profile.
Online training programs, supplemented by face-to-facetraining more specific to a department or business, cover
the following areas:●

personal development;●

support for managers;●

business line expertise;●

Believe fundamentals (compliance, Be FAIR
diversity, equity and inclusion, onboarding, etc.).

onBelieve partners with specialist and recognized training
platforms to provide a catalog adapted to the Company’svarious business lines and selected for their quality. The
development of the online modules available in adapted,
educational and varied formats (interactive, of different
lengths, etc.) provides great flexibility for employees andfacilitates self-learning. In order to best meet the specificexpectations of each employee and their professional
lifestyle, the content formats available to them are
multiple (tutorials, videos, webinars, personalized training,
e-books and podcasts). Some training is certifying,notably in relation to “Tech” professions.
Since January 2023, Believe has partnered with leading
institutions that enable high-level, internationallyrecognized skills to be acquired online, such as: MIT,Harvard Business School, ESSEC, HEC, Singapore
University, AWS certification.
The People Success team manages the quality of training
and verifies that the content and teaching methods are inline with market expectations and new practices. It
conducts regular surveys to determine the satisfaction
rate among employees.
These training programs and tools demonstrate Believe’s
desire to invest in the development of its employees andto support them in their career and employability. This
training policy is part of the career development plan foreach employee, which is drawn up during career review
sessions.
Indicator

2023

2022

% of employees who attended
at least one training course
during the year (in numberof hours per person)

94,4%

90.6%

(11h)

The content offer, the methods of acquiring skills andtheir results are managed within the Believe Academy andBusiness Campus online platforms. Digitization enables

Extract of the Universal registration document 2023 - Believe32

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

2.4.4.3 Supporting managers andpreparing a talent pool
Believe is very committed to supporting its managers, who
are often young or junior in their roles, and who assume
their responsibilities in a fast-paced and fast-growing
environment. The objective is to:●●●prepare them to take up their duties;
support them in their day-to-day management role,and;In 2022, Believe defined and formalized a strategic talentdevelopment planning process that will be gradually rolled
out throughout the Group in order to cover a larger
scope over the coming years.
This structured process aims to:●build a career plan with them.

The Executive Committee and managers receive thesupport of the central and local human resources teams
on a daily basis. Together, they monitor recruitment, halfyearly and annual reviews, salary reviews, the review ofobjectives, and support measures for the development of
their teams. Working closely, they define and implement
specific action plans based on the results of satisfaction
surveys (see Section 2.4.8 “Ensuring continuous dialogue
with the teams and measuring the level of commitment
and satisfaction”, page 84).
All managers and leaders benefit from a training offering
dedicated to the development of their managerial skills.
This offering includes several learning formats, such as
quarterly seminars, practice workshops, online modules,
podcasts, virtual videos and books, coaching, etc. The
variety of formats allows each manager to choose theformat(s) best suited to their personal objectives andthose of their team.
Several topics are addressed by these training courses toimprove and managerial practices, which are as follow:

33

2.4.4.4 Implement strategic talentdevelopment and succession
plans

●

conflict management;●

career and salary reviews;●

the definition of performance objectives;●

career development;●time and workload management;●a feedback culture;●change management, etc.

Extract of the Universal registration document 2023 - Believe

●

●

●

identify critical positions and key experts for theGroup’s activities today and tomorrow;support the individuals identified to retain and develop
their potential;
define succession plans in the event of departure orabsence in order to ensure business continuity;
prepare potential future leaders.

Applied since early 2023 for the members of the Executive
Committee and the managers of the main subsidiaries,
this work focused on the organization of a continuity planin the event of an unexpected absence or departureamong the Group's executive directors and managers ineach country and department. This plan enables theGroup to:●anticipate the intentions of employees identified as key
people;●identify future potential leaders for each key position;●

confirm their ambitions within the Group;●and prepare them for their future responsibilities andduties.

Succession plans are reviewed annually and updated asnecessary in Workday to ensure that their content
remains relevant and aligned with Believe’s strategic
guidelines.

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

2.4.5 Creating a diverse, inclusive and fair working environment
Operating in over 50 countries and with more than one
million artists served directly or via their labels, diversity ispart of the daily life of Believe's employees. The Group
promotes and supports diversity in all its forms – gender,
ethnicity, nationality, religious beliefs, sexual orientation,
disability, age – as a source of creativity, innovation, andindividual and collective development.

particularly committed to gender equity and also actively
fights against sexism, racism and all forms of
discrimination and harassment. Aligned with the Group’s
values, these DEI principles are deployed in all humanresources processes and among managers. The
ambassadors/Shapers also help to promote theseprinciples, which are put into practice by all employees.

“Being surrounded by people who think differently
constantly challenges you and makes you grow. Diversity
is key to offering the best solutions to our artists andlabels in a constantly evolving environment. Equity andinclusion are essential drivers of our employees' wellbeing and commitment. Believe’s goal is to be an
inclusive, responsible and example-setting player inorder to be one of the top employers in the musicindustry”.

2.4.5.1 Formalizing our commitment
with the Diversity, Equity andInclusion Charter
Believe established a Diversity, Equity and Inclusion
Charter for its employees. This charter was widelydistributed among all employees when it was created in
2021, through a dedicated communication campaign. It isalso included in the Be FAIR online training module
dedicated to diversity, equity and inclusion, which ismandatory as part of the onboarding program for new
joiners.

Denis Ladegaillerie, Chairman and Chief Executive Officer
and Founder of Believe
The Group thus attaches particular importance topromoting Diversity, Equity and Inclusion (DEI), both
among artists and labels and among employees. Believe is
The principles of Believe's Diversity, Equity & Inclusion (DEI)
Charter

Believe’s practices and actions in terms of Diversity,
Equity & Inclusion (DEI)

Ensuring equal opportunity within the recruitment, development The recruitment process, career development and training
and promotion processes.
systems have been designed to be objective, fair, and thus avoid
any discrimination.
Ensure fair compensation for equal work, performance and skills.

Pay equity is guaranteed by a guide for the various positions andlevels of responsibility with internal and external compensation
guidelines. In addition, compensation is reviewed at least once ayear.

Raising awareness of unconscious bias and discrimination and Dedicated workshops on diversity and inclusion were rolled out
educating employees about legal implications to promote inclusive across the Group from 2021, and then again in certain key
countries in 2022 and 2023 (e.g. United States, France, Italy, United
and respectful behavior in everyday life.
Kingdom, India, etc.).
In addition, a Be Fair online training course on diversity andinclusion and the fight against stereotypes was set up in 2021, andmade mandatory in 2022 for newcomers as part of their
onboarding program. This Be Fair online training module was
updated in 2023.
In 2023, an interactive webinar was also organized to explain
diversity, equity and inclusion challenges to employees and givethem the keys to fostering an inclusive work environment.
Creating an environment where people can express themselves A whistleblowing protocol to manage discrimination complaints
safely.
has been implemented in 50 countries. For Believe, it is essentialthat everyone feels safe, heard and, above all, accepted.
Encouraging employees to join ambassador/Shaper communities Volunteer employees around the world have formed local
in order to propose, promote and implement concrete initiatives ambassador/Shaper groups organized around diversity andin favor of Diversity, Equity and Inclusion.
inclusion issues, and working for the planet.
Proposing, promoting and implementing concrete initiatives for These actions have been rolled out for all employees, artists anddiversity and inclusion in the workplace and in the music industry. partners regardless of their gender, ethnicity, religious beliefs,
sexual orientation, disability or age, in all countries where Believe
operates.

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2.4.5.2 Promoting gender equity
and parity
Believe attaches particular importance to gender equity
and parity, in particular through the recruitment andpromotion of women within the Executive Committee,
among managers and for all employees.

Building increasingly gender-balanced
teams and implementing fairness practices
on a daily basis:
At December 31, 2023, 50% of the Executive Committee
was made up of women, well ahead of the quotas
imposed by the Rixain law, and 50% of the Board of
Directors were women. Three independent women
directors chaired the three specialized Committees: Audit,
Nomination & Compensation and CSR, thus exceeding thelegal minimum.

Beyond the management bodies, the Group has set itself
an ambitious goal of gender parity, with an indicator of
the percentage of women among all employees as a nonfinancial indicator included in the annual and long-term
variable compensation of management teams.
The Group is working on its ability to attract and recruit
female talent, and on its ability to retain and develop the
potential of female employees.
This work has borne fruit because, at the end of 2023,
45.6% of all Believe employees were women. The
proportion of women in the Group’s headcount increasedby 2.6 points compared to 2022, and by 4.6 points
compared to 2021 (40%).
The increase in the proportion of women in the workforce
stems from the commitment of the entire Executive
Committee, a successful proactive policy to attract female
talent, and the creation of a more equitable and inclusive
working environment.

Indicator (CSR reporting scope)

2023

2022

2021

% of women among employees

45,6%

43%

40%

% of women among managers (levels 5 to 9)(1)

38.9%

37%

34%

% of women on management teams (representing the positions
with the highest levels of responsibility)(2)

44.5%

42.9%

41.8%

% of women on the Executive Committee at December 31, 2023

50%

50%

54%

% of women on the Board of Directors

50%

57%

50%

49.7%

51%

45%

% of women recruited(1) The population of managers corresponds to employees with managerial responsibilities, in the “Leaders” Career Path, with internal categories ranging
from 5 to 9 (with “direct report” for 2023 and 2022 excluding Sentric; “with/without direct report” for 2021).
(2) The population of management teams corresponds to internal categories from levels 9 to 12 (including the “Executive” and “Leaders” Career Paths andexcluding level 13, which corresponds to the Chairperson position). In 2023, 53 women were a part thereof, out of a total of 119 positions of highresponsibility (representing 6.6% of the headcount. See Section 4.3.3, page 186).

2.4.5.3 Attracting and recruiting female
talentAs part of the equitable recruitment process, gendered
terms in job advertisements are removed and the list of
successful candidates must contain female profiles.
The results are convincing: in 2023, the recruitment rate offemale employees was 49.7%(1) (51% in 2022), a sign of
the Group’s development compared to 2021 (45%).
The Group is also focusing its efforts on the “tech-IT”
population, where the number of women in the businesslines is still limited.
●since 2021, Believe has been committed to 50inTech, aglobal organization promoting gender equality inscience, engineering and mathematics (STEM), sectors
where women are still unrepresented and receive little
support. On its website, the organization underlines
the robustness of Believe's inclusion and diversity
system, in all of its dimensions. In 2023, Believe
obtained a score of 90/100 in the Gender Score by
50inTech, one of the best scores, and an improvementcompared to 2021 and 2022 (85/100). Scores between
80 and 100 are awarded to companies considered“Pioneers” in terms of inclusion, equity and safety for
women in technology;●

Believe has also developed a partnership with the Ada
Tech School, which offers an alternative learning modelin technology. The goal is to train a new generation ofdiverse talent through an open pedagogy that fosters
collaboration and promotes gender diversity in thetechnology sector. In 2023, two apprentices benefited
from an apprenticeship at Believe.

Retaining and developing female talent:Believe regularly measures employee attrition andmonitors the evolution of female versus male employee
attrition.
In 2023, female attrition decreased significantly (14.8%
versus 16.1% in 2022) and likewise the gap with male
attrition (1.4 more points for women compared to male
attrition in 2023, versus 3.8 more points in 2022).

(1) The recruitment rate corresponds to the number of women hired and who joined Believe out of the total number of people hired and whojoined Believe.

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Employees at the heart of Believe’s business model and Shaping Music for Good

Believe strives to integrate the principles of genderequality into all human resources processes, and topromote a diverse and inclusive work environment. The
Group closely monitors the level of satisfaction andcommitment of its female employees, as well as any
disparities between men and women, through the annualYour Voice internal survey (see Section 2.4.8 "Ensuringcontinuous dialogue with the teams and measuring thelevel of commitment and satisfaction", page 84).

increases, promotions, the number of women among the
10 highest paid employees, the number of women
receiving an increase upon return from maternity leave.
The continuous and remarkable improvement of thisindex in France from 2018 to 2023 demonstrates theGroup’s commitment to equity. Believe has gone from arating of 56/100 in 2018 to 99/100 over three consecutive
years from 2022 to 2024). This progress can be explained
notably by better monitoring of equity practices in all
human resources processes: recruitment, compensation,
development, promotion, return from maternity leave.

The gender equality index:

The Group also monitors potential gender gaps in termsof remuneration and promotions in the main countries
where the Group operates (UK, Germany, India, China andthe United States) and monitors the progress made andthe actions implemented.

In terms of professional equality, Believe publishes its
gender equality index for France, established on the basisof five criteria: the proportion of women among thevarious levels of responsibility and by age group, salary
EVOLUTION OF THE GENDER EQUALITY INDEX:

Index France

2024
2023 data

2023
2022 data

2022
2021 data

2021
2020 data

Believe France rating

99/10099/10099/10097/1002.4.5.4 Training and mobilizing
employees in the principles ofDiversity, Equity and Inclusion(DEI) and anti-discrimination
and anti-harassment
For several years now, Believe has been running a Be FAIR
training program to promote diversity, equity andinclusion which is rolled out in all the countries where theGroup operates.
This program was designed in-house, starting in 2021 andupdated in 2023, to help employees further develop
inclusive behaviors and inform them about applicablelegislation.
From 2021, training was also provided to recruitment
teams and managers on these principles of Diversity,
Equity and Inclusion and possible bias in recruitment.
Available on Believe Academy, the Be FAIR program is oneof the mandatory training modules in the onboarding
process of new hires.
The main content of the Be FAIR training modules relates
to:
●

●

●

the principles of Diversity, Equity and Inclusion at
Believe, and their implementation;
conscious and unconscious cultural biases and how tospot them in order to adapt one's behavior to thesituation;
the fight against discrimination and harassment, andthe means to report any inappropriate behavior.

Believe regularly reiterates its desire to fight against a l l
f o r m s of discrimination, sexism and harassment. The
Group monitors all sensitive situations through thewhistleblowing protocol and local human resources
teams, and implements the necessary investigation
procedures.
In 2023, the Group rolled out a large internal
communication campaign called “Speak Up!”, available inseveral languages.
Its goal is to explain the various forms of discriminationand harassment, and to remind employees of theprocedures and tools made available to employees toreport any sensitive situation and obtain the necessary
support:
●

●

●

the
anonymousandconfidential
external
whistleblowing platform EQS integrity line (Section
2.3.3 “Setting up and publicizing the whistleblowing
system”, page 68);
local HR teams and harassment officers in certain
countries;
psychological support services via the partner
Eutelmed (see Section 2.4.6.2 “Supporting employees
in the management of their work and their mental
health”, page 80).

In addition, Believe uses the results of the annual Your
Voice internal survey to identify sensitive situations of
discrimination, harassment or inappropriate behavior, inorder to implement the necessary measures. A module ofYour Voice questions is dedicated to employees'
experience of Diversity, Equity & Inclusion and well-being
at work.

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The results obtained in 2022 and 2023 illustrate theGroup’s success in creating and maintaining a diverse andinclusive environment.
Indeed, in 2022, 97.6% of survey respondents said “I feel
comfortable being myself at work” and 95.1% said
“Believe facilitates the acceptance of people fromdifferent backgrounds and contexts”.
In 2023, the questionnaire changed slightly: somequestions were reformulated. On these same inclusion
topics, results remain positive.
Believe was rated 8.6/10 on the question “At Believe,
people from all backgrounds are accepted as they are”
and 8.3/10 on the question “I know I won't bediscriminated against at Believe”.

2.4.5.5 Employment and integrationof people with disabilities
The Group strives to contribute to the integration andmaintain the employability of people with disabilities.
However, the number of employees with disabilities
remains very limited, notably due to the following
challenges:

●

●

●

a limited pool of candidates with the necessary skills
for the digital music industry;
country-specificregulations,preventing
theimplementation of Group-wide monitoring indicators;
a reluctance by employees to report their disability.

In 2023, only 0.6% of employees in France shared theirdisability with the HR department.
The Human Resources Department therefore raises
employee awareness and promotes the professions in our
industry by taking part in Duo Day(1) (since 2021) andtrade fairs dedicated to professionals with disabilities.
Whenever possible, in France, General Services & Office
Department also favors the use of companies in theprotected worker sector. This is notably the case for the
maintenance of green spaces on the terrace, and waste
management in the offices.
Other initiatives are organized at the local level, such as in
Italy, where Believe uses a service provider employing
people with disabilities for reception staff. In China, forexample, employees took part in music therapy sessions
for children on autism spectrum.

2.4.6 Developing efficient working conditions,well-being and mental healthBelieve is committed to providing working conditions thatare conducive to the well-being of its employees in all
countries. This approach focuses in particular on theorganization and working environment, personalized
support for employees, work/life balance and social
protection. These elements are important for retaining
employees and attracting candidates.

2.4.6.1 Ensuring a social protection
floor for all employees
Believe aims to offer its employees safety and protection,
so that they can work with confidence. The Group iscommitted to providing everyone with a good level ofprotection against health, disability and invalidity risks,
taking into account the socio-economic environment ofeach country. To this end, the Group works with service
providers to implement the necessary systems in aharmonized way, adapted to the local legal and socioeconomic market context.

2.4.6.2 Supporting employees in the
management of their workand their mental healthBelieve is attentive to the well-being and mental health of
its employees, to risky situations and to their work-lifebalance. The various initiatives put in place help toimprove the performance of teams, increase their
engagement and retention, and contribute positively toBelieve’s employer brand.

Supporting employees in terms of theirmental health and well-being:
Since 2020, Believe has partnered with the internationalcare and quality of life at work operator Eutelmed, toprovide psychological support to all employees worldwide
who seek it. This allows to prevent psychosocial risks andsupport employees in situations of stress, anxiety andtension, or with high workloads.

(1) Duo Day is a European initiative taking place every year since 2011 during the European Week for the Employment of People with Disabilities.
It allows professionals to spend a day paired up with people with disabilities to help them discover their profession

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

Through this partnership, employees benefit from online
conferences and workshops, documentation and advice
on stress and psychosocial risk management. Employees
can also self-assess their stress and anxiety levels
anonymously, free of charge, via an online test.
Psychological help is available free of charge 24/7. Finally,
Believe fully finances consultations with a dedicatedpsychologist (3 to 5 sessions per year) for employees who
feel the need for one. Believe has entrusted the
management to Eutelmed, a third-party organization
outside the Group, in order to guarantee enhanced
confidentiality for employees, in addition to theprofessional secrecy imposed on psychologists.

On a daily basis, the local Human Resources teams
provide local support and personalized monitoring of
employees and managers. High-risk situations, such as
periods of more intense work or the taking on of new
functions, are supported by managers and humanresources teams in a proactive manner in most situations.
In addition to the psychological support platform rolled
out worldwide, Believe implements actions at the global
and local level. Some of these initiatives are adapted to a
country's specific local and geopolitical context, anddefined according to the results of the Your Voice internalbarometer as part of an improvement action plan.

Type of actions

Examples of initiatives in different countries to promote employee well-being and mental healthTraining & awarenessraising on psychosocial
risks● Webinars on psychological risks and other mental well-being risk factors, including stress: risk

identification methods, prevention and solutions. Modules dedicated to managers were also organized
to disseminate best practices (worldwide).

● Webinar on managing relationships with artists, which can lead to stressful situations (global).
● Webinar led by the artist Shalmali Kholgade on how to support artists in order to promote their mental

health (India).

● In total, more than 200 employees took part in these training sessions and awareness-raising actions.

Psychological support● Eutelmed psychological support platform (see above), supplemented by local services, notably in the

United States (Paradigm), Germany and India.

● Information webinar on Eutelmed’s services.
● Special psychological support for teams faced with exceptional situations in relation to natural disasters(Turkey, Morocco) or tense geopolitical situations and conflicts (Ukraine, Middle East, etc.).

● Individual coaching and mentoring, where necessary.

Well-being & sport● Global sports challenge (via the SquadEasy app - twice in 2023) to encourage employees to walk, runand cycle (see Section 2.4.6.3 “Engaging and motivating employees through our SMFG goal: local
activities that promote well-being and team spirit”, page 82).

● Individual Shiatsu sessions (France) promoting stress management and prevention, and physical andmental recovery; or through an app (CalmApp in North America and Latin America).

● Sports and yoga activities set up in certain Believe offices and/or in partnership with external service

providers (Paris, New York).

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Some examples of local initiatives:

Providing a flexible work organization:
In all countries, Believe provides a flexible workorganization, which promotes the commitment andperformance of teams, in compliance with local
regulations. Given the strong digital component of theGroup’s activities, teleworking is a tool popular withteams, who are used to working remotely. The work tools
available to employees are designed for the organizationof meetings and for collaborative online work.
In this spirit, the teleworking agreement signed in
December 2021 in France was renewed in 2022 with thepossibility of two days of teleworking per week.
Depending on personal circumstances, Believe can offer amore flexible work organization.
In 2023, the absenteeism rate was 2.1%. This low level ofabsenteeism corresponds to tertiary activities, and canalso be explained by the success of the measures put inplace to promote the well-being and mental health of
employees. In addition, as in the service sector, Believe
records few absences due to work-related accidents.
Indicator

2023

2022

Absenteeism rate (1)

2.1%

3%

(1) Absence due to an accident or occupational illness, any other illness,or a family event during the period. The absenteeism ratio compares
the number of days of absence (excluding parental leave) and thenumber of theoretical days worked. The calculation includes
employees who left the company during the fiscal year.

2.4.6.3 Engaging and motivating
employees through our Shaping
Music for Good goal: local
activities that promote wellbeing and team spirit
Activities promoting well-being andconviviality:
Numerous initiatives are implemented locally to create an
inclusive, collaborative working environment conducive towell-being. These actions also contribute to developing ateam spirit, a sense of belonging to the Group andemployee satisfaction.
The local human resources, CSR and communication
teams organize these initiatives, in coordination with theAmbassadors/Shapers network, which is a source ofproposals.

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Employees can take part in social events (afterworks,
lunch and learns, children's day, group sports classes,
massages) in several countries (France, Italy, UK, UnitedStates, etc.).
They are also authorized to take their dog to theirworkplace in the UK and Russia, a system particularly
appreciated by the teams.
In China, they take advantage of therapy sessions torelieve body pain and promote restorative sleep.
In France, artist showcases and specific workshops(maintenance of plants on terraces, nutrition classes,
creation of bouquets of flowers, etc.) are organized as partof the “Pause” program. The company canteen was also
involved. It now offers a wider variety of meals, including
vegetarian, balanced and seasonal menus. In addition, atthe suggestion of the network of ambassadors/Shapers, abreastfeeding room and gender-neutral toilets have been
set up, and sanitary pads are available free of charge.
Believe also promotes sports and solidarity practices,
both locally and globally:●●in France, for example, a gym has been open since2022 and the Social and Economic Committee (SEC)
offers subscriptions to gyms and online training
platforms at negotiated prices;globally, Believe rolled out the SquadEasy application in
2022 and 2023, promoting walking, running andcycling as part of a solidarity challenge organized for all
Believe employees. During the two challenges
organized in 2023, 976 participants covered almost
150,000 kilometers on foot or by bike (95,000 in May
and 53,000 in September). They also answeredquestionnaires on quality of life at work, well-being andmental health (in May-June 2023) and best
environmental practices in their profession and daily
life (in September-October 2023). The sharing ofphotos and comments fostered a strong team spirit.
The challenge's fun, sporting and mutually supportive
dimension was very popular. At the end of thisoperation, the Group financed environmental andsolidarity projects led by Reforest'Action (in thefollowing countries: Brazil, Indonesia, Morocco, Nigeria,
Peru) and provided massage vouchers to the winningteams.

Lastly, activities as part of the Shaping Together solidarity
month (see Section 2.5.2.2 “Promoting music as a vehicle
for committed messages and responsible practices”, page90) and the ambassadors/Shapers program contribute tocreating convivial moments, team spirit and pride inbelonging to the Group.

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Corporate social responsibility
Employees at the heart of Believe’s business model and Shaping Music for Good

2.4.7 Deploying a fair compensation system and sharing value
creation with employees
Believe pays particular attention to the overall
coordination of its compensation policy, based on internal
equity, performance and attractiveness.
To this end, the Group relies on structured and robust
processes, deployed in all countries.

2.4.7.1 Applying a fair, consistent andattractive compensation policy
Since 2020, the Group has used an internal business line
framework to structure compensation in a consistentmanner according to the type of position and level of
responsibility, and country. The guidelines establish aminimum, median and maximum level of compensationfor each job level based on Believe's and local market
practices.

Believe’s first employee shareholding plan:b.shares
Believe is committed to involving its employees in theGroup’s development and value creation. In 2022, theGroup set up its first global employee shareholding plan,called b.shares, which was rolled out in its six main
countries (France, Germany, United States, India, UK andChina), representing 80% of the Group’s employees in
2022.
This plan was built in order to offer as many employees as
possible the possibility of subscribing to it, for all income
levels:●When a position is created, the process includes anassessment to determine its level of contribution.

●

Believe’s compensation policy is, therefore, based on thelevel of skills and contribution expected for a position. No
discrimination of any kind is applied.

●Compensation is reviewed annually to recognize theperformance and contribution of each person while
ensuring that compensation is competitive with themarket. Each year, the Group participates incompensation surveys relevant to its sector of activity.
These benchmark data are used to update the internal
compensation grids. Where appropriate, “catch-up”
increases are applied, notably to ensure equal
compensation for men and women.
The level of employee satisfaction on compensation ismonitored during career reviews (dedicated question) andthrough the internal Your Voice survey.
The Group also verifies gender equality in terms ofcompensation, salary increases and promotions (seeSection 2.4.5.2 “Promoting gender equity and parity”,
page 78).

a maximum investment to ensure the consistency of
personal investment amounts and thus guarantee
equity between employees;
a matching incentive and threshold to promote accessto all eligible employees;
a 20% share price discount applied to the entire
investment.

The results were very satisfactory, with a subscription rateof 40% among eligible employees.
From this first edition, the b.shares offer enabled theGroup to reach, by 2022, a rate of employee shareholdersof 31%, holding 0.35% of the Company's capital directly or
through the Believe shares company mutual fund (FCPE).
At December 31, 2023, employee
represented 0.29% of Believe's capital.

shareholding

2.4.7.2 Sharing value creation with
employees: the commitmentof the Chairman and Chief
Executive Officer
In line with the Group’s values, Denis Ladegaillerie,
Chairman and Chief Executive Officer and founder ofBelieve, wished to implement a mechanism for sharing
the capital gains on the sale of his Believe shares with
employees in addition to employee share ownership.
This mechanism, provided for by the Pacte Law of May 22,
2019, offers Believe, under the leadership of Denis
Ladegaillerie, the opportunity to strengthen the long-term
commitment of its employees and recognize everyone’s
contribution to the Company’s success. It thus offers thepossibility to share part of the value created collectively.

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Employees at the heart of Believe’s business model and Shaping Music for Good

2.4.8 Ensuring continuous dialogue with the teams and measuring
the level of commitment and satisfaction
High-quality social dialogue is an essential component ofBelieve’s model. It illustrates the Group’s desire to involve
employees in its development and fully reflects its valuesof respect, expertise, fairness and transparency. In eachcountry, the proximity and accessibility of managers andhuman resources teams enable employees to express any
concerns. The annual internal Your Voice survey also
makes it possible to collect expectations, feed into
discussions and adjust the Group’s actions (see below).
In addition, Believe has put in place a strategy with tools
and internal communication means, in order to share andmake accessible the necessary information for all
employees, in particular via global webcasts.
During these events, the Chairman and Chief Executive
Officer and members of the Executive Committee present
the Group’s strategy and performance to all employees.
They also communicate via regular newsletters and an
online information platform called Believe Insider.
In France, Believe has had a SEC since 2019, which
replaced the single employee representative body(délégation unique du personnel – DUP). Regular andtransparent dialogue allows for very constructive
discussions on all subjects affecting the life of the Groupand its employees.
Since the creation of the SEC, two collective agreements
have been signed in France, on employee profit-sharing
and teleworking.
Employee representative bodies are also in place in
Luxembourg and Germany. The ambassadors/Shapers
program is also involved in social dialogue in the field.

The Your Voice internal barometer
to measure employee commitment andsatisfaction
The Group gives all employees the opportunity to give
their opinion and their feelings during the annual internalYour Voice survey. This social barometer is carried out on
a voluntary, anonymous and confidential basis, andadministered by a third-party service provider. The
detailed questionnaire measures the various dimensionsof employee engagement and satisfaction worldwide. Set
up in 2021, these surveys are an important steering and41

Extract of the Universal registration document 2023 - Believe

management tool for measuring progress andimplementing action plans specific to the various
departments and countries.
Following Your Voice #3 (December 2022), nearly ahundred actions were implemented at local and centrallevel, covering four main themes:●

professional development;●

recognition;●

collaboration and process efficiency;●

internal communication.

Renewed in November 2023 and rolled out on a new
online platform, the Your Voice questionnaire covers
various topics related to engagement, well-being andhealth, diversity and inclusion, as well as transformationand change management:●●

understanding of the Group’s strategy, communicationand change management;
sense of belonging and contributing to the Group’s
success;●

relationships with managers and among teams;●

working conditions and employee satisfaction;

●

●

●

recognition, and personal and skills development
opportunities;
diversity, equity and inclusion by putting Believe’svalues into practice;recommending Believe as an employer.

The response rate in November 2023 increased compared
to 2022, as indicated in the table below, and provided
relevant and representative feedback. Results were thencommunicated and analyzed with the management
teams, and then shared with all employees. Action plans
will be defined and implemented in 2024 within each
entity and country in cooperation with the teams.
Indicator

2023

2022

Participation rate in the Your
Voice internal barometer

79.8%

78%

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Corporate social responsibility
A committed player serving artists and labels, and local communities

2.5

A committed player serving artists and labels,
and local communities

Aligned with its Shaping Music for Good ambition,
Believe’s mission is to best serve local artists and labels at
all stages of their development in the digital ecosystemwith fairness, expertise, respect and transparency.
The Group is driven by strong convictions about the futureof the music industry and its role in serving artists andlabels. In more than 50 countries, Believe offers local
teams who are experts in their field. They share theGroup's vision of a more diverse and inclusive musicindustry and contribute to the life of local communities.

Its policies and action plans aim to:
●
●

●

●
●

consider each artist as different and unique;serve as a priority local and independent artists andlabels;put all the opportunities of digital development at theservice of artists;build relationships of trust by sharing our values;
build unique partnerships with digital service providers
for artists and labels.

2.5.1 Nurturing relationships of trust and supporting creativity
with our artists and labels, and our stakeholders
Thanks to its local teams and its digital solutions, Believe
now supports more than one million artists around theworld directly or via their labels, with an offering adapted
to the needs of each artist and label, according to theirstage of development. The Group offers them a wide
range of services based on cutting-edge technologies,
local experts and unique partnerships with digital service
providers.
As part of certain contracts and the Solution Premium
offering, artists and labels may also benefit from financial
advances by the Group. These make it possible to financethe development of their musical projects (songs, albums).

Believe’s commitment to a responsible, diverse andinclusive music industry is reflected in:●●●

The objective is to:●●enable each artist to learn and master all the
specificities of the digital music market;
create new opportunities for the emergence of local
artists and all music genres.

2.5.1.1 Promoting diverse and local
music through access to thedigital market
Music reflects the changes in societies and contributes tothe richness and cultural heritage of the world. Access todigital enables artists from different communities andrepresenting diverse music styles to make their voices
heard and contribute to a diverse and inclusive world.
With this conviction, Believe is committed to promoting
access to the digital music market for all types of local
artists, especially female artists and artists from minority
backgrounds, as well as those from under-represented
styles, and to helping them develop their talents.

●

an effective, targeted broadcasting policy whichenables artists and labels to step up their exposureand monetize their creation, whatever the stage of
their career development;a fair compensation policy that respects the sharing ofvalue with the artist according to the levels of careerdevelopment and services used by the artists andlabels;local teams, that are experts in their area, serving
artists located directly in the main cities and regions formusic production;a local recruitment program for artists and training
initiatives for artists and labels to support them in theirdevelopment.

The Group invests in markets where the penetration rateof streaming is still low. Through digitization, Believe
makes new music catalogs available on platforms, which
would otherwise risk disappearing in the long term. It thus
promotes the preservation and transmission of the local
musical heritage.
“When we expand into a new market in Asia, forexample, we set up a local team, recruiting local experts
in the music industry. Through this proximity, theseexperts understand the culture, local specificities andtrends, and ensure a better approach with artists andlabels.”Sylvain Delange, Managing Director Asia-Pacific.

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Corporate social responsibility
A committed player serving artists and labels, and local communities”In Africa, many artists didn't have the means to
distribute their music on the Internet. Today, thanks tosocial networks, such as TikTok, the musical works ofthese artists can go viral overnight. Believe offers them asupport solution, in order to give them all the keys tounderstanding the various digital diffusion platforms”.
Andreea Gleeson, Managing Director TuneCore

The quality and reliability of the partnerships establishedwith the platforms are at the heart of the Group’s
development model. They are a guarantee of innovation,
responsible risk management and protection of artists.
Believe has implemented a rigorous process to assess andselect digital service providers based on three main
criteria:●

Examples of initiatives among local
communities to promote access to the digitalmusic sector and to serve musical heritage:●●●

the Believe for Educational Advancement throughMusic Scholarship (BEAMS) program was set up in
2022 in India, in collaboration with the Manzil Mystic
organization. Created by Believe, this three-year
scholarship program supports around ten young
people from disadvantaged backgrounds, giving themthe opportunity and a favorable environment to study
different professions in the music industry. Equally, 150
students were able to participate in three months ofclasses on the monetization of their musical talent,audiovisual production, and the use of social networks.
Lastly, more than 3,000 children attending local publicschools took part in music workshops;
in April 2023, TuneCore, a subsidiary of Believe in the
United States, launched its micro-grants program fornon-governmental organizations (NGOs) working for amore responsible and inclusive music industry. Thus,
USD 22,000 was donated to 11 NGOs providing, forexample, extracurricular music education programs for
low-income young people, or recording time in studios
dedicated to gender minorities. The NGOs werechosen by the local network of Believe ambassadors /Shapers;
the Amplify Music Incubator (India) is designed topromote independent artists from minorities through athoughtfully curated 6 weeks rigorous program toenhance their knowledge on digital distribution, musicbusiness education etc. Industry experts and artists
conduct these sessions. In 2023, 35 artists, including 18
women, benefited from development programs,
opportunities for showcases and public performances,contributions to music market studies, etc.

2.5.1.2 Developing unique andinnovative partnerships withlocal digital service providers
Believe strengthens its relationships with major local andglobal music, social media and entertainment platforms
every day. The ability to develop partnership relationships
with these platforms is key to ensuring the distribution,
promotion and visibility of local artists. Today, Believe hasover 100 partnerships from global and local platforms,
and is present in 50 countries.

43

Extract of the Universal registration document 2023 - Believe●●interest for the artist: potential audience, potential
revenue and competitive advantage;
the reliability of the platform: financial robustness,seniority, potential for development, profile ofmanagers, corruption risks, illicit activities or financial
irregularities;
digital security: digital quality relating to content
security processes and protection against fraudulent
content (streaming). The contracts include content
protection clauses against fraudulent distribution andserver attacks, as well as clauses on technical quality
standards in line with Believe’s requirements.

The Group assesses the level and progress made by themain platforms regarding these criteria, through quarterly
and/or half-yearly reviews.
Believe is also developing highly innovative partnerships
with the most recognized platforms (such as Spotify, AppleMusic, YouTube, TikTok, etc.). The Group thus enables its
artists and labels to benefit from its capacity forpartnership and innovation to increase their visibility,
audience and monetization. Believe can thus offer its
artists and labels the benefit of its position as a preferredpartner of Spotify and Apple Music notably (see Chapter 1of the URD).

2.5.1.3 Being at the cutting-edge oftechnology and innovations
for artists and labels
Digital technology and practices on social networks andplatforms are constantly evolving. As a result, Believe isparticularly attentive to the latest innovations andtechnical and regulatory developments in the market. This
ongoing monitoring work enables it to anticipate
opportunities and risks, and to adapt its range of services
and technological solutions.
Innovation and the deployment of the most current andrelevant technologies are carried out in partnership withleading platforms. Their purpose is to allow artists tobetter exploit digital marketing capabilities in order to be
more visible. This increases their ability to monetize theirmusic, including for emerging creators and artists.
Believe’s ability to develop an attractive and differentiating
technological offering helps to increase the visibility ofartists and labels and to perpetuate their activities andthose of Believe.
The tools provided by Backstage Promotion make it a key
tool for our artists and labels, nearly 70% of whom used
the resources in 2023 (among producers with a releaseplanned over the same period).

www.believe.com

Corporate social responsibility
A committed player serving artists and labels, and local communities

This solution allows artists and labels distributed byBelieve to:●●●promote their releases and develop their audience by
providing the best solutions to manage theirpromotion agenda;
design promotional visuals for social networks andDSPs, to engage their fanbase and redirect it tostreaming platforms;
train to remain at the cutting edge of marketing bestpractices and music industry news.

It differs from other distribution services by its extensive
range of marketing solutions, covering the multiple facetsof a comprehensive marketing campaign.
Some examples of innovations implemented on the
Backstage Promotion platform in 2023:●●●

Backstage Promotion launched its promotional tool
creation system, Backstage Creatives. It allows artists tocreate unique visuals and stand out, notably on
Spotify. In 2023, nearly 80,000 creations were
downloaded by artists and labels;
Backstage Promotions is also the first smartlink
solution to automatically retrieve TikTok Use My Sound
URLs. In addition, artist and label URLs can also be
fully customized through the new Unique Slug Domainfeature. As a result, nearly 169,000 links were created
via Backstage Promotion in 2023, totaling more than 22
million visits by fans;with the “Follow Playlist” option created for our artists,
fans can now automatically follow the playlists of theirfavorite artists by pre-saving their new releases, andthey can do so on all platforms.

Believe’s approach to the use of artificial intelligencein the music industry:
Believe is convinced that artificial intelligence (AI)-based
technologies, whether generative or not, are shifting themusic industry into a new era of creativity and discovery:●●

generative AI creates very significant opportunities forartists to create more and better music;
AI promotes discovery by enabling artists to expand
their audiences and increase their visibility.

Believe advocates for a responsible approach to AI, basedon four principles:●●●

consent: the artist must be able to give his or her
consent for the use of his or her voice, lyrics and music
composition, etc.;●

transparency: the artist and music consumers must betransparently informed about the use of generative AI
for each song and playback.

2.5.1.4 Training artists and labels indigital technology and career
management
Believe has always put the development of artists at thecenter of its missions through personalized support andtraining. These missions, which constitute the Group's
strength and uniqueness, are based on a wide range oftraining, information and support programs that enableartists to learn, understand and empower themselves totake advantage of their digital environment and talent.
In 2010, Believe developed the Backstage platform, aglobal distribution interface for artists and labels available
as part of Premium Solutions. Via Backstage, Believe
provides artists and labels with functionalities, content
and services to help them manage their digital careers:●●●

statistics and analysis of online track performance andrevenue generated by playback on streaming andsocial media platforms;
tools for promoting their content on social platforms
and networks (visuals for social networks, notifications,direct alerts to fans, etc.). Artists and labels canmanage communication campaigns on social networks
directly from the Promotion Section of Backstage;
unique educational content and training programs
aimed at increasing artists’ expertise in digitalmarketing and making them increasingly autonomousand independent.

Automated solutions also provides artists and labels with
reports enabling them to analyze the number of streams
and sales generated by their content on the main digitalplatforms (see Section 1.2.3 “Believe is a global digitalplatform offering a high quality of service thanks to its
musical, digital and technological expertise”, page 15).
With TuneCore Accelerator, launched in 2023, artists andlabels are able to reach more fans and increase theirstreams on streaming and social networking platforms. It
is a powerful program that helps artists find new
audiences and drive fan discovery at every stage ofdevelopment. The program leverages industry-leading
services powered by TuneCore’s promotion teams,
marketing programs and innovative products.

control: the artist must be able to control how theseelements will be used in music productions bygenerative AI;
compensation: opportunities for monetization of agenerative AI music production must be shared fairly
and proportionately among the artist and the various
players;

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Corporate social responsibility
A committed player serving artists and labels, and local communities

Believe offers two main training programs for artists,labels, and music creators:●●

Artist Resources is a training program for artists andlabels as part of Premium Solutions. Launched in 2021
and enhanced in 2022 and 2023, it has more than 300
articles, written by Believe experts. These articles, inthe form of tutorials, provide an understanding of theuse of social networks and video platforms, streaming,
optimization of sales processes, etc. The training
provided can be validated by two certifications (Social
Networks, Streaming Platforms) since the launch of theplatform. Today, over 2,000 of our artists are certified;
TuneCore Rewards is a training program for music
creators. Launched in 2021, it covers a wide range ofthemes, such as social media, release planning andmusic promotion on the Internet. Structured into
several levels, it offers, inter alia, educational videos
produced by experts in the sector allowing artists to
get familiar with best industry practices. At the end ofeach level of training, artists receive bonuses anddiscounts, before obtaining a VIP status, allowing them
to become increasingly expert and independent.

”Believe's tools and training help artists to better
manage their development and their fans. Whether on
advertising optimization platforms or social networks,
the approach is to constantly develop the profile ofartists to enable them to set up a complete digitalpresence. At the local level, promotion mainly takes
place through social networks. Then, the work topromote artists on advertising optimization platforms
ensures the migration of subscribers to musicalstreaming platforms”.
Céline Hitti, Head of Artists Services

2.5.1.5 Respecting the creative
independence and data
privacy of artists
Believe is committed every day to defending thefundamental rights of its artists and labels. The Groupencourages and protects the creative independence andfreedom of expression of its artists. It ensures that theirdata is respected and protected.

that local laws and platform guidelines have been
complied with. If the content does not comply with thelaw, it is removed from the platforms in the territory or
territories concerned; this withdrawal may be made at theinitiative of the platforms themselves or at the initiative ofBelieve.
If the infringement of the law is not obvious, or if thecontent is sensitive without violating an applicable law,discussions with the artist may be necessary. This
exchange allows us to clarify our intentions, explain thelegal framework, and adjust communications on thissensitive content.
The Group’s primary approach is not to remove or modify
the texts or music or to interfere with the artist’s talent,but to adopt a pedagogical approach and dialogue withartists, and to encourage them to explain their approachto the general public.
“We place a special focus on compliance with theregulations of the various sales platforms. We explain to
our artists the importance of following the rules, and therisks and consequences for their careers. We maintaindialogue with our artists to empower them.”
Claire Weill, VP Business & Legal Affairs

Respecting the data privacyof artists and labels, and employees
Respecting the data privacy of artists and labels is a crucial
issue for Believe.
The Group has implemented measures to protect thedata privacy of artists, labels and music creators, as wellas that of employees.
The main data protection measures deployed at Believe
are as follows:●●●

Respecting creative independence
and freedom of expression
Believe is convinced that artists must own their art andremain free to make their artistic choices, in total
independence. The Group also ensures the delicate
balance between freedom of expression and compliancewith applicable laws.
In the event of controversy over content produced and/or
distributed by Believe, the Group investigates and ensures

45

Extract of the Universal registration document 2023 - Believe●●a privacy policy and a policy on the management ofcookies are available in over 10 languages and are
updated on a regular basis;a team within the Technology Department ensures theprotection of personal data processed by Believe;
the Group has set up a register of personal dataprocessing. This register, which is based on a solution
provided by a specialized third party, ensures that data
is processed in compliance with the General Data
Protection Regulation (GDPR). This solution also makes
it possible to process the Impact Analyzes required
under the GDPR;
an Intranet module dedicated to compliance withprocedures and forms is available to employees;
the induction program includes compliance training
modules, and will be supplemented by a dataprotection module in 2024.

www.believe.com

Corporate social responsibility
A committed player serving artists and labels, and local communities

Believe also works closely with some of the mostimportant global platforms to protect artists data. With
them, the Group develops solutions that offer artists theoption of sharing their information or not. Believe has
established due diligence procedures to evaluate
platforms on a set of compliance criteria.

Distributing value fairly and transparently
with artists and labels
Since its creation, Believe has aimed to build and develop
relationships of trust with artists and labels. This results ina fair distribution of value among artists and labels, in theframework of simple and clear contracts (see Section
1.4.3 “Believe offers distinct and high value-added
solutions to labels and artists at each stage of theirdevelopment”, page 38).
These values of fairness and transparency form the basisof the remuneration system for artists proposed by theGroup as part of its Premium Solutions. The contracts that
Believe signs with its artists and labels are consistent withmarket standards or superior to these practices. The
Group offers more favorable clauses, such as the absenceof rebates, much shorter periods of exclusivity for new
albums at the end of the contract, or non-exclusivity on
featuring.

by the Group. These simple and educational interfaces area differentiating element of Believe. Artists can consult theirdata and analyze it independently.
With TuneCore, Believe provides music creators with solutions
tailored to the level of their career development. They choose
the level of service they wish, with transparent pricing.
Believe is committed to fighting stream fraud:
In addition, Believe is firmly committed to fighting
streaming fraud, which has a negative impact on artists
and their compensation. In 2023, Believe played a leadingrole as one of the founding members of the Music Fights
Fraud Alliance. The Group has established processes andtools to identify fraud or suspected fraud on digitalplatforms. Internal teams were trained to educate andempower artists and labels about streaming fraud,
including artificial streaming. Lastly, Believe regularly
informs artists and labels of the risks incurred in the eventof abnormal activities and prohibited behaviors.
In line with its values and the Shaping Music for Good
goal, Believe is committed to helping make the musicindustry more equitable by developing effective ways to
put an end to streaming fraud, through ongoing dialogue
with digital service providers and educational action with
its artists and labels.

Almost all artists can thus access information concerning
their remuneration, their content as well as all data relating
to their relationship with Believe, via the interfaces offered

2.5.2 Leading change in the music industry and developinga culture of engagement with local communities
Believe is committed to using its technology and expertiseto serve a diverse, inclusive and responsible musicindustry. This ambition has been integrated into its
business model since its creation and in line with its
Shaping Music for Good ambition.

Believe supports internationally recognized initiatives such as Keychange, Women in Music, and the Be theChange study - as well as more local actions to support
and train women artists in their musical careers.

The Group engages the various players in this industry,artists and labels, as well as its employees, on themes thatare close to its heart, such as diversity, equity andinclusion, the promotion of women, education throughmusic and respect for the environment.

Believe supports this French music industry initiative topromote gender equality, equal opportunities, inclusion in
general and ethics. In 2023, Believe participated in two
programs:

2.5.2.1 Building partnerships with themusic industry and the techsector for women and underrepresented minorities
As part of its commitment to Diversity, Equity andInclusion and gender parity, Believe pays particularattention to the promotion of women and underrepresented communities, as artists and more broadly
within the music industry.

All Access Music:●●

ALL ACCESS MENTORING: mentoring and masterclassfor professional women in the music industry. A
Believe employee is part of the program as a mentee;
ALL ACCESS EQUAL OPPORTUNITIES: scholarships to
support students in their studies in the music industry.
This year, Believe is funding two scholarships in theamount of €10,000 per scholarship and is providing
follow-up support for scholarship students by offering
them internships or integration in Believe at the end of
their course.

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Corporate social responsibility
A committed player serving artists and labels, and local communities

Keychange:

BE THE CHANGE study:

Since 2021, Believe has also been a signatory of theKeychange initiative, a global organization working forequity in the music industry and talent development.
Andreea Gleeson, Chief Executive Officer of TuneCore, isan ambassador for Keychange and actively contributes to
its development in the United States. Believe and
TuneCore also contribute financially to the creation of the
KeyChange branch in the United States.

Since 2020, Believe and its subsidiary TuneCore havepartnered with recognized partners to conduct the global
BE THE CHANGE study. This annual survey helps tounderstand the discrimination and obstacles faced by
women and under-represented communities in the musicindustry. Believe is committed to broadly disseminating
the findings of this study and to engaging the industry's
various players in implementing action levers to develop a
more diverse and inclusive music industry.

Women in Music:
Believe, through its subsidiary TuneCore, is a partner of
Women in Music. This organization supports womenartists through numerous initiatives and events organizedin the United States and around the world. Believe and
TuneCore employees are members of this organization.

The BE THE CHANGE survey: the main results of the 2022-2023 edition
●

●

●
●

Nearly 60% of the artists and professional respondents believe that gender discrimination is still a major problem
in the music industry. Among them, 34% of women, 42% of transgender people and 43% of non-binary people
report experiencing harassment or sexual violence in their workplace in the music industry.
76% of women, 89% of non-binary people and 82% of transgender people respondents believe they have faced
mental health issues since entering the music industry.
58% of respondents do not believe that there is equal opportunity for success in the sector.
There are also barriers to entry into the music industry: only 41% of respondents recommend pursuing a careerin the music industry today.

In the light of these findings, the study recommends solutions at various levels: for the music industry, for industry
executives, and for creators.
They are detailed in the report published by Believe, TuneCore and Luminate: https://www.tunecore.com/wpcontent/uploads/sites/12/2023/03/FR_Gender-Equality-in-the-Music-Industry-Executive-Summary.pdf.
In March 2024, Believe and TuneCore, in partnership with MIDia Research, a media and technology research andanalysis body, will publish the results of the BE THE CHANGE 2023-2024 study. This year, the study focused on
designers.

2.5.2.2 Promoting music as a vehicle
for committed messages andresponsible practices
Music is both a reflection of its time and a powerful toolfor conveying committed messages reaching a very large
audience. This is why the Group intends to leverage itsrole in the music and digital industry, in order to engage
various stakeholders in working towards a diverse,
responsible and sustainable industry.

The Shaping Together solidarity month:
Since 2021, Believe has implemented the Shaping
Together program. This brings together employees
around civic and solidarity activities that are close to theirheart and in line with the priorities of Shaping Music forGood. On a voluntary basis, employees can contribute andparticipate in activities organized by the Human
Resources and CSR teams and the ambassador/Shapers
network.
The main investments were as follows:●

Supporting employee engagement withlocal communities:●●●

as part of the deployment of Shaping Music for Good,
Believe asks its employees to propose and leadinitiatives in two areas;
make a positive impact on local communities, and;promote the Group's values, both internally andamong external players in the music industry.

The Shaping Together program enabled more than 1,000
participants to get involved in causes aligned with theirvalues and those of Believe.

47

Extract of the Universal registration document 2023 - Believe●●●commit to social and environmental causes;
have a directcommunities;

andtangible

impacton

local

raise awareness among employees;
develop a better understanding of labor, societal andenvironmental issues.

Shaping Together contributes to increasing employee
engagement and a sense of belonging to the Group, prideand cohesion. It positions Believe as a responsible anddetermined company.
For the Shaping Together 2023 edition, over 1,000
Believers in 46 countries took part in at least one virtual or
face-to-face activity.

www.believe.com

Corporate social responsibility
Actions on the ground in favor of the environment

Four global webinars were organized to raise awarenessamong 725 employees on the priorities of Shaping Musicfor Good, and to address the themes of gender equality,
diversity, inclusion, mental health and the planet.
Through 52 local activities organized, 29 associations andnon-governmentalorganizations
were
supportedworldwide. As part of these Shaping Together activities,
over 3,000 hours of volunteer work were carried out by
employees.
Some examples of Shaping Together activities indifferent countries:
In North and South America, Believers helped prepare
over 600 meals for Lotus House Miami and Manos
Amigues Mexico. The teams helped provide access tomusic education to over 60 children through three eventsin collaboration with the Notes for Notes organization.
They also celebrated the cultural heritage of the Latin
American community at the Cultura en Concierto concert:
Celebrating Hispanic Heritage Month(1).
In the Asia-Pacific region, other activities were organized,
for example:●●●

in Indonesia, three conferences were organized to givethe floor to accomplished professionals in the musicindustry. Topics covered included: how to navigate theindustry as a woman, monetizing musical talent, andcollaborating with existing players;
employees in China, Japan and Indonesia collected
waste and were made aware of the impact of waste on
the environment and recycling;in India, 4,000 trees were planted by Believers under
the supervision of the Tree Plantation association;

2.6●

in Singapore, in collaboration with the La Salle Schoolof Contemporary Music, a round table was organized
to discuss ways of integrating the music market inSoutheast Asia for young artists. Local artists andbusiness executives from the industry were among theparticipants.

In France, for example, employees were involved in:●

distributing over 700 meals with Restos du Cœur;●participating in Odysséa women's cancer Charity run;●encouraging students from priority education areas todiscover jobs in the music industry (supported by the
Culture Prioritaire association).

In Italy, with Sea Shepherd volunteers, Believers
contributed to the preservation of the marine flora andfauna of the Plemmirio nature reserve.
Shaping Together is thus a way for Believe and its
employees to engage in a civic and solidarity-basedmanner with civil society and local communities (see also
Section 2.6.2 “Supporting the engagement of employees andthe music and digital industry to the environment”, page 95).
Moreover, the Group was not able to implement any
specific actions to promote the nation-army bond and tosupport the engagement of employee-citizens in thereserves. As it is established in more than 50 countries,
Believe considers that it is not appropriate to roll out thistype of action among employees. To date, the Group has
not received any requests on this topic but undertakes to
examine favorably any request submitted to it by an
employee in France, notably from reservists or persons
performing a service for the Nation.

Actions on the ground in favorof the environment

Believe is a company aware of the role it must play andthe responsibility it must assume in the fight against
climate change and in the protection of the environment.
As a player in the digital and music sectors, Believe’s
impacts on the planet take on several dimensions. In linewith its Shaping Music for Good ambition, the Groupintends to play its role as a responsible company by
gradually approaching its environmental impacts throughthree complementary approaches:

●

●

●

measuring the direct and indirect impact of activities,
defining and managing a long-term environmental
policy;raising awareness among and training employee on
climate change issues and best environmental
practices;using the influential power of music, in particularthrough artists and labels, to change the behavior of
employees and various players in the industry.

(1) Culture in Concert: a celebration of Hispanic Heritage Month

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Corporate social responsibility
Actions on the ground in favor of the environment

2.6.1 Formalizing the environmental approach
Believe’s environmental approach is managed by the CSR
Department and reviewed by the Board of Directors' CSR
Committee. It defines the policies and action plans to berolled out at the Group and locally.
The approach is based on Group indicators, which are
structured and enhanced each year. The measurement
scope is also broadened in order to match the financial
scope as closely as possible. It gradually takes into
account the more recently acquired entities.
Environmental reporting aims to:●●report to management and stakeholders on Believe’s
environmental performance;
manage the policies and action plans implemented anddefine objectives.

The CSR teams work closely with the human resourcesand general services teams to monitor buildings. The IT,
merchandising, distribution and “live” teams contribute tothe other dimensions. The ambassadors / Shapers forPlanet are also called upon and involved in contributing toprogress in awareness-raising and implementation effortson the ground.

2.6.1.1 Mapping to better understandBelieve’s carbon andenvironmental impact
In 2021, the Group carried out an initial carbon footprint
assessment on 2020 data for its direct (Scopes 1 and 2)
and indirect (Scope 3) activities, using the GHG Protocol
international carbon accounting methodology.

This first exercise provided a better understanding of thevarious direct and indirect carbon impacts of Believe’s
activities. This was followed by the formalization ofreporting processes based on available data for Scopes 1
and 2, in preparation for the first publication of theGroup's greenhouse gas (GHG) emissions in the 2022
Non-Financial Performance Statement (NFPS).
The annual reporting set up in 2021 and enhanced in 2022
and 2023 extended the scope on which the Group’s
Scopes 1 and 2 GHG emissions are assessed, notably with
the inclusion of legal entities in Turkey (DMC and NetD), in
Japan (TuneCore Japan), and in France (6&7, Jo&Co andMorning Glory).
New indicators and data collection procedures are added
every year to make environmental reporting moreexhaustive and precise.
This environmental reporting makes it possible to carryout an increasingly detailed analysis of emission factors
and to define objectives and action plans for Scopes 1
and 2.
In 2023, Believe continued the Scope 3 analysis in order toprepare its climate strategy in the context of the future
European CSRD regulation. With the support of Carbone4,a recognized expert, Believe set up an adapted project
organization to define the main sources of emissions on
Scopes 1, 2 and 3, and identify risks and opportunities aswell as the impacts for Believe and for civil society acrossits entire value chain. This analysis will make it possible todetermine the major direct and indirect levers available toBelieve, and to define short, medium and long-termtargets.

FIRST MAPPING OF THE CARBON IMPACT OF BELIEVE’S ACTIVITIES ACROSS THE THREE SCOPES (SCOPE 1, 2 AND 3)●

Scopes1 and 2●18 company vehicles.

●

Upstream transport: employee commuting (emissions mapped but not measured in 2023).

●●

Scope 3

Offices and buildings: energy used for electricity, heating and air conditioning, and the operation of IT
equipment, as well as refrigerants. Buildings are the main source of greenhouse gas emissions forBelieve’s direct activities.

●

●
●

●

Downstream transport: business travel for employees and artists (emissions measured over an
extended scope in 2023 compared to 2022)(1), the transport of physical and merchandizing products orequipment for artists and events (emissions mapped but not measured in 2023).
Production of merchandizing items and CDs and LPs for artists.
Waste from the use of cardboard, paper, packaging, etc., in offices or for activities with artists (events,
promotional campaigns).
IT equipment (computers, screens, printers, etc.).
Data centers and cloud services. They host the technological platforms of Backstage and TuneCore, andthe data of Believe and the artists and labels used for Premium Solutions & Automated Solutions.
Streaming: the dissemination of audio and video files on digital platforms and the use by the end-userof music.

(1) The measurement of GHG emissions related to business travel was carried out for France and Luxembourg in 2022, and for France, Italy, India,
Luxembourg and Russia in 2023.

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2023

2022

Emissions in tons of CO2 equivalent for Scope 1

127.6

306.18Emissions in tons of CO2 equivalent for Scope 21137.9401.86

Emissions in tons of CO2 equivalent for scopes 1 and 2

1265.5708.04

Indicator

All the environmental indicators monitored by Believe are available in Section 2.7 “Methodological note and summary of indicators”, page 102.

2.6.1.2 Measuring the main sources of GHG emissions related to the direct (Scopes 1& 2) and indirect (Scope 3) impacts of Believe's activities
In addition to measuring Scopes 1 & 2, in 2023 Believe measured certain items of GHG emissions linked to its indirect
activities (Scope 3) with a view to preparing its climate strategy in the context of future European CSRD regulations.
At this stage, the GHG emissions related to business travel and the transport of physical and merchandizing products orequipment have not been calculated. The Group is working to create and roll out reliable indicators to measure its fullcarbon footprint and set quantitative emission reduction targets.
GENERAL MAPPING OF THE DIRECT AND INDIRECT CARBON IMPACT OF BELIEVE’S ACTIVITIES (ESTIMATION OF
SCOPES 1, 2 AND 3 CARRIED OUT IN 2023):

Scope 1

Scope 2

Scope 3

GHG emissions in TeqCO2
Refrigerants
214.5

Electricity consumption (including
on-site servers)

Company vehicles

Urban heating consumption

Water consumption

50.6

73.5

16.8

1,064.4

Paper purchases
0.6

Natural gas consumption

Business travel77

62,579.8
Waste generation and management
5.9

TOTAL SCOPE 1:
127.6 TEQCO2TOTAL SCOPE 2:
1,137.9 TEQCO2TOTAL SCOPE 3:
62,603.1 TEQCO2

The scopes considered for the data presented in the above table are detailed in Section 2.7 "Methodological note and summary ofindicators", page 102.

2.6.1.3 Prioritizing action on Believe’s
direct carbon andenvironmental impact
As part of its Shaping Music for Good ambition and withregard to the analysis of its carbon impact, Believe
prioritizes actions for which the Group and its employees
have a direct leverage on to reduce their environmental
impact.
Several projects concerning energy consumption,transport, resources and waste management werelaunched in 2022 and 2023:●

definition and roll-out of environmental action plans in
the Group’s four main greenhouse gas emitting
countries. France, Germany, India and the UnitedStates account for 82.5% of the Group's Scope 1 & 2

greenhouse gas emissions and 77.4% of its headcount(versus 67% and 80% respectively in 2022). The actionplans implemented mainly concern the energy
performance of the premises;●

development of a travel policy for the management ofbusiness travel, recommending the use of low-carbon
means of transport, which will be rolled out in 2024.

The pragmatic approach of these action plans combines:●

measures that are quick and easy to implement;●

and more complex, medium and long-term initiatives.

For each action, the general services and humanresources teams identify the necessary investments andmeasure their potential impact in terms of reduced waste
production, of resource and energy consumption, and of
GHG emissions.

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Reducing the energy used in offices
Action plans are gradually being implemented in the main
countries where the Group operates. General services
identify possible local actions to reduce energy
consumption, by involving the building's owners andmanagers, as well as employees.
The aim is to encourage local teams to:
●

●

●

●

●

set target temperatures for heating and air
conditioning, and limit their use outside working hours;
disseminate best and eco-friendly practices among
employees, such as turning off unused electricalappliances or not opening windows blocking thetemperature control system;2023 results for energy consumption related
to offices:
In 2023, energy consumption in terms of intensity per m2
or per employee remained virtually stable compared to2022.
Nevertheless, total energy consumption in absolute terms
increased by 20.6% at Group level versus 2022, in a context
of Group growth. This was due to three main factors:●●●

review the adaptation and maintenance of equipmentwith building managers;
adapt the temperature control in the server rooms, incompliance with the conditions necessary for theproper functioning of the equipment;
examine the level of environmental certifications(BREEAM, LEED, HQE) of the premises in coordination
with the lessor.

an increase in headcount (+9% from 2022 to 2023);
the expansion of certain sites, notably in India(Mumbai, 98% increase in electricity consumption);
the update of emission factors and the improvement ofdata quality, in particular for the sites in Paris(measurement and integration of greenhouse gas
emissions related to the use of urban heating),
Brooklyn and Istanbul.

Moreover, the discontinuation of a site in Germany that
consumed electricity from renewable sources and theincrease in the weight of other sites consuming electricity
from non-renewable sources explain the decrease in theshare of renewable energies in electricity consumption atGroup level in 2023.

2023

2022

Total energy consumption in MWh

3,486.7

2,890.5

Total electricity consumption in MWh

2,754.2

1,586.1

Indicator

Total natural gas consumption in MWh_PCS

360

691.4

Total urban heating consumption

408.4

682.14

Total energy consumption per m2 of office space in MWh

0.13

0.12

Total energy consumption per employee in MWh

1.9

1.7

% of electricity from renewable energies in total electricity consumption

39%

80%

Breakdown of energy consumption by typeof energy in 2023
78% Total electricity
consumption in kWh
10% Total natural gas
consumption in kWh

Adapting the transport policy andpromoting low-carbon travel
Believe is gradually introducing low-carbon mobility
initiatives for its employees, depending on the location of
the site and local regulations:●shared bicycle system (Germany);●

participation in the purchase of bicycles (France, etc.);●

12% Total urban heating
consumption●

hybrid and electric company vehicles (Turkey, France).
It should be noted that Believe’s vehicle fleet is verysmall (18 vehicles);payment of part of the public transport subscription(Germany, China, France, Japan).

Global sporting challenge SquadEasy, which largely
motivated employees to replace the use of the car by soft
mobility (see Section 2.4.6.3 “Engaging and motivating
employees through our Shaping Music for Good goal: local
activities that promote well-being and team spirit”, page 82).
Equally, an internal survey will be gradually rolled out tofind out the means of transport used by employees fortheir commuting.

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2.6.1.4 Controlling the need forresources and reducing
waste

specifications as part of its merchandising activities onbehalf of its customers. In Germany, for example, Believe’s
subsidiaries propose to artists who so wish to work with
manufacturers of vinyls produced from recycled records.

In addition to climate actions, Believe is also developing
initiatives to promote the circular economy and thepreservation of resources, mainly in three areas:

In the offices, local human resources teams, with thesupport of the Shapers for Planet network, raise
employees' awareness of the need to apply ecoresponsible practices and gestures on a daily basis(France, Italy, United States, India, China, Indonesia,
Thailand, etc.): recycling of waste produced on site,
occasional clothing collections, provision and use of waterbottles, mugs, etc.

●

●

●

for IT equipment: measuring the recycling rate of waste
electrical and electronic equipment in France;
in offices: limiting the use of single-use products anddeveloping selective sorting and recycling practices;
for merchandising products for artists: offering ecodesigned and recyclable products.

Indicator

2023

2022

% of sites that have
implemented eco-responsible
practices (selective sorting,recycling, reuse, etc.)

73.9%

70%

Regarding waste of electrical and electronic equipment(WEEE), data collection, monitoring of equipment, as wellas the implementation of recycling and reuse practices,
are complex to deploy in all countries. However, theGroup has been working on implementing monitoringmechanisms adapted to local contexts since the end of2023. A single site produced WEEE in 2023 (Group head
office in Paris). The 75.2 kg produced were stored and will
be recycled in 2024.
At the same time, some committed artists wish to offer
their listeners and fans eco-designed CDs, vinyls, oraccessories (packaging, mugs, t-shirts, tote bags, etc.).
Believe then identifies specialized suppliers and defines

2.6.1.5 Refining the understanding andmeasurement of our indirect
impacts (Scope 3) upstream anddownstream
In 2023, Believe continued the Scope 3 analysis in order toprepare its climate strategy in the context of the future
European CSRD regulation. With the support of Carbone4,a recognized expert, Believe set up an adapted project
organization to define the main sources of emissions on
Scopes 1, 2 and 3, and identify risks and opportunities aswell as the impacts for Believe and for civil society acrossits entire value chain.
This analysis will make it possible to:●●measure our indirect GHG emissions (Scope 3) more
precisely, notably for commuting, business travel andthe transport of goods;
determine the major direct and indirect levers available
to Believe and define a plan to reduce our emissions,with short, medium and long-term targets.

2.6.2 Supporting the engagement of employees and the music
and digital industry to the environment
Within the Shaping Music for Good framework, Believe
wants to raise awareness and involve its employees andthe various players in the music industry in climate andenvironmental issues through global and local initiatives.
These actions also help to strengthen the pride of
belonging to the Group and the level of employee
engagement, with employees being very committed tothese issues.

2.6.2.1 Training and engaging
employees in eco-responsible
practices
Actions implemented by the local CSR and humanresources teams and by the Shapers for Planet
ambassadors aim to raise awareness and train
employees. The challenge is to promote eco-responsible
practices and actions on a daily basis, as an employee andas a citizen.

By way of illustration, these involve activities andinitiatives that promote eco-responsible practices andknowledge of environmental issues:
●

●
●

●

●

●

replacing disposable cups with reusable cups andwater bottles;
waste sorting;workshops as part of the Shaping Together solidarity
month (including a webinar on the environmental
impact of the music industry);
workshops and excursions to raise awareness ofenvironmental and climate issues;
soft mobility: SquadEasy challenge to replace the car bywalking or cycling with quizzes on the environment;
financial aid for public transport and bicycle purchases;
Coordination of the Shapers for Planet network.

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2.6.2.2 Participating in the musicindustry’s mobilization aroundthe climate emergency
Drawing on its leadership in its sector, Believe is convincedof the importance of taking action in concert with all
players in the music industry. This is why Believe joined
the Music Declares Emergency (MDE) group in 2021. Born
in England in 2019, this movement aims to unite the musicindustry around climate emergency and help reduce its
environmental impact. It relies on the ability of music
through its cultural influence to change the public opinion
and rally support for its cause.
Since 2022, Believe has made a pro bono contribution to
the Mangroove Music label initiative, in cooperation with

the Albert II of Monaco Foundation. The Mangrove Musiclabel is the first music label with a positive social andenvironmental impact. It finances projects in the field withthe support of committed artists.
Believe is providing advice and distributing the track One
Song One Forest created by one of Believe's artists,
Youssoupha, with singer Oumou Sangare (https://www.mangroovemusic.org/). The project raises funds torestore and protect mangroves in West Africa.
Since 2023, Believe has participated in the sectoral
working group organized by the Comité National de laMusique (CNM) in France to measure the carbon impactof recorded music and define the levers of the various
players to contribute to the fight against global warming.

2.6.3 Applying the principles of the “green taxonomy” to measureits contribution to the EU’s climate objectives
Drawing on its environmental, social and societal
commitments, Believe fully supports the European
Commission in its efforts to guide the investments ofpublic and private players in projects contributing to thetransition towards a sustainable and low-carbon
economy. This is notably the case in the context of theimplementation of the Shaping Music for Good strategy
and the ambassadors/Shapers program. Targeted actions
are gradually being rolled out to achieve the Group’s
sustainable development and environmental objectives(see Section 2.6 “Actions on the ground in favor of theenvironment” on page 91).
The Group also applies the principles of the “green
taxonomy” to measure its contribution to theenvironmental objectives of the European Union. Indeed,
the Taxonomy requires companies to publish the sharesof their revenues, capital expenditure and operating
expenses that contribute substantially to one of thefollowing six environmental objectives: climate change
mitigation, adaptation to climate change, protection andsustainable use of water and marine resources, transition
to a circular economy, pollution prevention and control,
and protection and restoration of biodiversity andecosystems.

Methodology for the technical assessment ofactivities
A detailed analysis of all of Believe’s activities within thevarious consolidated entities was carried out jointly by the
Finance and CSR Departments, as well as with theoperational teams. The identification of eligible activities
and the qualification of their level of alignment with theTaxonomy were carried out in accordance with the
instructions and criteria of the Taxonomy Regulation, itsdelegated acts and additional information provided by theEuropean Commission through FAQs.

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Pursuant to European Regulation 2020/852 of June 18,
2020 on the establishment of a framework to promotesustainable investments in the European Union (EU), theGroup published, in respect of the 2023 fiscal year, theshare of its turnover, investments (CapEx) and operating
expenses (OpEx) which are aligned, or not aligned but
eligible, for two of the six environmental objectives:change climate mitigation and change climate adaptation.
It also published the proportion of its turnover,investments (CapEx) and operating expenses (OpEx) which
are either eligible or ineligible for the other four
environmental objectives, i.e. protection of water andmarine resources, transition to a circular economy,
prevention and reduction of pollution, and protection of
biodiversity and ecosystems.
The calculation of these ratios involves the analysis of theeligibility of the underlying activities as well as thecompliance by these activities with the technicalassessment criteria used to qualify their alignment with
the Taxonomy.

Status of eligibility
Turnover:A large part of Believe’s activities relate to distribution andartistic promotion. This activity is covered by economic
activity 13.3. “Production of motion pictures, videos andtelevision programs; sound recording and music
publishing” of the “Climate Change Adaptation” objective.
Over 90% of the Group’s consolidated turnover relates to
distribution and artistic promotion, but no part actively
promotes increased resilience to physical climate risks.
As a result, no turnover was identified as eligible for thesustainable Taxonomy.

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Corporate social responsibility
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OpEx:
On the basis of the OpEx analysis, the considered amountis not material with regard to the Group’s materiality
thresholds. The OpEx denominator within the frameworkof the Taxonomy amounted to €1.1 million. It only
represents 0.14% of total consolidated OpEx. On the basisof this observation, combined with the fact that theGroup’s activities are not eligible to date, Believe hasapplied the exemption provided and not calculated theTaxonomy OpEx indicator in more detail. Operating
expenses are not significant in the Group’s businessmodel, notably because the Group mainly leases its
offices, generating few renovation costs, and mainly
correspond to the leasing of data centers.

CapEx:As regards CapEx, in view of the criteria provided for by
the Taxonomy and the activities, the Group identified
eligible CapEx for the first objective of climate change
mitigation. However, no eligibility was identified for theobjectives relating to climate change adaptation, water,
pollution, the circular economy and biodiversity. The
analysis focused on the identification of “individual
measures” - i.e. those linked to production purchases by

the taxonomy-aligned economic activities and toindividual measures enabling targeted activities to be
become low-carbon. For Believe, these include
acquisitions or long-term leases of buildings, vehicles andIT equipment associated with servers that could offer
energy efficiency and greenhouse gas emissions reduction
potential.

BREAKDOWN OF BELIEVE’S ELIGIBLE ACTIVITIES

Taxonomy activity (according to the Climate
Delegated Act: “climate change mitigation” objective)

Types of Believe CapEx valued

6.5 Transport by motorcycles, passenger cars and lightcommercial vehicles

Purchase or long-term leasing of vehicles for staff travel

7.7 Acquisition and ownership of buildings

Long-term leasing of buildings

8.1 Data processing, hosting and related activities

Purchase or lease of equipment associated with data
management

The denominator of the CapEx indicator within theframework of the taxonomy refers to a company’s capital
expenditure capitalized on the balance sheet (generally
the acquisition of property, plant and equipment andintangible assets) as well as long-term leases. This
includes, among other things, the increase in the rights-ofuse of leased assets (IFRS 16).

In 2023, this eligibility ratio was 19.45% for Group
consolidated CapEx, compared to 14.1% in 2022.

The Group analyzed its acquisitions of property, plant andequipment and intangible assets (IAS 16 and 38), right-ofuse assets (IFRS 16) and business combinations (IFRS 3)
constituting the Taxonomy CapEx denominator. It
amounted to €76.03 million for 2023.
The opening and closing balances:●●of intangible assets are disclosed in Note 6.2 to the
Financial Statements;
of property, plant and equipment and right-of-use
assets are disclosed in Note 6.3 to the Financial
Statements.

The share of changes relating to acquisitions of fixed
assets is not detailed in the Financial Statements. They
break down as follows:●●

The significance of the eligibility ratio over the period was
mainly due to:●●●

the renegotiation of the lease for Konect's premises inFrance (the Group's head office) to add an extra floor;
the acquisition of the Sentric Group and consequently
the inclusion in the scope of the lease of its head officein the United Kingdom;
the signing of new leases in India and Italy.

The methodology used to identify the aligned investments– among the eligible activities – is presented below.

Assessment of technical review criteria
Transport by motorcycles, passenger cars and lightcommercial vehicles
Believe leases a fleet of service vehicles on a long-termbasis. The information reported in the information
systems did not make it possible to validate the technicalreview criteria of the sustainable Taxonomy.

increase in intangible assets: €59.53 million;

Acquisition and ownership of buildings

increase in property, plant and equipment and right-ofuse assets: €16.5 million.

Method of analysis

The CapEx eligibility ratio stands at 19.45%, with €14.79
million of eligible investments out of a total of €76.03
million in 2023. Right-of-use assets represent all eligible
investments.

The Finance Department collected information in order todetermine whether the real estate CapEx comply with thetechnical review criteria (substantial contribution and
DNSH criteria). None of the leases signed during theperiod met the technical review criteria.

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Data processing, hosting and related activities
There were no new acquisitions or leases of equipment
associated with data management over the period.

Assessment of minimum safeguards
The Group conducted an in-depth analysis of its practices
with regard to the four themes described in the report(human rights, corruption, taxation and competition law),as well as an analysis of controversies with regard to thecriteria for non-alignment described in the report. The
results of these analyses show that Believe complies withthe minimum guarantee safeguards.

DOCUMENTS AND PROCEDURES ASSOCIATED WITH MINIMUM SAFEGUARDS

Criteria

Detailed criteria

Believe policies and procedures

Due Diligence on
Human Rights

The company has put in place an adequate human A Code of Ethics.
rights due diligence process, as outlined in the United Alert mechanism to combat all forms of
Nations Guiding Principles and the OECD Guidelines for discrimination.
Multinational Enterprises.
Diversity and Inclusion Policy.

Anti-corruption
procedures

The company
processes.

has

implemented

anti-corruption Policy on conflicts of interest.
Anti-corruption policy.
Procedures for compliance with the
Sapin II law.

Tax governanceTax governance and compliance are considered Existence of a tax policy.
important elements of supervision, and adequate tax
risk management strategies and processes are in place.

Fair competition
procedures

The company educates its employees on the Group Code of Ethics.
importance of complying with all applicable competition
laws and regulations.

These policies and procedures, supplemented by the Group tax policy, are in line with the requirements of the European
Platform on Sustainable Finance report relating to the implementation of procedures specific to the four themes ofminimum guarantees.

Outlook
Improved Taxonomy KPIs
As indicated in this Section 2.6.3, Believe’s artistic
production and distribution activities are not considered
eligible for the Taxonomy. Consequently, no change inBelieve’s revenue KPI is expected in the coming fiscal
years. A possible revision of the delegated acts in themedium term, or clarification from the relevant

55

Extract of the Universal registration document 2023 - Believeauthorities, could enable this sector to assess andcommunicate its performance in terms of the fight against
climate change under the terms of the Taxonomy.
Similarly, the OpEx KPI should remain non-material withregard to the Group’s business model. With regard to the
CapEx KPI, better integration of energy performance
criteria in future investments as well as improvement of
the processes for collecting technical information shouldmake it possible to improve the potential level of thisindicator.

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Corporate social responsibility
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Regulatory tables

Circular economy (9)Biodiversity (10)Climate change mitigation (11)Biodiversity (16)Minimum safeguards (17)Share of turnover aligned with the taxonomy (A.1.)
or eligible for the taxonomy (A.2.), Year N-1 (18)Category of enabling activity (19)Category of transitional activity 20)

YES;
NO;
N/EL

YES;
NO;
N/EL

YES;
NO;
N/EL

YES/ YES/ YES/ YES/ YES/ YES/NO NO NO NO NO NO

YES/
NO

%

H

T

Circular economy (15)Pollution (8)

YES;
NO;
N/EL

Pollution (14)Water (7)

YES;
NO;
N/EL

Water (13)Climate change adaptation (6)

%

YES;
NO;
N/EL

Climate change adaptation (12)Climate change mitigation (5)(in € million)

Criteria on the absence ofsignificant harm (“DNHS criteria”)

Share of turnover, Year N (4)Turnover (3)Economic
activities (1)Substantial contribution criteria

Code (2)FY 2023

A. ACTIVITIES ELIGIBLE FOR THE TAXONOMY
A.1. Environmentally sustainable activities (aligned with the taxonomy)
Turnover fromenvironmentally sustainable
activities (aligned withthe taxonomy) (A.1.)

00% N/EL N/EL N/EL N/EL N/EL N/EL

0%

A.2. Activities eligible for the taxonomy but not environmentally sustainable(not aligned with the taxonomy)
Turnover from activities
eligible for the taxonomy
but not environmentally
sustainable (not alignedwith the taxonomy) (A.2.)

00% N/EL N/EL N/EL N/EL N/EL N/EL

0%

A. Turnover from activities
eligible for the taxonomy(A.1. + A.2.)

0

0%

0%

0%

0%

0%

0%

0%

0%

B. ACTIVITIES NOTELIGIBLE FOR
THE TAXONOMY
Turnover from activities not
eligible for the taxonomy

880,3

100%

TOTAL (A.+ B.)

880,3

100%

Share of turnover/total turnover
Aligned with the taxonomy by objective

Eligible for the taxonomy by objective

CCM

0%

0%

CCA

0%

0%

WTR

0%

0%

CE

0%

0%

PPC

0%

0%

BIO

0%

0%

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Corporate social responsibility
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Criteria on the absence ofsignificant harm (“DNHS criteria”)

Pollution (8)Circular economy (9)Biodiversity (10)Climate change mitigation (11)Biodiversity and ecosystems (16)Minimum safeguards (17)Share of CapEx aligned with the taxonomy (A.1.)
or eligible for the taxonomy (A.2.), year N-1 (18)Category of enabling activity (19)Category of transitional activity 20)

YES;
NO;
N/EL

YES;
NO;
N/EL

YES;
NO;
N/EL

YES/ YES/ YES/ YES/ YES/ YES/NO NO NO NO NO NO

YES/
NO

%

H

T

Circular economy (15)Water (7)
YES;
NO;
N/EL

Pollution (14)Climate change adaptation (6)%YES; YES;
NO; N/ NO;
EL
N/EL

Water (13)Climate change mitigation (5)(in € million)

Share of CapEx, Year N (4)Economic
activities (1)CapEx (3)Substantial contribution criteria

Code (2)FY 2023

Climate change adaptation (12)2

A. ACTIVITIES ELIGIBLE FOR THE TAXONOMY
A.1. Environmentally sustainable activities (aligned with the taxonomy)
CapEx of environmentally
sustainable activities(aligned with the Taxonomy)(A.1.)

0

0%

0,6%

A.2. Activities eligible for the taxonomy but not environmentally sustainable(not aligned with the taxonomy)
7.7 Acquisition andownership of buildings

CCM
7.7

14,79 19,45%

14,1%

EL N/EL N/EL N/EL N/EL N/EL

CapEx of activities
eligible for the taxonomy
but not environmentally
sustainable (not alignedwith the taxonomy) (A.2.)

14,79 19,45% 100%

0%

0%

0%

0%

0%

14,1%

A. CapEx of activities eligible
for the taxonomy (A.1 + A.2)

14,79 19,45% 100%

0%

0%

0%

0%

0%

14,7%

B. ACTIVITIES NOTELIGIBLE FOR
THE TAXONOMYCapEx of activities not
eligible for the taxonomy

61,24 80,55%

TOTAL (A.+ B.)

76,03

100%

Share of CapEx/Total CapEx

57

Aligned with the taxonomy by objective

Eligible for the taxonomy by objective

CCM

0%

19,45%

CCA

0%

0%

WTR

0%

0%

CE

0%

0%

PPC

0%

0%

BIO

0%

0%

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Corporate social responsibility
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Circular economy (9)Biodiversity (10)Climate change mitigation (11)Biodiversity and ecosystems (16)Minimum safeguards (17)Share of OpEx aligned with the taxonomy (A.1.)
or eligible for taxonomy (A.2.), Year N-1 (18)Category of enabling activity (19)Category of transitional activity 20)

YES;
NO;
N/EL

YES;
NO;
N/EL

YES;
NO;
N/EL

YES/ YES/ YES/ YES/ YES/ YES/NO NO NO NO NO NO

YES/
NO

%

H

T

Circular economy (15)Pollution (8)

YES;
NO;
N/EL

Pollution (14)Water (7)

YES;
NO;
N/EL

Water (13)Climate change adaptation (6)

%

YES;
NO;
N/EL

Climate change adaptation (12)Climate change mitigation (5)(in € million)

Share of OpEx, Year N (4)OpEx (3)Economic
activities (1)Criteria on the absence ofsignificant harm (“DNHS criteria”)

Substantial contribution criteria

Code (2)FY 2023

A. ACTIVITIES ELIGIBLE FOR THE TAXONOMY
A.1. Environmentally sustainable activities (aligned with the taxonomy)
OpEx of environmentally
sustainable activities(aligned with the taxonomy)(A.1.)

00% N/EL N/EL N/EL N/EL N/EL N/EL

0%

A.2. Activities eligible for the taxonomy but not environmentally sustainable(not aligned with the taxonomy)
OpEx of activities
eligible for the taxonomy
but not environmentally
sustainable (not alignedwith the taxonomy) (A.2.)

00% N/EL N/EL N/EL N/EL N/EL N/EL

0%

A. OpEx of activities eligible
for the taxonomy (A.1 + A.2)

0

0%

0%

0%

0%

0%

0%

0%

0%

B. ACTIVITIES NOTELIGIBLE FOR
THE TAXONOMY
OpEx of activities not
eligible for the taxonomy

1,1

100%

TOTAL (A.+ B.)

1,1

100%

Share of OpEx/Total OpEx
Aligned with the taxonomy by objective

Eligible for the taxonomy by objective

CCM

0%

0%

CCA

0%

0%

WTR

0%

0%

CE

0%

0%

PPC

0%

0%

BIO

0%

0%

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Methodological note and summary of indicators

2.7 Methodological note and summary of indicators
Believe has built its Non-Financial Performance Statement(NFPS) with the aim of ensuring uncompromising
standards in terms of non-financial reporting through:●the strict application of regulatory obligations;●convergence with existing international standards;

This method makes it possible to implement a continuous
improvement approach and to anticipate future European
regulatory requirements, such as the CSRD.
Believe's NFPS meets the obligations set out in Articles
R.225-105-2 et seq. and L.225-102-1 of the French
Commercial Code, by presenting information on the way

in which Believe takes into account the social andenvironmental consequences of its activity. A detailed
cross-reference table is presented in Section 8.5.3“Management Report”, page 368.
In line with regulatory guidelines, the reporting of Believe’s
non-financial indicators is based on an internalframework specific to its activities, and on the Global
Reporting Initiative (GRI) for its areas of application, its
performance indicator recommendations and its “GRI GA”
guidelines. This is a voluntary framework recognizedworldwide.

2.7.1 Scope of the risks covered
This statement for the 2023 fiscal year is based on a risk
analysis, in accordance with regulatory obligations, andreflects the expectations of the main stakeholders
regarding the assessment and management of CSR risks
and opportunities. The description of this analysis isdetailed in Section 2.2 "Analysis of the risks andopportunities related to Governance, Social andEnvironmental issues", page 58.

Due to its activity, the Believe Group is not directly
affected by challenges related to:

In the context of the risk mapping task, the following
topics were not considered relevant or material withregard to the Group’s activities.

●●

the fight against food waste;●

the fight against food insecurity;●

respect for animal welfare;●respect for responsible, fair and sustainable food;the prevention, reduction or remediation of emissions
into the air, water and soil that seriously affect theenvironment;●

land use;●the protection of biodiversity.

2.7.2 Reporting period and frequency
The data collected covers the period from 01/01/2023 to
12/31/2023, corresponding to Believe's fiscal year. Unless

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otherwise stated, societal, social and environmental indicators
refer to consolidated data as of December 31, 2023.

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Corporate social responsibility
Methodological note and summary of indicators

2.7.3 Reporting scope
The non-financial reporting scope includes the legal
entities consolidated for the 2023 fiscal year, with the
exception of companies of the Sentric Group, which was
acquired in 2023 and not included in 2023 non-financial
reporting (1,807 employees compared to 1,919 employees
for the consolidated scope).
Social data represents 100% of the Group’s total
workforce included in the CSR reporting scope, with the
exception of the following four indicators.
Social indicators for a scope excluding certain subsidiaries:
●
●

●

●

In line with the 2023 CSR reporting procedures:
●

●
●

●

percentage of women among managers;
percentage of employees who completed at least one
training course during the period;
percentage of employees who have completed at least
one training module on ethics, the fight against
corruption or conflicts of interest;
percentage of employees who validated at least one
career review during the period.

This data excludes subsidiaries 6&7, Jo&Co, DMC & NetD,
Morning Glory and TuneCore Japan. This is due to the factthat these entities have not yet adopted all the HR data
management tools and still use different processes for thecollection of indicators. These subsidiaries represent 5%of the Group’s total headcount(1).
As regards absenteeism, the ratio compares the numberof days of absence (excluding parental leave) and thenumber of theoretical days worked. The calculation
includes employees who left during the fiscal year.
Environmental data excludes the Taipei, Chennai,
Hyberabad, Mohali, Jakarta, Bangkok, Syracuse, Montreal
and Toronto sites, which are co-working spaces andcorrespond to 6.9% of the total workforce. The Miami site(where 10 employees of TuneCore and Believe America
work, i.e. 0.5% of the total headcount), which exists since
February 2023, is also excluded from the environmental
reporting scope. Local teams have not yet adopted theenvironmental reporting tools and processes.

headcount is calculated in terms of number of
employees (natural persons present at the end of theperiod) and not in “full-time equivalent”;
as regards our Scope 2 greenhouse gas emissions;the electricity consumption at the Brooklyn site (UnitedStates) was estimated;
the Group’s total energy consumption excludes the
Nashville offices in the United States and Morning
Glory in Paris, which represent less than 20 employees(1% of the total headcount).

As regards the partial measurement of our Scope 3
greenhouse gas emissions, we extended the scope forcertain indicators compared with 2022 (business travel
notably) and/or added their carbon impact in 2023
reporting (water consumption, paper purchases andconsumption, waste production and management);
●

●

●

●

business travel (new environmental indicator in 2023)
includes France, Italy, India, Luxembourg and Russia,
with these countries representing 59.3% of the total
headcount;water consumption includes all countries except Italy
and the United States (with these two countries
representing 11.7% of the total headcount);
paper purchases include all countries except China,
Singapore, Luxembourg, two sites in the United States(Nashville, Culver City) and two sites in Paris (6&7,
Jo&Co);
waste production and management includes Germany,
the United States, France, India and Russia,
representing 79.3% of the total headcount.

2.7.4 Non-financial indicators
2.7.4.1 Consolidation and internal
controldetail the methodology for calculating and collecting
indicators and qualitative information concerning CSR, as
well as the scope concerned by the reporting.

The protocol of CSR reporting for Believe Group's
subsidiaries was implemented in 2021 when the CSR
approach was formalized by the Shaping Music for Good
strategy. It was updated in 2022 and 2023 to better meetthe expectations of the Group’s stakeholders and to refine
the analysis of data.

Environmental data are reported and consolidated using adata collection system, the Tennaxia Reporting tool.
Automatic consistency checks are performed by the tool
during data entry.

This protocol enables the application of unified
definitions, data collection, validation and consolidation
rules within the Group’s entities. To this end, it defines in

Social data is uploaded and consolidated at local andcentral levels using the Workday human resources
information system tool, Excel and PowerBI.
Other data is collected directly from local and central
contributors.

(1) Total headcount (CSR reporting scope): 1,807 employees.

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For each indicator, an initial check is carried out by eachsubsidiary. These indicators are then aggregated andmonitored by the Group’s head office. A second validation
is carried out at the time of consolidation. Lastly, ananalytical review and general control ensure the overall
consistency of environmental and social data.

Four of them are included in the variable compensation of
the members of the Executive Committee and theexecutives of the Group's main subsidiaries, or in free
performance share allocation plans (% of women among
employees, % of ambassadors among employees, % of
employees having attended at least one training course
during the period, and eNPS) and 13 are considered“priority” because they provide information on key topics
for Believe: gender equality, talent attraction andretention, training, reduction of greenhouse gas emissions
related to buildings and management of IT equipment.

2.7.4.2 External control
Believe’s Independent Third-party Body for 2023 is KPMG,
which performs the audit mission as defined by Articles
L.225-102-1 and R.225-105-2 of the French Commercial
Code, consisting of the audit of the compliance andsincerity of the NFPS.

Certain definitions and methodologies for calculating
indicators have evolved during the period (01/01/2023 –12/31/2023) in order to allow a more accurate and robust
measurement.
As part of its active external growth policy, Believe is also
committed to gradually integrating new subsidiaries andactivities into non-financial reporting.

2.7.4.3 Definition of non-financial
indicators

CSR reporting for 2023 does not take into account Sentric,
acquired in 2023, contrary to the Group's financial
consolidation scope. The CSR reporting tools andprocesses have not yet been integrated by this legal entity.

In order to better manage its CSR strategy andperformance, Believe has identified key non-financial
performance indicators. They make it possible to monitor
the implementation of the four priorities of Shaping Musicfor Good and policies and actions to address the Group’s
non-financial risks.
These indicators are rolled out across the 2023 CSR scopeof reporting, which is almost identical to the Group’s
financial scope of consolidation.
Performanceindicators

2023

2022

Definition

Scope

Total workforce (scopeof consolidation)

1,919

1,651

Number of Group employees on
permanent contracts, fixed-term
contracts, work-study andapprenticeship contracts at theend of the reporting period.

2023 financial scope,
notably including
Sentric.

Total workforce (CSR
scope)

1,807

1,651

Number of Group employees on
permanent contracts, fixed-term
contracts, work-study andapprenticeship contracts at theend of the reporting period.

2023 CSR reporting
scope.

% of employees
31.1%
working for the Central
Platform among all
employees

36%

Number of employees working for
the Central Platform at the end of
the period / total headcount.

2023 financial scope,
notably including
Sentric.

% of employees
working for Premium
Solutions andAutomated Solutions
among all employees

68.9%

64%

Number of employees working forPremium Solutions and AutomatedSolutions at the end of the period /total headcount.

2023 financial scope,
notably including
Sentric.

% of employees inFrance among all
employees

38.6%

39%

Number of employees in France atthe end of the period / total
headcount.

2023 CSR reporting
scope.

% of employees inGermany among all
employees

14.5%

15%

Number of employees in Germany
at the end of the period / total
headcount.

2023 CSR reporting
scope.

Headcount

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Corporate social responsibility
Methodological note and summary of indicators

Performanceindicators

2023

2022

Definition

Scope% of employees in
7.6%
Europe, Russia and the
Middle East (excludingFrance and Germany)
among all employees

14%

Number of employees in Europe,
Russia and the Middle East
(excluding France and Germany)at the end of the period / total
headcount.

2023 CSR reporting
scope.

% of employees inNorth and SouthAmerica among all
employees

10%

11%

Number of employees in Northand South America at the endof the period / total headcount.

2023 CSR reporting
scope.

% of employees in
Asia, Oceania, Africa
among all employees

29.3%

21%

Number of employees in Asia,
Oceania, Africa at the end of
the period / total headcount.

2023 CSR reporting
scope.

% of permanentcontracts

96.4%

95.6%

% of employees on permanentcontracts among the Group’s
employees on permanent andfixed-term contracts.

2023 CSR reporting
scope.

% of fixed-term
contracts

3.6%

4.4%

% of employees on fixed-term
contracts among the Group’s
employees on permanent andfixed-term contracts.

2023 CSR reporting
scope.

% men

54.3%

56.9%

% male employees among
all Group employees.

2023 CSR reporting
scope.

% men

54%

56.9%

% male employees among
all Group employees.

2023 financial scope,
notably including
Sentric.

% women

45.6%

43.1%

% female employees among
all Group employees.

2023 CSR reporting
scope.

% women

46%

43.1%

% female employees among
all Group employees.

2023 financial scope,
notably including
Sentric.

% employees among
management teams

6.6%

7.2%

Number of employees among
management teams at the endof the period / total headcount.

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

CSR target includedin the variable
and long-termcompensation of
the members of the
Executive Committee

The population of management
teams corresponds to internal
categories from levels 9 to 12(“Executive” and “Leaders” Career
Paths).
% women in
management teams

44.5%

42.9%

Number of women in management
teams at the end of the period/
number of employees inmanagement teams.
The population of management
teams corresponds to internal
categories from levels 9 to 12(“Executive” and “Leaders” Career
Paths). It represents 7.3% of themost senior positions.

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

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Performanceindicators% men inmanagement teams

2023

2022

Definition

Scope

55.5%

57.1%

Number of men among
management teams at the end of
the period / number of employees
in management teams.

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

The population of management
teams corresponds to internal
categories from levels 9 to 12(“Executive” and “Leaders” Career
Paths).
% of employees at
19%“Manager” level among
all employees

17.3%

Number of “Manager” employees
at the end of the period / total
headcount.
The population of managers
corresponds to people withmanagerial responsibilities in the“Leaders” Career Path, internal
categories from levels 5 to 9
(with “direct report”).

% of women among“Managers”% of men among“Managers”

38.9%(38.5%
includingSentric)

37.1%

61.1%

62.9%

Number of female “Manager”
employees at the end of the period/ “Manager” employees
The population of managers
corresponds to people withmanagerial responsibilities in the“Leaders” Career Path, internal
categories from levels 5 to 9
(with “direct report”).
Number of male “Manager”
employees at the end of the period/ “Manager” employees.
The population of managers
corresponds to people withmanagerial responsibilities in the“Leaders” Career Path, internal
categories from levels 5 to 9
(with “direct report”).

63

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

2023 scope of CSR
reporting (excluding
6&7, DMC & NetD,
Jo&Co, Morning Glory,
TuneCore Japan).

% of employees in the“Manager/Leader”
Career Path

20%

23.2%

Number of employees in the“Leader” Career Path at the end of
the period / total headcount (levels
5 to 9 with and without “direct
report”).

2023 CSR reporting
scope.

% of women in the“Manager/Leader”
Career Path

39.1%

37.6%

Number of women in the “Leader”
Career Path at the end of theperiod/number of employees inthe “Leader” Career Path (levels 5
to 9 with and without “direct
report”).

2023 CSR reporting
scope.

% of men in the“Manager/Leader”
Career Path

61.9%

62.4%

Number of men in the “Leader”
Career Path at the end of theperiod/number of employees inthe “Leader” Career Path (levels 5
to 9 with and without “direct
report”).

2023 CSR reporting
scope.

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Corporate social responsibility
Methodological note and summary of indicators

Performanceindicators

2023

2022

Definition

Scope

99/10099/100
Pay gap: 39/40

Methodology proposed by the
French government based on thegender gap for five criteria (pay,salary increases, promotion, salary
increase on return from maternity
leave, 10 highest salaries).

Believe SA (France).

Pay gap:
39/40

Number of women who aremembers of the Executive
Committee at the end of the period/ number of Executive Committee
members.

2023 CSR reporting
scope.

Number of men who are memberof the Executive Committee at theend of the period / number of
Executive Committee members.

2023 CSR reporting
scope.

Total number of employees hired
during the period regardless of
their type of contract: permanent,
fixed-term, work-study,
apprenticeship.

2023 CSR reporting
scope.

ParityGender equality index(France)

Pay increase
gap: 20/20
Promotion
gap: 15/15

Pay increase
gap: 20/20
Promotion
gap: 15/15

Maternity
leave: 10/10

Maternity
leave:
10/10

10 + highest
paid
employees:
10/10

10 + highest
paid
employees:
10/10

50%

50%

Executive Committee% of women on the
Executive Committee% of male on the
Executive Committee

50%

50%

2023 financial scope,
notably including
Sentric.

2023 financial scope,
notably including
Sentric.

Hires and departures
Number of employees
hired during
the period

392

487

A candidate becomes an employee
and is considered hired after
signing his employment contractand having actually joined theCompany.
% of women among
employees hired andwho joined Believe
during the period

49.7%

43.7%

Total number of female employees
hired during the period regardlessof their type of contract / numberof employees hired during theperiod.

2023 CSR reporting
scope.

% of men among
employees hired andwho joined Believe
during the period

44.9%

56.3%

Total number of male employees
hired during the period regardlessof their type of contract / numberof employees hired during theperiod.

2023 CSR reporting
scope.

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Methodological note and summary of indicators

Performanceindicators

2023

2022

Definition

Scope

Number of voluntary
departures

184

188

Number of employees who
resigned during the period.

2023 CSR reporting
scope.

Number of layoffs andjob losses

65

257

This includes departures due tolayoffs, end of probationary period
at the initiative of the employer.

2023 CSR reporting
scope.

Attrition rate

13.9%

16.1%

Total number of departures over thelast 12 months / average headcountover the period.

2023 CSR reporting
scope.

Turnover rate

20%

26%

The turnover rate measures therate at which employees leave
the company and are replaced.

2023 CSR reporting
scope.

It is calculated by taking into
account the total headcount at
the beginning of the period(01/01/2023).
(Number of voluntary departuresduring the period + number oflayoffs and job losses over theperiod)/2)/total headcount at
01/01/2023.
Absenteeism & workplace accidents
Absenteeism rate

2.1%

3%

Absence due to an accident or
occupational illness, any otherillness, or a family event during
the period.

2023 CSR reporting
scope.

The ratio compares the numberof days of absence (excluding
parental leave) and the numberof theoretical days worked. The
calculation includes employees
who left during the fiscal year.
Workplace accident
frequency rate

0.27

-

The workplace accident frequency
rate is the number of workplace
accidents (with lost time of 24hours or more) occurring during a
12-month period per million hours
worked.

2023 CSR reporting
scope.

(Number of workplace accidents
with lost time greater than or equal
to 24 hours x 1,000,000) / total
number of hours worked during
the period
Workplace accident
severity rate

0.02

-

The workplace accident severity
rate compares the number of days
lost and the number of incidents.

2023 CSR reporting
scope.

(Number of working days lost due
to workplace accidents andoccupational illnesses with losttime x 1,000) / number of hours
worked during the period.

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Corporate social responsibility
Methodological note and summary of indicators

Performanceindicators

2023

2022

Definition

Scope% of employees having 78.7%
followed at least one
training module on
ethics, anti-corruption
and conflicts ofinterest

44%

Number of employees who started
at least one of the online training
modules on ethics, anti-corruption
and conflicts of interest during theperiod, regardless of their type ofcontract (permanent, fixed-term) /total headcount.

2023 CSR reporting
scope.

Training

Employees still under contract at
the end of the period are taken
into account.
% of employees whocompleted at least one
training course during
the period

94.4%

90.6%

CSR target includedin the variable andlong-termcompensation of themembers of the
Executive Committee

Number of employees whocompleted at least one online
training module during the period
regardless of their type of contract(permanent, fixed-term) / total
headcount.

2023 CSR reporting
scope (excluding 6&7,
DMC & NetD, Jo&Co,
Morning Glory,
TuneCore Japan).

Employees still under contract at
the end of the period are taken
into account.

Career reviews% of employees who
validated at least one
career review during
the period

98%

97%

Number of employees who
validated at least one career review
during the period / total
headcount.
A career review is considered“validated” when a report has beendrafted and signed by theemployee and their assessor (their
manager or one of their
managers).

2023 CSR reporting
scope (excluding 6&7,
DMC & NetD, Jo&Co,
Morning Glory,
TuneCore Japan).

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Methodological note and summary of indicators

Environmental indicators
Performanceindicator

2023

2022

Definition

Scope

Total surface area ofsites in m2

26,220.3

24,351.6

Total surface area of sites where
Group employees work (excluding
co-working spaces).

2023 CSR reporting
scope.

Number of company
vehicles18

51

Number of vehicles allocated to
employees as part of their duties,
regardless of their type of contract(permanent, fixed-term, workstudy, apprenticeship) during or
before the period.

2023 CSR reporting
scope.

360.05691.37

Sum of natural gas consumption at
all sites where Group employees
operate (excluding co-working
spaces) during the period.

2023 CSR reporting
scope.

2,754.19

1586.14

Sum of electricity consumption at
all sites where Group employees
operate (excluding co-working
spaces) during the period.

2023 CSR reporting
scope (excluding Miami,
Morning Glory in Parisand Nashville sites).

105

65.1

Total electricity consumption/Total
surface area of sites.

2023 CSR reporting
scope.

39

80%

Electricity consumption fromrenewable energies/Totalelectricity consumption.

2023 CSR reporting
scope.

408.44682.14

Urban heating, domestic fuel oil
and natural gas consumption in
MWh are taken into account(excluding co-working spaces)
during the period.

2023 CSR reporting
scope.

3,522.68

2505.5

Total energy consumption
including electricity, natural gas
and urban heating.

2023 CSR reporting
scope (excluding Miami,
Morning Gloryin Paris and Nashvillesites).

0.13

0.12

Total energy consumption/Total
surface area of sites.

2023 CSR reporting
scope.

1.9

1.7

Total energy consumption/Total
headcount in the CSR reporting
scope.

2023 CSR reporting
scope.

Site description

Energy consumption
Total natural gas
consumption in MWh
Scope 1
Total electricity
consumption in MWh
Scope 2
Total electricity
consumption/m2
in MWhScope 2% of renewable energy
in total electricity
consumption
Scope 2
Total urban heating
consumption in MWh
Scope 2
Total energy
consumption in MWh
Scopes 1 and 2
Total energy
consumptionin MWh/m2
Scopes 1 and 2
Total energy
consumption per
employeein MWh67

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Corporate social responsibility
Methodological note and summary of indicators

Performanceindicator

2023

2022

Definition

Scope

GHG emissions in TeqCO2
GHG emissions –Scope 1

127.6

306.2

GHG emitted by the Group’s
activities under Scope 1 (company
vehicles and natural gas
consumption) (in TeqCO2).

2023 CSR reporting
scope.

GHG emissions –Scope 2

1,387.9

401.9

GHG emitted by the Group’s
activities under Scope 2 (indirectemissions related to energy
consumption) (in TeqCO2).

2023 CSR reporting
scope.

GHG emissions –scopes 1 and 2

1,265.5

708

GHGs emitted by the Group’s
activities under Scopes 1 & 2.

22023 CSR reporting
scope.

GHG emissions Scopes 1 and 2/m2

0.05

0.03

GHGs emitted by the Group’s
activities under Scopes 1&2/Total
surface area of sites.

2023 CSR reporting
scope.

GHG emissions –Scope 3 – businesstravel

62,579.8

235.50GHG emitted by the Group’s
activities as part of employee
business travel (in TeqCO2).

France, Italy, India,
Luxembourg, Russia
in 2023.

GHG emissions –Scope 3 – paper
purchases

0.6-

GHG emitted by the Group’s
activities in relation to paper
purchases (in TeqCO2).

2023 CSR reporting
scope.

GHG emissions –Scope 3 – water
consumption

16.8

-

GHG emitted by the Group’s
activities in relation to water
consumption (in TeqCO2).

2023 CSR reporting
scope excluding theUnited States and Italy.

GHG emissions –Scope 3 – waste
production andmanagement

5.9-

GHG emitted by the Group’s
activities in relation to waste
production and management(in TeqCO2).

Germany, United States,
France, India, Russia.

GHG emissions –Scope 3 – businesstravel, waste
production andmanagement, water
consumption, paper
purchases.

62,603.1-

GHG emitted by the Group’s
activities as part of employee
business travel, for waste
production and management,water consumption and paper
purchases (in TeqCO2).

2023 CSR reporting
scope.

France in 2022.

Waste Electrical and Electronic Equipment (WEEE)% of WEEE recycled(France)0%
The 75.2 kg
of WEEE produced
in 2023 werestored forrecyclingin 2024

100%

Quantity of WEEE recycled by the2023 CSR reportingsites in kilograms/Quantity of WEEE scope.
produced by the sites in kilograms.

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Corporate social responsibility
Report of one of the Statutory Auditors, appointed as an independent third-party organization, on the verification of theconsolidated Non-Financial Performance Statement

2.8 Report of one of the Statutory Auditors,
appointed as an independent third-party
organization, on the verification of theconsolidated Non-Financial Performance
Statement
Fiscal year ended December 31, 2023
To the Annual General Meeting,In our capacity as Statutory Auditors of your Group (hereinafter referred to as the "entity") designated as an independent
third-party organization or ITO ("third party"), accredited by COFRAC under number 3-1884(1), we have performed
procedures to issue a reasoned opinion expressing a conclusion of moderate assurance on the historical information(observed or extrapolated) of the consolidated Non-Financial Performance Statement, prepared in accordance with theentity’s procedures (hereinafter the "Guidelines"), for the year ended December 31, 2023 (hereinafter the "Information" andthe "Statement" respectively), presented in the Group’s management report in accordance with the provisions ofArticles L. 225-102-1, R.225-105 and R. 225-105-1 of the French Commercial Code.

Unqualified conclusion
Based on the procedures we performed, as described in the "Nature and scope of procedures" Section, and on the evidence
we obtained, nothing has come to our attention that would lead us to believe that the consolidated non-financial statement
was not prepared in accordance with the applicable regulatory provisions and that the Information, taken as a whole, was
not presented fairly and in accordance with the Guidelines, in all material respects.

Comments
Without calling into question the conclusion expressed above and in accordance with the provisions of Article A. 225-3 of theFrench Commercial Code, we make the following observation:●

Internal control over CSR information should be reinforced as part of the CSRD’s future sustainability report.

Non-Financial Performance Statement
The absence of a commonly used generally accepted reporting framework or a significant body of established practices on
which to draw to evaluate and measure the Information allows for different, but acceptable, measurement techniques that
can affect comparability between entities and over time.
Consequently, the Information needs to be read and understood together with the Guidelines, summarized in theStatement (and available on the entity’s website or on request from its head office).

Inherent limitations in preparing the Information
As stated in the Statement, the Information may be subject to uncertainty inherent to the state of scientific and economic
knowledge and the quality of external data used. Some information is sensitive to the choice of methodology and theassumptions or estimates used for its preparation and presented in the Statement.

(1) Accreditation Cofrac Inspection, number 3-1884, scope available at www.cofrac.fr

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Corporate social responsibility
Report of one of the Statutory Auditors, appointed as an independent third-party organization, on the verification of theconsolidated Non-Financial Performance Statement

Responsibility of the entity
Management is responsible for:
●
●

●
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selecting or establishing suitable criteria for preparing the Information;
preparing a Statement pursuant to legal and regulatory provisions, including a presentation of the business model, adescription of the main non-financial risks, a presentation of the policies implemented considering those risks and theoutcomes of said policies, including key performance indicators, and the information set out in Article 8 of Regulation(EU) 2020/852 (Green Taxonomy);
preparing the Statement by applying the Entity’s “Guidelines” as referred above; anddesigning, implementing and maintaining internal control over information relevant to the preparation of theInformation that is free from material misstatement, whether due to fraud or error.

The Statement was prepared by using the entity’s Guidelines, as mentioned above

Responsibility of the Statutory Auditor appointed as an independent third-party
organization
Based on our work, our responsibility is to provide a report expressing a limited assurance conclusion on:●●

the compliance of the Statement with the requirements of Article R.225-105 of the French Commercial Code;the fairness of the information (observed or extrapolated) provided pursuant to part 3 of Sections I and II of
Article R. 225-105 of the French Commercial Code, namely the outcomes of policies, including key performanceindicators, and measures relating to the main risks, hereinafter the “Information”.

As we are engaged to form an independent conclusion on the Information as prepared by management, we are notpermitted to be involved in the preparation of the Information as doing so may compromise our independence.
It is not our responsibility to report on:●

the entity’s compliance with other applicable legal and regulatory provisions (notably with regard to the information setout in Article 8 of Regulation (EU) 2020/852 (Green Taxonomy), the vigilance plan and the provisions against corruption
and tax evasion);●

the fairness of information set-out in Article 8 of Regulation (EU) 2020/852 (Green Taxonomy);●

the compliance of products and services with the applicable regulations.

Applicable regulatory provisions and professional guidance
We performed the work described below in accordance with Articles A. 225-1 et seq. of the French Commercial Code, theprofessional guidance issued by the Compagnie Nationale des Commissaires aux Comptes (French Institute of Statutory
Auditors) applicable to such engagement, in particular the professional guidance issued by the Compagnie Nationale desCommissaires aux Comptes on the “Intervention of the Statutory Auditor - Intervention of the ITO - Non-Financial
Performance Statement”, representing the verification program, and international standard ISAE 3000 (revised)(1).

Our independence and quality control
Our independence is defined by the provisions of Article L.822-11 of the French Commercial Code and the French Code of
Ethics for Statutory Auditors. In addition, we implemented a system of quality control including documented policies andprocedures aimed at ensuring compliance with applicable legal and regulatory requirements, ethical requirements and theprofessional guidance issued by Compagnie Nationale des Commissaires aux Comptes relating to this engagement.

Means and resources
Our work mobilized the skills of five people and took place from September 2023 to March 2024, over a total intervention
period of four weeks.
We were assisted in our work by our specialists in sustainable development and corporate social responsibility. We
conducted a dozen interviews with the people responsible for preparing the Statement.

(1) ISAE 3000 (Revised) - Assurance Engagements Other Than Audits or Reviews of Historical Financial Information

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Corporate social responsibility
Report of one of the Statutory Auditors, appointed as an independent third-party organization, on the verification of theconsolidated Non-Financial Performance Statement

Nature and scope of procedures
We are required to plan and perform our work to address the areas where we have identified that a material misstatementof the Information is likely to arise.
The procedures we performed were based on our professional judgment. In carrying out our limited assurance engagementon the Information:
●

●

●

●

●

●

●

we obtained an understanding of all the consolidated entities’ activities, and the description of the principal risks
associated;
we assessed the suitability of the criteria of the Guidelines with respect to their relevance, completeness, reliability,
neutrality and understandability, taking into account, where appropriate, best practices within the sector;
we verified that the Statement covers each category of information provided for in Section III of Article L. 225-102-1 onsocial and environmental matters as well as respect for human rights and the fight against corruption and tax evasion,and includes, where applicable, an explanation of the reasons for the absence of the information required by the
2nd paragraph of Section III of Article L. 225-102-1;
we verified that the Statement presents the information provided for in Section II of Article R. 225-105 when it is relevantwith regard to the main risks;
we verified that the Statement presents the business model and a description of principal risks associated with all the
consolidated entities’ activities, including where relevant and proportionate, the risks associated with their business
relationships, their products or services, as well as their policies, measures and the outcomes thereof, including key
performance indicators associated to the principal risks;
we verified that the Statement includes a clear and reasoned explanation of the reasons justifying the absence of a policy
concerning one or more of these risks in accordance with Section I of Article R. 225-105 of the French Commercial Code;we referred to documentary sources and conducted interviews to:
●

●

●

●

●

corroborate the qualitative information (measures and outcomes) that we considered to be the most importantpresented in Appendix. Concerning certain risks (1), our work was carried out on the consolidating entity, for the otherrisks, our work was carried out on the consolidating entity and on a selection of entities(2);we verified that the Statement covers the consolidated scope, i.e. all the entities included in the scope of consolidation inaccordance with Article L. 233-16 of the French Commercial Code: with the limits specified in the Statement;
we obtained an understanding of internal control and risk management procedures the entity has implemented andassessed the data collection process aimed at ensuring the completeness and fairness of the Information;
for the key performance indicators and other quantitative outcomes that we considered to be the most importantpresented in Appendix, we implemented:●●●

assess the process used to identify and confirm the main risks as well as the consistency of the outcomes, including
the key performance indicators used, with respect to the main risks and the policies presented,

analytical procedures to verify the proper consolidation of the data collected and the consistency of any changes inthose data,
tests of details, using sampling techniques, in order to verify the proper application of definitions and procedures andreconcile the data with supporting documents. This work was carried out on a selection of contributing entities4 andcovers between 10% and 39% of the consolidated data relating to these tests.

we assessed the overall consistency of the Statement based on our knowledge of all the entities included in the scope of
consolidation.

The procedures performed in a limited assurance review are less in extent than for a reasonable assurance opinion inaccordance with the professional guidance of the Compagnie Nationale des Commissaires aux Comptes; a higher level ofassurance would have required us to carry out more extensive procedures.
Paris la Défense, March 26, 2024
KPMG S.A.
Jean-Pierre Valensi

Raffaele Gambino

Associate

ESG expert(1) Risk of exclusion for certain communities and music genres, and non-alignment with Believe’s values; Risk of inconsistency and effectiveness of
HR and talent management processes; Risk of digital divide, invisibility and lack of artist skills to make the most of new digital marketing
technologies and practices; Risk of limiting the freedom of expression and independence of artists and labels, and of not respecting private
data.
(2) Believe S.A.

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Report of one of the Statutory Auditors, appointed as an independent third-party organization, on the verification of theconsolidated Non-Financial Performance Statement

Appendix
Qualitative information (actions and results) considered most important
Employee well-being assessment systems (NPS via the Your Voice survey).
Policy on freedom of expression and artist independence. Risk of not providing artists and labels with the mostadvanced technical and digital marketing skills.
Systems implemented to improve the organizational management of HR and managerial processes.
Actions to promote and include certain communities and musical genres.
Measures put in place to recycle WEEE.
Policies put in place to guarantee the accessibility of products and services to all customers.

Key performance indicators and other quantitative results considered most important

Assurancelevel

Absenteeism rate

Moderate% of attrition

Moderate% of women among managers

Moderate% of employees having completed the Code of ethics and/or anti-corruption and/or conflict of interest
training

Moderate% of employees who conducted at least one career review during the year

Moderate% of employees who attended at least one training course during the year

Moderate

Energy consumption per m2 for offices

Moderate

GHG emissions (Scopes 1 & 2 for offices)

Moderate

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