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Bureau Veritas

Summary

Bureau Veritas is a French company specialized in testing, inspection and certification founded in 1828. It operates in a variety of sectors, including smelling, Building & Infrastructure (27% of revenue), Agri-food & Commodities (23% of revenue), Marine & Offshore (7% of revenue), Industry (22% of revenue), Certification (7% of revenue) and Consumer Products (14% of revenue).

Bureau Veritas S.A.
TypeSociété Anonyme
Euronext: BVI
CAC Next 20 Component
ISINFR0006174348
IndustryTesting, inspection, certification
Founded1828; 194 years ago (1828)
HeadquartersNeuilly-sur-Seine, Paris, France
Area served
Worldwide (140 countries)
Key people
Didier Michaud-Daniel (CEO)
ServicesTesting, inspection, certification
Revenue€4.8 billion
Number of employees
78,000
Websitewww.bureauveritas.com

Bureau Veritas is present in 140 countries through a network of over 1,500 offices and laboratories, and more than 78,000 employees. Bureau Veritas generated €4.8 billion in revenue in 2021.[1] Didier Michaud-Daniel has been the CEO of Bureau Veritas since March 2012.[2] On February 24, 2022, Bureau Veritas announced the appointment of Hinda Gharbi as COO, with plans to appoint her as the company’s next CEO.[3]

HistoryEdit

Bureau Veritas was founded in Antwerp, Belgium in 1828. Originally called the “Bureau de renseignements pour les assurances maritimes” (Information Office for Maritime Insurance), its mission was to “establish the truth and expose without apprehension or favoritism”.[4] Bureau Veritas provided insurers with information that enabled them to assess the reliability of ships and equipment, and to ensure the protection of people and property. A year after its founding, the company adopted the name “Bureau Veritas” on May 28, 1829. In July 1833, the headquarters moved to Paris.[4]

Corporate strategyEdit

Strategic planEdit

Starting in 2012, and under the leadership of Didier Michaud-Daniel, Bureau Veritas expanded the scope of its business activities to respond to market changes, developed its partnerships with multinationals, stepped up the digitalization of its business processes, scaled up its global expansion and pursued a sustained external growth policy.[5]

In 2015, Bureau Veritas launched a strategic plan[6] to make the Group more resilient, and more resistant to macroeconomic fluctuations (e.g. oil, gas, primary commodities, marine). This strategy aims to expand the business into high-growth sectors, such as agri-food,[7] construction and infrastructure, connected objects and automotive. The diversification of Bureau Veritas’ activities has been accompanied by a geographical restructuring. The Group has expanded on its historical presence in France and Europe, reorganizing itself into three main zones: the Americas, Europe/Africa and Asia.[8]

Digital strategyEdit

Bureau Veritas is capitalizing on the benefits of new technology in the Testing, Inspection and Certification industry. In 2016, Bureau Veritas entered into a strategic partnership agreement with Dassault Systèmes,[9] which allows Bureau Veritas to use their 3DEXPERIENCE[10] digital platform to carry out continuous assessment of ships, offshore platforms and on-board equipment throughout the entire life cycle.[11]

In 2017, Bureau Veritas entered into a strategic partnership with Avitas Systems[12] a GE Venture, to launch a range of inspection services based on predictive data analytics (i.e. artificial intelligence) for all industrial sectors.

In 2018, the Group launched Origin,[13] the very first traceability label based on blockchain technology, which provides consumers with complete, end-to-end proof of a product’s journey, from farm to fork.

Bureau Veritas entered into a strategic partnership with Microsoft in 2019 to develop artificial intelligence in testing laboratories.[14]

Corporate social responsibilityEdit

By ensuring that regulations and standards are respected, contributing to the emergence of new labels, verifying the quality of information, establishing benchmarks with stakeholders and mapping risks along value chains, Bureau Veritas supports its clients in their drive for responsible progress.[15][16]

AcquisitionsEdit

In January 2015, the Group expanded in China. Bureau Veritas acquired Shandong Chengxin, a Chinese company specialized in support services for the construction of industrial infrastructure for the energy sector.[17] In 2017, China became the Group’s largest market in terms of both revenue and employees.[18] In April 2019, Bureau Veritas acquired Shenzhen Total-Test, a Chinese food testing company.[19] Bureau Veritas aims to reach €1 billion in revenue in China by 2021.[20]

In 2017, Bureau Veritas announced the acquisition of Primary Integration Solutions in the United States, thus expanding its Building & Infrastructure business into data centers.[21] In March 2018, the Group expanded into the construction sector in the United States with the acquisition of EMG.[22] This expansion continued even further with the acquisition of Owen in 2019, a provider of compliance services for buildings and infrastructure.[23]

In Europe, Bureau Veritas acquired Q Certificazioni,[24] an Italian organic food certification body, in 2019. The very same year, with the integration of Capital Energy in France,[25] Bureau Veritas expanded its consulting and assistance services in the field of energy efficiency certification.

GovernanceEdit

ShareholdersEdit

List of primary shareholders as of 12/21/19[citation needed]

% of shares held % of exercisable voting rights
Wendel Group  35.57% 51.67%
Free Float 63.07% 47.79%
FCP BV Next  0.26% 0.38%
Executive Officers 0.13% 0.16%
Treasury shares 0.97% 0.00%

Executive committeeEdit

  • Didier Michaud-Daniel, Chief Executive Officer ;
  • François Chabas, Executive Vice-President, Finance ;
  • Helen Bradley, Executive Vice-President, Human Resources;[26]
  • Catherine Chen, Executive Vice-President, Consumer Products Services;[27]
  • Jacques Pommeraud, Executive Vice-President, Commodities, Industry and Facilities France and Africa, Government Services ;
  • Eduardo Camargo, Executive Vice-President, Group Transformation and Business Development;[28]
  • Alberto Bedoya, Executive Vice-President, Commodities, Industry & Facilities Latin America;[28]
  • Juliano Cardoso, Executive Vice-President, Commodities, Industry and Facilities Asia, Pacific and Middle East, ;
  • Shawn Till, Executive Vice-President, Commodities, Industry and Facilities North America;[29]
  • Laurent Louail, Executive Vice-President, Commodities, Industry and Facilities South & West Europe ;
  • Matthieu de Tugny, Executive Vice-President, Marine & Offshore division ;
  • Béatrice Place Faget, Executive Vice-President, Legal Affairs and Internal Audit[30]

Board of directorsEdit

Bureau Veritas’ Board of Directors is made up of twelve members. In March 2017, Aldo Cardoso was appointed Chairman of the Board of Directors after serving as a Director and Chairman of the Audit & Risk committee.[31] In January 2018, André François-Poncet was appointed Chairman of the Strategy Committee.

External linksEdit

  • Official website

ReferencesEdit

  1. ^ "Bureau Veritas publie des comptes 2021 sans surprise et organise la succession de son DG". Investir (in French). Retrieved 2022-03-07.
  2. ^ G, V. (2012-02-15). "Didier Michaud-Daniel nommé directeur général de Bureau Veritas". Actualité financière avec Actufinance (in French). Retrieved 2020-04-07.
  3. ^ "Schlumberger's Hinda Gharbi Tapped for CEO Role at Bureau Veritas".
  4. ^ a b "Le bureau Veritas, gardien de la sécurité sur les océans, dans les airs et sur les continents". Le Monde diplomatique (in French). 1959-01-01. Retrieved 2020-04-07.
  5. ^ Ramspacher, Marie-Sophie (2015-02-16). "Didier Michaud-Daniel : " Les process franco-français sont inadaptés à l'international "". Les Echos Executives (in French). Retrieved 2020-04-07.
  6. ^ "Bureau Veritas accélère sa diversification technologique et géographique". Les Echos (in French). 2017-12-06. Retrieved 2020-04-07.
  7. ^ "New Business Opportunities : Agricultural Testing Market 2025 – SGS, Eurofins, Intertek, Bureau Veritas, TUV Nord Group, ALS Limited, Merieux". Market Reporter. Retrieved 2020-04-07.
  8. ^ "wendelgroup". wendelgroup.com/fr.
  9. ^ Saudemont, Eric. "Certification : Bureau Veritas signe un partenariat avec Dassault Systèmes". Pétrole & Gaz-Energies Nouvelles (in French). Retrieved 2020-04-07.
  10. ^ "Bureau Veritas". Dassault Systèmes®. 2017-09-14. Retrieved 2020-04-07.
  11. ^ "DASSAULT SYSTEMES : BUREAU VERITAS a sélectionné sa solution " Designed for Sea "". Capital.fr (in French). 2016-09-07. Retrieved 2020-04-07.
  12. ^ "Bureau Veritas s'allie à Avitas System dans la maintenance prédictive". Investir (in French). Retrieved 2020-04-07.
  13. ^ "Bureau Veritas lance Origin, la première solution de traçabilité alimentaire construite sur la blockchain". ITespresso.fr (in French). Retrieved 2020-04-07.
  14. ^ Renault, Enguérand (2019-02-28). "Bureau Veritas s'allie avec Microsoft pour installer de l'IA dans ses labos". Le Figaro.fr (in French). Retrieved 2020-04-07.
  15. ^ "Des groupes français en pointe". Investir (in French). Retrieved 2020-04-07.
  16. ^ "Bureau Veritas highlights importance of corporate social responsibility". Sandton Chronicle. 2019-08-06. Retrieved 2020-04-07.
  17. ^ "Didier Michaud-Daniel conduit Bureau Veritas en Chine". L'Opinion (in French). 2015-01-07. Retrieved 2020-04-07.
  18. ^ "" Bureau Veritas n'est plus un groupe cyclique "". Investir (in French). Retrieved 2020-04-07.
  19. ^ Bourse, Zone. "Bureau Veritas : acquiert le chinois Shenzhen Total-Test | Zone bourse". www.zonebourse.com (in French). Retrieved 2020-04-07.
  20. ^ "Didier Michaud-Daniel : " Là où ils sont précurseurs, les Chinois définissent la norme et Bureau Veritas les y aide "". Les Echos (in French). 2019-07-25. Retrieved 2020-04-07.
  21. ^ "BUREAU VERITAS s'offre PRIMARY INTEGRATION SOLUTIONS, FUSACQ Buzz". www.fusacq.com. Retrieved 2020-04-07.
  22. ^ Bourse, Zone. "BUREAU VERITAS : acquiert l'américain EMG | Zone bourse". www.zonebourse.com (in French). Retrieved 2020-04-07.
  23. ^ "Bureau Veritas acquiert l'américain Owen Group". Capital Finance (in French). 2019-03-19. Retrieved 2020-04-07.
  24. ^ "boursier.com".
  25. ^ "BUREAU VERITAS acquiert Capital Energy". Capital.fr (in French). 2019-01-16. Retrieved 2020-04-07.
  26. ^ Rédaction, La (2018-06-01). "Helen Bradley rejoint Bureau Veritas en tant que Vice-Président Exécutif en charge des Ressources Humaines". HR Voice - Toute l'actu RH (in French). Retrieved 2020-04-07.
  27. ^ "Bureau Veritas : Catherine Chen est nommée Vice-Présidente Exécutive de la division Biens de consommation". Bourse Direct (in French). Retrieved 2020-04-07.
  28. ^ a b "Alberto Bedoya Appointed Member of the Bureau Veritas Executive Committee, in Charge of Latin America Operations". www.businesswire.com. 2020-12-17. Retrieved 2021-01-04.
  29. ^ VERITAS, BUREAU (2021-08-25). "BUREAU VERITAS: Shawn Till appointed Executive Vice-President of Bureau Veritas Commodities, Industry and Facilities division in North America". GlobeNewswire News Room. Retrieved 2021-09-02.
  30. ^ VERITAS, BUREAU (2020-07-09). "BUREAU VERITAS: Béatrice Place Faget joins Bureau Veritas Group Executive Committee as Executive Vice-President Group Legal Affairs and Internal Audit". GlobeNewswire News Room. Retrieved 2021-06-02.
  31. ^ "BUREAU VERITAS : Aldo Cardoso nommé Président du Conseil d'administration". Capital.fr (in French). 2017-03-09. Retrieved 2020-04-07.

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