Bureau Veritas

Bureau Veritas pursues its growth and global leadership strategy

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capital held by Wendel

In the Wendel portfolio since 1995

Bureau Veritas is the world’s second-largest provider of compliance and certification services in the areas of quality, health, safety, environment and social responsibility (QHSE-SR). The group derives approximately 50% of its sales from high-growth countries.

(1) Share of equity owned by Wendel as of December 31, 2021 net of treasury shares for 51.63% of voting rights.
Key figures
€4,981.1 m
2021 sales
€397.3 m
amount invested by Wendel since 1995
c. 80,000
employees including 30% of women (total headcount)
92 %
of sites certified ISO 45001

Why did we invest in Bureau Veritas?

Bureau Veritas is well positioned in markets driven by long-term structural trends. Quality, Health, Safety and Environment (QHSE) regulations and standards are proliferating and becoming more stringent and more of a challenge to meet. Increasingly, certification and inspection activities are being outsourced. And trade has become global. The growing need for companies to be responsible players in their ecosystems demonstrates the central role of Bureau Veritas in building trust between companies and all their stakeholders.

Since it was founded in 1828, Bureau Veritas has gradually built up its reputation globally. The market that Bureau Veritas addresses has numerous barriers to entry. Operating certification and approval are mandatory in each country. Service providers must offer a comprehensive range of inspection services (in particular for major clients) and extensive geographical coverage both locally and internationally. They must provide high value-added solutions based on top technical expertise and maintain their independence and integrity. Bureau Veritas’ success is based on its ability to adjust to new business challenges, whether they are one-off situations or long-term issues.

Wendel has gradually increased its holding in Bureau Veritas. When Wendel made its initial €25 million investment in 1995, obtaining 19% of the share capital, Bureau Veritas generated annual sales of less than €400 million. Wendel has since supported the company’s growth, increasing its leadership to 99.2% of the capital in 2004. In 2007, Bureau Veritas was listed on the stock exchange, enabling it to continue its international expansion.


What is the development potential?

2021 Outlook

Bureau Veritas remains uniquely positioned thanks to the diversity, the resilience of its portfolio and its numerous growth opportunities. Based on current uncertainties around the Covid-19 pandemic and assuming no severe lockdowns in its main countries of operation, Bureau Veritas expects for the full year 2021 to:

  • achieve solid organic revenue growth;
  • improve the adjusted operating margin;
  • generate sustained strong cash flow.

Next strategic plan

In the context of the Covid-19 pandemic, Bureau Veritas decided to postpone the announcement of its next strategic plan to the fourth quarter of 2021. On this occasion, Bureau Veritas will unveil the components of its financial ambition up to 2025. Bureau Veritas remains committed to its non-financial performance. Ahead of the next strategic plan, it presented its strategy for social and environmental responsibility up to 2025.

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Bureau Veritas’ ESG approach

ESG has always been at the heart of Bureau Veritas’ concerns. The company gives a key place to social, environmental and ethical issues in all its sectors of activity.

Health and Safety

Achieve 0.26 accident rate (TAR(1)) by 2025.
(1) TAR: Total Accident Rate.

Climate change

Reduce CO2 emissions (2) to 2 tons per employee (per annum) by 2025.
(2) Greenhouse gas emissions from offices and laboratories, tons of CO2 equivalent per employee and per year for Scopes 1, 2 and 3.


Reach 35% of female representation in leadership positions (3) by 2025.
(3) Proportion of women from the Executive Committee to Band III (internal grade corresponding to a management or executive management position) in the Group.

Capacity building

Achieve 35 training hours per employee (per annum) by 2025.

Bureau Veritas non-financials ratings
score obtained in the DJSI’s Professional Services category (top rank)
rating obtained from the CDP, above the sector average (C)

Wendel’s role in corporate governance

Board of Directors

Laurent Mignon (Vice-Chairman)
Christine Anglade Pirzadeh
Claude Ehlinger
Jérôme Michiels

Strategic Committee

Laurent Mignon (Chairman)
Claude Ehlinger

Nomination & Compensation Committee

Claude Ehlinger

Audit and Risk Committee
Jérôme Michiels

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