Corporate Governance Code of Listed Corporations, 2010.

The principles for the corporate governance code are based on the Viénot reports of 1995 and 1999, on the Bouton report of 2002, and on the 2007 and 2008 recommendations concerning the compensation of executive directors of listed companies. Prepared by the Association Française des Entreprises Privées (AFEP) and the Mouvement des Entreprises de France (MEDEF), these recommendations are aimed at those companies with securities trading on a regulated market. Corporations with a Supervisory Board and Management Board, as well as partnerships limited by shares, need to make adjustments as appropriate to implement these recommendations. An annual report of listed companies must include a chapter, determined with the support of the compensation committee, informing shareholders of the compensation received by executive directors, as well as the internal procedures to identify and monitor off-balance sheet-commitments, and to evaluate the corporation’s material risks.

Scope

Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Companies whose securities can be traded on a regulated market