The Board of Directors consists of thirteen members, nine of whom being considered as independent under the criteria set by the internal regulations of the Board of Directors and by the AFEP-MEDEF Code.
The directors shall serve for a term of office of four years.
The Board of Directors is chaired by Thierry Le Hénaff, Chairman and CEO.
The Board of Directors has decided to combine the functions of Chairman of the Board and Chief Executive Officer. This choice is justified by a Board of Directors, which except for Thierry Le Hénaff, Patrice Bréant, director representing shareholder employees, and Isabelle Boccon-Gibod, permanent representative of the Fonds Stratégique de Participations, exclusively comprises directors considered as independent.
This choice also takes into account the leading practices of French companies.
The Board of Directors determines the strategic guidelines governing the Group’s activity and oversees their application.
To this end, it:
- reviews strategic developments in the Group,
- monitors their implementation and management,
- takes decisions regarding major transactions,
- monitors the quality of information supplied to shareholders and the markets,
- ensures the quality of the Board of Directors’ operations.
Organization of work
The Board of Directors met six times in 2015.
The average attendance rate for all directors at these meetings was 93%.
Every three years, in principle, an assessment report is realized on the functioning of the Board by an external consultant. This formal assessment was done in 2012.
Some subjects are submitted for prior review to one of the two specialized Committees before being presented to the Board of Directors for approval such as:
- the review of financial statements, the examination of internal control procedures, the activities of internal and external audit, as well as financial transactions by the Audit and Accounts committee,
- the composition of the Board of Directors, the compensation policy, the employee share ownership schemes, and corporate governance principles by the Nominating, Compensation and Corporate Governance committee.
Since beginning of 2015, the Strategy committee has been replaced by an annual seminar of the Board on Group's strategy.