Corporate Governance Code of Listed Corporations 2013

Listed corporations developed principles for corporate governance which were first published in the "VIENOT" report of July 1995. Since then, the recommendations have been supplemented and successively updated in July 1999, September 2002, January 2007 and October 2008 on the compensation of executive directors1 of listed corporations, and in April 2010 on the presence of women on boards. This collection of recommendations was prepared by working parties of the Association Française des Entreprises Privées (Afep) and the Mouvement des Entreprises de France (Medef). These recommendations have stemmed from initiatives of the business community itself, which attaches importance to defining certain principles of good operation and transparency intended to improve management practices and to respond to the expectations of investors and the public. This new version gave rise to a consultation, in particular of the public authorities, organisations representing individual and institutional shareholders and proxy advisors.