I - Issuers and Financial Information

I. 7 - Corporate Governance and General Meetings

I. 7.2. Corporate Governance

Doctrine
Governance

Corporate Governance and Executive Remuneration of Companies Referencing the AFEP-MEDEF Code - Consolidated Presentation of Recommendations Contained in AMF Annual Reports

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Applicable as of December 14, 2023
Recommendation DOC-2012-02

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Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

Modifications made on July 28, 2023:

Two modifications were made to the doctrine relating to corporate governance:

• The format of the recommendation, applicable to companies that reference the AFEP-MEDEF Code, has been reviewed with a view to pedagogy.
• The recommendations and best practices relating to the consideration of social and environmental responsibility (hereinafter, "CSR") by the board of directors, issued from the AMF 2022 report on corporate governance and executive remuneration, have been integrated into this recommendation (paragraph 16) as well as into the guide for drawing up universal registration documents (DOC-2021-02 - 2nd part - paragraphs 12, 13.3, and 13.4).

Modifications made on December 14, 2023:

The recommendations and best practices relating to board evaluation, issued from the AMF 2023 report on corporate governance and executive remuneration, have been integrated into this recommendation.

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Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

Modifications made on July 28, 2023:

Two modifications were made to the doctrine relating to corporate governance:

• The format of the recommendation, applicable to companies that reference the AFEP-MEDEF Code, has been reviewed with a view to pedagogy.
• The recommendations and best practices relating to the consideration of social and environmental responsibility (hereinafter, "CSR") by the board of directors, issued from the AMF 2022 report on corporate governance and executive remuneration, have been integrated into this recommendation (paragraph 16) as well as into the guide for drawing up universal registration documents (DOC-2021-02 - 2nd part - paragraphs 12, 13.3, and 13.4).

[Download the doctrine]

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

[Download the doctrine]

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

[Download the doctrine]

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

[Download the doctrine]

Reference Texts

Articles L. 225-37, L. 225-37-2, L. 225-37-3, L. 225-37-4, L 225-37-5, L. 225-68, L. 225-82-2, L. 225-100, L. 225-100-1, L. 225-185, L. 225- 197-1, L. 226-10-1, L. 823-19 and L. 823-20 of the Commercial Code

Article L. 621-18-3 of the Monetary and Financial Code

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

[Download the doctrine]

Reference Texts

Articles L. 225-37, L. 225-37-2, L. 225-37-3, L. 225-37-4, L 225-37-5, L. 225-68, L. 225-82-2, L. 225-100, L. 225-100-1, L. 225-185, L. 225- 197-1, L. 226-10-1, L. 823-19 and L. 823-20 of the Commercial Code

Article L. 621-18-3 of the Monetary and Financial Code

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document. This document also takes into account the revision of the AFEP-MEDEF Code, dated June 2018.

[Download the doctrine]

Reference Texts

Articles L. 225-37, L. 225-37-2, L. 225-37-3, L. 225-37-4, L 225-37-5, L. 225-68, L. 225-82-2, L. 225-100, L. 225-100-1, L. 225-185, L. 225- 197-1, L. 226-10-1, L. 823-19 and L. 823-20 of the Commercial Code

Article L. 621-18-3 of the Monetary and Financial Code

Recommendation DOC-2012-02 by the AMF brings together all recommendations applicable to companies declaring that they reference the AFEP-MEDEF Code, as well as lines of reflection addressed to professional associations. Thus, the recommendations and lines of reflection published since 2009 by the AMF in its reports on corporate governance and executive remuneration are consolidated and harmonized in this document.

[Download the doctrine]

Reference Texts

Articles L. 225-37, L. 225-37-2, L. 225-37-3, L. 225-37-4, L 225-37-5, L. 225-68, L. 225-82-2, L. 225-100, L. 225-100-1, L. 225-185, L. 225- 197-1, L. 226-10-1, L. 823-19 and L. 823-20 of the Commercial Code

Article L. 621-18-3 of the Monetary and Financial Code

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Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02