The Supervisory Board
The Supervisory Board exerts oversight and control over the Management Board and the general affairs of the Group. The Supervisory Board supervises subjects including company strategy and financial performance, business risks, structure and administration of internal risk management and control systems, financial reporting procedures and compliance with relevant laws and regulations. The Supervisory Board’s role, responsibilities and related tasks are spelled out in part IV of the company's Articles of Association and in a separate Supervisory Board Charter.
The composition of the Supervisory Board reflects a strong commitment to the independence and expertise of its members and to the Group’s international profile. All members of the Supervisory Board are independent according to the criteria of the Afep-Medef’s Code of Corporate Governance.
The Supervisory Board has 2 committees comprised of Supervisory Board members, whichfocus on specific and complex aspects of its supervisory responsibilities:
- ■ the Governance, Nomination and Remuneration Committee, composed of 5 members
- ■ the Audit Committee, composed of 5 members
Each committee performs its duties under a specific Charter that describes its role, responsibilities, organisation and functioning. The Committees make recommendations and advise the Supervisory Board. The Supervisory Board, however, retains responsibility for all decisions and actions taken on the Committees’ recommendations.