Under the ethical rules applicable to Directors resulting from the AFEP/MEDEF Code, each Director must personally own shares of the Company.
The Company’s articles of association currently state that each Director must own at least 500 registered shares. If the Director does not own shares on the date of his appointment, or if he ceases to own them during his term of office, the Director is deemed to have resigned with immediate effect if he has not rectified the situation within a period of three months.
In order to align the time limit for this operation with the time limit stipulated in law (rectification within six months) and to facilitate compliance by Directors with the requirement to own Company shares, it is proposed in the 24th resolution that article 11 (Composition of the Board of Directors) in the Company’s articles of association be amended.
