Rules of procedure of the Supervisory Board – Amended by the Supervisory Board of 21 February 2017
These rules of procedure were adopted by the Supervisory Board (hereafter “the Board”) at its meeting of 6 May 2008 and amended by the Board at its meetings on 24 July 2012, 17 February 2015 and 21 February 2017.
They specify the role and operation of the Board, in accordance with the law, Métropole Télévision’s (hereafter “the Company”) bylaws and the corporate governance rules applicable to issuers admitted to trading on a regulated market.
These rules of procedure are in no way intended to replace the Company’s bylaws or applicable legal and regulatory provisions. They are not enforceable against third parties and their sole purpose, as part of the internal management of the Company, is to implement the systems and procedures to ensure the efficient operation of the Board.
These rules of procedure apply to all Board members (hereafter “a Member” or “the Members”). Where a Member is a legal entity, the stipulations apply to its permanent representative as if the latter served on the Board in their own name, without prejudice to the responsibility of the legal entity they represent to fulfil the obligations stipulated herein.
These rules of procedure include provisions on the obligations of Board members relative to insider information.
These provisions supplement and complete the Company’s Stock Market Code of Ethics), which applies to all insiders or those likely to have access to insider information in the Company or the Group.
Article 1 – Board members
1.1 Legal and statutory obligations
Before accepting a seat on the Supervisory Board, Members must be aware of the general and specific obligations incumbent on them. In particular, they must familiarise themselves with applicable laws and regulations, the Company’s bylaws, and the Board’s internal rules of procedures, which apply to them in full.
All Members agree to abide by the laws and regulations governing the duties of Supervisory Board members of a French limited company (Société anonyme), in particular the rules pertaining to:
– defining the Board’s powers ;
– plurality of offices ;
– agreements concluded between the Company and the Member, or any company in which the member is a director, a member of the Supervisory Board, a senior executive, or partner with unlimited liability ;
– possessing and using insider information ;
– declarations on transactions involving the Company’s shares ;
– the obligation that shares in the Company must be held in registered form or deposited in a custodian account ;
– blackout periods for transactions involving the Company’s shares.
All Members must hold the minimum number of Company shares stipulated in the bylaws in their own name and throughout their term of office.
Members must devote the time and attention required to perform their duties and attend the meetings of the Board or the committees they sit on.
The Board must be composed of Members selected for their competence and experience in the Group’s business (the Group is defined as the Company and all its subsidiaries).
Members may attend training on topics specific to the Company, its business(es) and industry, organised on the Company’s initiative or on request by the Board or a Member if deemed necessary.
1.4 Composition of the Supervisory Board
At least one third of Members must be independent. A member of the Supervisory Board is independent when he/she has no relationship of any kind with the Company, its Group or its Management likely to compromise the exercise of his/her free judgement.
A Member is considered to be independent if he/she satisfies the following criteria on the date upon which his/her status as an independent Member is assessed:
– not to be, or have been for the previous five years, an employee or an executive corporate officer of the Company, an employee, an executive corporate officer or a member of the Board of a company consolidated by the Company, or an employee, an executive corporate officer or a member of the Board of its parent company or a company it consolidates ;
– not to be an executive corporate officer of a company in which the Company holds a directorship, directly or indirectly, or in which an employee appointed as such or an executive corporate officer of the Company (currently in office or having held such office for less than five years) is a director ;
– not to be a customer, supplier, investment banker or commercial banker :
- that is material to the Company or its group,
- or for which the Company or its group accounts for a significant part of its business.
The assessment of whether the relationship with the Company or its Group is significant is discussed by the Board, and the quantitative and qualitative criteria used in the assessment (continuity, financial dependence, exclusivity, etc.) are stated explicitly in the registration document.
– not to have been a Statutory Auditor of the Company within the previous five years ;
– not to be a member of the Supervisory Board for more than twelve years ;
– not to be a member of a Company corporate officer’s immediate family ;
– not to represent a shareholder of the Company or its parent company that participates in the control of the Company.
Above a threshold of 10% of the share capital or voting rights of the Company, acting on a proposal of the appointments and remuneration committee, the Board must review independence based on the composition of the share capital and potential for conflict of interest.
The Chairman of the Supervisory Board cannot be considered an independent member if they receive variable remuneration in cash or securities, or any other component of remuneration based on the Company’s or the Group’s performance.
The Board is required to verify, at least once a year and upon each new appointment, that the Members or candidates for the position of Member fulfil the independence criteria listed below.
The Board may consider a member to be independent despite not meeting all the aforesaid criteria. Conversely, it may also decide not to award independent-director status to a member even though they meet all the criteria.
The Board presents the conclusions of its review of independence to the shareholders (i) every year during the general meeting of shareholders convened to approve the annual financial statements, and (ii) during the general meeting of shareholders called to approve the appointment of new Members or to ratify the appointment of Members co-opted by the Board.
1.4.2 Equal representation of men and women
The Board complies with the laws on equal representation of men and women on the Board. The permanent representatives of members that are legal entities and, where relevant, the members of the Board representing employee shareholders, are taken into account in determining these percentages, but not the Board members elected by employees.
In accordance with the Company’s bylaws, the general meeting of shareholders decides the total annual budget allocated to attendance fees for the members of the Board. The Board decides the breakdown between the Members on an annual basis, taking into account the time spent on Board work, membership of committees and attendance at meetings.
1.6 Members’ obligations regarding Company securities
All Members must notify the French financial markets authority, AMF (Autorité des marchés financiers), and the issuer of all transactions on the Company’s shares, debt securities, derivative instruments and financial instruments, conducted directly or indirectly through an intermediary, for them or on their behalf, by filing an electronic declaration within three (3) working days following completion of the transaction, once the amounts involved are in excess of €20,000 in a calendar year.
The Supervisory Board members must inform their current spouse, civil partner, dependent children, parents or other family members residing in their home for at least one year, and/or any other legal entity, trust or partnership in which they discharge management responsibilities, they control or which was constituted for their benefit, or whose financial interests are substantially equivalent to their own interests, about their obligations.
Members must provide the Company with the list of people closely associated with them, under the meaning of Article 3 of Regulation (EU) No. 596/2014, and who are also subject to the declaration obligation above.
The declarations mentioned above are filed online on the AMF website.
All Members must comply with the blackout periods notified to them and may not carry out any transactions when they possess insider information.
1.7 Confidentiality and obligation to refrain from carrying out transactions when possessing insider information
All documentation for Supervisory Board meetings as well as information (hereafter “the Information”) collected before or during Board meetings is confidential. There are no exceptions to this rule, which applies regardless of whether or not the Information is presented as confidential. Members shall consider themselves bound by professional secrecy, which exceeds the duty of discretion. Accordingly:
- members undertake not to express their individual opinions on the issues raised during the Board’s deliberations or on the meaning of the opinions expressed by the Members, outside Board meetings; and
- members must take all appropriate measures to ensure this confidentiality is protected, in particular by safeguarding the files or documents provided to them.
This confidentiality obligation does not prevent a permanent representative of a Member that is a legal entity from communicating the information to that legal entity’s management and supervisory bodies, once it takes all appropriate measures to ensure that strict confidentiality is complied with by the individuals receiving the Information.
Information is no longer confidential when it is in the public domain, in accordance with the laws and regulations applicable to the Company.
In addition to this confidentiality obligation, the members undertake not to express their opinion publicly, in their capacity as Board Member, on any topic whatsoever concerning the Company or the Group, irrespective of whether the topic relates to the Board’s deliberations, without the Chairman’s prior approval.
1.7.2 Obligations related to possessing insider information – Prevention of insider trading and misconduct
More specifically, Board Members have regular access to insider information in the exercise of their duties. Note that insider information is information of a precise nature, which has not been made public, relating directly or indirectly to one or more issuers or to one or more financial instruments, and which, if made public, would be likely to have a significant effect on the price of those financial instruments or on the price of related derivative financial instruments.
All Board members are included on the insider list drawn up by the Company and made available to the AMF.
If they possess such insider information, Board members must refrain from :
- engaging in or attempting to engage in insider trading (hereafter “Insider Trading”), in particular :
- by acquiring or disposing of financial instruments, on their own behalf or on behalf of third parties, directly or indirectly, on the basis of that information
- by cancelling or amending a previous order concerning a financial instrument of the Company, on the basis of that information
- recommending or attempting to recommend that another person engage in Insider Trading, or encourage or attempt to encourage another person to engage in Insider Trading, on the basis of insider information,
- unlawfully disclosing or attempting to unlawfully disclose insider information, in other words divulging this information to another person, except where the disclosure is made in the normal exercise of an employment, a profession or duties,
- using or communicating a recommendation or inducement formulated by an insider, if the person knows or should know that it is based on insider information.
The prohibited behaviours set out above may, on a case-by-case basis, lead to public prosecution in the criminal court or administrative proceedings before the AMF’s Enforcement Committee. The sanctions that can be imposed are :
- the AMF’s Enforcement Committee can impose a monetary fine of up to €100,000,000 or 10 times the amount of the profit made from the insider trading,
- the judge in the criminal court may impose the following sanctions :
- a fine of €100,000,000, which may be up to 10 times the amount of the profit made from the insider trading, but may not be less than the profit made,
- a five-year prison term.
In accordance with the Company’s Stock Market Code of Ethics, Board members must refrain from engaging in transactions on the Company’s securities (notably, the exercise of stock options, the sale of shares, including those resulting from the exercise of options or the allocation of free shares, and the purchase of shares):
30 calendar days at least preceding the publication of the press release announcing the Company’s full-year, interim (or quarterly) financial statements, and 21 calendar days prior to the publication of quarterly information.
A schedule of these blackout periods, based on the scheduled publication dates, is available online on the Company’s Intranet and sent by email to all M6 Group employees at the start of the year. It must be consulted before any transaction.
Moreover, we recommend that Board members who wish to engage in transactions on the Company’s securities check that their information is not insider information by asking the opinion of the Company’s ethics officer ahead of time, if they so wish. The ethics officer’s opinion is given in an advisory capacity only and the person concerned is solely liable for the decision to make the transaction or not.
1.8 Members’ other obligations
– Conflicts of interest. All Members (i) must act in all circumstances in the Company’s corporate interest, which coincides with the shareholders’ interests, and (ii) are required to notify the Board of any actual or potential conflict between their direct or indirect personal interest or the interest of a shareholder or group of shareholders that they represent and the interests of the Company or the Group, and adjust the performance of their duties accordingly.
Therefore, depending on the case, they shall :
- abstain from voting on the corresponding deliberation,
- refrain from attending Board meetings during the period he/she is in conflict of interest,
- resign his/her duties as member of the Board,
The Supervisory Board member may be held liable for their failure to comply with these rules of abstention or withdrawal.
Moreover, the Chairman of the Supervisory Board will not be required to forward to the members, about whom he has serious grounds for suspecting they are faced with a conflict of interests, the information or documents relating to the conflicting issue and will inform the Board that he has not handed over such information.
– Accepting new corporate offices: Acceptance by a Member of the Board of a new corporate office in a listed company, or a company outside the Group that is likely to be in competition with one of the Group’s activities must be communicated to the Board in advance. Similarly, Executive Board members must seek the Board’s recommendation before accepting a new corporate office in a listed company.
In any case, Board Members must inform the Board about the corporate offices held in other companies, including on their committees, in France and abroad.
– Vigilance. All Members have a duty of care and vigilance in determining the policy guidelines for the Company’s or Group’s business and must oversee implementation of these guidelines. They must exercise vigilant and efficient oversight of Company or Group management.
– Securities transactions. All Members undertake to comply with the rules intended to prevent market abuse damaging to the Company’s or Group’s interest or image. All Members must refrain from engaging in transactions on the securities of any company for which they have, because of their duties, information not available to the public and which is likely to significantly influence the share price of the security or securities concerned.
– Attendance at General Meetings of Shareholders Members of the Board of Directors shall endeavour to attend all General Meetings of Shareholders.
Article 2 – Operation
2.1 Frequency of Board meetings
The Board meets at least four times a year, and as often as required in the interests of the Company.
2.2 Notice of Board meetings
Board meetings may be convened by any means, including by letter, fax, email or verbally. Notice of meeting can be sent out by the Secretary of the Board.
Prior to the meeting, the members receive the notice of meeting and the agenda and, whenever possible, the background information required for their deliberations.
2.3 Board meetings
In all case permitted by the law and if provided for by the notices of meetings, Members participating in the meeting of the Board by video conference or means of telecommunications enabling their identification and effective participation, the nature and applicable conditions of which are determined in accordance with legal and regulatory provisions, shall be deemed present for the purpose of calculating the quorum and the majority members of the Supervisory Board.
The Chairman of the Board may invite others he/she deems useful to attend the meeting. If a person other than a Board Member is invited to a meeting, the Chairman must remind them of their obligation to keep confidential all information collected during the Board meeting.
2.4 Procès-verbaux des réunions du Conseil
Minutes are prepared after each Board meeting. Draft minutes of the most recent meeting are sent or given to all Members, no later than the date of notice of the next meeting.
The minutes detail participation of Members by videoconferencing or other means of telecommunication and report any technical incidents with transmission, if they disrupt the business of the meeting.
The Chairman of the Board, the Vice-Chairman of the Board, a member of the Company’s Executive Board or a duly authorised proxy approves the copies or excerpts of the meeting minutes.
2.5 Secrétaire du Conseil
On the Chairman’s proposal, the Board appoints a Secretary and sets the term of office.
The Board Secretary need not be a Board member.
All Members may consult the Secretary and use his or her services. The Secretary is responsible for all procedures related to the practical organisation of the Board.
If not a Member, the Secretary is bound by the same confidentiality obligations as the other Members. The Chairman verifies that the Secretary is fully informed of these obligations.
Once a year, the Supervisory Board includes a discussion on the composition, organisation and operation of the Board as an item on the meeting agenda. A formal assessment is also carried out at least every three years.
The Board Members may meet once a year, without the other members of the Executive Board, to evaluate their performance and to discuss the future of the management team.
The assessment also aims to:
- check that important issues are properly prepared for and debated,
- measure each member’s contribution to the Board’s work, in terms of their skills and involvement in deliberations,
- review the desired balanced composition of the Board and its committees specifically regarding gender balance, diverse skill sets, as well as independence and objectivity in fulfilling the work of the Board,
- assess procedures implemented to prevent misconduct and insider trading.
An evaluation of the audit committee is also included in each annual assessment. The Board reviews the audit committee’s work against its objectives and suggests opportunities for improvement.
Article 3 – Resources
3.1 Expertise provided by committees
The Board may form temporary or standing committees comprising at least two (2) and at most five (5) members appointed by the Board.
These committees submit recommendations and proposals to the Board and report to it on their work.
3.2 Informing members
In the interests of efficient and prudent control of Group management, the Group’s senior management may address the Board, whether or not they are corporate officers.
It may request any and all reports, documents and studies by the Group and request, subject to confidentiality requirements, and commission external technical studies, at the Company’s expense.
Members may request advice from the Group’s senior management on any topic and meet directors, either collectively or individually.
Members may also request any information they deem necessary from the Chairman of the Board, either collectively or individually, provided that disclosure is not prohibited by the prudence principle applied to confidentiality.
The Board is informed on a quarterly basis of the Company’s financial position and cash flow as well as its commitments.
Members receive all relevant information, especially press reviews and financial analysis reports.
Every year, the Company’s annual report will include a statement on the operation of the Supervisory Board and its committees during the financial year just ended.
Article 4 – Permanent committees
4.1 Standing committees
By adopting these rules of procedure, the Board establishes two (2) standing committees:
– an audit committee ;
– a remuneration and appointments committee.
4.2 Rules applicable to all standing committees
– The committees are tasked with aiding the Board to make informed decisions.
– Committee members, selected from amongst the Board Members, are appointed in their individual capacity, for the duration of their term of office on the Board. They may not be represented on the committee(s) and can be replaced or have their appointment revoked by the Board at any time. Their terms of office are renewable concurrently with their terms as Board member.
– Each committee chairman is appointed by the committee from amongst the committee members.
– Each committee appoints a Secretary tasked with all procedures related to the practical organisation of the committee and is subject to the same obligations as the Board Secretary.
– Subject to specific rules applicable to them, each committee decides the frequency of meetings, which are held at the Company’s registered office or in any other place indicated in the notice of meeting, and sets the meeting agenda.
– The quorum for committee meetings is at least half of its members, who may attend by any means permitted by law and the Company’s bylaws in respect of the participation of Members in Board meetings.
– Board Members and any other person may be invited by the Chairman to attend one or more committee meetings; however only audit committee members take part in deliberations.
– Meeting minutes are prepared by the committee secretary, under the authority of the committee chairman. They are sent to all the committee members, other Board Members and the Chairman of the Company’s Executive Board. The committee chairman or, where relevant, a committee member appointed for the purpose, reports on the committee’s work to the Board.
– Each committee issues proposals, recommendations or opinions within their remit. To fulfil this duty a committee may conduct studies or commission external studies to inform the Board’s discussions, at the Company’s expense. It may also hear submissions from the Company’s or subsidiary managers. Committees report to the Board on their work at each Board meeting. An overview of each committee’s work is included in the annual report.
– As required, committees may decide on other working methods. They check periodically that the committee rules and operating methods are appropriate to provide assistance to the Board to inform its discussions on topics within its remit, and may propose amendments to its rules of procedure to the Board.
Article 5 – Audit Committee
The audit committee is subject to the provisions of the French Commercial Code and Regulation (EU) No. 537/2014 of 16 April 2014.
The audit committee assists the Board in its task of verifying the accuracy and fairness of the Company’s parent company and consolidated financial statements, and the quality of financial information.
The audit committee’s role includes :
In relation to the financial statements
- to review the annual financial statements prior to their submission to the Board ;
- to monitor the relevance and consistency of the accounting principles and rules used for the preparation of the financial statements and to prevent any potential violation of these rules ;
- to review the preliminary and interim results as well as the accompanying notes, prior to their publication ;
- to monitor the preparation process of financial information and, if necessary, formulate recommendations to ensure its integrity ;
- to oversee that the procedures implemented to ensure compliance with stock market regulations are robust ;
- as part of its review of the financial statements, to examine the scope of consolidation and, where relevant, the reasons for which companies are excluded from the scope.
In relation to the external control of the Company
- to issue a recommendation on the Statutory Auditors proposed for appointment by the general meeting to the Board. It also issues its recommendation on the renewal of the statutory auditor’s or auditors’ appointment,
- to monitor the completion by the Statutory Auditors of their assignment, taking into account the observations and findings of the H3C (French Statutory Auditors’ Supervisory Body) following the audits performed pursuant to Articles L. 821-9 and subsequent ;
- to ensure compliance by the Statutory Auditors with the principles of independence, and to take all steps required to apply article 4-3 of Regulation (EU) No. 537/2014 (economic independence) and ensure compliance with the conditions of article 6 of this regulation.
In relation to the internal control of the Company
- to assess the Company’s and its subsidiaries’ internal control systems with internal control officers ;
- to review with them the response and action plans in the field of internal control, the findings of these responses and measures, and the action that is required of them ;
- to monitor the efficiency of internal control and risk management systems, as well as of the internal audit where applicable, regarding the procedures related to the preparation and processing of accounting and financial information, without it affecting its independence.
In relation to risks
- to regularly review with the Executive Board of the Company the main risks to which the business is exposed as well as the significant off balance sheet commitments.
In relation to conflicts of interests
- to review and check the rules of procedure applicable to conflicts of interest, to the expenses of the management team members and to the identification and measurement of the main financial risks, as well as their application, and submit its assessment annually to the Board ;
- during the review of the financial statements, probe any material transactions that could have generated conflict of interest.
In relation to non-audit services :
- approve the service.
It reports regularly on the performance of its duties to the collegial body tasked with administration, or to the supervisory body. It also reports on the results of the assignment to certify the financial statements, on the way in which this assignment has contributed to the integrity of financial information and on the role it has played in this process. It shall inform the Supervisory Board without delay of any difficulty encountered.
The audit committee is comprised of a minimum of three (3) and a maximum of five (5 members).
They are appointed by the Board from among the Members. Insofar as possible, two-thirds should be appointed from among the Independent Board Members.
The members of the audit committee must have the requisite expertise in financial, accounting and statutory audit matters.
The required financial, accounting or statutory audit expertise is assessed based on their professional experience, academic training and/or knowledge of the Company’s business.
The audit committee elects a chair from among its independent members.
The following attend audit committee meetings :
- the Chairman or member of the Company’s Executive Board responsible for financial management of the Company, or both of these individuals ;
- as required, representatives of the Statutory Auditors or the Company’s audit manager ;
- any other person the audit committee wishes to hear.
Once a year, the audit committee hears the Statutory Auditors of the Company under the conditions determined by the committee.
The audit committee meets at least twice a year, convened by its chairman. Although the schedule of audit committee meetings is decided by the Board, it may meet at any time, at the request of its chairman or of two of its members.
The audit committee requests all the information required for its meetings. The Committee has sufficient time to review the financial statements.
For the performance of its duties, the audit committee receives an additional Statutory Auditors’ report no later than the date of signature of the report to the ordinary general meeting of shareholders. This report explains the results of the statutory audit of the financial statements and includes the information specified in Regulation (EU) No. 537/2014.
In general, all relevant documentation and analyses to cover all matters that are likely to have a material impact on the financial statements and related financial position must be provided to the audit committee within a reasonable time frame and before its meetings.
It calls any person whose submissions are considered useful for the work of the committee. In particular, it calls the Statutory Auditors for the meetings convened to review the process of preparing financial disclosures and reviewing the financial statements, to hear their report on the performance of their assignment and the conclusions of their audit. The audit committee may also ask the Company’s Executive Board to hear submissions and provide it with any and all information.
The audit committee may call in external experts as needed, having first verified their expertise and independence.
When the financial statements are presented to the Board, the Chairman of the Audit Committee presents any comments necessary.
To discharge its responsibilities, the Audit Committee must hear the Statutory Auditors, senior executives and managers responsible for the preparation of the financial statements, cash and internal control, in the absence of the corporate officers. It may also be assisted by external consultants, at the Company’s expense.
The review of the financial statements by the audit committee must be informed by the statutory auditors’ presentation pointing out the main points of the Company’s results and the accounting policies selected, as well as a presentation by the Chief Financial Officer describing the Company’s risk exposure and significant off-balance sheet commitments.
On their appointment, the audit committee members receive information on the Company’s or Group’s accounting, financial and operational characteristics.
With respect to internal audits and risk management, the committee must review significant risks and off-balance sheet liabilities, hear the submission of the internal audit manager, give its opinion on the organisation of the internal audit function and keep up to date on its work plan. It must also be sent the internal audit reports or a periodic summary of these reports.
The audit committee draws up an annual work plan based on the Company’s current affairs and the results of its previous work.
The audit committee must keep confidential all information pertaining to :
- services provided by the members of the Statutory Auditors’ network ;
- the comments and conclusions of the Haut Conseil referred to in article L. 823-19 – II – 4.
Article 6 – Remuneration and Appointments Committee
The duties of the Appointments and Remuneration Committee are to:
6.1.1 In relation to remuneration
- to propose recommendations to the Board on all components of remuneration, including the pension and benefits plan, benefits in kind and various financial entitlements of the Chairman and vice-chairman of the Board, the other Members of the Board and the members of the Executive Board. With respect to the latter two categories of personnel, it makes recommendations on the granting of stock options of the Company and the allocation of free shares ;
- to issue a recommendation on the total budget and distribution of attendance fees ;
- to ensure compliance with the Group’s individual and collective principles, values and code of conduct, applicable to all staff.
It is specified that executive corporate officers (the members of the Executive Board and the Chairman of the Supervisory Board) may not attend discussions on the components of their remuneration during the presentation of the report of the remuneration and appointments committee’s work.
6.1.2 In relation to appointments
- to review all applications and make its recommendations to the Board concerning the appointment, renewal or replacement of any Executive Board or Supervisory Board member ;
- to prepare a succession plan for the executive corporate officers (the members of the Executive Board and the Chairman of the Supervisory Board) ;
- to discuss the independence of Supervisory Board members ;
- to review the balance of the composition of the Supervisory Board in particular in accordance with the shareholding structure and the equal representation of men and women.
6.1.3 Regarding the operation of the Board
- to annually evaluate the Board’s work in order to help draft the Chairman of the Supervisory Board’s report on corporate governance ;
- to ensure the prevention of conflicts of interest that could arise within the course of corporate life.
The remuneration and appointments committee is comprised of a minimum of two (2) and a maximum of five (5 members).
They are appointed by the Board from among its Members, and 50% are Independent Members.
The Chairman is elected from among the committee’s members.
The Board Secretary performs the role of secretary for the appointments and remuneration committee.
Unless otherwise decided by the appointments and remuneration committee, the Chairman of the Board and the Chairman of the Executive Board attend its meetings.
The remuneration and appointments committee meets at least once (1) a year. The meeting is convened by the Chairman of the Board, the committee chairman, 50% of its members, or on the request of the Chairman of the Company’s Executive Board.
The Chairman of the Executive Board takes part in the committee’s work on appointments.
In accordance with the AFEP-MEDEF code, the remuneration and appointments committee must be informed about the remuneration policy applicable to the Company’s main non-executive corporate officers. It is responsible for ensuring this policy is in keeping with the remuneration policy for executive corporate officers decided by the Board.
Article 7 – Notifications
These rules of procedures and any subsequent amendments must be notified to the Company’s Executive Board, which shall record notification of same in specific deliberations.
These rules of procedure were signed by all Members holding office on 21 February 2017.
|M. Guillaume de POSCH
Chairman of the Supervisory Board
|M. Guy de PANAFIEU
Vice-Chairman of the Supervisory Board
|Mme Anke SCHAFERKORDT
Member of the Supervisory Board
|Mme Sylvie OUZIEL
Member of the Supervisory Board
|M. Gilles SAMYN
Member of the Supervisory Board
|Mme Delphine ARNAULT
Member of the Supervisory Board
|M. Vincent de DORLODOT
Member of the Supervisory Board
|Mme Mouna SEPEHRI
Member of the Supervisory Board
|M. Philippe DELUSINNE
Member of the Supervisory Board
|M. Elmar HEGGEN
Member of the Supervisory Board
|M. Christopher BALDELLI
Member of the Supervisory Board
|Immobilière Bayard d’Antin
represented by Catherine LENOBLE
Member of the Supervisory Board
|Members of the Supervisory Board||Age||Function||Date of first appointment||Expiry date of appointment||Departure Date||Biography
(Excerpt of the 2014 registration document or the 28/04/15 meeting convocation)
|Guillaume de Posch||59||Chairman||27 March 2012||2020||–||Download|
|Guy de Panafieu||74||Deputy Chairman||18 February 2004||2018||–||Download|
|Delphine Arnault *||42||Member||5 November 2009||2018||–||Download|
|Anke Schaferkordt||54||Member||28 April 2015||2018||–||Download
(French Version only)
|Sylvie Ouziel *||46||Member||28 April 2015||2019||–||Download
(French Version only)
|Gilles Samyn *||67||Member||2 May 2007||2019||–||Download|
|Mouna Sepehri *||53||Member||3 May 2012||2020||–||Download|
|Philippe Delusinne||59||Member||28 July 2009||2020||–||Download|
|Vincent de Dorlodot||52||Member||18 March 2004||2018||–||Download|
|Elmar Heggen||49||Member||22 November 2006||2020||–||Download|
|Catherine Lenoble **||67||Member||3 March 2008||2019||–||Download|
||51||Member||7 November 2017||2019||–||Download|
* Independent member: “Board member are independent if they have no relationship with the company, its group or its management, of a nature to compromise their freedom of judgement”. (Source: Corporate Code of Governance for listed companies of December 2008, updated in November 2015, prepared by the AFEP-MEDEF).
** Permanent representative of the company Immobilière Bayard d’Antin.
Operation of the Supervisory Board
The Supervisory Board exercises permanent control over the management of the Company and subsidiaries by the Executive Board and grants the latter the prior approval for transactions that it may not perform without such authorisation, in accordance with the provisions of Article 24.3 of the bylaws.
Throughout the year, the Supervisory Board performs whatever verifications and checks it considers appropriate and may call for any documents it requires to fulfil its tasks.
The Supervisory Board’s internal regulations set out the Board’s and its committees’ role and functions pursuant to the law, Métropole Télévision’s memorandum and articles of association and the corporate governance rules applicable to listed companies, drawn up by the AFEP – MEDEF, and in particular:
the status and obligations of the Supervisory Board members;
the Board’s functions and meeting arrangements;
how the Board exercises its powers;
membership of the different Board committees, i.e., the Audit Committee and the Remuneration and Appointments Committee; the functions, mandates and powers of the different Board Committees.
The Supervisory Board meets as often as required in the interests of the Company and at least once a quarter. It met five (5) times in 2015 and the overall attendance rate was 80.0%.
Self assessment by the Supervisory Board
The Board reviews its own modus operandi once a year at one of its meetings, using a questionnaire issued to each member to evaluate the Supervisory Board’s operating rules, which each member completes anonymously. An evaluation analysis is then presented to the Board.
The following emerged from the 2016 review:
– there is sufficient information available for the Board to be able to oversee the performance of the Executive Board, and more specifically, the achievement of strategic objectives,
– members of the Board feel that they have the opportunity to contribute to discussions and have enough time to express their views;
– members of the Board are sufficiently informed of any external development (legislative, strategic, sector-specific, etc.) likely to affect the Company and its competitors;
– meetings are carried out in a manner that promotes quality and fully transparent discussions. Supervisory Board members also consider that the Group has made progress in this area in comparison with the 2015 assessment;
– one of the areas for improvement could concern the process of integrating Supervisory Board members.
Committees of the Supervisory Board
The Supervisory Board has had the following two Committees in place since it was established in 2000:
– The Remuneration and Appointment Committee
– The Audit Committee
Company shares held by members of the Supervisory Board
In accordance with Company bylaws, the members of the Supervisory Board of Métropole Télévision must each hold at least 100 shares in the Company.