Corporate Governance

Implementing sound corporate governance principles has been a priority at AXA for many years. Both the Group's stepped-up international expansion since the 1990s and its listing on the New York Stock Exchange have contributed significantly to the implementation of corporate governance standards.

In addition, AXA has decided in 2008 to adopt as its corporate governance code of reference the set of recommendations based on the consolidation of the AFEP's and the MEDEF's report of October 2003 and of the AFEP / MEDEF recommendations dated January 2007 and October 2008 on the compensation of executive directors of listed companies (hereafter the "AFEP / MEDEF Code").

AXA and its principal subsidiaries have boards of directors or supervisory boards, audit committees, compensation committees and independent board members.

The sections entitled "Supervisory Board" and "Supervisory Board Committees" from the AXA Group's 2008 Annual Report, which correspond to the first part of the Chairman of the Supervisory Board's Report on the conditions of preparation and organisation of the Supervisory Board's work, were prepared in accordance with the French Financial Security Act of August 1^st, 2003.

Governance structure

Since 1997, AXA has had a dual corporate governance structure consisting of a Management Board and a Supervisory Board. This governance structure is designed to clearly separate the powers and responsibilities of management from those of supervision.

Internal control procedures

The aim of internal control is to prevent and manage the risks relating to AXA's financial protection and wealth management activities, and to ensure that accounting and financial information accurately reflect AXA's activities and situation.

AXA Group