Corporate governance principles
Implementing sound corporate governance principles has been a priority at AXA for many years.
In 2008, AXA has decided 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, October 2008 and April 2010 (hereafter the "AFEP/MEDEF Code").
Over the past years, AXA initiated a process designed to harmonize corporate governance standards throughout the Group. This effort is focused, among other matters, on standardizing, to the extent practicable, principles relating to a number of corporate governance matters including board composition and size, directors' independence criteria, Board Committees and their roles, and directors' fees. The group governance standards require the boards of AXA's principal subsidiaries to establish an audit committee and a compensation committe.
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.
More comprehensive information is available in the 2012 Annual Report.