Transparency policy
1) High standards of corporate governance
Implementing sound corporate governance principles has been a priority at AXA for many years. Both the Group's international expansion in the 1990s and its listing on the New York Stock Exchange have contributed significantly to the implementation of corporate governance standards.
2) Comprehensive and transparent information
AXA has a highly diversified shareholder base. Committed to building and maintaining a relationship based on trust and accessibility with both individual and institutional investors, AXA offers timely, relevant information and has assigned a dedicated team to respond to their requests.
3) Shareholder information: a top priority
AXA aims to deliver clear, complete and reliable information that meets the needs of all shareholders, regardless of their level of expertise as investors and their wide range of expectations. Moreover, AXA is regularly rewarded for the quality of its information.
In 2003, the French "Club des Assureurs" selected AXA's 2002 annual report as the year's best. In April 2004, an Institutional Investor Research Group survey rated AXA number one in terms of institutional investor relations, both in the European insurance industry and in France for all sectors. In June 2004, the Thomson Extel Survey ranked AXA number one in the European insurance industry for the quality of its financial communications. AXA was also awarded "best institutional investor relations during a takeover" by IR Magazine, in connection with the MONY transaction. In 2005 the AXA Group was ranked third in the awards for excellence in shareholder meetings among CAC 40 companies and its annual report was voted the best for 2004 by the Club des Assurers.
Communications with institutional shareholders are based on regular meetings, with some 356 held in 2005 in the world's leading financial markets. While generally scheduled to coincide with the publication of interim and annual financial statements, meetings are also held from time to time to present a particular business area or AXA company.
Individual shareholders who wish to receive more detailed regular updates may join the AXA Shareholders' Circle, in which registered shareholders are enrolled automatically. Members of the Circle receive regular information about Group events and business, including annual and interim earnings, major transactions, shareholders' and regional meetings. Members also receive several publications:
- L'essentiel provides timely information about three key events over the year: annual earnings, shareholders' meetings and half-year earnings.
- Horizon is a magazine that is published three times a year, providing general information about the Group's business and organization, as well as AXA stock price trends.
- Itinéraires is a practical guide for AXA's individual shareholders, updated each year.
AXA also has an Advisory Committee for Individual Shareholders which meets to discuss ways in which the information made available to shareholders can be improved.
4) Dedicated teams
Based in Paris and New York, the Group's financial communications professionals maintain ongoing relationships with all of the financial community: brokerage house analysts, fund managers, investment company analysts and representatives of rating agencies. AXA's financial communications teams provide regular and complete information about events impacting Group operations and performance, are always available to answer any questions, and uphold the Group's commitment to meeting these players' needs for information and transparency as effectively as possible.
Individual investors may call or write to members of their dedicated team in Paris for information about AXA in general or a particular transaction that is underway.
In addition, a dedicated call center managed and staffed by specialists from BNP Paribas Securities Services is available for pure registered shareholders in order to facilitate the management of their securities accounts. Since March 2003, eligible shareholders have been able to consult their account status or transmit and track buy and sell orders through a special portal - GISnomi BNP Paribas - that can be accessed from the corporate website at www.axa.com.
5) General meetings, voting rights and procedures
The general meeting brings the company's senior executives and AXA's individual shareholders together. To ensure full disclosure, AXA also webcasts its shareholders' meetings. They can be viewed live or on-demand, including detailed minutes of discussions and the resolutions adopted.