Corporate Governance

Principles of governance

Implementing sound corporate governance principles has been a priority at AXA for many years. In this context, AXA chose to adopt, in 2008, the Corporate Governance Code for French corporations (Code de gouvernement d'entreprise des sociétés cotées) published by the Afep (Association française des entreprises privées) and the Medef (Mouvement des entreprises de France) (the "Afep-Medef Code").

AXA has taken steps 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 various corporate governance matters including board composition and size, directors' independence criteria, board committees and their roles, and directors' fees. Group Governance Standards require, among other things, the boards of AXA's principal subsidiaries to establish an audit committee.

Internal control procedures

In order to manage these risks, the Group has put in place a comprehensive system of internal controls designed to ensure that executives are informed of significant risks on a timely and continuing basis, have the necessary information and tools to appropriately analyse and manage these risks, and that the Group’s financial statements and other market disclosures are timely and accurate.

More information in the 2019 Annual Report.

Governance structure

Since April 2010, AXA has operated with a unitary Board of Directors. On April 24, 2019, the Board of Directors was comprised of 15 members among which 9 were qualified as independent by the Board of Directors in accordance with the criteria set forth in the Afep-Medef Code. The Board of Directors determines the strategic orientations of the Company and ensures their implementation, including regarding the environmental, social and governance matters.

The Board of Directors appointed on April 24, 2019, Mr. Jean-Pierre Clamadieu as Senior Independent Director. He has a number of specific powers including serving, if need be, as spokesperson for the independent diretors towards the Chairman of the Board of Directors.

The Board of Directors benefits from the work of three specialized Committees that review specific matters: the Audit Committee, the Finance Committee, the Compensation & Governance Committee.

A Management Committee and a Partners group also support the operational management of the Group.

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