Corporate Governance & Governance structure.
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.
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 2022 Annual Report.
Since April 2010, AXA has operated with a unitary Board of Directors. On April 27, 2023, the Board of Directors was comprised of 16 members among which 10 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 is collectively responsible for determining the strategic orientations of the Company, ensuring their implementation in accordance with its corporate purpose and taking into consideration the social and environmental challenges of its activity.
The Board of Directors benefits from the work of three Committees that review specific matters: the Audit Committee, the Finance & Risk Committee, the Compensation, Governance & Sustainability Committee.
A Management Committee and a Partners group also support the operational management of the Group.