Banken for en verden i endring The bank for a ... - BNP Paribas

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Banken for en verden i endring The bank for a ... - BNP Paribas

• report of the Chairman / corporate governance at BNp paribas

The Board heard the briefing presented by

the Chairman of the Internal Control and Risk

Management Committee on the interviews

– conducted in the absence of Executive

Management – of key Group executives on

their areas of responsibility: the Head of the

General Inspection Unit, in charge of periodic

controls, and the Head of Group Risk

Management, who oversees the Group’s

entire risk management policy (1) .

The Board was briefed, based on information

provided by Executive Management,

on how the Group Compliance unit was set

up, including its organisation, resources and

action plans. The Head of this new unit was

interviewed by the Board.

The Board received regular briefings from the

Chairman of the Committee, based on information

provided by Executive Management,

on the Group’s exchanges of correspondence

with regulatory bodies in France and abroad.

• It heard a briefing from the Chairman of

the Internal Control and Risk Management

Committee on the findings of periodic controls

reported by the Bank’s General Inspection

Unit and on the follow-up to recommendations

issued previously.

• It was notified of the new process implemented

by the Group to manage relations with regulatory

authorities.

• It received a progress report from Executive

Management on Group entities’ operations in

jurisdictions which regulatory authorities consider

to be “lacking in transparency” (2) .

(1) Basel Committee, 5th Principle - art. 43.

(2) Basel Committee, 8th Principle – “Know your structure”.

(3) AFEP-MEDEF 2003 (1.2) – The Bank’s ratings from financial rating agencies are provided at the beginning of this “Document de référence”.

(4) AFEP-MEDEF 2003 (2.1.1).

fINANCIAL mANAGEmENT,

BudGET, fINANCIAL STATEmENTS

ANd RESuLTS (3)

1. The 2007 budget: as is customary at its last

meeting of the year, the Board reviewed and

approved the draft budget for the following year,

presented by Executive Management. The draft

budget concerned the Group as a whole as well

as its core businesses and major business lines,

including, for the first time, the budget of Banca

Nazionale del Lavoro (BNL) for 2007.

2. Group and BNP Paribas SA financial statements:

the results and financial statements for

the fourth quarter and full year 2005, for the first

three quarters of 2006, as well as for the first

half and first nine months of 2006 (4) , presented

by Executive Management, were reviewed and

approved as required by the Board. Its work

covered the entire consolidated Group as well as

each of its core businesses and major business

lines. The Board was briefed concerning the

impact of the new accounting standards on the

balance sheet and off-balance sheet commitments

of both the Group and BNP Paribas SA.

149

CORPORATE GOvERNANCE

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