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

• Where questions of interpretation of accounting

standards arose in connection with the

presentation of results and involved choices

with a material impact, the Statutory Auditors (1)

and Group Management submitted a joint

memorandum to the Committee analysing the

nature and significance of the issues at play

and presenting the rationale for the choices

made (2) .

The Committee interviews the Head of Group

Finance-Development and the Head of

Group Accounting prior to the publication of

results or when it discusses specific issues

related to changes in international accounting

standards or matters of accounting control

(3) . During its review of the 2006 financial

statements, it interviewed the Head of Group

Finance-Development, without any member

of Executive Management being present.

(1) AFEP-MEDEF 2003 (14.2.2).

(2) AFEP-MEDEF 2003 (14.2.1).

(3) AFEP-MEDEF 2003 (14.3.2).

(4) AFEP-MEDEF 2003 (14.2.1).

(5) AFEP-MEDEF 2003 (14.2.2).

(6) AFEP-MEDEF 2003 (14.2.2).

The Committee reviews the quarterly report

from the accounting internal control unit on

verifying compliance with in-house procedures

for the collection and review of information

(4) .

Selection of the Statutory Auditors

for the 2006-2011 terms of office

The Committee steered the procedure for

selection (5) of the Statutory Auditors, by means

of an invitation totender extended to firms

likely to be able to meet the statutory auditing

needs of a corporation of BNP Paribas’ size.

The selection was made based on the bidders’

written responses to the audit specifications,

using a predefined set of criteria. These

criteria were designed to determine whether

the proposed auditing process provided a

good fit with the Group’s key features. They

also assessed the quality of the dedicated

teams and the bidders’ compliance with ethical

requirements related to auditor independence,

particularly as regards rotation (6) of the

lead audit partners and the incompatibility

of audit and non-audit engagements. The

Financial Statements Committee finalised the

processing of bids by interviewing each audit

firm individually.

The entire process took place without any

involvement of Executive Management.

• After having interviewed each of the firms,

the Committee recommended that the Board

propose the following three firms for approval by

the shareholders: Deloitte & Associés, Mazars

& Guérard, and PricewaterhouseCoopers

Audit.

159

CORPORATE GOvERNANCE

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