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

Relations with the Statutory Auditors

The Committee was provided with the

Statutory Auditors’ annual audit plan and

examined it.

• It also received notification of the amount

– calculated by Executive Management – of

fees paid by the BNP Paribas Group to the

Statutory Auditors and the networks to which

they belong. It ensured, based on the information

collected by Executive Management,

that the portion of the audit firms’ revenues

which BNP Paribas represents was not likely

to compromise the Statutory Auditors’ independence

(1) .

• It tailored the rules governing the allocation of

engagements to the new code of ethics for

statutory auditors in France (2) , by updating the

procedure for approval and control of engagements

not directly related to auditing.

• It received from each of the audit firms a written

statement of its independence in conducting

the engagement.

The Committee reviewed the draft report of the

Chairman of the Board on internal control pro-

Extracts from the Board of Directors’ Internal Rules:

the Financial Statements Committee

The Committee shall hold at least four meetings per year.

Composition

At least two-thirds of the members of the Financial Statements Committee shall qualify as independent

directors based on the definition used by the Board in accordance with French corporate governance

guidelines. No members of the Bank’s Executive Management shall sit on the Committee.

Terms of reference

The Committee is tasked with analysing the quarterly, half-yearly and annual financial statements

issued by the Bank and obtaining further explanations of certain items prior to presentation of the

financial statements to the Board of Directors.

The Committee shall examine all matters related to the financial statements, including the choices

of accounting principles and policies, provisions, management accounting data, capital adequacy

requirements, profitability indicators, and all other accounting matters that raise methodological

issues or give rise to potential risks.”

cedures relating to the preparation and processing

of accounting and financial information, and

recommended it for adoption by the Board.

• It reviewed draft press releases concerning

the Group’s results prior to their presentation

to the Board (3) .

• At the end of each meeting, the Financial

Statements Committee reported its findings

to the Board of Directors, so as to provide

the latter with full information and facilitate its

deliberations and decision-making (4) .

(1) AFEP-MEDEF 2003 (14.2.2).

(2) AFEP-MEDEF 2003 (14.2.2).

(3) AFEP-MEDEF 2003 (14.2.2).

(4) and also AFEP-MEDEF 2003 (14.2.2).

160

CORPORATE GOvERNANCE

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