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

Limitation of the powers of the Chief Executive Officer

The Chief Executive Officer has the broadest

powers to act in all circumstances in the name

of BNP Paribas and to represent the Bank in its

dealings with third parties.

He shall exercise these powers within the limits

of the corporate purpose and subject to

those powers expressly granted by French law

to Shareholders’ Meetings and the Board of

Directors.

Within the Group, the internal rules of the Board

of Directors require the Chief Executive Officer

to submit to the Board for prior approval any

investment or disinvestment decision (excluding

portfolio transactions) of more than EUR 250 mil-

lion, and any proposed acquisition or divestment

of equity interests of more than EUR 250 million.

The Chief Executive Officer must seek preliminary

approval from the Financial Statements

Committee of the Board for audit engagements

entailing total fees of over EUR 1 million (before

tax).

176

CORPORATE GOvERNANCE

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