Annual report 2008 - Altarea Cogedim

SUPERVISORY BOARD CHAIRMAN’S REPORT ON INTERNAL CONTROL
5. Procedure for
establishing the
compensation and
benefits paid to
corporate officers
5.1. Managers
Compensation paid to Managers is determined by Article 14
of the Articles of Association.
This compensation includes a fixed portion and a variable
portion; the variable portion is calculated as a percentage
of the value of completed property developments and any
divestments or asset sales.
Any other compensation paid to Managers as a result of their
position in the Company must be approved by an Annual
General Meeting and unanimous vote from the General
Partners, in accordance with Article 14.3 of the Articles of
Association.
6. Participation in the
Annual General Meeting
and information
required by Article
L. 225-100-3 of the
French Commercial
Code
Other than the terms set out in applicable legislation or
regulations, there are no particular terms relating to
shareholders’ participation in Annual General Meetings.
The information referred to in Article L. 225-100-3 of the
French Commercial Code is provided in the appendix to the
Management Report to the Annual General Meeting.
Chairman of the Supervisory Board
Jacques Nicolet
5.2. Supervisory Board
Compensation and benefits paid to members of the
Supervisory Board is set forth in Article 19 of the Articles
of Association.
The Annual General Meeting can allocate annual compensation
that may be paid to members of the Supervisory Board
exclusively in respect of their duties as members of the
Supervisory Board. The amount of compensation paid, included
in general operating expenses, is determined by the Annual
General Meeting and maintained until decided otherwise. The
Supervisory Board divides this amount between its members
as it deems appropriate. Supervisory Board members are also
entitled to the reimbursement of all expenses, travel costs and
costs of any kind incurred in the Company’s interest.
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