ANNUAL REPORT ARCELOR 2003 - paperJam

Corporate governanceObjectives• Establishment of management bodies to promotetransparency and professionalism- Audit Committee- Appointments and Compensation Committee• Clear definition of principles of legal representationfor undertakings by the Group and its business units(mandatory two-signature system, up-to-date table ofauthorized signatories for parent company/businessunit undertakings, legal stamp for all contracts, etc.)• Compliance with international corporate governancerecommendationsArcelor and the corporate governanceprinciplesIn its desire to comply with the principles of goodcorporate governance, Arcelor is continuing its effortsto make its published information more transparentand improve its quality. The Group is now including in itsannual report a report entitled “Corporate Governanceand Internal Control Procedures Report by the Chairmanof the Board of Directors” (see page 20). Informationprovided about the members of the Board of Directorsand the remuneration of the Chairman and theManagement Board is now more detailed, includinga substantial chapter devoted to internal controlprocedures.116ANNUAL REPORT ARCELOR 2003