2006 - Interparfums

2.
management
committee
Mission
The purpose of the Management Committee,
led by the Chairman and Chief Executive Officer,
is to address operational issues related to the
development of the company.
Composition as of December 31, 2006
Philippe Benacin, Chairman and Chief Executive Officer
Philippe Santi, Executive Vice President,
Chief Financial Officer
Frédéric Garcia-Pelayo, Executive Vice President,
Chief International Officer
Jack Ayer, Vice President, French Distribution
Axel Marot, Vice President, Production & Logistics
The Management Committee met six times in 2006
(versus seven times in 2005 and discussed the following
items of business:
January: 2005 earnings, new licenses, marketing, logistics
and coding,
March: first-quarter sales, marketing, creation of European
subsidiaries,
April: first-half sales, three-year strategic plan, recrutement,
Roxy/Quiksilver, new licenses,
June: first-half sales and forecasted earnings, Van Cleef
& Arpels, launches, Roxy/Quiksilver, internal organization,
new licenses,
September: Van Cleef & Arpels, marketing, 2006 sales,
commercial organization for France, joint ventures, final 2005
first-half results, IT projects,
November: 2006 earnings, 2007 budgets, marketing plan,
commercial organization for France, joint ventures, Biarritz
distributor seminar.
3.
chairman's report
on the work of the board
and internal control
Pursuant to the provisions of paragraph 6, article L.225-37,
of the French commercial code the Chairman of the Board
of Directors hereby reports on the:
■ terms and conditions governing the preparation and
organization of the Board's work for the period ended
December 31, 2006,
■ internal control procedures implemented by the company,
■ the powers of the Chairman and Chief Executive Officer.
Terms governing the preparation and organization
of the Board's work
Terms governing the work of the Board of Directors
Under the company's bylaws, the Board of Directors may
have three to eighteen members.
At December 31, 2006, corporate governance of the
company was overseen by a Board that included
10 directors two of which qualified as independent directors.
Detailed information on the composition of the Board of
Directors is disclosed in the registration document (annual
report) in the section on directors and officers.
Directors are appointed for six year periods that expire at the
end of the ordinary general meeting called to rule on the
financial statements for the period ended held in the year in
which their appointment expires.
Pursuant to the decision of the Board of Directors on
December 29, 2002, Philippe Benacin, who exercises the
functions of Chairman of the Board of Directors, also serves
as the Chief Executive Officer of the company. In relations
with third parties he is vested with all powers to act in the
name of the company within the limit of the powers expressly
granted by shareholders' meetings to the Board of Directors.
In compliance with article 15 of the bylaws, the Board of
Directors determines the strategic objectives of the company
and ensures their implementation, within the scope of the
corporate charter and subject to those powers expressly
granted by law to shareholders' meetings. It performs
all controls and verifications it considers appropriate.
Each director receives all information necessary to the
performance of his or her duties and may request any
documents considered necessary.
The Board of Directors met eight times in 2006 with an average
attendance rate of 64%.
The auditors attend all Board meetings that review the
annual financial statements and receive notification by
mail to this effect.
In 2006, in addition to recurrent issues such as the operating
management of the company's business, the closing of the
financial statements, the analysis of financial and cash
positions, the Board of Directors rendered decisions
concerning major strategic, economic, financial orientations
of the company and ensured their implementation by general
management. In accordance with the procedures applied
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