Implementing sound corporate governance principles has been a priority at AXA for many years. In this context, AXA chose to adopt, in 2008, the Corporate Governance Code for listed corporations (Code de gouvernement d'entreprise des sociétés cotées) published by the Afep (Association française des entreprises privées) and the Medef (Mouvement des entreprises de France) (hereinafter the "Afep-Medef Code") as its Corporate Governance Code of reference.
AXA has taken steps designed to harmonize corporate governance standards throughout the Group. This effort is focused, among other matters, on standardizing, to the extent practicable, principles relating to various corporate governance matters including board composition and size, directors' independence criteria, board committees and their roles, and directors' fees. Group Governance Standards require, among other things, the boards of AXA's principal subsidiaries to establish an audit committee and compensation committee.
In order to manage these risks, the Group has put in place a comprehensive system of internal controls designed to ensure that executives are informed of significant risks on a timely and continuing basis, have the necessary information and tools to appropriately analyse and manage these risks, and that the Group’s financial statements and other market disclosures are timely and accurate.
More information in the 2016 Annual Report.
Since April 2010, AXA is administered by a Board of Directors. On December 14, 2016, the Board of Directors was comprised of 16 members among which 12 were qualified as independent by the Board of Directors in accordance with the criteria set forth in the Afep-Medef Code. The Board of Directors determines the strategic orientations of the Company's activities and ensures their implementation, including regarding the environmental, social and governance matters.
The Board of Directors appointed on December 14, 2016, Mr. Jean-Martin Folz as Senior Independent Director. He has a number of specific powers including serving, if need be, as spokesperson for the independent diretors towards the Chairman of the Board of Directors.
A Management Committee and a Partners group also support the operational management of the Group.