ANTOINE DE LA GUERONNIÈRE CO-Head of Governance Practice IMPLEMENTING GOVERNANCE BEST PRACTICE The BNPP AM governance structure provides the independent directors since 2011. The board currently management framework for our business, and is subject to increasingly intense scrutiny from stakeholders: In accordance with French legislation, representatives clients, regulators, employees, shareholders, ratings of the BNPP AM works council are invited to attend all board meetings in a consultative capacity. responsibility of the Board of Directors of BNPP AM Holding, the parent company of nearly all the asset management subsidiaries of the BNPP Group, to direct the global strategy of our business and supervise AN AUDIT AND RISK COMMITTEE its decision-making and compliance mechanisms implemented cross-functionally by our management In line with governance best practices, the BNPP AM team in accordance with all applicable legal provisions. Holding Board of Directors introduced an Audit and Risk To ensure implementation of governance best Committee in 2011, chaired by an independent director practices, regardless of whether or not this is and a majority membership of other independent required under current regulations, the membership of directors. the BNPP AM Board of Directors has included two in 2014, this board set up a second committee with responsibility for compensation and the corresponding regulatory obligations, which, by delegation, apply to all asset managers with an AIFM and/or UCITS The BNPP AM governance licence, as well as regulated employees working structure is subject to for delegated entities of these companies. increasingly intense scrutiny Here again, the compensation committee is chaired from stakeholders. by an independent director and has a majority membership of other independent directors. ACTING AS A RESPONSIBLE COMPANY 25