Since 1995, AFEP and MEDEF have developed governance standards, to help listed companies improve their operations and management in full transparency, thus meeting the expectations of investors and the public. Revisions of the Code that have given rise to consultation between the various stakeholders, in particular the public authorities, shareholder associations, investors, proxy advisers, etc., have been published on a dedicated website since 2016. The latest revision of the Code took place in June 2018. This set of recommendations, which constitutes the AFEP-MEDEF Code, may be designated by listed corporations as their reference code pursuant to Articles L.225-37 and L.22568 of the French Commercial Code. The Code, which has been adopted by nearly all the companies listed on the SBF 120, contains a set of demanding and precise recommendations on corporate governance, in particular on the remuneration of executive and non-executive officers.

Set up in 2013, the High Committee on corporate governance diligently monitors application of the Code’s recommendations and assists companies in doing so through its regularly updated application guide.

Concerted professional regulation is a system that is carefully applied in practice and that has shown its value. The Code plays a crucial role in the development of good governance practices, providing a frame of reference to improve the governance of listed companies and disseminate best practices.

These recommendations are intended for companies whose shares are admitted for trading on a regulated market. It is also both desirable and recommended that other companies apply these recommendations either in whole or in part, adapting them to their specific circumstances.