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The AMF published fifth report on corporate governance and the internal control procedures of companies making public offers of securities.
As companies will draft their reports next year in accordance with the new European framework, the AMF chose not to issue any new recommendations, aside from a remark concerning the reference framework and a recommendation on the transparency of various components of executive pay.
The AMF notes an improvement in terms of transparency.
The need for clear and accessible information on executive compensation would require an overhaul of the legislation. Moreover the existing framework would need to be simplified to ensure uniform enforcement of the principle of transparency in compensation arrangements. The AMF encourages companies to apply the recommendations formulated in the AFEP and MEDEF reports.
The AMF has summarised at the end of each section the recommendations made in the four previous reports if they still apply today, so that companies will not have to refer back to them when preparing their 2009 reports. A summary of the principal legislative amendments enacted in 2008 are provided below, along with new AMF recommendations.