French Monetary and Financial Code
In forceI.- Market undertakings of significant importance due to their size and internal organisation, as well as the nature, scale and complexity of their activities, shall set up an appointments committee composed of the persons referred to in Article L. 421-7 who do not hold any of the offices referred to in 1° of II of Article L. 421-7-1 within the market undertaking concerned.
The criteria according to which market undertakings of significant importance are determined are specified by order of the Minister for the Economy.
Where a market undertaking is controlled, directly or indirectly, within the meaning ofArticle L. 233-3 of the Commercial Code, by another market undertaking, the AMF may grant an exemption from the provisions of the first paragraph of this I.
II - The Appointments Committee is responsible for :
1° Selecting and recommending, for approval by the persons referred to in Article L. 421-7 or for approval by the General Meeting, suitable candidates to carry out the duties referred to in that Article in the event of a vacancy. To this end, the Appointments Committee assesses the balance of knowledge, skills, diversity and experience of the persons occupying these positions. In addition, the committee shall draw up a description of the duties and qualifications associated with a given appointment and assess the time to be devoted to these duties.
Without prejudice to other applicable provisions, the Appointments Committee shall set a target for the balanced representation of women and men on the corporate bodies formed by the persons referred to in Article L. 421-7. It shall draw up a policy designed to achieve this objective;
2° Evaluate periodically, at least once a year, the structure, size, composition and effectiveness of the corporate bodies set up by the persons referred to in Article L. 421-7, and submit recommendations to them regarding possible changes;
3° Periodically assess, at least once a year, the knowledge, skills and experience of the persons referred to in Article L. 421-7, both individually and collectively, and inform the corporate bodies made up of these persons accordingly;
4° Periodically examine the policies of the corporate bodies formed by the persons referred to in Article L. 421-7 with regard to the selection and appointment of the persons who report to them on the day-to-day management of the market undertaking, and make recommendations to these bodies.
III - In carrying out its duties, the Appointments Committee shall ensure that the corporate bodies are not dominated by one person or a small group of persons under conditions that are detrimental to the interests of the market undertaking.
The Appointments Committee shall have at its disposal the resources necessary for the performance of its duties and may have recourse to external advice.
