It deals with according to Medef an important case at the moment

The Medef has published yesterday evening the first annual report of the code, for companies of the CAC 40 and SBF 120 (read below), developed recommendations with the Afep governance. The idea of these codes, made mandatory by a European directive of 2006, being that of transparency born virtue. In July, the authority of financial markets (AMP) had estimated in a report on the implementation of the 2008 in remuneration recommendations that, despite a "qualitative" success, "errors" remained "correct", including variable wage ("Les Echos" from July 10). On this point, the Afep-Medef report notes that as of 2008, two companies of the CAC 40 on three gave information on the application of the criteria for the award of variable shares, against one in three in 2007. In the SBF 120, rate double but remains limited to 50, and it is inflated by the presence of the CAC 40 groups.

Concerning pensions hats, provides almost all of the groups of the CAC 40 and almost all have extended the advantage beyond the social agents. But only a company in three (36) refers to a condition of seniority for benefit, recommended by the code. On golden parachutes, if only half of the SBF 120 provides, the payment limited to cases of forced departure is just applied: only 24 of the CAC 40 companies and 20 of the SBF 120 clarify this point in their financial records. For the Medef, however, this rate minore reality: for many businesses, view the employers ' organisation, this is not because it is not written that it is not expected... On the other hand, the ceiling recommended two years of pay is widely expected, and written as such by the business.

Less than stock

On the fiscal year 2008, 70 of the CAC 40 indicate subject the exercise of options to performance conditions, compared to 45 in 2007. In passing, the report notes the decrease in the number of companies having issued stock in 2008 (77 compared to 88.5 in 2007). A consequence, according to the Medef, the impact of transparency on behaviour. The distribution of free shares (shares of performance), however, grew ( 3.5 points, to 69). More generally, 62.7 of the directors of the CAC 40 gave up their contract of employment or not - had to put an end to the overlapping of benefits offered by each of the articles-, but 40.3 indicate that they do so later... or the keep.

Beyond compensation, the report is the balance of the other Afep-Medef recommendations issued since 2003. The number of firms respecting-independent Directors share progresses slowly, at about 80 for 2008, the share of those publishing their rating and its evolution.

The pressure is released

The Medef welcomes the results of this first exercise, in the report that "less well followed recommendations are for the most recent essential" that could not be immediately taken into account.In conclusion, he called especially firms "to raise awareness of their governance practices.

In the absence of new scandal on remuneration, pressure, it is released. The AMF will publish in the first half of December his annual report on corporate governance and internal control, in which it will be a point on the application of the Afep-Medef code compensation, but without dedicated report, as requested by Christine Lagarde this summer. On the 16 proposals made this summer by the mission of information headed by MP Philippe Houillon (UMP), they have not experienced on. The President of the Afep, Jean-Martin Folz, came to present the Afep-Medef report yesterday. Finally, the Committee of wise men of the Medef, in place to examine the remuneration of managers in enterprises having operated a "massive" action of social plans or partial unemployment "magnitude", was published no balance. It deals with, according to Medef, an important case at the moment. In early September, the Committee indicated be reached in half a dozen of records.