The Autorité des marchés financiers (AMF) has released its report on the compensation of executive directors of listed companies and implementation of the code of conduct published in October 2008 by the French Association of Listed Companies (AFEP) and the French Business Confederation (MEDEF). Prepared as part of the AMF's forthcoming annual report on corporate governance and internal control, the new report examines how listed companies have applied the AFEP/MEDEF recommendations.
The AMF reviewed the registration documents filed by a sample of 60 companies in the CAC40 and SBF120 indices, with a combined market capitalisation of €816 billion at 30 April 2009, or 83% of the total capitalisation of listed French companies.
These companies have made substantial efforts in terms of transparency in order to disclose clear, precise and personalised information about the various components of executive compensation. In particular, 70% of them used the summary table recommended by the AMF.
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