French Monetary and Financial Code
In forceThe Caisses d'Epargne et de Prévoyance are managed by an Executive Board under the supervision of a Supervisory Board. The latter is known as the Guidance and Supervisory Board.
The Guidance and Supervisory Board has seventeen members.
It comprises, in accordance with the conditions laid down in the Articles of Association:
1. Members elected directly by the employee members of the Caisse d'Epargne et de Prévoyance;
2. Members directly elected by the local authorities and public inter-municipal cooperation bodies with their own tax status, which are members of the local savings companies affiliated to the Caisse d'Epargne et de Prévoyance;
3. Members elected by the General Meeting of members of the Caisse d'Epargne et de Prévoyance. Local authorities and employees of the Caisse d'Epargne et de Prévoyance are not eligible for membership.
In each Steering and Supervisory Board, the number of members elected by the employees is identical to that of the members elected by the local authorities and the public institutions for inter-municipal cooperation with their own tax status, and may not exceed three.
In the event of a merger of savings and provident institutions either by takeover or by the creation of a new legal entity, the number of members of the Guidance and Supervisory Board of the merged institution may exceed seventeen, while respecting the distribution between the different categories of members provided for in the fourth to seventh paragraphs above, for a maximum period of three years from the date of the merger. In this case, the Board of Directors and the Supervisory Board may not be composed of more than thirty-four members and the number of members elected by the employees and the number of members elected by the local authorities may not exceed six.
In the absence of an agreement between the caisses concerned, the total number of members of the Guidance and Supervisory Board, as well as their distribution by caisse and by category, may be set by the central body of the caisses d'épargne et des banques populaires.
The members of the Management Board are proposed by the Guidance and Supervisory Board. The Management Board of the central body of the caisses d'épargne et des banques populaires ensures that they have the necessary good repute, knowledge, skills and experience to carry out this function and proposes their approval to the Supervisory Board of the central body of the caisses d'épargne et des banques populaires. Once approval has been granted by the central body, the Steering and Supervisory Board of the savings and provident institution appoints the members of the Management Board.
Without prejudice to the application of the provisions of Article L. 612-39 or L. 612-40, authorisation may be withdrawn by the Supervisory Board of the central body for savings banks and banques populaires, on the recommendation of its Management Board and after consultation with the Guidance and Supervisory Board of the savings bank and provident institution concerned. Withdrawal of authorisation entails revocation of the mandate of the person concerned.
