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CORPORATE GOVERNANCE
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Report of the Chairman of the Supervisory Board
At their 28April 2017Meeting, shareholderswill be asked to renew
the terms of three Supervisory Board members:
Marleen Groen
Gérard Hascoët
Philippe Santini.
Each year and every time an appointment or renewal is proposed,
the Board examines the independence of the candidates.
The Board’s conclusions on the independence of those Board
members whose term is to be renewed or whose interim
appointment is to be ratified at the next General Meeting, are
outlined above.
In accordance with the Supervisory Board’s Rules of Procedure,
each member holds at least 1,000 shares in the Company.
As of 31 December 2016, the Board members held, either directly or indirectly, 250,339 shares of the Company.
(number of shares)
2016
2015
Jean Besson
50,749
50,749
Sophie Etchandy-Stabile
1,000
1,000
Marleen Groen
1,000
1,000
Gérard Hascoët
33,364
30,364
Jean-Hugues Loyez
162,098
17,098
Philippe Santini
2,128
2,128
TOTAL
250,339
102,339
As the Company does not have any employees, there are no employee representatives on the Supervisory Board.
THE ROLE AND OPERATION
OF THE SUPERVISORY BOARD
The Rules of Procedure
Please refer to section 2.1.3.
On 2 February 2017, the Supervisory Board amended the Rules
of Procedure to include themost recent recommendations of the
Afep-Medef Code.
Operations and evaluation of the Supervisory
Board
The Supervisory Board met seven times in 2016. The attendance
rate was 88%:
Jean Besson
100%
Sophie Etchandy-Stabile
57%*
Marleen Groen
86%
Gérard Hascoët
100%
Jean-Hugues Loyez
100%
Philippe Santini
86%
* This rate is the result of Ms Etchandy-Stabile’s assumption of new
operational duties at AccorHotels after the dates were set for the 2016
Supervisory Board meetings. She was therefore unable to attend all of the
meetings scheduled for the year.
The Board examined the management reports, in particular the
information on the valuation of the companies in the portfolio, the
quarterly position, half-yearly and annual closings, and analytical
cost reporting. The Board also reviewed the investment and cash
management strategy and presented its recommendations
regarding investment opportunities. In particular, it closely
reviewed valuationmethods against the new IPEV (International
Private Equity and Venture Capital) Valuation Guidelines applied
by the Company.
It was therefore able to study and make informed decisions on
the financial statements and financial communication.
In accordance with the provisions of the Rules of Procedure:
the Supervisory Board is regularly informed during meetings
of the Company’s financial position, cash position and
commitments;
themembers of the Supervisory Board receive information any
time (including inbetweenBoardmeetings) that its importance
or urgency requires it.
The SupervisoryBoard regularly conducts a self-assessment, with
Board members each answering a questionnaire. The last self-
assessment was conducted in 2015, and the next one is planned
for 2017.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016