InformationregardingtheCompanyandcorporategovernance
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LISI 2014FINANCIALREPORT
ARTICLE4–TRANSACTIONSSUBJECTTOPRIORAPPROVALOFTHEBOARD
AS PARTOF THE INTERNALORGANIZATIONOF THE COMPANYAND THE
GROUP
4.1 In addition to legislative and regulatory requirements for prior
authorizationoftheBoardandaspartofthe internalorganization
oftheCompanyandtheGroup,thefollowingtransactionsshallbe
subject topriorexpressapprovalof theBoardbeforebeing taken
by theCEOof theCompanyor, ifappropriate,byaDeputyCEO:
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decisions to take or transfer all significant interests in any existing
or future companies, to create any company, group or organization,
to subscribe to any issue of shares, stocks or bonds, excluding cash
transactions;
–– decisionsonasignificantpresence inFranceoroutsideFrance,
–– directlybycreatingasite,abranch,adirector indirectsubsidiary,or
–– indirectlythroughequityparticipation;
anddecisionstoclosesuchsites inFranceoroutsideFrance;
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significant transactions that may affect the Group's strategy and
modify its financialstructureorscopeofactivity.
4.2Similarly, any significant industrial or commercial project shall
be subject to the express prior approval of the Board before
being initiatedby theCEOof theCompany or, if appropriate, by
aDeputyCEO.
4.3The assessment of the “significant” nature of the transactions
referred to in the twoaboveparagraphs (4.1 and4.2) is achieved
whenthesetransactionsexceedtheunitaryamountof€15million.
Before being submitted to the approval of the Board, any project of
such a “significant” naturemust have been presented to the Strategic
Committee foropinion.
4.4The Board is also systematically asked to approve explicitly
beforehandeachof the followingdecisionsand,provided it is for
the Company or for one of theGroup companies, in an amount
equalorgreater than€50million:
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grantortakeoutany loans,borrowings,creditandadvances;
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acquireordisposeofanyclaims,byanymeanswhatsoever.
4.5Requests forprior, explicitapprovalsare:
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listedontheagendaofthemeetingoftheBoardduringwhichtheywill
beaddressed;and
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handledduringthemeetingoftheBoardoftheCompany;
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recorded intheminutesofBoarddeliberations.
ARTICLE 5 – POWERS OF THE CEO AND, IF ANY, OF THE DEPUTY CEOs -
SPECIFIC LIMITATIONS PLACEDBY THE BOARDON THE POWERSOF THE
CEOAND, IFNECESSARY,ONTHOSEOFTHEDEPUTYCEOs
5.1Thepowers that are, under the laws and regulations in forceand
theBy-lawsof theCompanyand thepresent rulesof theboard:
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neitherreservedtotheBoard;
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norreserved forgeneralmeetingsofshareholdersoftheCompany;
arevested intheCEOoftheCompanyand, ifapplicable,theDeputyCEOs.
WhendecidingtoappointtheCEOor, ifapplicable,aDeputyCEO,specific
limitsmayeventuallybesetbytheBoardofDirectorstothepowersofthe
CEOoftheCompanyor, ifapplicable, theDeputyCEO.
ThissectionoftherulesofprocedureoftheBoardofDirectors isupdated
onthedateoftheBoard'sdecisionto integratesaidspecific limits.
TheBoardofDirectorsmay further limit foraparticular transaction, the
scopeofthepowersoftheCEOoraDeputyCEO. Ifnecessary, these limits
shallbeset intheminutesoftheBoardauthorizingthetransaction.
TITLEIII-OPERATIONOFTHEBOARD
ARTICLE6–ROLEOFTHECHAIRMANOFTHEBOARD
6.1TheChairmanof theBoardofDirectors or, if applicable, theVice
Chairman of the Board, organizes and directs the work of the
Boardand reports to thegeneralmeetingof shareholders of the
Company.
6.2TheChairmanof theBoardofDirectorsproposes to theBoardof
Directors toappoint theSecretaryof theBoard.
TheSecretaryoftheBoard isnotrequiredtobeamemberoftheBoard. If
theSecretary isnotamemberoftheBoard,he/she isneverthelesssubject
to the same confidentialityobligations as themembers of theBoardof
Directors.
6.3The Chairman of the Board ensures the proper operation of the
Company'sbodies,particularly thecommitteesof theBoard.
6.4The Chairman of the Board ensures that the members of the
Boardareable to fulfill theirduties, especially incommittees.
6.5The Chairman of the Board is at every opportunity available to
themembers of theBoardwhomay submit any question about
theirduties.
