#2020-1142New Regulations for Companies with Listed Securities
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This law introduces new regulations for companies with securities traded on regulated or multilateral trading platforms in France. It specifies requirements for board composition, director elections, and remuneration policies that align with corporate governance reforms. The rules affect large companies with substantial workforces and modify existing corporate governance structures.
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Key Changes
- Introduces governance rules for publicly listed companies.
- Requires salary policies to align with company strategy and governance.
- Removes some statutory requirements for companies with listed securities.
Obligations
What this law requires
Companies with securities traded on regulated or multilateral trading platforms must comply with board composition requirements specified in articles L. 22-10-35 and L. 22-10-36 of the French Commercial Code
Companies employing at least 1,000 permanent employees across the company and its direct or indirect subsidiaries with registered office in France, or at least 5,000 permanent employees including foreign subsidiaries, must comply with board gender composition requirements (replacing previous listed securities threshold)
Affected companies must establish and disclose director remuneration policies complying with articles L. 225-81, L. 225-83, L. 225-84, and L. 22-10-25
Companies must submit reports on non-financial and diversity information in accordance with articles L. 225-102-1 and L. 22-10-36, including effects on human rights, anti-corruption, and tax evasion prevention
Director election procedures must comply with modified articles L. 225-27 and L. 225-27-1, with references to article L. 22-10-7