Ubisoft 2009 Annual Report Download - page 165

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161
General Management
On October 22, 2001, the Board of Directors chose not to separate the position of Chairman of the
Board of Directors from that of Chief Executive Officer. In a constantly changing and particularly
competitive environment, this arrangement ensures the alignment of operating activities with the
strategy, thus supporting and streamlining the decision-making process.
Shares held by the directors
Under the Articles of Association, each director must own at least one share.
The number of shares held by directors is variable as the Company currently believes that the number
of shares held by the directors does not correlate with their involvement in executing their duties.
Term of office
Pursuant to the recommendations of the AFEP-MEDEF Code, the General Meeting of July 10, 2009
resolved to amend Article 9 of the Company’s articles of association by reducing the directors’ term of
office from six years to four years and by introducing a system of staggered renewals to ensure a
smooth transition and prevent an “ad hoc replacement”.
Consequently, by way of exception and for the sole purpose of the progressive implementation of such
a staggered renewal, it was decided to reduce the duration of the current terms of office – expiring at
the Annual General Meeting called to deliberate on the Company financial statements for the financial
year ended March 31, 2013 – in order to ensure that a regular renewal of the members of the Board of
Directors takes place as follows:
Renewal during the General Meeting deliberating on the financial statements for financial year ended
March 31, 2012
Yves Guillemot
Gérard Guillemot
Marc Fiorentino
Renewal during the General Meeting deliberating on the financial statements for financial year ended
March 31, 2013
Claude Guillemot
Michel Guillemot
Christian Guillemot
3.1.2.2 Directors' independence
The AFEP-MEDEF Code recommends that independent directors should make up at least a third of
the Board in companies controlled by a principal shareholder. Given its nature, in particular the
structure of its capital ownership with the Guillemot concert as a long-standing principal shareholder,
the Company does not feel an urgent need to appoint a second independent director to the Board,
especially given the highly active role played by the single independent director. In this regard, the
Company believes it is respecting the spirit of the Code.
3.1.2.3 Possible limits placed on the powers of the Chief Executive Officer
Pursuant to the provisions of the French New Economic Regulations Act, the option of separating the
position of Chairman of the Board of Directors from that of Chief Executive Officer is provided for in the
Articles of Association.