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08/01/2013 07:30
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Changes in Legrand’s Board membership

Following Wendel’s divestment of its entire 5.4% equity interest in Legrand on June 11, 2013, the Legrand Board of Directors, held on July 31, 2013, noted the decision of Mssrs. Frédéric Lemoine and Patrick Tanguy, directors appointed by Wendel, to step down from the Board and its specialized Committees.

The Board extended warm thanks to Mssrs. Frédéric Lemoine and Patrick Tanguy for their very substantial contributions to the work of the Board and its Committees.

This reduces the number of directors on the Board from 12 to 10, a total that includes:
- seven independent directors, representing 70% of the total—i.e., above the 50% ratio recommended by the Afep-Medef Code of Corporate Governance;
- four women, representing 40% of the total—meeting this year the 40% ratio recommended by the Afep-Medef Code of Corporate Governance for 2016 and required by law from 2017; and
- 40% non-French directors, with five nationalities represented: Belgian, Chinese, French, Italian and Spanish.

Membership of specialized Board Committees is now:
- Audit Committee: Mr. Gérard Lamarche (Chairman), Ms. Christel Bories(1), Ms. Eliane Rouyer-Chevalier;
- Nominating and Compensation Committee: Ms. Angeles Garcia-Poveda (Chairwoman), Mr. Olivier Bazil(1), Mr. Gérard Lamarche; and
- Strategy Committee: Ms. Christel Bories (Chairwoman), Mr. Olivier Bazil, Ms. Angeles Garcia-Poveda(1), Mr. Gilles Schnepp.

Following these changes, all specialized Board Committees are now headed by independent directors.

Drawing on its members’ numerous and highly complementary skills, Legrand’s Board of Directors will continue to contribute actively to the group’s development based on a business model that creates substantial and sustainable value for all stakeholders.

 

(1) New member of the Committee, appointed at the Board of Directors held on July 31, 2013

Press release

 

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