Nexans Wins an Award for Corporate Governance Dynamics
On the occasion of the 14th edition of Grands Prix of Corporate Governance (Grands Prix du Gouvernement d’Entreprise), Nexans received the Bronze Trophy of Corporate Governance Dynamics. This prize honors the successful implementation of corporate governance best practices within the Group.
In the framework of its continuous improvement initiatives, the Board of Directors carries out an evaluation of its operating methods on an annual basis, including the review of its composition and organization, which measures the contribution and involvement of each administrator and verifies that important issues are adequately prepared, processed and debated. The results and the resulting action plan are communicated in the Group’s Registration Document. Conducted at the end of 2016 with the assistance of a specialized external consultant, the last appraisal showed that the governance changes that took place in 2016 (appointment of a new Chairman of the Board, changes in the members and chairs of the various Committees) contributed to enhancing the climate and quality of Board discussions and the Board’s overall effectiveness.
The new practices adopted by Nexans feature the deployment of a secure collaborative platform aimed at facilitating the work of the Board of Directors and the committees, the annual planning of meetings as well as the integration and training program for new Board members. In addition, the Board regularly reviews the internal regulation taking into account evolution in the governance structure, legislative and regulatory changes, the Afep-Medef Code as well as the best practices within the industry. For instance, the internal regulation of the Board of Directors of Nexans have been amended 5 times during the last 3 years.
In addition, Nexans was also nominated in the Ethics, Compliance and Risk Assessment category, which highlights the Group's undertakings in these areas. In 2016, Nexans completed a major risk assessment in terms of business ethics compliance and obtained a certification on its anti-corruption program from a panel of expert external lawyers following an external audit. The Group also opened its ethical behavior whistleblowing procedure to external parties. These initiatives go hand in hand with the regular communication with the Audit Committee of the Board on Ethics and Compliance matters as well as on the Group’s risk evaluation and management.
"This recognition of Nexans at the Corporate Governance Awards rewards in particular the progress of our transformation plan 'Nexans in Motion' launched in 2014," commented Patrick Noonan, Secretary General of Nexans. "It reflects continuous improvement at all levels of the company, from the business divisions to the Management Board as well as the Board of Directors, in the areas of corporate governance, compliance and risk management as well as better transparency in our communication towards our stakeholders".
Organized by AGEFI, Grands Prix of Corporate Governance are awarded to SBF 120 companies (listed on the French stock exchange) that meet the level of excellence required by investors, both in terms of transparency and in implementation of best practices for corporate governance. The winners are selected based on the results of a survey conducted among financial services professionals, including corporate governance experts, institutional investors and analysts.