(Auditors' special report on the transactions and agreements governed by section L. 225-38 of the Commercial Code approved in advance, including those between the Bank and its directors and officers, and between Group companies with common corporate officers)
The Annual Meeting notes the terms of the Auditors' special report on transactions and agreements governed by section L. 225-38 of the Commercial Code and approves the transactions and agreements entered into during the year, approved in advance by the Board of Directors, as mentioned in said report.
Presentation of the resolution
In the life of any company, especially one that represents the cornerstone of a group, it is common for agreements to be entered into directly or indirectly between that company and other entities with common directors, between the company and its directors, or with shareholders owning more than 5% of the company's capital. Under section L.225-38 of the Commercial Code, these agreements must be authorised by the Board of Directors and then approved by the General Meeting of Shareholders on the basis of a special report prepared by the Auditors. This approval is the subject of the fourth resolution.
For BNP Paribas this approval concerns an amendment to the agreement entered into with the AXA group, which is aimed at ensuring the liquidity of BNP Paribas' interest in Finaxa. This agreement was amended in 2004 in order to reduce the duration of the renewal periods.