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Governance codes


Find the main governance codes
identified by VA




The AFEP-MEDEF code groups several principles of company government resulting from the consolidation of the AFEP and MEDEF reports of October 2003, the recommendations of January 2007 and October 2008 and the recommendation of April 2010.

2013 : Revised Governance code of listed corporations –  june 2013       ** New
2010 : Governance code AFEP-MEDEF of listed corporations

The code MiddleNext

The Middlenext code for the governance of medium and small companies specializes in proposing to these listed companies, which often have shareholders of repute, recommendations in order to assess their governance.
2009 : Middlenext European guidelines

It is frequently said that the AFEP-MEDEF code regulates the activity of administrators in large groups, whereas the Middlenext code is more specifically adapted to smaller companies.


As the watchdog of financial markets and unregulated markets, the Authority for Financial Markets also publishes recommendations, certain of which concern company governance.     ‘French’
2012 : Recommandation AMF n° 2012-05 : Les assemblées générales d’actionnaires de sociétés cotées
2012 : Recommandation AMF n° 2012-02 : Le gouvernement d’entreprise et la rémunération des dirigeants des sociétés se référant au code AFEP/MEDEF – Présentation consolidée des recommandations contenues dans les rapports annuels de l’AMF
2011 : Recommandation AMF n° 2011-17 : Rapport annuel 2011 de l’AMF sur le gouvernement d’entreprise et la rémunération des dirigeants
2010 : Recommandation AMF n° 2010-15 : Rapport complémentaire de l’AMF sur le gouvernement d’entreprise, la rémunération des dirigeants et le contrôle interne – Valeurs moyennes et petites se référant au Code de gouvernement d’entreprise de MiddleNext de décembre 2009


The OCDE is at the origin of principles of governance which have inspired a number of countriesOCDE est à l’origine de principes de gouvernance dont se sont inspirés nombre de pays.
2004 : Principe de gouvernement d’entreprise de l’OCDE     ‘French’

The AFG recommendations

The AFM recommendations on company government aim to guide the members of the association in the casting of their votes.  They apply to companies whose shares are admitted for trading, either on a regulated French market, or a multilateral trading facility, and their general principles apply to all investments the company management make abroad.
2012 : Recommandations sur le gouvernement d’entreprise     ‘French’

Some independant director profiles