About Lagardere

audit committee

• Send

In application of its internal rules, it meets at least four times a year and its tasks include the following:

• to review the accounts, to ensure the continuity of the methods, quality, exhaustiveness and sincerity of the financial statements;
• to be informed on the existence and proper operation of the internal control procedures, especially in terms of risk exposure;
• more specifically to review, as regards the internal auditing of the Company, its business activities, audit programme, organisation, operation and realisations;
• to review the agreements binding the Group and the senior managers of Lagardère SCA.

The members of the Audit Committee interview the Group's main senior managers, and the Statutory Auditors also present a report on their work.

The Chairman of the Audit Committee reports to the members of the Board on the work conducted by the Audit Committee.

The Audit Committee met four times in 2008, in March, June, July and November.

These four half-day meetings were attended by all Committee members (with the exception of one who sent his apologies for the March 2008 meeting, and one who sent his apologies for the November 2008 meeting). In addition to the annual and half-yearly financial statements, the Committee reviewed the activities of the Group's Audit department, the internal control procedures, legal risk management, a current and prospective analysis of Lagardère Sports and the financial statements of Lagardère Capital and Management (LC&M), presented by one of the Managing Partners. The Committee also examined changes in the remuneration of the Managing Partners and Executive Committee, including the components and criteria for variation. It had no observations to make on those changes.

With the exception of the remuneration review, these meetings took place in the presence of the Chief Financial Officer, the Central Accountancy Director (at the meetings reviewing the annual and half-yearly financial statements), the Group's Legal Director (at the meeting concerning management of legal risks, the Director of Management Controls, the Director of Internal Audit, and the Statutory Auditors.

When the Audit Committee reviewed the financial statements, the Chief Financial Officer gave a presentation of risk exposure and significant off balance sheet commitments.

Audit Committee members reserve the right to interview the Statutory Auditors without the Management in attendance.