Table I

French legal and regulatory enforcement in favor of minority shareholders

Law or DecreeMinority shareholder rights
Law no. 89-421Recognition of investor associations’ rights
Law no. 89-531Emergence of the squeeze-out which recognizes exit right
Law no. 2001-420Reduction of the threshold to 5% of voting rights to put forward a resolution on the proxy statement
Law no. 2003-706Financial Security Law: requirement of investment management companies to report on the voting policy
Decree no. 2006-1566Adoption of the “record date” which ended the blocking of shares before the AGM

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