French Parliament definitively adopted, on 13 January 2011, a law relating to balanced representation of women and men on boards of directors and supervisory boards and professional equality (please refer to Legal and regulatory update January and November 2010). However, the law has not yet been enacted and therefore is not yet in force.

Concerning French sociétés anonyme and sociétés en commandite par actions (i) whose shares are traded on a regulated market or (ii) which will have employed more than 500 persons and had turnover or total assets and liabilities of more than 50 million Euros for at least three consecutive financial years by 1 January 2017, the proportion of directors or members of the supervisory board of each gender must be at least 40% after the first ordinary general meeting held after 1 January 2017.

As transitional measures, it is provided that on the date of publication of the law, if one gender is not represented on a board of a company, at least one representative of that gender must be appointed at the next ordinary general meeting. For such companies, the proportion of each gender must be at least 20% after the first ordinary general meeting held after 1 January 2014.