Integrated report2023-2024
Governance
A responsible and committed governance
Crédit Agricole S.A.’s governance balances the priority of the interests of the customers of all the entities comprising the Group, societal and environmental issues and the respect for the mutual values that form the basis of the identity of Crédit Agricole Group.
“In order to step up the consideration of societal and environmental issues, in 2023 the Board of Directors decided to create the Societal Commitment Committee as a continuation of its strengthening of executive governance, which has also established a Sustainability & Impact Department.”
“In order to step up the consideration of societal and environmental issues, in 2023 the Board of Directors decided to create the Societal Commitment Committee as a continuation of its strengthening of executive governance, which has also established a Sustainability & Impact Department.
The role of this specialised committee of the Board of Directors is to define the guidelines of the Group’s Societal Project, the sector-specific decarbonisation policies, including the climate transition plan and the social inclusion policies, and to monitor the action plans and progress indicators for the Group’s commitments. Dedicating a specialised committee to these issues gives the Board the resources it needs to achieve its ambitions, to accelerate the emergence of renewable energy, to promote all forms of inclusion and to fulfil its Raison d’être: Working every day in the interest of our customers and society”.
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Composition of the Board of Directors
21 Directors, including 18 elected at the General MeetingAverage age: 58
Women 50%
Men 50%- SAS Rue La Boétie: represented by a Regional Bank Chief Executive Officer
- 10 Chairmen or Chairwomen or Chief Executive Officers from Crédit Agricole Regional Banks, including the Chairman of the Board
- 2 representatives appointed by the two trade unions that secured the most votes in the company elections (Art. L. 225-27-1 and L. 225-18 of the French Commercial Code)
- 1 representative of the professional farming associations appointed jointly by the French Minister of Agriculture and the French Minister of Finance (per Article L. 512-49 of the French Monetary Code)
- 1 director representing employee shareholders
- 6 independent directors: 6 persons from outside the Group
- Participants without voting rights: 3 non-voting Directors, 1 representative of the Social and Economic Committee
A highly mobilised Board in 2023
In 2023, the Board of Directors was particularly attentive to the consequences of the slowdown in the economy, caused by higher-than-expected inflation, higher central bank policy rates and geopolitical tensions marked by the return of deadly regional conflicts. Against this backdrop, but also in the face of unforeseen events such as natural disasters, the entire Group has rallied together to support its customers.
As a symbol of its involvement in the profound changes taking place in our society, both now and in the future, the Board of Directors decided to establish a Societal Commitment Committee which, prior to approval from the Board, examined the Group’s climate strategy and the new sector-specific policies for decarbonising the economy.
In 2023, the Board held 11 plenary meetings, including two strategic seminars, one dedicated to governance monitoring of climate commitments, and the other to monitoring the implementation of the “Ambitions 2025” Medium-Term Plan.
The Board of Directors also approved a number of development operations in the form of capital and/or strategic partnerships: the acquisition of RBC’s investor services business in Europe; the partnership with Banco BPM in non-life insurance in Italy; the acquisition by CA Consumer Finance of automotive mobility activities; the acquisition of a stake in the capital of Degroof Petercam bank; as well as the conclusion of a framework partnership agreement with Worldline in the field of merchant electronic payment system services in France, backed up by an investment in its capital.
The Board of Directors and its Specialised Committees
Board of Directors
The Board approves and sets the strategic guidelines proposed by the Chairman and Chief Executive Officer of Crédit Agricole S.A., authorises the Group’s strategic investments, determines the general principles of internal financial organisation and supervises the Group’s operations, most notably as regards risk.21 members
11 meetings
97% attendanceAudit Committee
Oversees the financial statement preparation process.6 members
5 meetings
100% attendance
1 Independent ChairwomanJoint Risk/Audit Committee9 members
10 meetings
97% attendance
2 Independent ChairwomenRisk Committee
Reviews the Group’s risk management strategy, including financial and operational risks.5 members
6 meetings
96% attendance
1 Independent ChairwomanCompensation Committee
Proposes compensation policies to the Board and ensures their compliance.6 members
5 meetings
100% attendance
1 Independent ChairwomanUS Risk Committee
Monitors risk related to activities conducted directly by the Group’s entities in the United States.3 members
9 meetings
100% attendance
1 Independent ChairwomanStrategy Committee
Enhances the Group’s strategic thinking on growth and investments.7 members
2 meetings
100% attendance
1 Chairman: Chairman of the Board of DirectorsAppointments and Governance Committee
Proposes or issues opinions on appointments and corporate officers.6 members
5 meetings
100% attendance
1 Independent ChairwomanSocietal Commitment Committee
Examines the CSR guidelines and the climate strategy.7 members
1 meeting
67% attendance
1 Chairman: Chairman of the Board of Directors -
As the main executive body of Crédit Agricole S.A., the Executive Committee implements the strategy and directs the Group’s activity. It meets twice a month.
