Governing bodies

The composition of the Board of Directors at 31 December 2024

• 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 very active Board in 2024

The activity of the Board of Directors was particularly dynamic in 2024, with twelve sessions held, including three seminars dedicated to the regulatory and strategic implications of the CSRD¹, generative artificial intelligence and the Italian banking market.

The past year was also marked by the preparation of the first sustainability report for Crédit Agricole S.A. and for the Crédit Agricole Group. Based on the work of the Audit Committee and of the Societal Commitment Committee, the Board of Directors monitored the process implemented to determine the information to be disclosed and reviewed, in particular, the themes resulting from the double materiality analysis, as well as the structuring options. It also oversaw the verification of this information by the sustainability auditors.

In addition, against the backdrop of banking activity concentration in Europe, the Board of Directors addressed a number of issues pertaining to the Group’s development. It thus examined several structural operations, including (i) the acquisition of a stake in the Degroof Petercam bank, (ii) the reorganisation of asset management in the United States via the merger of Amundi US and Victory Capital, (iii) the signing of an agreement between CAPFM and Chinese car manufacturer GAC, and (iv) the announcement by Crédit Agricole S.A. of a request for authorisation by the supervisory authority to increase its stake in Banco BPM to between 10% and 19.99%.

Lastly, the Board of Directors oversaw the process to appoint a Chief Executive Officer of Crédit Agricole S.A. to replace Philippe Brassac, whose term of office expires at the close of the General Meeting on 14 May 2025. In defining the tasks of the future Chief Executive Officer, it paid particular attention to reinforcing the role currently fulfilled by Crédit Agricole in financing the economy, as well as its increasing responsibility in the face of the transformation challenges. At its meeting on 17 December 2024, the Board of Directors, on the advice of the Appointments and Governance Committee, appointed Olivier Gavalda as Chief Executive Officer from 14 May 2025.

¹ The CSRD (Corporate Sustainability Reporting Directive) is a European directive that seeks to strengthen the corporate sustainability reporting framework. It requires the disclosure of standardised information on companies’ environmental, social and governance (ESG) impact, for greater transparency and to encourage the transformation to more sustainable business models.

The Board of Directors and its Specialised Committees

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.