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<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">R&eacute;mun&eacute;ration des dirigeants &ndash; Nouveau code de gouvernance </span></em></strong></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">La r&eacute;mun&eacute;ration et les avantages accord&eacute;s aux dirigeants restent des sujets r&eacute;currents de d&eacute;bat sur lesquels le l&eacute;gislateur peut &ecirc;tre amen&eacute; &agrave; intervenir.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">C&rsquo;est en tous cas ce qu&rsquo;avait annonc&eacute; le gouvernement qui mena&ccedil;ait d&rsquo;encadrer la r&eacute;mun&eacute;ration des mandataires sociaux des soci&eacute;t&eacute;s cot&eacute;es.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Afin de tenter d&rsquo;&eacute;loigner le spectre d&rsquo;une l&eacute;gislation contraignante sur ce sujet sensible, l'</span>Afep <span style="font-size: 10.0pt; font-family: &amp;amp;quot;">&nbsp;(Association fran&ccedil;aise des entreprises priv&eacute;es) et le&nbsp;Medef&nbsp;ont pr&eacute;sent&eacute; &agrave; Fran&ccedil;ois Hollande ce vendredi 14 juin leur&nbsp;nouveau code de gouvernement d'entreprise des soci&eacute;t&eacute;s cot&eacute;es, lequel fait suite &agrave; celui d&rsquo;avril 2010. </span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Ce code de bonne conduite pr&eacute;voit notamment la mise en place d&rsquo;une instance de gouvernance des entreprises, le haut comit&eacute; de gouvernement d&rsquo;entreprise, charg&eacute; du suivi de l&rsquo;application des r&egrave;gles pos&eacute;es par le Code, dot&eacute; d&rsquo;un pouvoir d&rsquo;auto-saisine. Il pr&eacute;voit &eacute;galement la limitation du nombre de mandats des administrateurs.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">S&rsquo;agissant de la r&eacute;mun&eacute;ration et des avantages accord&eacute;s aux dirigeants, il pr&eacute;conise que ceux-ci soient encadr&eacute;s par de nouvelles r&egrave;gles.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Ces r&egrave;gles concernent notamment&nbsp;:</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">&nbsp;</span></p>
<p class="MsoListParagraphCxSpFirst" style="text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level1 lfo1;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">- L&rsquo;encadrement des &eacute;ventuels &laquo;&nbsp;<strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">welcome bonus</em></strong>&nbsp;&raquo;&nbsp;; </span></p>
<p class="MsoListParagraphCxSpLast" style="text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level1 lfo1;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&nbsp;<span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp; - L</span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">es <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">indemnit&eacute;s de d&eacute;part</em></strong> qui devront &ecirc;tre appr&eacute;ci&eacute;es en fonction de la performance du dirigeant sur deux exercices, </span></p>
<p class="MsoListParagraphCxSpFirst" style="text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level1 lfo1;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&nbsp;<span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp; - </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Les <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">indemnit&eacute;s de non-concurrence</em></strong> dont le montant ne doit pas exc&eacute;der deux ans de r&eacute;mun&eacute;ration (fixe + variable). Attention&nbsp;: le Conseil d&rsquo;Administration doit &ecirc;tre en mesure, lors du d&eacute;part du dirigeant, de statuer sur l&rsquo;application, ou non, de l&rsquo;interdiction de concurrence et lorsque les deux dispositifs sont pr&eacute;vus (indemnit&eacute;s de d&eacute;part et indemnit&eacute;s de clauses de non concurrence), c&rsquo;est le cumul de ces droits qui ne peut exc&eacute;der le plafond de 2 ans de r&eacute;mun&eacute;ration&nbsp;;</span><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&nbsp;</span></p>
<p class="MsoListParagraphCxSpFirst" style="text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level1 lfo1;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><span style="mso-list: Ignore;">- &middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp; - </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">La fixation d&rsquo;un pourcentage maximum de <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">stock-options</em></strong> et d'actions destin&eacute;es aux dirigeants sur l'enveloppe globale destin&eacute;e aux salari&eacute;s. </span></p>
<p class="MsoListParagraphCxSpMiddle" style="text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level1 lfo1;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&nbsp;<span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">La soumission des r&eacute;gimes de <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">retraites chapeaux</em></strong>, par d&eacute;cision du Conseil d&rsquo;Administration&nbsp;:</span></p>
<p class="MsoListParagraphCxSpMiddle" style="margin-left: 72.0pt; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level2 lfo1;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot; mso-fareast-font-family: &amp;amp;quot;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">A une condition d&rsquo;anciennet&eacute; de 2 ans minimum dans l&rsquo;entreprise pour en &ecirc;tre b&eacute;n&eacute;ficiaire&nbsp;;</span></p>
<p class="MsoListParagraphCxSpMiddle" style="margin-left: 72.0pt; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level2 lfo1;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot; mso-fareast-font-family: &amp;amp;quot;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">A une acquisition progressive des droits (acquisition d&rsquo;un maximum de 5 % par an du salaire de r&eacute;f&eacute;rence),</span></p>
<p class="MsoListParagraphCxSpLast" style="margin-left: 72.0pt; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l1 level2 lfo1;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot; mso-fareast-font-family: &amp;amp;quot;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">A un plafond de rendement de 45% du revenu&nbsp;de r&eacute;f&eacute;rence </span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span class="MsoHyperlink"><span style="text-decoration: none;">&nbsp;</span></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Le code encourage &eacute;galement les entreprises &agrave; nommer un <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">administrateur salari&eacute;</em></strong> au comit&eacute; des r&eacute;mun&eacute;rations, qui fixe le salaire des dirigeants.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;"><span style="text-decoration: none;">&nbsp;</span>Enfin, il pr&eacute;voit un vote consultatif des actionnaires sur les r&eacute;mun&eacute;rations des dirigeants.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Ce vote, sur le mod&egrave;le anglo-saxon du "<strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">say on pay</em></strong>" ne sera que consultatif et portera sur les r&eacute;mun&eacute;rations de l&rsquo;exercice &eacute;coul&eacute;. Cependant, si le vote &eacute;tait n&eacute;gatif, le Conseil d&rsquo;Administration devra se r&eacute;unir et publier les conclusions qu&rsquo;il en tire par le biais d&rsquo;un communiqu&eacute; sur le site Internet de la soci&eacute;t&eacute;. </span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Si ce code n&rsquo;a vocation &agrave; encourager les bonnes pratiques que dans les entreprises cot&eacute;es en France, il peut n&eacute;anmoins &ecirc;tre une source d&rsquo;inspiration &eacute;galement pour les autres soci&eacute;t&eacute;s qui peuvent souhaiter anticiper les &eacute;volutions futures qui ne manqueront pas d&rsquo;intervenir.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Rappelons &agrave; cet &eacute;gard que la <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">loi de s&eacute;curisation de l&rsquo;emploi</em></strong> dat&eacute;e du m&ecirc;me jour (14 juin 2013) pr&eacute;voit &eacute;galement quelques &eacute;volutions conduisant &agrave; une plus grande transparence, y compris au sein des soci&eacute;t&eacute;s non-cot&eacute;es. </span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Ainsi, et par exemple, il est pr&eacute;vu :</span></p>
<p class="MsoListParagraphCxSpFirst" style="margin-left: 39.0pt; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l0 level1 lfo2;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Pour les entreprises ou groupes d&rsquo;une certaines taille en France ou en Europe (5.000 ou 10.000 salari&eacute;s) la d&eacute;signation d&rsquo;un ou de 2 administrateurs salari&eacute;s, imposant en cela la r&eacute;vision des statuts pour fixer les conditions dans lesquelles ces administrateurs seront d&eacute;sign&eacute;s&nbsp;;</span></p>
<p class="MsoListParagraphCxSpLast" style="margin-left: 39.0pt; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph; text-indent: -18.0pt; mso-list: l0 level1 lfo2;"><span style="font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><span style="mso-list: Ignore;">&middot;<span style="font: 7.0pt &amp;amp;quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Pour les entreprises souhaitant conclure un accord de maintien dans l&rsquo;emploi, l&rsquo;obligation d&rsquo;inscrire dans l&rsquo;accord &laquo;&nbsp;<em style="mso-bidi-font-style: normal;">les conditions dans lesquelles fournissent des efforts proportionn&eacute;s &agrave; ceux demand&eacute;s aux autres salari&eacute;s, (&hellip;) les dirigeants salari&eacute;s exer&ccedil;ant dans le p&eacute;rim&egrave;tre de l'accord ; (et) les mandataires sociaux et les actionnaires (&hellip;)</em>&raquo;.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Ce mouvement visant &agrave; promouvoir des pratiques de direction et de gestion &eacute;thiques et responsables s&rsquo;inscrit &eacute;galement, et de mani&egrave;re plus large encore, dans la r&egrave;glementation en mati&egrave;re de <strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;">RSE</em></strong> qui ne cesse de s&rsquo;amplifier. Outre les d&eacute;crets qui entrent en vigueur en France, la Commission europ&eacute;enne vient d&rsquo;adopter, le 16 avril 2013, un projet de directive am&eacute;liorant la transparence de certaines entreprises en mati&egrave;re sociale et environnementale.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">La Garanderie &amp; Associ&eacute;s, qui accompagne quotidiennement ses clients dans la gestion des incidences juridiques de ces diverses mutations, ne manquera pas de vous faire part des prochaines &eacute;volutions en ces domaines.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph; tab-stops: 340.5pt;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">Justine Godey, Mary-Daphn&eacute; Fishelson et Guy Alfosea</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 10.0pt; font-family: &amp;amp;quot;">&nbsp;</span></p>