The representatives of the Paris marketplace are convinced that the quality of dialogue between companies and their shareholders is essential to their competitiveness, and are working to strengthen these exchanges outside of general meetings.

Paris Europlace is today publishing a Guide to shareholder dialogue, designed to help issuers and investors understand the expectations and results that each can expect in terms of information sharing. The attractiveness of a marketplace also depends on the ability of companies to respond to investor requests, and on investors' willingness to correctly assess corporate strategy and the environment in which they operate.

To take into account both the major changes in the regulatory framework over the last few years and society's new expectations of the economic and financial sphere, this Guide aims to present the best practices observed in the dialogue established by companies with their shareholders. The Guide aims to explain the extent to which a policy of dialogue and the means adapted to the situation of each company can contribute to the quality of its relationship with investors.

This Guide is not intended to be restrictive, nor to impose practices. Rather, it is intended as a tool for companies and shareholders, who will find in it examples of decisions and mechanisms designed to improve the dialogue between an issuer and its shareholders.

Paris Europlace would like to thank Michel Prada, Chairman of the twenty-strong working group that drafted this Guide, for his ability to identify effective levers for shareholder dialogue, thanks to numerous hearings and consultations held over the past few months.

Augustin de Romanet, Chairman of Paris Europlace, comments: "It is important for the Paris financial center that companies and investors interact in a climate of loyalty and, as far as possible, mutual trust. The quality of these relationships contributes to the attractiveness of our ecosystem. The best way to contribute to this is by identifying best practices.

Mr. Michel Prada, Chairman of the working group, comments: "The aim of this Guide is to strengthen exchanges between companies and their shareholders, and even to calm them down if this proves useful. It is a compendium of proposals and actions observed on the part of both companies and their shareholders. A good way of reconciling the interests and expectations of both is to share solutions that have been implemented successfully and effectively.

Composition of the working group :

Michel Prada, Chairman

Olympe de Bailliencourt, Rapporteur, University of Franche-Comté

Michael Herskovich, French Financial Management Association

Nicolas Huet, Etablissements Peugeot Frères

Sandy Jaunet Wegerhoff, High Committee for Corporate Governance

Benjamin Kanovitch, Bredin Prat

Diane Lamarche, White & Case

Hubert Mathet, French Society of Financial Analysts

Sophie Palliez, Cliff

Alain Pietrancosta, University of Paris I

Jean-Florent Rérolle, French Institute of Directors

Olivier Vigna, Paris Europlace

Observers :

Diane de Araujo, Autorité des marchés financiers

Morgan Briand, Ministry of Justice

Mehdi Ezzaim, Treasury Department