Organisational structure of Hermès International
A balanced governance
The Supervisory Board officially adopted the Afep-Medef recommendations on corporate governance in 2009, as it deemed these recommendations to be entirely in keeping with the Group’s corporate governance policy. This framework includes the Afep-Medef Corporate Governance Code for listed companies (available on the Afep website or the Medef website) and the application guide of the High Committee on Corporate Governance (HCGE) which explains the recommendations of this code.
TWO TYPES OF PARTNERS
Hermès International was converted into a société en commandite par actions (partnership limited by shares – SCA) by a decision of the Extraordinary General Meeting held on 27 December 1990, in order to preserve its identity and culture and thus ensure its sustainability over the long term, in the interests of the Group and all shareholders. This singular legal form, whose capital is divided into shares, brings together two types of partners.
GOVERNANCE BY NATURE DISSOCIATED
The organisation of governance within an SCA follows the principle of the separation of powers. Executive powers are exercised by the Executive Management and control powers by the Supervisory Board. Hermès International’s governance therefore has a structure that is by nature dissociated.