Universal Registration Document 2025

Board of directors

Activities

The main work carried out in 2025 is as follows:

Activities
  Main work completed in 2025
Groupe strategic and development options Groupe strategic and development options

Main work completed in 2025
  • The Committee analyzed the work to update the mapping of the Groupe’s major risks in collaboration with the members of the Audit and Financial Risks Committee.
  • It reviewed the cybersecurity system within the Groupe, in collaboration with the members of the Audit and Financial Risks Committee (for more information on this joint meeting, see Section 3.1.4.5).
  • It reviewed a scenario planning exercise to assess the Groupe’s ability to respond to extreme events. Feedback on the management of the Ukraine/Russia conflict illustrated the Groupe’s resilience and its ability to manage crises. Publics was able to demonstrate the ability of its governance model to adapt and operate in an unstable geopolitical environment.
  • It was informed of the Groupe’s mergers and acquisitions policy since 2019 (key sectors, ongoing transactions, pace of acquisitions) and the M&A plan for 2025.
CSR and sustainability strategy CSR and sustainability strategy

Main work completed in 2025
  • The Committee examined the climate risk mapping integrating two scenarios at +4° or +1.5°C.
  • It also took note of the legal developments in 2025 on the European "CS3D" directive and on the case law on the subject.
  • It was informed of the main actions implemented in the three areas of the Duty of Care Plan: human rights, health and safety of people, and the environment. It was informed of the monitoring measures for the risks identified as the most serious in the Duty of Care mapping.
  • It reviewed the update of the double materiality analysis, which did not reveal any major differences between 2023 and 2025.(1)
  • It took note of the international deployment of the "No Impact for Big Impact" program, an internal tool for changing practices in terms of responsible marketing, technology and sustainability.
Business ethics Business ethics

Main work completed in 2025

The Committee examined the risk mapping of non-compliance and breach of ethics, no high risk having been identified.
Social policy Social policy

Main work completed in 2025

The Committee discussed the new gender balance objectives.

The Chairman and Chief Executive Officer and the Secretary General participate in all Committee meetings. The following are invited as necessary: the Groupe’s CSR Director, the Director of Internal Audit, Risks and Internal Control, the M&A Director and any other operational manager depending on the subject to be addressed.

3.1.4.5 Joint work of the Committees of the Board of Directors

Extract from article 13 II of the internal rules and regulations of the Board of Directors:

Upon decision by the Chairs of the Committees concerned, joint meetings between the committees may be organized on topics of common interest, in particular on CSR topics. These meetings are co-chaired by the committee Chairs.

Board Committees may work together on topics of common interest, either through informal working meetings or in formal joint sessions. This makes it possible to improve the consistency between financial and non-financial data and to optimize the work of the Committees on cross-functional themes.

In 2025, this joint work focused on:

  • the mapping of the Groupe’s climate risks;
  • the Groupe’s cybersecurity system;
  • the mapping of the Groupe’s major risks.
Focus on cybersecurity

A joint meeting between the members of the Audit and Financial Risks Committee and the Strategic, Environmental and Social Committee was held in the presence of internal cybersecurity experts:

  • the GSO Director (Head of Groupe Information System Security);
  • the Director of Internal Audit, Risks and Internal Control;
  • the Groupe Director of Insurance.

During this meeting, committee members were able to explore the following topics in greater depth:

  • the organization established to prevent cyber-attacks and react in the event of incidents;
  • the measures and investments planned in cyber matters;
  • the evolution of cyber systems in line with new technologies;
  • the cybersecurity risk coverage and its insurability;
  • the Operational Resilience Program, which includes continuity and recovery plans;
  • an assessment of the attacks recorded in 2023/2024 and corrective action plans.