CFE - 2006 annual report - Vinci
CFE - 2006 annual report - Vinci
CFE - 2006 annual report - Vinci
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7 8<br />
Table of contents<br />
Corporate governance . . . . . . . . . . . . . . . .� 80<br />
1. Composition of the Board of Directors .� 80<br />
1.1 Mandates and duties of Board Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80<br />
1.2 Evaluation of the independence of the Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85<br />
1.3 Legal situation of the Directors. . . . .� 85<br />
1.4 Confl ict of interest . . . . . . . . . . . . . . .� 85<br />
2. Operation of the Board of Directors and its committees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86<br />
2.1 The Board of Directors. . . . . . . . . . . .� 86<br />
2.2 The Appointments and Compensation Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88<br />
2.3 The Audit Committee . . . . . . . . . . . . .� 88<br />
3. Compensation of the board and committee members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89<br />
3.1 Remuneration of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89<br />
3.2 Compensation of audit committee members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89<br />
3.3 Compensation of the Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90<br />
4. <strong>CFE</strong> management . . . . . . . . . . . . . . . . . .� 90<br />
5. Evaluation of measures taken by the company in response to the directive concerning<br />
insider trading and market manipulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91<br />
6. Transactions and other contractual relationships between the company, including related companies,<br />
and the Directors and executive offi cers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91<br />
7. Assistance agreement . . . . . . . . . . . . . .� 91<br />
8. Corporate controls . . . . . . . . . . . . . . . . .� 91<br />
Management <strong>report</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93<br />
A. Report on the accounts for the fi nancial year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93<br />
1. Consolidated accounts . . . . . . . . . . . . . .� 93<br />
1.1 Summary of the exercise. . . . . . . . . .� 93<br />
1.2 Order book, revenue and profi ts of the business segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93<br />
1.3 Signifi cant economic data by segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94<br />
1.4 Comments on the balance sheet, cash fl ow and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96<br />
2. Corporate accounts. . . . . . . . . . . . . . . . .� 97<br />
3. Capital remuneration . . . . . . . . . . . . . . .� 97<br />
B. Risk factors . . . . . . . . . . . . . . . . . . . . . . . . .� 98<br />
1. Risks common to the segments in which the <strong>CFE</strong> group is active . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98<br />
1.1 Operation risks. . . . . . . . . . . . . . . . . .� 98<br />
1.1.1 The act of construction . . . . . . .� 98<br />
1.1.2 Real Estate. . . . . . . . . . . . . . . . .� 98<br />
1.1.3 Dredging. . . . . . . . . . . . . . . . . . .� 99<br />
1.2 The economic climate . . . . . . . . . . . .� 99<br />
1.3 Management and workforce . . . . . .� 100