Sustainable development can be defined as 'trying hard to answer to the present's needs without compromising the capacity to satisfy the future generations needs'. Sustainable development has three pillars, the social aspect, the ecological aspect, and the economic aspect. In fact, the ecological aspect is the most well-known aspect of sustainable development. In a globalized world, sustainable development is always of more importance. First, NGOs and environment friendly people decided to put pressure on the governments and firms shoulders. But recently, the public opinion awareness concerning sustainable development has strengthened this pressure, and nowadays forces firms to behave as exemplary citizens. In France for example, the government has adopted in 2001, laws called 'nouvelles régulations économiques' (NRE), to make it compulsory for CAC 40 listed companies to publish within their financial statements, a report about the social and environmental consequences of their activity.
[...] - financial reports through different communication channels (press releases The Senior Management of the Group monitors the internal control procedures by the Internal Audit and Control department, and by the Group's managers who are responsible for overseeing procedures on a daily basis. From a disciplinary view, the Board of Casino is a tool for monitoring the Group, it decides on the manager's compensation and provides transparent information. But a few aspects limit its role. The CEO duality is the most important one. Jean-Charles Naouri wields substantial power in the company. The Board is also quite big (15 members) and this aspect can increase the possibility of conflicts. [...]
[...] This type of action is typically used to serve the disciplinary role of sustainable development in the CSR strategy of a company, as discrimination in hiring policy is strictly forbidden by French law, and as extra financial notation agencies are scrutinizing companies' behavior concerning integration and discrimination. Yet, according to Nicole Notat, “companies have understood that discrimination is a risk to master” but she also thinks that “some hiring difficulties lead companies to appear more attractive towards audiences that they used to ignore before”[5], thus it may be presumed that this chances equality and urban policy is used by Casino to find human resources where the demand remains, even in difficult areas. [...]
[...] Sustainable development The Casino group has defined three ways of actions where the goal is feed a world of variety”: - Be actively involved in the environment - Promote qualitative social relations - Act in order to be a responsible and united retailer The disciplinary part of environmental dimension The Ministry of the Environment, the Federation of the companies of the Business and the Distribution (FCD) and the signboards of the business and the mass-market retailing signed on Tuesday, January an agreement of commitments spanning 5 years in sustainable development. [...]
[...] All these statements are not made in order to discredit the Casino group and its respect of the French regulations regarding the Corporate Governance. But we want highlight how the relationships between the members of the Board of Directors are strong. Apart from the corporate framework, they are familiar with each other within a personal context as well. But the don't try to hide that; everything is written clearly in the annual report, any one who wants read carefully can see these elements. [...]
[...] Catherine Soubie is director of the Go Sport group, and the Euris group founded and owned by Jean-Charles Naouri. David Rothschild is a Managing Partner of Rothschild Banque, like Jean-Charles Naouri. Audit Committee The Audit Committee is responsible for assisting the Board of Directors in reviewing the annual and interim financial statements, and in dealing with events likely to have a material impact on the position of the Company or its subsidiaries in terms of commitments and/or risks, compliance with laws and regulations and any material pending litigation. [...]
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