Danone // 2020 Universal Registration Document

6 corporate governance 6.1 Governance bodies DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 231 APPLICATION OF AFEP-MEDEF CORPORATE GOVERNANCE CODE FOR LISTED COMPANIES In 2008, Danone decided to refer to the AFEP-MEDEF Code and applies its recommendations, with the exception of the following points: Recommendations Danone’s practice and justification Presence of a Director representing employees on the Governance Committee (section 18.1 of the AFEP-MEDEF Code) “It is recommended […] that an employee-director be a member of it.” The Board, working with the Directors representing employees, did not deem it useful to appoint a Director representing employees to the Governance Committee. The Board, having determined that the profile of Mrs. Bettina THEISSIG, Director representing employees, as well as her expe- rience and in-depth knowledge of Danone are assets for the work of the Engagement Committee, appointed her a member of this Committee. In addition, in order to provide the Audit Committee with a concrete approach of its work, the Board appointed Mr. Frédéric BOUTEBBA, Director representing employees, to that Committee. It should be noted that the Governance Committee consists of three-fourths Directors deemed independent, in accordance with the AFEP-MEDEF Code, and exercises its activity under the responsibility of the Board. Its work, recommendations and opinions are the subject of detailed reports and are discussed during Board meetings by all the Directors, including the Directors representing employees. Scope of the ratios used to measure differences between the compensation of corporate officers and that of the company’s employees (section 26.2 of the AFEP-MEDEF Code) “80% of the workforce in France can be considered a significant scope.” The ratios published by the Company were calculated based on the compensation of Danone SA employees. To supplement these ratios for more than 90% of Danoneʼs workforce in France, compensation differences by quintile are presented in section 6.3 Compensation and benefits of governance bodies below.