Societe Generale : Report of the Board of Directors on the resolutions submitted to the General Meeting of 22 May 2024

BOARD OF DIRECTORS' REPORT

ON THE RESOLUTIONS SUBMITTED

TO THE COMBINED GENERAL MEETING OF 22 May 2024

The Board of Directors has decided to submit 33 resolutions for your approval at the Combined General Meeting of 22 May 2024, the purpose of which is detailed and commented on below.

REPORT OF THE BOARD OF DIRECTORS ON THE RESOLUTIONS TO BE RESOLVED UPON BY THE ORDINARY GENERAL MEETING

I - Accounts for the 2023 financial year and allocation of income (Resolutions 1 to 3)

The first resolution relates to the approval of the consolidated annual accounts. The Group share of consolidated net income for the 2023 financial year is EUR 2,493,331,113. Detailed information on the consolidated accounts are contained in the Universal Registration Document.

The second and third resolutions relate to the approval of the annual accounts, the allocation of income and the setting of the dividend. The net income for the 2023 financial year is positive and amounts to EUR 3,350,212,094.27 was posted for the 2023 financial year. Detailed comments on the annual accounts are contained in the Universal Registration Document.

Pursuant to Article 223 quater of the French General Tax Code, the total amount of expenses and charges that are not deductible for tax purposes referred to in paragraph 4 of Article 39 of said Code stands at EUR 2,775,760 for the past financial year and the theoretical tax expense relating to these expenses and charges at EUR 716,840.

It is proposed that the following be deducted from net income for the financial year:

• an amount of EUR 1,568,584.27 for allocation to the legal reserve; and
• an amount of EUR 143,141 for allocation to the unavailable special reserve for the acquisition of works of art by living artists, pursuant to Article 238 bis AB of the French General Tax Code.

After these allocations, the net available balance is EUR 3,348,500,369. This amount, added to the retained earnings of the opening balance sheet, which stood at EUR 8,699,029,272.92, forms a distributable total of EUR 12,047,529,641.92.

It is proposed to:

• allocate an additional sum of EUR 2,625,818,421.20 to the retained earnings account; and

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• allocate EUR 722,681,947.80 to the shares as a dividend by deducting the entire balance of the net income for the financial year.

As a result, the dividend per share (in cash) is set at EUR 0.90. The dividend detachment will take place on 27 May 2024 2024 and payment will occur as of 29 May 2024.

If there is a change in the number of shares granting a dividend entitlement on the detachment date, the total amount of the dividend shall be adjusted accordingly, and the amount allocated to the retained earnings account shall be determined based on dividends actually paid.

Dividends received by physical persons who are residents in France fall within the scope of the single flat-rate deduction, unless the taxpayer has opted for general application of the progressive income tax rate. If the taxpayer has opted for general application of the progressive income tax rate, an allowance of 40% is applicable.

In addition to the dividend of EUR 0.90 per share, the Board of Directors announced that the Company intends to launch a share buyback programme for a total amount of approximately EUR 280 million, which is the equivalent of EUR 0.35 per share. This programme must be approved by the ECB and the General Meeting for its implementation. Accordingly, the proposed distribution for 2023 would represent the equivalent of EUR 1.25 per share.

As a reminder, the Company bought back, for cancellation purposes, EUR 440,509,652.12 in shares in the 2nd half of 2023 relating to the 2022 financial year.

1. - Approval of the Statutory Auditors' report on the related-party agreements referred to in Article L. 225-38 of the French Commercial Code (Resolution 4)

In the fourth resolution, it is proposed that you approve the Statutory Auditors' special report relating to the related-party agreements referred to in Article L. 225-38 of the French Commercial Code, which indicates the absence of any new such agreements concluded during the 2023 financial year.

III - Remuneration (Resolutions 5 to 16)

In the fifth, sixth and seventh resolutions, you are asked, pursuant to Article L. 22-10-8 of the French Commercial Code, to approve the remuneration policy for corporate officers as presented in the corporate governance report drawn up by the Board of Directors pursuant to Article L. 225-37 of the French Commercial Code.

The remuneration policy describes all components of the fixed and variable remuneration of corporate officers and explains the decision-making process followed for its determination, review and implementation. It concerns the Chairman of the Board of Directors (fifth resolution), the Chief Executive Officer and Deputy Chief Executive Officers (sixth resolution) and the Board members (seventh resolution).

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If the General Meeting does not approve any of these resolutions, the remuneration policy approved by the General Meeting of 23 May 2023 shall continue to apply for the person(s) concerned.

The terms of the Chairman of the Board of Directors' (fifth resolution) remuneration will not be changed, subject to the approval of the General Meeting.

Regarding the Chief Executive Officers (dirigeants mandataires sociaux exécutifs) (sixth resolution), the principles and structure of their remuneration have not changed. The main change compared to the remuneration policy approved by the General Meeting of 23 May 2023 concerns the reintroduction of the CET 1 ratio indicator as a performance criterion, in order to take account of targets communicated at the Capital Market Day on 18 September 2023 and financial communication.

Following a vote of slightly under 80% during the 2023 General Meeting relating to the approval of the ex ante remuneration policy for the Chief Executive Officer and the Deputy Chief Executive Officers, the Compensation Committee analysed the expectations of proxies and shareholders and its conclusions were presented and debated by the Board of Directors during its 2 August 2023 meeting.

The Compensation Committee noted that several explanations were put forward:

• The fixed remuneration of the new Chief Executive Officer;
• The conditions of Mr Frédéric Oudéa's departure;
• The fixed remuneration of new Deputy Chief Executive Officers;
• The lowering of the ceiling on LTIs to 100% of fixed remuneration.

The Compensation Committee notes that these subjects are of very different natures and have not been ranked in order by the proxies or the major shareholders who, in addition, the Chairman of the Board of Directors met with during January 2024.

With regard the long-term incentive allocated to Mr Frédéric Oudéa in respect of previous years, the Board of Directors decided that for each allocation, the shares not yet acquired by Mr Frédéric Oudéa would be in proportion to the time spent between the allocation date and the date of the end of his term of office as Chief Executive Officer, i.e. 23 May 2023. All other conditions set out in the remuneration policy (and in particular performance conditions and payment schedule) remain applicable. This position meets the expectations generally expressed by both the proxies and the Autorité des marchés financiers ("AMF").

However, the Compensation Committee is aware that the departure conditions of Mr Frédéric Oudéa were the subject of two successive communications on the institutional1 website and acknowledges that shareholder information may have been difficult to access. The Compensation Committee will ensure in the future that shareholders have access to communication in a single, easily accessible document.

With regard to the remuneration of the new General Management, within the context of the appointment of the new Chief Executive Officer on 23 May 2023, the Board of Directors recalls that it had paid particular attention to this subject and had taken a large number of factors and criteria into account in taking this decision. The Board of Directors thus proposed a reappraisal of fixed remuneration, increasing it from EUR 1.3 million to EUR 1.650 million. This proposal

1 https://investors.societegenerale.com/en/strategy-and-governance/governance/afep-medef-code

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is justified by taking into account a number of contextual factors which must be assessed as a whole:

• The proposed level of remuneration is a simple update of the remuneration allocated to Mr Frédéric Oudéa, which has remained unchanged since 2011;
• This update corresponds exactly to the change in the average basic remuneration of Societe Generale SA employees in France over the same period;
• The proposed level of remuneration is adapted to the profile of Mr Slawomir Krupa who, since 2021, is Head of Investment Banking and based in the United States;
• This choice is the result of an in-depth analysis of the remuneration of senior Banking management in Europe.

The Compensation Committee based its work on a study by the independent consultancy firm Willis Towers Watson based on a panel of 11 European banks (Barclays, BBVA, BNP Paribas, Crédit Agricole, Crédit Suisse2, Deutsche Bank, Intesa, Nordea, Santander, UBS and UniCredit).

According to this study, this remuneration remains significantly below the benchmark and in the first quartile of the market:

• the average fixed remuneration in 2022 of a CEO stood at EUR 2.4 million;
• the median fixed remuneration of a CEO was EUR 2.5 million; and
• the fixed remuneration of a CEO in the first quartile was EUR 2 million.

Therefore, the Board of Directors concluded that the Compensation Committee had followed best practices when setting the remuneration of General Management. It had in particular complied with the recommendations of the AFEP-MEDEF Code, which is Societe Generale's reference code for corporate governance. The Board of Directors will ensure that shareholders benefit from all the necessary information and explanations regarding the remuneration policy of Chief Executive Officers.

Finally, with regard to directors, their remuneration (seventh resolution) for 2023, which is described in detail in the corporate governance report and in Article 18 of the Board of Directors' internal rules, remains unchanged at EUR 1.7 million. The breakdown of the global annual amount of their remuneration takes into account each Board member's specific responsibilities, in particular when they participate in committees, and distinguishes between a fixed portion, dependent on a minimum of 80% attendance, and a variable portion corresponding to attendance at Board and Committees meetings. As of the 2023 financial year, the amount of the share of the overall amount allocated to the US Risk Committee was reduced from EUR 200,000 to EUR 160,000 to take into account the decrease in the number of this committee's meetings (6 per year in 2022 and 2023 compared with 10 in 2020 and 8 in 2021) and the decrease in the number of members of this Committee, which henceforth includes the Chairperson of the Audit and Internal Control Committee and excludes the other members of this Committee.

Moreover, having obtained a favourable opinion from the Compensation Committee on 11 January 2024 on the proposal of the Nomination and Corporate Governance Committee, the Board of Directors proposes (eighth resolution) to increase the overall annual amount of the remuneration of directors from EUR 1,700,000 to EUR 1,835,000 (+8%) for the year beginning

2 The sample of European banks used as a benchmark applicable prior to the merger between UBS and Crédit Suisse in June 2023.

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as of 1 January of the 2024 financial year and for the following financial years, until decided otherwise. It observed that the last increase had been made in 2018, with no change made since then, even though the number of directors receiving remuneration has increased from 12 to 13 since the Annual Meeting of 18 May 2021. The proposed increase also aims to take into account the increase in the total average annual number of meetings by the Board of Directors and its committees (excluding seminars and training) over the last three three-year periods (45 per year from 2015 to 2017; 52 per year from 2018 to 2020 and 53 per year from 2021 to 2023). Finally, this increase is lower than the rise in the average basic salary (+10%) since 2018.

It should be noted that as part of their supervisory missions, banking supervisors closely monitor the time spent by directors preparing committee and board meetings and are calling for more training time. They also meet with members of the Board, and more specifically the Chairmen of its committees.

Before issuing its opinion, the Compensation Committee verified that the proposed new overall annual remuneration amount payable to the directors was in line with the level observed in other French and European financial companies of comparable size and complexity.

The Chairman of the Board and the Chief Executive Officer do not receive any remuneration in respect of their office as directors.

In the ninth resolution, you are asked, pursuant to point I of Article L. 22-10-34 of the French Commercial Code, to approve the information specified in point I of Article L. 22-10-9 of the French Commercial Code relating to the remuneration of each of the corporate officers, including the corporate officers whose terms of office have terminated and those who were appointed during the past financial year. This information is presented in the corporate governance report drawn up in accordance with Article L. 225-37 of the French Commercial Code.

The information relating to the remuneration of each of the corporate officers specified in point I of Article L. 22-10-9 of the French Commercial Code relates to the following subjects:

1. Total remuneration and the benefits of any kind, distinguishing between fixed, variable and exceptional items, including in the form of equity securities, debt securities or securities conferring access to the capital or the right to the allocation of debt securities, paid in respect of the term of office during the past financial year or allocated in respect of the term of office for the same financial year, indicating the main conditions for

exercising the rights, particularly the price and the date of exercise and any modification of those conditions;

1. The relative proportion of fixed and variable remuneration;

1. Exercise of the right to request the return of variable remuneration;

1. Commitments corresponding to elements of remuneration, indemnities or benefits due

or likely to be due in respect of the assumption, termination or change of functions or subsequent to the exercise thereof;

1. Remuneration paid or allocated by a company included in the consolidation scope within the meaning of Article L. 233-16 of the French Commercial Code;

1. Ratio on remuneration multiple (or fairness ratio) for the Chairman of the Board of Directors, the Chief Executive Officer and each Deputy Chief Executive Officer;

1. The annual change in remuneration, Company performance, average remuneration on a basis of the full-time equivalent employees of the Company, and fairness ratios, over

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the five most recent financial years, presented together and in a way that allows comparison;

1. An explanation of how total remuneration complies with the remuneration policy

adopted, including how it contributes to the Company's long-term performance, and how the performance criteria have been applied;

1. How the vote by the last General Meeting has been taken into account. This information does not have to be indicated when, as was the case at Societe Generale's last General Meeting, all resolutions relating to corporate officers' remuneration have been

approved;

1. Any deviation from the remuneration policy implementation procedure - or, in exceptional circumstances, any temporary exception based on the corporate interest and required in order to guarantee the Company's sustainability or viability - decided by the

Board of Directors, to the application of this remuneration policy, including an explanation of the nature of the exceptional circumstances and an indication of the specific elements deviated from;

1. Application of the obligation to suspend payment of Board members' remuneration when the composition of the Board of Directors fails to comply with gender parity legislation.

The aforementioned corporate governance report appears in the 2024 Universal Registration Document on pages 75 to 187 and its section relating to the remuneration policy for corporate officers as well as the report on the remuneration of corporate officers are appended to the present report (appendix 1).

In the tenth to fifteenth resolutions, you are asked, pursuant to point II of Article L. 22-10-34 of the French Commercial Code, to approve the fixed, variable and exceptional components of the total remuneration and benefits of any kind paid or awarded during the 2023 financial year, by separate resolutions for:

1. Mr Lorenzo Bini Smaghi, Chairman of the Board of Directors (10th resolution);

1. Mr Frédéric Oudéa, Chief Executive Officer until 23 May 2023 and Mr Slawomir Krupa, Chief Executive Officer as of 23 May 2023 (11th and 12th resolutions);

1. Mr Philippe Aymerich, Deputy Chief Executive Officer; Mr Pierre Palmieri, Deputy Chief Executive Officer as of 23 May 2023 and Ms Diony Lebot, Deputy Chief Executive Officer until 23 May 2023 (13th, 14th and 15th resolutions).

These remuneration components are described in the corporate governance report drawn up by the Board of Directors in accordance with Article L. 225-37 of the French Commercial Code. They comply with the remuneration policies approved by your Meeting in 2023.

The aforementioned corporate governance report is contained in the Universal Registration Document on pages 75 to 187 and the detailed tables setting out the individual remuneration components are appended to the present report (appendix 2).

Payment to the relevant parties of the variable or exceptional remuneration components allocated for the 2023 financial year is subject to the General Meeting's approval of their remuneration for the 2023 financial year.

With regard to Mr Frédéric Oudéa, it is reiterated that his term of office as Chief Executive Officer ended on 23 May 2023 following his decision not to stand for a new term of office. The

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conditions relating to the end of the term of office of Mr Frédéric Oudéa were reviewed by the Board of Directors during its meetings on 12 January 2023 and 8 March 2023 and were the subject of communications (hyperlink)3 on 7 February 2023 (page 11) and 14 March 2023 (page

1. and were also published on page 120 of the 2023 Universal Registration Document. The Board of Directors has verified that these decisions comply with the AFEP-MEDEF Code.

The termination of Mr Frédéric Oudéa's term of office as Chief Executive Officer did not entitle him to any indemnity relating to the end of his term of office. Mr Frédéric Oudéa is not entitled to any supplementary pension rights from Societe Generale.

Moreover, in accordance with the terms of his non-compete clause, Mr Frédéric Oudéa received his fixed monthly remuneration for the duration of the application of this clause (6 months).

Mr Frédéric Oudéa's annual variable remuneration for 2023 was determined by the Board of Directors on 7 February 2024, in line with the usual performance evaluation schedule for corporate officers. Due to the end of his term of office, Mr Frédéric Oudéa will not receive any long-term incentives for 2023 in accordance with the policy and recommendations of the AFEP- MEDEF Code.

With regard to Ms Diony Lebot, it is reiterated that the Board of Directors, during its meeting on 23 May 2023, examined the consequences of the end of her term of office on 23 May 2023 as Deputy Chief Executive Officer. This decision was the subject of a communication on 23 May 2023 (page 3 - hyperlink)4.

The end of the term of office of Ms Diony Lebot did not give rise to any indemnity relating to either the end of her term of office or her non-compete clause.

Ms Diony Lebot's annual variable remuneration for 2023 was determined by the Board of Directors on 7 February 2024, in line with the usual performance evaluation schedule for corporate officers. Due to the end of her term of office, Ms Diony Lebot will not receive any long-term incentives for 2023 in accordance with the policy and recommendations of the AFEP- MEDEF Code.

Eligibility for the supplementary pension allowance remains conditioned by completing her career within Societe Generale. With regard to the additional defined contribution plan, the contribution for the 2023 financial year based on the individual performance overall achievement rate for the financial year, was determined by the Board of Directors during its 7 February 2024 meeting, in line with the usual performance evaluation schedule for corporate officers.

The Board of Directors has verified that these decisions comply with the AFEP-MEDEF Code.

In the sixteenth resolution, you are asked, pursuant to Article L. 511-73 of the Monetary and Financial Code, for an advisory opinion on the remuneration paid in 2023 to the persons specified in Article L. 511-71 of the French Monetary and Financial Code, hereinafter "the regulated population of the Group".

1. https://investors.societegenerale.com/en/strategy-and-governance/governance/afep-medef-code
2. https://www.societegenerale.com/sites/default/files/documents/2023-05/decision-du-ca-23-05-23-en.pdf#page=3

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The regulated population of the Group is defined pursuant to the Commission Delegated Regulation (EU) no. 2021/923 of 25 March 2021. These persons are identified, either by qualitative criteria linked to their function and level of responsibility, as well as to their ability to significantly commit the bank in terms of risk exposure, or by quantitative criteria linked to their total level of remuneration over the previous financial year.

For the 2023 financial year, the Group's regulated population is composed of 675 persons. The regulated population has been updated based on regulatory technical standards, incorporating:

1. the Societe Generale's Chief Executive Officers ; o the Societe Generale's Board of Directors members;
   o the other members of the Group's Senior management (Deputy General Managers, members of the Group's Executive Committee as well as Group Heads of Business Units (BU) and Service Units (SU) who are members of the Group's Management Committee);
   o the main heads of the control functions (risks, compliance, audit) reporting directly to the members of the Group's Senior Management in charge of these SUs and the main heads of the support functions at Group level;
   o the main heads within "significant operational units";
   o the heads of the risk categories defined in Articles 79 to 87 of Directive 2013/36/EU, or having decision-making power on a committee responsible for the management of one of these risk categories;
   o persons with credit authorisations and/or responsibility for market risk limits exceeding the materiality thresholds defined by the European Banking Authority (EBA) at Group level;
   o persons with the power to approve or veto the introduction of new products.
   o Employees who meet one of the following criteria relating to the total remuneration awarded for the previous year:
   o persons among the 0.3% of Societe Generale staff members (including branches) receiving the highest total remuneration;
   o staff members of significant operational units with remuneration greater than or equal to the average of the total remuneration granted to the members of the executive and non-executive management body and to the senior management; o staff members with a total remuneration greater than or equal to EUR 750,000.

The increase in the total regulated population (675 people in 2023 vs. 614 in 2022) is mainly attributable to the greater number of persons accounted solely on the basis of the remuneration criteria within the CIB scope.

The remuneration of this population is subject to all the constraints specified by Directive (EU) 2019/878 ("CRD V") amending Directive 2013/36/EU, and particularly to the capping of its variable component compared to its fixed component. As such, the Board of Directors specifies that the authorisation obtained at the General Meeting of 20 May 2014 to raise the ceiling on the variable component to twice the fixed component remains valid for the remuneration allocated for the 2023 financial year, since the scope of the population concerned and the estimated financial impacts remain below those assessed and communicated in the Board's report in 2014. The regulated population benefiting from the authorisation comprised 329 persons in 2023 (311 persons in 2022). The financial impact of maintaining the variable component ceiling to twice the fixed component instead of equal to it, amounts to EUR 67.8 million (EUR 73.6 million in 2022) and remains well below the maximum estimate of EUR 130 million indicated to the General Meeting in 2014.

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Due to payment of the variable remuneration of this population being spread out over time, the overall amount of remuneration actually paid in 2023 includes a significant portion of payments relating to financial years prior to 2023, and the amounts paid for variable remuneration components indexed to the value of the Societe Generale share are impacted by the change in the share price during the deferral and retention periods.

The total amount stands at EUR 430.0 million, broken down as follows:

1. fixed remuneration for 2023: EUR 227.7 million;

1. non-deferredvariable remuneration for the 2022 financial year: EUR 124 million; o deferred variable remuneration for the 2021 financial year: EUR 35.6 million;
   o deferred variable remuneration for the 2020 financial year: EUR 21.9 million;
   o deferred variable remuneration for the 2019 financial year: EUR 19.6 million;
   o deferred variable remuneration for the 2018 financial year: EUR 0.2 million;
   o deferred variable remuneration for the 2017 financial year: EUR 0.6 million;
   o shares or equivalent instruments acquired and transferable in 2023 under long-term incentive plans: EUR 0.4 million.

The Board of Directors emphasises that the large proportion of deferred variable remuneration paid in 2023 distorts the appreciation of the link between the remuneration paid that year and the company's performance. Information relating to remuneration allocated for the 2023 financial year is made available to shareholders in the 2023 report on remuneration policies and practices. This report is available on the website from the date of publication of the convening notice for the General Meeting.

IV - Board of Directors - Renewal and appointment of a Board member (Resolution 17)

In the seventeenth resolution, the Board proposes, based on the opinion of the Nomination and Corporate Governance Committee, to renew (date of initial appointment: 2020), for a period of four years, the term of office of Ms Annette Messemer as independent director.

Ms Annette Messemer makes a remarkable contribution to the work of the Board, as a member of the Risk Committee since May 2020 and of the Compensation Committee since May 2023. She was also a member of the Audit and Internal Control Committee until May 2023.

Her attendance rate at Board of Directors meetings since the beginning of her term of office stands at 96.83%.

Ms Anne Messemer, age 59, is a German national and provides the Board with strong banking and financing expertise. She has a long career in finance and investment banking, particularly at JP Morgan Chase and Commerzbank. Ms Annette Messemer is also a director on the Board of Directors of listed French companies (Savencia SA since 2020, Imerys SA since 2020 and Vinci since April 2023) as well as a member of the Supervisory Board of a foreign non-listed company (Babbel AG - Germany) since 2021. The Board of Directors has verified that she has the necessary time required to carry out her term of office as director at Societe Generale. More detailed information can be found in the Universal Registration Document.

The composition of the Board of Directors aims to strike a balance between experience, competence and independence, while respecting gender parity and diversity. In particular, the

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Board of Directors ensures that a balance is maintained within the Board of Directors in terms of age, as well as professional and international experience. These objectives are reviewed annually by the Nomination and Corporate Governance Committee as well as in the annual review.

The Board of Directors also ensures the regular renewal of its members and strictly adheres to the recommendations of the AFEP-MEDEF Code with regard to the independence of its members.

The Nomination and Corporate Governance Committee has conducted a skills review within the Board. It found that the latest appointments had improved its diversity in terms of industrial, technological and digital skills, as well as strengthened its marketing and customer service skills. The Nomination and Corporate Governance Committee has determined that the composition of the Board of Directors is well balanced and compatible with the renewal of the term of office of Ms Annette Messemer, whose first term of office is set to expire.

If this seventeenth resolution is approved, the Board of Directors will remain composed of :

1. 47% women (7/15) based on the total number of Board members, or 50% women (6/12) if, pursuant to the law and the AFEP-MEDEF Code, the three employee directors are excluded from the calculations, or 46% women (6/13) if only the two directors representing employees are excluded from the calculations;

1. 92% (11/12) of independent directors, if the three employee directors are excluded from the calculations;

1. 47% (7/15) directors of foreign nationality, ie. 9 nationalities represented if we include the French nationality.

V - Statutory Auditors and Sustainability Auditors (resolutions 18 to 21)

A- Mission of certifying the accounts - Appointment of Statutory auditors (Resolutions 18 and 19)

The terms of office of Deloitte & Associés and of Ernst & Young et Autres will expire following the General Meeting called on 22 May 2024 to approve the accounts for the 2023 financial year.

The rules governing the rotation of Statutory Auditors introduced by the European audit reform, and in particular the provisions of Article 17 of Regulation (EU) No. 537/2014 of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and those of Article L.821-45 (formerly L. 823-3-1) of the French Commercial Code relating to the maximum duration of terms of office, do not allow for the renewal of the terms of office of Deloitte & Associés and of Ernst & Young et Autres as the Company's Statutory Auditors.

Consequently, two new Statutory Auditors must be proposed for appointment by the General Meeting of 22 May 2024. In accordance with Article 16 of Regulation (EU) No. 537/2014 of 16 April 2014 and Article L. 821-40 (formerly Article L. 823-1) of the French Commercial

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