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by the exercise of subscription, option or conversion rights (art. 5 par. 10 of the Articles of Association). See also art. 5 par. 6 and 9 of the Articles of Association and point 2.6.3 below. 2.6.2 Reasons for granting exceptions in the year under review Please refer to points 2.6.3 and 6.1.2 below. 4 Corporate Governance Report 2009 2.6.3 Admissibility of nominee registrations, along with an indication of percent clauses, if any, and registration conditions Pursuant to art. 5 par. 6 and

instead persuade supermarkets, specialist stores, and other businesses to stock their products. Sales space is a vital but finite resource, and it may be difficult to persuade retailers to allocate it to a new player's ice cream, especially in highly competitive food retail markets. Problems with accessing distribution channels make market entry more difficult. Manufacturers of ice cream can differentiate their products quite strongly. To hold on to their market shares, they must be willing to push out

formulation d'un Plan Directeur de Développement des PME au Cameroun, la Japan International Cooperation Agency définit la PME comme « une entreprise de moins de 150 employés, en excluant les filiales d'entreprises étrangères, 9 American business review, février 2001. 10 Conformément à la Recommandation de la Commission Européenne 2003/361/EC du 6 mai 2003. 11 Le forum international sur la PME en Afrique s'est tenu à Cotonou du 3 au 5 mai 2005 et regroupait les pays de l'Afrique l'ouest et ceux

School Publishing. FRIEDMAN Rose, FRIEDMAN Milton (1980), Free to Choose, New York, Avon Brooks Science Institute. FOURNIER Susan, DOBSCHA Susan, MICK David Glen (1998), « Preventing the Premature Death of Relationship Marketing », Harvard Business Review, January-February, pp. 42-50. GUMMESON Evert (1999), Total Relationship Marketing, Butterworth-Heinemann, London. JOHNSON Gerry, SCHOLES Kevan, FRÉRY Frédéric (2000), Stratégique, Paris, Publi-Union. JAWORSKI Bernard J., KOHLI Ajay K., SAHAY Arvind

School Publishing. FRIEDMAN Rose, FRIEDMAN Milton (1980), Free to Choose, New York, Avon Brooks Science Institute. FOURNIER Susan, DOBSCHA Susan, MICK David Glen (1998), « Preventing the Premature Death of Relationship Marketing », Harvard Business Review, January-February, pp. 42-50. GUMMESON Evert (1999), Total Relationship Marketing, Butterworth-Heinemann, London. JOHNSON Gerry, SCHOLES Kevan, FRÉRY Frédéric (2000), Stratégique, Paris, Publi-Union. JAWORSKI Bernard J., KOHLI Ajay K., SAHAY Arvind

commission on the distribution of farm products, Vol 6, Washington DC, US Government printing Office. 50 Clark F., (1922), Principles of marketing, MacMillan, New-York. 51 Heskett J., (1973), "Sweeping changes in distribution", Harvard Business Review, Vol 51, Issue n° 2, march-april, pp 123-132. 52 Heskett J., (1978), "La logistique élément clef de la stratégie", Harvard-L'Expansion, n°8, printemps 1978, pp 53-65. -68- États-Unis qui donne lieu à une production significative de recherches

Dans son étude, McKinsey (1981) répond que « la structure ne doit être ni trop lâche ni trop étroite » et ajoute ceci : Every large and complex enterprise faces a fundamental paradox. On the one hand, senior managers need to be certain that, in a competitive and tough business environment, they are positioned to pull the levers that result in an adequate and timely response to key changes. On the other hand, they must guard zealously against imposing controls so rigid as to choke the life from the organization21

O’Toole and Warren Bennis “Companies can show they are in touch with the real world and public concerns around fair play by looking long and hard at pay and incentive structures … Core values are … meaningless unless brought to life in performance reviews, reward and incentive structures, and confidential ‘whistle blowing’ hotlines … Businesses cannot always expect the public to like what they do, but they can and must work harder to ensure their actions are understood.” Catherine May, Group Corporate

“value chain” approach. It will start, on the 30th of July, the same kind of project to reinforce the spice sector in India. These innovative programs aim at improving the income of small producer microentrepreneurs by making their products more competitive on their market. An unheard of partnership with the postal networks April 7th PlaNet Finance launches the 1 study project about the flow of migrants’ money aimed at facilitating the savings and banking service penetration of transfers by relying

Groupe Eyrolles T. Atkinson, M. Glaude, L. Olier et T. Piketty, « Rapport sur les inégalités économiques », Comité d’analyse économique (CAE), 2001. F. Bourguignon et C. Morrisson, « Inequality Among World Citizens : 1820-1992 », American Economic Review, vol. 92, n° 4, 2002. B. Milanovic, Worlds Apart : Measuring International and Global Inequality, Princeton University Press, 2005. Observatoire des inégalités, www.inegalites.fr T. Piketty, L’Économie des inégalités, coll. « Repères », La Découverte