Governance Principles

The members of the Board of Directors of Accor (hereinafter “the Company”) wished to abide by the following operating rules which constitute the By-laws of the Board of Directors.

These By-laws are part of the market recommendations aimed at compliance with the fundamental principles of corporate governance.

These By-laws are intended for internal use only. Their objective is to supplement the articles of incorporation by specifying the Board of Directors’ organizational and operating procedures. They may not be relied on by the shareholders or third parties against the directors, the Company or any Group Accor company (hereinafter “the Group”). It applies as needed to the tellers appointed by the Board of Directors as well as to the Founding Co-Chairmen designated in Article 21 of the Company’s articles of incorporation.

The existence and main provisions of these By-laws shall be disclosed to the shareholders and to the public.