Release 23.12.08 - Compensation of executive directors

Paris, 23rd December 2008

At the meeting held on November 5, 2008 the Board of Directors examined the recommendations of the AFEP/MEDEF “code de gouvernement” as amended on October 6, 2008. The Board confirmed that it shared the general views of the recommendations and that they were an integral part of Pernod Ricard’s corporate governance policies. In that respect, Patrick Ricard, Chairman and Chief Executive Officer, and Pierre Pringuet, Managing Director officially forwent the special bonuses that had been approved by the Annual General Assembly on the 5th November 2008. 

Since Pernod Ricard’s fiscal year is offset (July 1, 08 – June 30, 09), the detailed enforcement of the recommendations shall be reviewed at a future Board meeting to be held in early 2009.

At the meeting, the Board will be asked to refer to the amended AFEP/MEDEF “code de gouvernement” in order to draft a report pursuant to  article L.225-37 of the French code de commerce effective for fiscal 2008/2009, in compliance with the French act dated July 3, 2008, which is the national transposition of European Directive 2006/46/CE dated June 14, 2006.

The Board of Directors of Pernod Ricard shall publicise its position in a press release in compliance with the legislation in force.