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Statutory auditors

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Review report by one of the Statutory Auditors on a selection of human resources and environmental indicators and the statement regarding the
application of the Equator Principles, which are available in the Sustainable Development section of the Crédit Agricole SA website.

This is a free translation into English of the review report by one of the Statutory Auditors issued in French and is provided solely for the convenience of
English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards
applicable in France.

As requested and in our capacity as Statutory Auditor of Crédit Agricole SA, we have performed the review described below for the purpose of enabling us to
express moderate assurance on:
- the following indicators:

Environmental indicators

  • Building electricity consumption,
  • IT centre electricity consumption,
  • Natural gas consumption,
  • Energy consumption due to the heating network,
  • Energy consumption due to the cooling network,
  • Fuel-oil consumption,
  • CO2 emissions (calculated on the basis of the above-mentioned indicators and CO2 emission factors),
  • Water consumption.

Human resources indicators

  • Breakdown of headcount by business line,
  • Employees in France by gender and status,
  • Employees internationally by gender and status,
  • Proportion of women,
  • Proportion of part-time employees,
  • Age structure,
  • Permanent employees by age,
  • Permanent employees by years of service,
  • Projected number of employees reaching the ages of 60 and 65 in the next ten years in France,
  • Retirements,
  • Headcount by type of contract (FTE),
  • Permanent employees leaving by reason,
  • Absenteeism in France (calendar days),
  • Internships and work-study training placements in France (monthly average FTE),
  • Number of permanent hirings by business line,
  • Internal mobility,
  • Promotions in France by gender,
  • Number of training hours/employees trained,
  • Number of training hours by topic,
  • Collective variable compensation paid during the year for the previous year's results in France,
  • Average monthly salary of active permanent employees in France at end-December (gross basic salary),
  • Annual fixed salary scale in France at end-December 2010,
  • Number of agreements signed during the year in France by subject.

- the statement regarding the application of the Equator Principles indicated by a * in the Sustainable Development section of the Crédit Agricole SA
website.
Crédit Agricole Group's corporate responsibility team was responsible for preparing these indicators and the statement regarding the application of the
Equator Principles, in accordance with the Group’s internal reporting procedures, which are available on demand or can be viewed on the Group's website
(summarised version). Our responsibility is to form a conclusion on these indicators and this statement, based on our work.

Nature and scope of our work

We conducted our work in accordance with professional standards applicable in France relating to this type of engagement.
We carried out the procedures described below, to obtain moderate assurance that there were no material irregularities with regard to the indicators. A higher
level of assurance would have required us to carry out more extensive work.
Our work included:
A review of the organisation system and the relevance, reliability, objectivity and comprehensibility of the reporting procedures used by the different Group
entities,
We performed our work on the basis of interviews and consistency tests which we conducted:

Regarding human resources indicators:

  • at the Group's head office:
    • with Crédit Agricole SA's corporate responsibil"ity team, and
    • with the “Reporting et Contrôle de Gestion Social” Division of the Group Human Resources, responsible for collecting and consolidating social data.
  • for the following entities:
    • Agos Ducato, Italy,
    • Amundi, France,
    • Amundi, Japan,
    • CACEIS, France,
    • Crédit Agricole Corporate and Investment Bank (CACIB), France,
    • CACIB, Japan,
    • CALF, France,
    • CACIB, United Kingdom,
    • Cariparma, Italy,
    • CA SRBIJA, Serbia,
    • CFM, Monaco,
    • Friuladria, Italy,
    • JSCIndexBankHVB, Ukraine,
    • LCL, France,
    • UES CASA, France,
    • Uniéditions, France.

Regarding environmental indicators:

  • at the Group's head office:
    • with Crédit Agricole SA's Corporate Responsibility team;
    • with Crédit Agricole Immobilier's Corporate Real Estate division, responsible for collecting and consolidating environmental data.
  • for the following entities:
    • Crédit Agricole Immobilier,
    • Crédit Agricole Assurances,
    • Emporiki Bank.

We also performed consistency checks, on a test basis, in order to verify that the figures had been correctly centralised and consolidated.
Statement regarding the application of the Equator Principles:
In order to verify the veracity of the statement, we carried out interviews with the employees involved:

  • at the head office of CACIB, with the project financing business's Equator Principles coordination unit,
  • at the premises of CACIB United States and CACIB Spain.

We were assisted in our work by specialists from our Sustainable Business Solutions Department.

Conclusion

In three entities, we noted a lack of traceability of the data taken into account in the calculation of the Employees trained and Number of training hours by topic
indicators which made it impossible for us to confirm the reliability of these indicators.
We also noted, for two of the entities examined, an interpretation error regarding the definition of the Employees trained indicator. This gave rise to significant
discrepancies which have been corrected.
Based on our work, and subject to this reservation, no material irregularities came to light that call into question:

  • the fact that the indicators reviewed were compiled, in all material respects, in accordance with the Group's internal reporting standards, with the exception of the Employees trained and Number of training hours by topic indicators concerned by the reservation,
  • the consistency and veracity of the selected statement on corporate responsibility.

Neuilly-sur-Seine, 31 may 2011

  • Catherine Pariset Partner Statutory Auditor
  • Sylvain Lambert Partner Sustainable Business Solutions Department

Caveats in relation to information published on websites

The maintenance of the Sustainable Development section of the Crédit Agricole SA website and the integrity of the information it provides is the responsibility
of Crédit Agricole SA Group; the reviews performed by PricewaterhouseCoopers Audit did not involve a review of these matters. Our review report only
concerns selected human resources and environmental indicators and a statement regarding the application of the Equator Principles for 2010, as published
online on 06/16/2011. We did not review any information updated after the initial publication date.

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