Rubis refers voluntarily to the recommendations on corporate governance for quoted companies from the consolidated AFEP/MEDEF report of December 2008. However, Rubis adapts these recommendations in a manner appropriate to its legal form as a limited equity partnership. It has departed from the above-mentioned recommendations on certain points:

• Appointments Committee: in so far as the managers are appointed in the articles of incorporation and by the Managing Partners, with the agreement of the shareholders when the manager is not an Managing Partner, the Company has not considered it useful to put such a Committee in place;
• Remunerations Committee: management remuneration as well as the dividend for Managing Partners being set by articles 54 and 56 of the articles of incorporation, with directors’ fees for members of the Supervisory Board being set by the General General Meeting of Shareholders, the Company has not considered it useful to put such a Committee in place;
• Assessment of the Supervisory Board: until now, operation of the Supervisory Board or workings of the Audit Committee have been the subject of regular and informal discussions. As of 2009, following implementation of the Supervisory Board’s Rules of Procedure, the Supervisory Board will carry out, as described in the Rules of Procedure, an assessment of its performance, including an assessment of conformity with its Rules of Procedure.
• Renewal of members of the Supervisory Board: until now, it was done in block and not in stages according to the date of expiry of their mandates. The Company is studying renewal by rotation for renewal of members of the Supervisory Board in 2010.