APC 2005 Annual Report Download - page 149

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147
Free translation of the original report in French
Auditors' special report
on the proposed
stock option plans
To the shareholders,
In our capacity as Statutory Auditors of Schneider
Electric SA and pursuant to Article L.225-177 of the
Commercial Code, as well as to Article 174-19 of the
March 23, 1967 Decree, we present below our report
on the proposal to grant stock options to the employ-
ees and corporate officers of the Company and relat-
ed entities within the meaning of Article L.225-180 of
the Commercial Code.
The Board of Directors is responsible for reporting to
shareholders on the aims and objectives of the pro-
posed stock option plans as well as on the method to
be used to set the option exercise price. Our responsi-
bility is to express an opinion on the proposed method
of setting the option exercise price.
We carried out our work in accordance with French
professional standards. Those standards require that
we perform procedures to verify that the proposed
method of setting the option exercise price is
described in the report of the Board of Directors, and
that said method complies with the provisions of the
relevant texts, is transparent for shareholders and
does not appear to be manifestly inappropriate.
We have no matters to report concerning the pro-
posed method.
Paris and Neuilly Sur Seine, February 16, 2006
The Statutory Auditors
Mazars & Guérard Barbier Frinault & Autres
Pierre Sardet Christian Chochon
Jean-Louis Simon Pierre Jouanne
Free translation of the original report in French
Auditors' report on the proposal
to grant existing or new shares
without consideration to officers
and employees of the company
To the shareholders,
In our capacity as Statutory Auditors of Schneider
Electric SA and pursuant to Article L.225-197-1 of the
Commercial Code, we present below our report on the
proposal to grant existing or new shares without con-
sideration to officers and employees of Schneider
Electric SA and its subsidiaries and affiliates, as
defined in Article L.225-197-2.
The Board of Directors is seeking authorization for the
Management Board – or, if the seventh resolution of
this Meeting is not adopted, the Board of Directors – to
grant existing or new shares without consideration. It is
the Board’s responsibility to draw up a report on the
grant that it wishes to carry out. It is our responsibility
to comment, if necessary, on the information given to
you about the grant.
Because no professional standard applies to this type
of operation, which was approved by law on Decem-
ber 30, 2004, we have performed the procedures we
deemed necessary to ensure that the methods being
considered are in accordance with the law.
We have no matters to report concerning the informa-
tion provided about the grant in the Report of the
Board of Directors.
Paris and Neuilly Sur Seine, February 16, 2006
The Statutory Auditors
Mazars & Guérard Barbier Frinault & Autres
Pierre Sardet Christian Chochon
Jean-Louis Simon Pierre Jouanne
Annual and Extraordinary Shareholders’ Meeting of May 3, 2006