Furthermore, the Committee relies on the works of the Nuclear Commitments Financial Expertise Committee (NCFEC) which comprises independent experts appointed by the Board (1), whose duty is to assist the Company and its corporate bodies with matters relating to asset-liability matching and the management of dedicated assets.
Finally, the Committee issues an opinion prior to any investment in unlisted dedicated assets for any project exceeding a unit amount of €400 million as well as for any project (excluding real estate) exceeding a unit amount of €200 million resulting in full consolidation of the target investment by the Company. In the event that the Committee issues a negative opinion on an investment plan, the Board of Directors has sole authority to authorise the aforementioned plan.
| 2021 | 2020 | |
|---|---|---|
| Number of meetings |
Number of meetings 2021 3 |
Number of meetings 20203 |
| Average attendance rate |
Average attendance rate 2021 100% |
Average attendance rate 2020100% |
| Average duration of the meetings |
Average duration of the meetings 2021 2 hours and 53 minutes |
Average duration of the meetings 20203 hours and 11 minutes |
In 2021, the Committee reviewed in particular the hedge position and discount rate of the nuclear provisions, the performance of the listed and unlisted dedicated asset portfolios, the implementation of the strategic allocation included in the reference note on the policy on the constitution, management and control of the financial risks of dedicated assets and changes to this strategic allocation before its submission to the Board for approval, the result of the work on the measurement of the carbon footprint of the portfolio of dedicated assets and the associated climate risk and on a first approach to taking into account the climate risk in the ALM study of dedicated assets, the letter updating the three-year report on securing the financing of nuclear expenses and the report on internal control included therein the monitoring of risks related to dedicated assets, the progress of the implementation of the Nuclear Liabilities Assessment Control Function, EDF policy on securing the financing of nuclear liabilities within the framework of Decree No. 2020-830 of 1 July 2020 before it is submitted to the Board for approval, the state of progress of the decommissioning programme for first generation nuclear power plants and the projects for the Industrial Geological Storage Centre (CIGEO) and the Facility for the Conditioning and Storage of Activated Waste (ICEDA) (see section 1.4.1.1.2.3 “Issues relating to the nuclear activity”).
The Statutory Auditors attend all the meetings of the Nuclear Commitments Monitoring Committee.
The Committee did not need to seek any external technical advice or order any studies on issues falling within its remit during the 2021 fiscal year.
The table below outlines the membership of the Committee on the date of filing of this Universal Registration Document. The Directors who are not members of the Strategy Committee attend all of its meetings.
| Membership of the Strategy Committee | ||
|---|---|---|
| Jean-Bernard Lévy | Chairman |
Chairman and Chief Executive Officer, Director appointed by the Shareholders’ Meeting |
| François Delattre | Member | Director appointed by the Shareholders’ Meeting on recommendation of the French State |
| Karine Granger | Member | Director elected by the employees |
| Sandrine Lhenry* | Member | Director elected by the employees |
| Philippe Petitcolin | Member | Independent Director appointed by the Shareholders’ Meeting |
| Vincent Rodet | Member | Director elected by the employees |
| Christian Taxil | Member | Director elected by the employees |
| Martin Vial | Member | Representative of the French State |
* Ms. Lhenry is a member of the Strategy Committee since 28 July 2021.
The Strategy Committee examines and/or issues an opinion to the Board of Directors on the Company’s major strategic orientation and, specifically, on the corporate strategic plan setting out the actions to be implemented in order to comply with the objectives of the multi-year energy programme (see section 7.1.6.2 “Public service in France”), the Company’s strategic objectives drawn up with a view to the consultation of the EDF Central Social and Economic Committee, the public service contract (see section 7.1.6.2 “Public service in France”), the strategic agreements, alliances and partnerships, as well as the research and development policy.
| 2021 | 2020 | |
|---|---|---|
| Number of meetings |
Number of meetings 2021 3 |
Number of meetings 20203 |
| Average attendance rate* |
Average attendance rate* 2021 100% |
Average attendance rate* 202096.3% |
| Average duration of the meetings |
Average duration of the meetings 2021 3 hours and 30 minutes |
Average duration of the meetings 20203 hours and 13 minutes |
* Attendance rate calculated based on the members of the Committee alone (furthermore, all the members of the Board may attend these meetings).
In 2021, the Committee reviewed in particular the Group’s new health and safety policy, the strategic plan, the industrial and commercial issues and the results and outlook for Framatome, the forecast supply and demand balance for the winters of 2021-2022 and 2022-2023, the Group’s strategy for new nuclear power worldwide, the EDF group’s innovation strategy and operations, the progress of CAP 2030, the main assumptions of the medium-term plan for 2022-2024, and the performance of, outlook and environmental challenges for EDF Renewables.
The Committee did not need to seek any external technical advice or order any studies on issues falling within its remit during the 2021 fiscal year.
(1) The current members of the NCFEC were re-elected or appointed on 19 November 2019 for three years by the Board of Directors after consultation with the NCMC.
