Universal Registration Document 2022

Furthermore, the Committee relies on the works of the Nuclear Commitments Financial Expertise Committee (NCFEC) which comprises independent experts appointed by the Board of Directors ⁽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.

Activity in 2022

In 2022, the Committee reviewed in particular:

• the hedging status and discount rate of nuclear provisions;
• the performance of dedicated listed and unlisted asset portfolios;
• the implementation of the strategic allocation included in the reference memorandum on the policy for setting up, managing and controlling the financial risks of dedicated assets and the proposal to update the reference memorandum, before its submission to the Board of Directors for approval;
• the findings of the 2022 ALM (Asset and Liability Management) study modelling the risk-return profile of dedicated assets, the discount rate of provisions and their hedging rate by dedicated assets over timeframes ranging from 3 years to 40 years, supplemented by a study on the impact of climate risk on dedicated assets and the risk-return profile of dedicated assets over timeframes ranging from 10 years to 40 years;
• the deployment of the Responsible Investor Charter for dedicated assets and, in this context, additional information and materials on climate and the consideration of climate issues in the management of the portfolio of dedicated assets and the action plan proposed in line with the Group’s raison d’être;
• the three-yearly report on securing the financing of nuclear liabilities and the report on internal control included in that report;
• the monitoring of risks related to dedicated assets;
• the opinion of the Nuclear Liabilities Assessment Control Function;
• 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 renewal of the terms of office of the members of the CEFEN and the Advisory Committee on Dedicated Assets; and
• the follow-up of internal and external recommendations from the supervisory authorities (French Directorate-General for Energy and Climate), the French Court of Auditors or the French Nuclear Safety Authority.

The Statutory Auditors attend all the meetings of the CSEN.

The Committee did not need to seek any external technical advice or order any studies on issues falling within its remit during the 2022 fiscal year.

4.2.3.3 Strategy Committee

Membership

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.

Duties

The Strategy Committee reviews and/or advises the Board of Directors on the Company’s major strategic policies, and in particular on:

• the strategic business plan setting out the actions to be implemented to achieve the objectives of the Multi-Year Energy Programme (see section 7.1.6.2 “Public service in France”);
• the Company’s strategic policies for consultation with the EDF Central Social and Economic Committee;
• the public service contract (see section 7.1.6.2 “Public service in France”);
• strategic agreements, alliances and partnerships; and
• research and development policy.