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  The compliance program
Vivendi makes sure that the values and rules of conduct defined by the group in its compliance program are followed. Adopted on January 24, 2002, this program is aimed at raising all employees' awareness of the need for adhering to rules of conduct and at implementing the structures and monitoring procedures that will ensure that these rules are applied in all Group companies, under the coordination of specially-appointed compliance program contact persons.

These rules of conduct apply to:
- the rights of employees,
- fairness and protection of information,
- prevention of conflicts of interest,
- commercial ethics,
- protection of goods and resources belonging to the group,
- financial ethics and respect for the environment.

Compliance with these rules of conduct is a condition for belonging to Vivendi.

An evaluation report on their implementation within the group’s business units is compiled each year by the General Counsel and presented to the Audit Committee. The third edition of this evaluation report was presented to the Audit Committee in February 2006.

  The charters
Vivendi's values and commitments vis-a-vis its partners are defined in six charters.

  The program of conformity with environmental, health, and workplace safety standards
This program, whose application is supervised by the Sustainable Development department in liaison with the General Counsel, has as its objectives:
- to give assurances of compliance to the group’s directors;
- to conduct a program of audits in order to identify any areas of non-compliance at the different sites, decide on corrective measures, and see that they are applied;
- to relay the group’s environmental commitments on the ground and identify best practices.



  Corporate governance
Vivendi's governance is based on a dual structure, comprising a Supervisory Board and a Management Board , assisted by four specialized committees.

 Internal control
Internal control is composed of a set of procedures defined by the Management Board and implemented by Vivendi’s employees, whose aim is to achieve the following objectives:

- application of the instructions and objectives set by the Management Board;
- compliance with laws and regulations;
- prevention and control of operational risks, financial risks, and risks relating to error and fraud;
- quality and fairness of accounting, financial and management information..

In order to achieve each of these objectives, Vivendi has defined and implemented general internal control principles which rely to a large extent on the definitions of the COSO (Committee of Sponsoring Organizations of the Treadway Commission) Report.

 Attentiveness to shareholders
Vivendi’s financial communications policy aims at providing all shareholders with accurate, precise, and sincere information on the group’s strategy, situation, results, and financial development. It complies with the procedures implemented in application of French standards (the Financial Security Law) and the US standards (the Sarbanes-Oxley Act).

This attentiveness to shareholders is built around relays of information with shareholders and communication with investors.
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The Group's approach to sustainable development consists of putting into perspective the three pillars – economic, social/societal, and environmental – upon which Vivendi’s long-term future is being built.

Vivendi confirmed its return to growth in 2005 thanks to good performance in all its business units: Universal Music Group, No. 1 worldwide in music; Vivendi Games, world leader in online video games; Canal+ Group, a European leader in film and the leading pay-TV operator in France; SFR and Maroc Telecom, major players in telecommunications in France and Morocco respectively.

This need for performance implies that the group assert the importance of the sustainable development issues specific to its business sectors, and that it be accountable for its values and its responsibilities to all of its partners: employees, shareholders, customers, suppliers, institutions, and civil society.

The resolve to develop potential organic growth within its business units as part of a collegial approach to management encourages the group to make the sustainable development process an integral part of its strategy. That integration is all the more necessary since it contributes to opening up new opportunities in terms of innovation, skills, and markets.



See the 2005-2006 Sustainable Development report for more detailed information

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