The Group’s Senior Management has a clear ongoing commitment to maintaining and enhancing a reliable and effective internal control system built on ethical principles, appropriate organizational structures, well-defined responsibilities and demonstrated competencies. The overall objective is to promote the key elements of good corporate governance: transparency of management and providing shareholders with quality information.
The internal control system covers all entities consolidated by the Group. Since 2006, this system has included internal control assessment procedures relating to financial reporting with a view to ensuring compliance with Section 404 of the Sarbanes Oxley Act (SOA 404).
The internal control system is based on the five components contained in the “Internal Control – Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The internal control system is developed and implemented by Group’s Senior Management, middle management and all Group employees, with the aim of providing directors, corporate officers and shareholders with reasonable assurance that the following objectives are met:
Further information about the internal control system at Sanofi:
A Code of Internal Control Principles is released since May 21st, 2008 for management proposing a common approach for internal control and reminding the responsibility of all employees regarding internal control effectiveness.
This code delivers key principles in terms of governance and internal control, it constitutes a starting point for initiating a sustainable implementation of internal control at any level of the organization.