We have re-evaluated our approach to certain capital authorities in France in light of recent changes to French law and a critical examination of French issuers’ proposals in 2015. As a result of a change to Article L228-92 of the French Commercial Code, promulgated into law in August 2014, French companies are no longer required to seek shareholder approval before issuing debt securities that are not convertible into shares. Historically, we have recommended that shareholders abstain from voting on proposals to issue shares or convertible securities when they have not disclosed a maximum face value of the debt that could be issued pursuant to an authority to issue convertible securities. However, it has become clear that under the new legal framework many companies will not request shareholder approval of the issue of debt or convertible debt instruments, per se, but will only seek to increase share capital through the issue of new shares or the conversion of other securities. While the change does not preclude issuers from disclosing a maximum value of any initial debt securities to be issued, we recognize that the current legal framework makes such disclosure less meaningful. As a result, we are prepared to recommend that shareholders support authorities to increase capital through the issue of convertible securities, without disclosing the value of such securities, where the following conditions are met: (i) the company is not explicitly requesting shareholder authority to issue debt instruments and is not bound to do so by its articles of association; (ii) the proposed authority otherwise meets all best practice standards and recommendations in France; and (iii) the Company does not have a history of abusing its previously granted authorities to issue shares, convertible securities, or debt.