From 1st January 2006 onwards, the board of directors is chaired by Pierre Richard.

As of December 31, 2007, the Board of Directors was composed of nineteen members, seven of them being independent.

The Board of Directors of Dexia SA reflects the European identity of the Group. five nationalities are represented.

Its composition is also consistent with Dexia's Franco-Belgian legal identity.

There are the same number of French and Belgian directors with each of both nationalities representing at least one third of the Board.

List of directors

In 2006, Dexia SA's Annual General Meeting resolved to grant maximum annual directors' remuneration of EUR 1,300,000 for their mandates.

This Meeting also authorized the Board to determine the practical procedures and individual allocation of this remuneration.

At its meeting on May 23, 2002, the Board of Directors decided to grant each director a fixed compensation of EUR 20,000 (EUR 5,000 per quarter), and directors' fees (variable compensation) of EUR 2,000 per Board meeting or specialist committee meeting.

Directors who have been in office for less than one full year shall earn a proportion of this fixed fee based on the number of quarters during which they have effectively been in office.