Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 299

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 16G
Chunk 299
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Item 16G. Corporate Governance.

As a Frenchsociété anonyme, the Company is subject to various corporate governance requirements under French law. The Company is a “foreign private issuer” under the U. S. federal securities laws and the Nasdaq listing rules. As a foreign private issuer listed on the Nasdaq Global Market, we will be subject to Nasdaq's corporate governance listing rules. However, the Nasdaq Global Market’s listing rules provide that foreign private issuers, as defined in the rules promulgated under the U. S. Securities

Exchange Act of 1934, as amended (the "Exchange Act"), are permitted to follow home country corporate governance practices instead of certain Nasdaq listing rules, with certain exceptions. A foreign private issuer that elects to follow a home country practice instead of Nasdaq's listing rules must submit to Nasdaq a written statement from an independent counsel in such issuer’s home country certifying that the issuer’s practices are not prohibited by the home country’s laws.

As a general matter, the Company follows the French Middlenext corporate governance code for corporate governance matters and it intends to follow home country practice to the maximum extent possible.

Certain corporate governance practices in France may differ significantly from Nasdaq’s corporate governance listing standards. For example, while Nasdaq Listing Rule 5605(b) would require a majority of the Supervisory Board to be independent, neither the corporate laws of France, nor the Middlenext corporate governance code nor the Company's bylaws require that (i) a majority of the members of our Supervisory Board be independent or (ii) the independent members of the Supervisory Board hold regularly scheduled meetings at which only independent members of the Supervisory Board are present. However, the Middlenext code recommends that at least two members of the Supervisory Board be independent (as such term is defined under the code). Currently, all of the members of the Company’s Supervisory Board are independent and therefore the Supervisory Board meets both the Middlenext requirement and the Nasdaq requirement for independence; however, in the future the Board composition could change such that the Company only meets the Middlenext requirement, but not the Nasdaq requirement for independence.

Moreover, in accordance with French law, each of the committees of our Supervisory Board will only have an advisory role and can only make recommendations to our Supervisory Board. As a result, decisions will be made by our Supervisory Board taking into account nonbinding recommendations of the relevant Supervisory Board committee