In addition to the Chairman and Chief Executive Officer, the Disclosure Committee comprises the members of the Company's Executive Committee, the financial managers of each division and the key managers of the Company's major centralized departments.

According to its internal regulations, the main duties of the Disclosure Committee are to oversee the implementation of internal procedures for gathering and verifying information to be made public by the Company, to define the procedures for preparing and drafting reports and communications, to review information communicated and to approve the final version of draft reports and communications, in particular the Reference Document and Form 20-F, that are to be filed with the French and U.S. stock exchange authorities, as well as the manner in which they are published, filed or registered.

The Disclosure Committee meets as often as is necessary to perform its duties and, in any event, at least twice a year. It meets first before the end of each year to organize and initiate the process of drafting the registration document and Form 20-F for the past fiscal year. It meets again before Form 20-F is filed with the U.S. Securities and Exchange Commission (SEC) in order to approve the content of this report. If necessary, the committee may meet before the announcement of any significant events.

The Disclosure Committee met twice in 2010. At its meeting of April 13, it reviewed, among other things, the procedures for preparing and approving Form 20-F before it was filed with the SEC on April 19, 2010, as well as the certificates required to be provided by the Chief Executive Officer and the Chief Finance Officer in accordance with U.S. stock exchange regulations. At its meeting of November 29, 2010, the Disclosure Committee mainly reviewed recent regulatory developments that could have an impact on the communication and publication of information intended for the market, in particular through the registration document and Form 20-F, and initiated the process of gathering information and drafting the annual reports for the 2010 fiscal year.

It brings together the managers of the different administrative departments at head office and in the divisions including the finance directors.

Each of the divisions has its own Risk Committee just like Veolia Environnement, so as to validate and monitor the deployment of action plans acting on the major risks identified during their own risk mapping.

The Group Risk Committee held one meeting in 2012 to present and discuss the risk map, a methodological tool shared throughout the Company.

The program expresses the fundamental values of Veolia Environnement such as respect for human rights, strict compliance with national laws, fair treatment of clients and consumers, commitment to sustainable development, and solidarity. The committee has a duty to independence and confidentiality. It may take up ethics-related issues on its own but employees can also refer to it for any questions.