8. CORPORATE GOVERNANCE 8.6. EURONEXT'S BOARDS AND ADMINISTRATION 8.6.2. Managing Board The Managing Board currently consists of five members: Jean-François Théodore, CEO and Chairman of the Managing Board Jean-François Théodore, (57), holds a law degree from the University of Paris and is a graduate of the Institut d'Etudes Politiques de Paris and the Ecole Nationale d'Administration. He was appointed as Chairman of the Board of Directors of Paris Bourse in 1990. He was appointed as CEO and Chairman of the Managing Board of Euronext in 2000. Jean-François Théodore was President of the Federation of European Securities Exchanges from 1998 to 2000. He chaired the International Federation of Stock Exchanges in 1993 and 1994. He was Chairman of Sicovam from 1993 to 2000 and has been Chairman of the Paris Europlace Steering Committee since 1997. Before becoming Chairman of the Board of Directors of ParisBourse, Jean-François Théodore worked for the French Treasury from 1974 to 1990. Outside directorships: member of the board of AtosEuronext (no remuneration); member of the board of Clearnet/LCH.Clearnet (no remuneration); member of the Supervisory Board of Euroclear (remuneration: €24,000 per annum); member of the Supervisory Board of Atos Origin (remuneration: €23,384 per annum); member of the board of GL Trade (no remuneration). Hugh Freedberg, Member of the Managing Board Hugh Freedberg, (58), was educated in South Africa at the University of Witwatersrand and at the University of South Africa, completed senior management programmes at Harvard and at AmosTuck School of Business Administration, Dartmouth College, USA. He has been Chief Executive of LIFFE since 1998. He was appointed as Member of the Managing Board of Euronext in 2002. Before becoming Chief Executive of LIFFE, Hugh Freedberg worked for the American Express Group, Salomon Inc., the Hill Samuel Group, the TSB Group, Macquarie Bank and was a partner at Korn Ferry International. Outside directorships: none. João Freixa, Member of the Managing Board João Freixa, (47), holds a degree in business administration from the Lisbon High Institute of Economics and an MBA from the New University of Lisbon. He was appointed as Member of the Managing Board of Euronext in 2003. Before becoming a member of the Managing Board of Euronext, João Freixa worked for the Instituto Superior de Economia, Price Waterhouse, the Portuguese Industrial Group and Barclays Bank. Outside directorships: none. Olivier Lefebvre, Member of the Managing Board Olivier Lefebvre, (46), in 1981, holds an MBA from Cornell University and a Doctorate in Economics from the Catholic University of Louvain-La-Neuve. He became Chairman of the Executive Committee of the Brussels Stock Exchange in 1996. He was appointed as Member of the Managing Board of Euronext in 2000. Before becoming Chairman of the Executive Committee of the Brussels Stock Exchange, Olivier Lefebvre worked at the Catholic University of Louvain-La-Neuve, Generale Bank and the Belgian Ministry of Finance. Outside directorships: member of the Belgian Corporate Governance Committee. George Möller, Member of the Managing Board George Möller, (56), holds a degree in economics from the University of Groningen. He was appointed as General Manager of the European Options Exchange (EOE) in 1996 and appointed President of Amsterdam Exchanges after the merger of the EOE with the Amsterdam Stock Exchange in 1997. He was appointed as Member of the Managing Board of Euronext in 2000. George Möller has been President of the Federation of European Securities Exchanges from 2000 to 2003. Before becoming General Manager of the EOE, George Möller worked at Amro Bank, the Deli Company and Pierson, Heldring & Pierson (and subsequently MeesPierson). From 1992 until 1996, he was a Board Member of LIFFE and Chairman of its Equity Market Committee. Outside directorships: member of the Supervisory Board of ENDEX (no remuneration); member of the board of VNO/NCW (no remuneration); member of the board of Dutch Securities Institute DSI (no remuneration); President of the board of Federation of European Securities Exchanges FESE (no remuneration); member of the Dutch corporate governance committee (no remuneration); member of the Dutch Bankraad (remuneration: €2,268 per annum). As from 1st April 2004, Mr Möller is no longer employed by the company.