Governance and Control at AXA

Governance and Control at AXA
Case Code: BSTR224
Case Length: 18 Pages
Period: 1991-2006
Pub Date: 2006
Teaching Note: Not Available
Price: Rs.400
Organization: AXA
Industry: Banking and Financial Services
Countries: India, Japan
Themes: Corporate Governance, Control
Governance and Control at AXA
Abstract Case Intro 1 Case Intro 2 Excerpts


The case examines the dual corporate governance structure of France based AXA, one of the leading insurance and investment management companies in the world. In a span of three decades, AXA acquired several financial services companies globally. When AXA aimed at becoming a truly global company and started consolidating its global operations, the company felt that a judicious mix of centralization and decentralization of activities was required. AXA centralized its operations to the extent necessary and its subsidiaries in different countries had complete freedom to operate according to the local conditions.

The case discusses in length about the roles played by AXA's management and supervisory board to maintain a firm control over the operations of the company.


The case is structured to achieve the following teaching objectives

  • Study the importance of strong governance practices in companies having global operations
  • Understand the need for a dual corporate governance structure
  • Examine the need for a smooth coordination between the subsidiaries and the headquarters to run a company's global operations efficiently
  • Study the corporate functions that are centralized by AXA
  • Appreciate the benefits reaped by AXA after decentralizing few of its corporate functions



AXA, Governance Structure, Globalization, Control Systems, Centralization, Decentralization, Corporate Governance, Operational Excellence, Supervisory Board, Management Board, Key Performance Indicators, Centrally Managed Functions, Localization

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