page 8 - Identifying CSR challenges, establishing priorities and adapting structures.

IDENTIFYING CSR CHALLENGES, ESTABLISHING PRIORITIES AND ADAPTING STRUCTURES

In 2009, sanofi-aventis modified the Group’s CSR approach by giving greater weight to stakeholders’ expectations in the reporting framework. This decision was part of the transformation process designed to make the Group more open to external growth. Working alongside consultants from Deloitte, the Group also adapted its approach to CSR reporting. In 2009, sanofi-aventis modified the Group’s CSR approach by giving greater
weight to stakeholders’ expectations in the reporting framework. This decision
was part of the transformation process designed to make the Group more open to
external growth. Working alongside consultants from Deloitte, the Group also
adapted its approach to CSR reporting.

IDENTIFYING CSR CHALLENGES TO FURTHER LIMIT RISKS

For nearly ten years, analysts and investors have included the financial impact of businesses’ CSR performance in the evaluation of opportunities and risks. This approach is consistent with economic regulatory reforms(1),which have gradually expanded the definition of significant risks to include CSR challenges. For nearly ten years, analysts and investors have included the financial impact
of businesses’ CSR performance in the evaluation of opportunities and risks.
This approach is consistent with economic regulatory reforms(1),which have
gradually expanded the definition of significant risks to include CSR
challenges.

Sanofi-aventis carefully monitors the CSR challenges that are currently considered to be significant from a financial and extra-financial viewpoint in order to anticipate any new developments. Sanofi-aventis carefully monitors the CSR challenges that are currently
considered to be significant from a financial and extra-financial viewpoint in
order to anticipate any new developments.

For more information, see website sanofi-aventis 2009 Document de Référence: section 3.1.10, Facteurs de risques 2009 Form 20-F: Part I, Item 3.D For more information, see website sanofi-aventis 2009 Document de Référence:
section 3.1.10, Facteurs de risques 2009 Form 20-F: Part I, Item 3.D

(1)See in particular the Sarbanes-Oxley Act in the United States, the NRE Law (Nouvelles Régulations Économiques) in France and the 2004 debate on the Operating and Financial Review (OFR) in the United Kingdom. (1)See in particular the Sarbanes-Oxley Act in the United States, the NRE Law
(Nouvelles Régulations Économiques) in France and the 2004 debate on the
Operating and Financial Review (OFR) in the United Kingdom.

INVOLVING STAKEHOLDERS TO BETTER ESTABLISH PRIORITIES

To complement the process used to identify CSR challenges, the Group has adopted the approach recommended by the GRI (Global Reporting Initiative) and AA1000 standards. Moreover, in 2009 the Group conducted a new materiality test. To complement the process used to identify CSR challenges, the Group has
adopted the approach recommended by the GRI (Global Reporting Initiative) and
AA1000 standards. Moreover, in 2009 the Group conducted a new materiality test.

The key CSR challenges for sanofi-aventis were identified based on the Group’s strategy and the reporting structure from previous years, and according to the GRI and LEEM (the French pharmaceutical companies association) indicators. These challenges were then further qualified based on two groups of criteria: The key CSR challenges for sanofi-aventis were identified based on the Group’s
strategy and the reporting structure from previous years, and according to the
GRI and LEEM (the French pharmaceutical companies association) indicators.
These challenges were then further qualified based on two groups of criteria:

* The information in italics identified by an asterisk was reviewed by the Statutory Auditors, who expressed an assurance specifically concerning these data. Their assurance statement, describing the work they performed as well as their comments and conclusions, appears in the sanofi-aventis 2009 CSR Report and on the Group’s 2009 CSR website (section: Statutory Auditors’ Review Report). * The information in italics identified by an asterisk was reviewed by the
Statutory Auditors, who expressed an assurance specifically concerning these
data. Their assurance statement, describing the work they performed as well as
their comments and conclusions, appears in the sanofi-aventis 2009 CSR Report
and on the Group’s 2009 CSR website (section: Statutory Auditors’ Review
Report).

WEB GRI and AA1000 standards