Compliance with codes of best practice

The boards of Reed Elsevier PLC and Reed Elsevier NV have implemented standards of corporate governance and disclosure policies applicable to companies listed on the stock exchanges of the United Kingdom, the Netherlands and the United States. The effect of this is that a standard applying to one will, where not in conflict, also be observed by the other.

The boards of Reed Elsevier PLC and Reed Elsevier NV support the principles and provisions of corporate governance contained in the UK Corporate Governance Code issued by the Financial Reporting Council in September 2012 (the UK Code) and those contained in the Dutch Corporate Governance Code issued in December 2008 (the Dutch Code).

Reed Elsevier PLC, which has its primary listing on the London Stock Exchange, has complied throughout the year with the UK Code.

Reed Elsevier NV, which has its primary listing on the NYSE Euronext Amsterdam Stock Exchange, has complied throughout the year with the UK Code, and subject to limited exceptions as explained in the Reed Elsevier NV Report of the Board on pages 179 and 180 in the Reed Elsevier Annual Reports 2013, has applied the best practice provisions of the Dutch Code.

For further information on the application of the Dutch Code, see the Corporate Governance Statement of Reed Elsevier NV.

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New York Stock Exchange Corporate Governance Rules