The chairman, former French President, Valery Giscard d'Estaing, was appointed to the post amid much bickering after the country's incumbent president Jacques Chirac threatened to veto any other choices.
BBC: EU launches democratic drive
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They said that the current management, including chairman and chief executive Henri Giscard d'Estaing, would remain in place if the bid was successful.
BBC: Club Med investors in takeover bid
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In Brussels a group of 105 European politicians, under the chairmanship of the former French president Giscard d'Estaing, is busily putting the finishing touches on what will effectively be a constitution for the expanded European Union.
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