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The Need of a More Responsible Governance Is Spreading

Nicole Notat * Présidente, Vigeo Eiris. Contact :

As regards governance the coexistence of several legal status (joint-stock companies, cooperatives...) and the composition of boards and powers are specific features of the French situation. In particular, except in the public sector and in recently privatized companies, the employees had nearly no representation on the Board of Directors, at least till the Rebsamen law passed in 2015. More specifically the evolution of governance towards a model taking social and environmental matters into account faces two main obstacles: the managers' representation of their role as agents of stockholders and the quest for short term profits by investors. However investors are increasingly aware that their financial interest lies on a governance extended to stakeholders and integrating social and environmental stakes. Evidence shows that they are beginning to urge companies to act in accordance with these principles. The evolution of the activity of the social rating agencies, including Vigeo, corroborates this movement.

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1   Notat N. et Senard J.-M. (2018), « L'entreprise, objet d'intérêt collectif », Rapport aux ministres de la Transition écologique et solidaire, de la Justice, de l'Économie et des Finance, du Travail, mars.

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