France

doi:10.1017/CBO9781139177375.015

10 - France

The permanent reform of corporate governance

from B - Europe

Published online by Cambridge University Press: 05 July 2013

Pierre-Henri Conac

Edited by

Andreas M. Fleckner and

Klaus J. Hopt

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Andreas M. Fleckner: Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
Klaus J. Hopt: Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany

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Summary

General information on corporate governance

There is no specific law on corporate governance in France and no definition. However, it is clear that the requirements of social interest implies that the notion of corporate governance has to be appreciated in relation to the interests of stakeholders and not only shareholders. According to case law and to the corporate governance code, the social interest of the corporation includes the interest of the company, the shareholders, the employees, the clients, and third parties.

The legal regime applicable in France results from a combination of company law, corporate governance codes, actions by the securities regulator, and case law.

Legislation

Corporate governance in France has undergone many legislative and non-legislative changes since 1995. The pace was particularly strong between 1999 and 2005, but has been significantly reduced since 2005. However, an area that has been subject to permanent and major legislative involvement since 2005 is executive compensation. In addition, issues of corporate social responsibility, such as environmental issues, have increased in importance since 2009.

Type: Chapter
Information: Comparative Corporate Governance
A Functional and International Analysis
, pp. 444 - 503

DOI: https://doi.org/10.1017/CBO9781139177375.015 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2013

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10 - France

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