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Corporate governance and shareholders engagement conference: the new normal

Droit & Croissance / Rules for Growth (D&C)

Vendredi 18 octobre 2019 de 09:00 à 16:00 (heure : France)

Corporate governance and shareholders engagement...

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Full Price 23h 28m 250,00 € 17,69 €

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Description de l'événement


  • François Vannesson, General Secretary of Axa Climate, General Secretary of D&C

9:20 Kick off:

  • George Stansfield, General Secretary of the AXA Group

9:25 Speaker:

  • Robert Ophèle, President of the Autorité des Marchés Financiers

 9:40 Speaker:

  •  Clément Royo, Advisor to the President of the National Assembly's Finance Committee

10:00 Roundtable 1: Forms of corporate control.

Is it possible to talk about strong majority shareholders and weak minority shareholders in France and in continental Europe more globally? To what extent has the Florange law been able to increase this phenomenon? What are the positive and negative effects of these types of capital structures? To what extent does this configuration change the shareholder activism of investment funds and pension funds? To what extent does the introduction of the broader social purpose change the situation in terms of shareholder engagement? What about the latest statements made in the United States on the obsolescence of the pro shareholder model?

In introduction of the round table,Thomas Bourveau will present his paper about the Florange Act : The effect of Tenure-Based Voting Rights on Stock Market Attrativeness : Evidence from the Florange Act.


  • Clément Royo, Advisor to the President of the National Assembly's Finance Committee
  • Olivier Fortesa, Managing Partner at Amber Capital
  • Matthew B. Goodman, Partner at Sullivan & Cromwell LLP


  • Thomas Bourveau, Assistant Professor at Columbia University, Vice President of D&C

11:15 BREAK

11:30 Speaker:

  •  Iuri Struta, Senior Financial Reporter at Activist Insight


11:45 Roundtable 2: Shareholder collaboration:

The manager-shareholder dynamics draw much more benefits from cooperation that confrontation. Several studies (Fisch, Sepe) demonstrated that the cooperation model brings an added value that unilateral decision models do not offer, wether that decision belongs to the company's organs or its shareholders. That being said, do French managers agree with theses remarks? Shareholder cooperation is indeed, originally, a strategy implemented by foreign hedge funds, whose influence the French - and, to a certain extent, Europeans - tradition is far from being fond of.

In that context, one needs to wonder to what extent the SRD 2 directive allows the development of a logic of cooperation. Although the directive seeks to promote "long-term" investment, its concrete provisions seem to defeat the objectives it was aimed to reach. Beyond the directive, how should regulations relating to market abuses and concerted actions be interpreted in the context of activism, and especially when activist practices are abusive?


  • Alessio Pacces, Professor at the University of Amsterdam
  • Angus Milne, Director Risk & Compliance at TCI
  • Paola Perotti, CEO at GO Investment Partners


  • Alain Pietrancosta, Professor at the University Paris I Panthéon-Sorbonne, Member of the Executive Committee of D&C


13:45 Roundtable 3: The rise of green activism.

Environmental activism is on the rise: with pension funds getting more active and some activist funds incorporating a sustainability agenda, the potential impact of shareholders over non-financial concerns is a rather newly acknowledged phenomenon. Yet, this illustrates how shareholder activism may contribute to the defining of a long-term value-creating strategy for companies and suggests that their influence on governance issues is far from being limited to short-term financial performance. The fact that hedge funds (such as ValueAct Capital, with the recent creation of ValueAct Spring fund, or other funds such as BlackRock, who has a special offer for clients willing to invest in socially and environmentally responsible companies), environmental activism is no longer a marginal aspect of shareholder activism. How can we explain such a growing importance of environmental shareholder activism? How will ESG risks and sustainability concerns predictably impact the governance of French and European companies in the near future?


  • Alexis Masse, Strategic advisor at GRDF and President of the responsible investment forum
  • Loïc Dessaint, Director at Proxinvest
  • Pierre-Yves Gauthier, Founder of AlphaValue
  • Cedric Laverie, Head of France Governance Research at ISS (Institutional Shareholder Services)


  • Ahmed Guenaoui, Treasurer of D&C



The conference is organized by Droit & Croissance / Rules for Growth

with the the support of


Des questions sur l'événement Corporate governance and shareholders engagement conference: the new normal ? Contactez Droit & Croissance / Rules for Growth (D&C)

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Où et quand

25 avenue Matignon
75008 PARIS

Vendredi 18 octobre 2019 de 09:00 à 16:00 (heure : France)

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Droit & Croissance / Rules for Growth (D&C)

Established in 2012, Droit & Croissance / Rules for Growth ("D & C") is an independent think tank and research laboratory aiming to foster growth in France by improving the efficiency of its laws affecting its economic environment.
D & C was set up by young legal practitioners and researchers who have learned from law and economics theory that the law can be an engine for growth and from their practice that the French separation of law and economics severely affects the quality of its norms and economic prosperity.
D & C promotes Law & Economics theory in France and beyond, by providing a forum for researchers and encouraging a multidisciplinary approach to study the economic impact of legal norms.  D & C regularly publishes constructive criticism and actionable propositions for effective reforms of French law in scholarly, professional as well as general interest publications.  
D & C is now a recognised conceptual advocate of major reforms in various areas of French law including bankruptcy law, company law, competition law, labor law and taxation.


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