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Rethinking & Redesigning the French Government as a Shareholder

Rethinking & Redesigning the French Government as a Shareholder. Eric Preiss General Secretary French Government Shareholding Agency. Policy Dialogue on Corporate Governance in China Shanghai February 25-26, 2004. Rethinking ….

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Rethinking & Redesigning the French Government as a Shareholder

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  1. Rethinking & Redesigning the French Government as a Shareholder Eric Preiss General Secretary French Government Shareholding Agency Policy Dialogue on Corporate Governance in China Shanghai February 25-26, 2004

  2. Rethinking … • Government-owned companies are concerned, like all companies, by the debate about corporate governance prompted by bankruptcies of big public companies • Recent controversies surrounding the financial situation of some French Government-owned companies (EDF, France Telecom) triggered a major reform

  3. Redesigning…The reform in three steps (1) 1) Currently operational : the creation of an Agency dedicated to the governance and value optimisation of the Government-owned companies and bodies • Announced by Francis Mer, Minister of Finance, in March 2003, and set up while dealing with major “transactions” and “day to day” business • a mix between the government culture and the model of private holdings • Increased human resources with mixed culture of skills • Self-managed structure (€10m budget) within the Treasury framework • Task force under the authority of the Minister • Increased transparency and public information

  4. Redesigning…The reform in three steps (2) 2) In progress : ‘code of good practice’ between the Agency and the Government-owned companies, including : • Enhanced relations with the top management • Regular update and reporting • Corporate governance reinforcement 3) To be achieved : changes in the legal and regulatory framework that sets out the rules applicable to the Government as a shareholder

  5. ‘code of good practices’ baselines The code is designed to be the contractual framework between the Government owned companies and the Agency. • 1) Enhanced relations with the top management • Regular update and reporting (every month) • Top management meetings • 2) Corporate governance reinforcement • Representation of the Agency in the boards of directors • Improvement of strategic discussions in the boards of directors • Development of specialized committees • Generalization of board of directors’ internal rules of operation • Improvement of financial information • Improvement of the efficiency of boards of directors

  6. Overview of the Agency portfolio Transport Energy EDF, Gaz de France AREVA, COGEMA, Alstom ADP, ASF, Air France, SNCF, RFF, RATP, Renault Media France Télévision, Radio France, AFP Industry Services France Telecom La Poste, CNP Thales, EADS, GIAT, SNECMA, SNPE, DCN, BULL

  7. Key figures of the Agency portfolio • Nearly 70 Companies and Bodies • More than 1 million workers (5% of working population) • €200bn of revenues • €60bn of capital • €150bn of debt

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