Shareholders' Rights and Shareholder Activism 2023 in France

White & Case partners Diane Lamarche, Saam Golshani and senior associates Félix Thillaye and Victoire Segard have co-authored the France chapter of the Chambers Shareholders’ Rights and Shareholder Activism 2023 Global Practice Guide.

The guide provides the latest legal information on voting requirements and the proposal of resolutions, shareholders’ rights to appoint/remove/challenge directors and in the event of liquidation/insolvency, shareholder activist strategies, and remedies available to shareholders against the company and directors.

Whilst 2022 proved to be a record year for shareholder activism in France, activity decreased in the first half of 2023. Based on a global survey by Lazard, France only witnessed 5% of activist campaigns cast in Europe during this time.

Despite this decreasing share, the public debate around shareholder activism that started in 2019 is still vivid, notably with a new report issued by the Club des Juristes in December 2022.

Simultaneously, ESG-related shareholder activism has become a central topic, triggering various calls for legislative amendments.

Any views expressed in this publication are strictly those of the authors and should not be attributed in any way to White & Case LLP.

The article is reproduced with permission from Chambers and Partners. This article was first published in Chambers Practice Guides in October 2023.

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