Shareholders’ Rights & Shareholder Activism 2024 in France

White & Case partners Diane Lamarche, Saam Golshani, Félix Thillaye and senior associate Victoire Segard have co-authored the France chapter of the Chambers Shareholders' Rights and Shareholder Activism 2024 Global Practice Guide.

The guide provides the latest legal information on shareholder dialogue, offering best practices for enhancing private communication and engagement between shareholders and issuers. It emphasizes consistent and transparent interactions, the appointment of dedicated board members for shareholder relations, and recent legislative developments supporting effective shareholder activism, especially on ESG issues.

In 2023, shareholder activism in France decreased significantly, with only 7% of activist campaigns cast in Europe during this year, compared to 18% in 2022, a record year for shareholder activism in France.

Despite this decrease, the public debate on shareholder activism remains vibrant, highlighted by a 2024 guide on shareholder dialogue and new legislation enhancing minority shareholders' rights.

ESG-related activism, particularly climate resolutions, has become a focal point, prompting discussions about legislative amendments and the balance of power between shareholders and boards.

Regulatory bodies like the AMF have also been active, updating their doctrines to improve transparency and shareholder engagement.

 
The article is reproduced with permission from Chambers and Partners. This article was first published in Chambers Practice Guides in October 2024. 

This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.

This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.