TRIBUNE. Manifesto for a new sharing of value

The Institute of Responsible Capitalism was created in 2017 by Caroline de La Marnierre. Its members – Korian, Sanofi, Michelin, Société Générale, SNCF, Sodexo, Legrand, etc. – have been thinking for several months about sharing the value created by the company between shareholders, employees, customers and suppliers. They want clearer indicators to reflect this and call on companies to make five clear commitments. The first signatories accelerated the publication of a “Manifesto for a new sharing of value”, an important text while the ousting of Emmanuel Faber from the presidency of Danone may cast doubt on the commitment of the place of Paris to a more responsible and less financial capitalism. Interestingly, several members of the Institute’s board of directors, including Gilles Schnepp, Clara Gaymard and Michel Landel, are also directors of Danone.

  • New sharing of value: the Manifesto

“As part of the annual work of the Institute of Responsible Capitalism, we, business leaders, experts on ESG subjects [Critères environnementaux, sociaux et de gouvernance, NDLR], have learned a lot from these long months of pandemic. We have understood that there is a quality superior to any other for our companies, resilience. Our companies no longer just need to be strong, efficient and innovative. To sustainably absorb the multifaceted crises that will follow one another, they must be able to mobilize the collective of efficiency, creativity and responsibility that the company must become if it wants to create real value. The resilient company will structure its strategy around the creation and sharing of this value, not only financial, but integrating all environmental, social and governance issues.

We are making five short and medium term commitments.

1 – Because the controversy over the payment of dividends raged in spring 2020, we want the dividend distribution policy to be part of a more assertive consistency with the strategy of creating and sharing value. We will make this consistency explicit – and we will promote it – for our stakeholders. To this end, dividends – in the short and medium terms – will not only be related to financial performance, but also to the achievement of ESG objectives, the internal compensation policy for employees and managers, and exceptional aid from the company. ‘State.

2- Because the equity ratio introduced in the PACTE law [qui compare la rémunération du dirigeant à la moyenne de celle des salariés] is a step forward which has yet to prove its operational effectiveness, we will practice – or we will endeavor to encourage companies to – transparency on the method of calculating the equity ratio and therefore on the remuneration policy for managers and employees. We will clearly present the calculation methods, their changes over time and the assumptions taken into account. We will report on its construction and interactions with the CSEs [Comité social et économique de l’entreprise].

3 – Because suppliers and subcontractors play a key role in the deployment of the company’s strategy, we will align – or we will promote – the subcontracting and purchasing policy with the company’s strategy , its ESG commitments and its raison d’être. By creating specific monitoring indicators to assess the inclusion of ESG criteria in the subcontracting and purchasing policy, by explaining this policy in the documents provided to the General Assembly.

4 – Because the Covid-19 crisis has highlighted the dysfunctions of our economic and societal models, the challenges of society, the environment and governance are becoming the priority levers for renewal. We will clearly formulate – or we will recommend explaining – the link between the raison d’être and the policy of creating and sharing value by measuring the state of progress with dedicated indicators. We will present – or we support – the short, medium and long term ESG commitments and their link with the raison d’être. We will embody the raison d’être through maturity indicators measuring the state of progress.

5 – Because the Board is not always involved enough upstream in the definition of the value-sharing policy, we are committed – or we will recommend – to making this policy a full subject under the responsibility of the Consulting, closely integrated into the process of developing and approving the strategic plan. We will put in place a more collaborative work process between general management and the Board so that the value-sharing policy appears explicitly in the Board resolution on the validation of the strategic plan and that this policy is included in the documents submitted. at the General Assembly. “


Xavier Fontanet, former president of Essilor International;

Philippe Zaouati, president of Mirova (fund management company);

Thibaut Bechetoille, President of CroissancePlus;

Olivier de Guerre, President of Phitrust (fund management company);

Clara Gaymard, co-founder of RAISE (investment company);

Gonzague de Blignières, co-founder of RAISE (investment company);

Fanny Picard, founding partner of Alter Equity (investment company);

Philippe Peuch-Lestrade, senior executive of the International Integrated Reporting Council (IIRC);

Sophie Wigniolle, partner at Executive Search Eric Salmon & Partners;

Denis Terrien, president of the French Institute of Administrators (IFA);

Eliane Rouyer-Chevalier, independent director;

Viviane de Beaufort, professor at Essec Business School;

Floriane de Saint Pierre, founder and president of Ethics and Boards and Floriane de Saint Pierre et Associés;

Marcel Grignard, former national secretary of the CFDT, former president of Confrontations Europe;

Marie-Christine Lebert, CFDT Cadres national secretary, director of the Worldline Group representing employees, co-chair of the Club of Employee Directors of the IFA;

Edouard Dubois, consultant in corporate governance and CSR;

Cédric Lavérie, voting advisor for investors;

Pierre Bellon, founder of Sodexo;

Stéphane Voisin, wealth management consultant;

Marie-Christine Mahéas, co-coordinator of the Observatoire de la Mixité, director and author of the book “Mixité, quand les hommes engage”;

Jean-Charles Vernhet, cardiac surgeon;

Caroline de La Marnierre, president and founder of the Institute of Responsible Capitalism.

Leave a Reply

Your email address will not be published. Required fields are marked *