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Is the French governance code about to become more shareholder-friendly?

Paul Hodgson | April 19, 2016

To the surprise of some, French financial markets regulator AMF (Autorité des Marchés Financiers) published a report on 30 March that compared the French corporate governance code, the AFEP/MEDEF code, with nine codes from other European countries: Belgium, Finland, Germany, Italy, Luxembourg, the Netherlands, Spain, and the United Kingdom. The AFEP/MEDEF code was set up by two French business associations—the Association Française des Entreprises Privies and the Mouvement des Entreprises de France.

While the AMF has published a report on corporate governance and executive pay—which sets out recommendations for French companies and industry bodies—this is the first time it has published a study of this kind, especially one that is relatively critical of the AFEP/MEDEF code—which,...

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