The opinions expressed in this report are not necessarily those of the above-mentioned persons or the institutions that they represent.

Chairs of the taskforce

Yves Perrier, CEO, Amundi
Jean-Dominique Senard, Chairman of the Board of Directors, Renault

Taskforce members

Jean-Jacques Barbéris, Member of the Executive Committee, Amundi
Francesco Bellino, Managing Director & Partner, The Boston Consulting Group
Sophie Burel, Public Affairs Director, Renault
Juliette Le Gelard, Principal, The Boston Consulting Group
Éric Sauvage, Consultant, Institut MontaigneRapporteurs
François-Xavier Albouy, Research Director of the Chair “Demographic Transitions, Economic Transitions”, Fondation du Risque
Christian Nouel, Partner, Gide Loyrette Nouel, and Chairman, Fondation Croissance Responsable
Stanislas Pottier, Chief Responsible Investment Officer, Amundi

Taskforce coordinators

Clémence Alméras, Policy Officer, Institut Montaigne
François Ewald, Delegate general, Comité Médicis

As well as:

Victor Bus, Policy Officer Assistant, Institut Montaigne
Alban Petit, Policy Officer Assistant, Institut Montaigne


Naïm Abou-Jaoudé, CEO, Candriam
Loïc Allanos, CSR Deputy Director, Servier
Christine Anglade Pirzadeh, Director of Sustainable Development and Communication, Executive Board Advisor, Wendel
Morgane Augé, VP Public Affairs France, Orano
Jean-Luc Barlet, Partner, Mazars
Matthieu Belloir, CSR Director, Orange
Annie Bellot-Gurlet, Chief Operating Officer France, IBM
Marguerite Bérard, Head of French Retail Banking, BNP Paribas
Jean Boissinot, Governor’s Adviser, Banque de France
Pierre Bollon, General Representative, Association Française de la Gestion financière
Ginette Borduas, Head of ESG and Sustainability, Meridiam
Céline Boyer-Chammard, Partner and Managing Director, The Boston Consulting Group
Maylis Brandou, Director of Strategy and Development, Equanity
Jérôme Brouillet, Direction générale du Trésor (French Treasury)
Nicolas Calcoen, Head of Finance, Strategy and Public Affairs, Member of the Executive Board, Amundi
François Calonne, Senior Advisor, International Affairs, Caisse des Dépôts
Anne-Laure Calvez, Corporate Commitment Director, Orano
Eric Campos, CSR Director, Crédit Agricole SA
Gwendoline Cazenave, former Director of TGV Atlantique, SNCF Mobilités and Partner, Oliver Wyman
Éric Chaney, Economic Advisor, Institut Montaigne
Héléna Charrier, Deputy – Group Sustainability, Caisse des Dépôts
Antoine Colas, General Secretary and Head of Autonomous Transportation Systems, Transdev
Patrick de Cambourg, Chairman of the board of Directors, Autorité des normes comptables (Accounting Standards Authority)
Maxime de Couëssin, Director, Réseau Entreprendre Paris
Caroline de La Marnierre, Chairman and Founder, Institut du Capitalisme responsable (Institute of Responsible Capitalism)
Julie de La Sablière, Founder and CEO, Little Wing
Antoine de Saint-Affrique, Chief Executive Officer, Barry Callebaut
Pierre de Villiers, Senior Advisor, Boston Consulting Group, former Chief of Staff of the French Army
Isabelle Diversy, Sustainability manager, Engie
Louis Douady, Global Head of CSR, Natixis
Blaise Duault, COO, FnB Private Equity
Benjamin Fremaux, CEOl, Idex
Sylvestre Frezal, Cofounder and Chairman of the Board, Appenin, Covéa Group
Christian Gollier, , Managing Director, Toulouse School of Economics
Vincent Harel, Chairman of the Board of Directors France, Mercer
Béatrice Jung, CSR Director, Transdev
Augustin Landier, Professor of Finance, HEC
Thomas-Olivier Léautier, Chief Economist, EDF
Laëtitia Mahenc, Head of the Environment and CSR Department, Teréga
Hélène Mairesse, Public Relations Manager, Renault
Philippe Martin, Professor of Economics, Sciences Po and Deputy Chairman, Conseil d’analyse économique (Economic Analysis Council)
Christine Naoumoff, CSR Strategy Project Manager, Renault
Charles Nicolas, Cofounder, Decade for Change
Christian Nouel, Partner, Gide Loyrette Nouel, and Chairman, Fondation Croissance Responsable
Fanny Picard, Founder and CEO, Alter Equity
Bruno Roche, Chief Economist, Mars Incorporated, Founder & Executive Director, Economics of Mutuality
Céline Soubranne, Group Chief Corporate Responsibility Officer, AXA
Isabelle Spiegel, Director of Environment, Vinci
Denis Thaeder, Chief Mission Officer, La Parisienne Assurances
Hélène Valade, Chairman of the Board, Observatoire de la Responsabilité Sociétale des Entreprises (Corporate Social Responsibility Observatory) and Director of Environmental Development, LVMH Group
Sylvain Vanston, Group Head of Climate and Environment, Groupe AXA
Gilles Vermot Desroches, Sustainability Senior VP, Schneider Electric
Armelle Weisman, Chairman, Réseau Entreprendre Paris

Europe must seize the opportunity to implement a responsible capitalism

In view of contemporary geopolitical developments aggravated by the health crisis, as well as the economic and environmental emergency, Europe must seize the opportunity to implement a responsible capitalism. This new form of capitalism must act as the pillar of Europe’s refoundation, in accordance with its original philosophy: “the social market economy”.

This report presents a set of measures designed to ensure growth and independence for European businesses and nations by creating the architecture of a capitalism that mobilizes the savings of Europeans and directs them towards “responsible” European businesses.

These measures seem particularly appropriate at a time when savings are plentiful and activity must be revived. Nonetheless, environmental and social responsibility must be taken into account as prosperity is inconceivable without them. These measures are intended to help European capitalism evolve, to enable it to recover an identity that has been blurred by globalization and that reflects its demographic, economic, cultural and social characteristics.

Encouraging long-term investment in Europe at a time when short-term capitalism is prevailing

First of all, these actions consist in modernizing prudential and accounting rules, geared to globalization and inspired by an American financial capitalism focused on short-term visions and returns. European savings must be mobilized and invested for the long term.

We then propose the introduction of measures that correspond to the values and characteristics of the European economy, making it possible to responsibly direct the flow of savings to companies:

  • Using the pension funding needs of an ageing population to create a sovereign European pension fund investing in the development of European infrastructures and companies,
  • Setting up a real European capital market correcting the current imbalances,
  • Creating mechanisms for local investment,
  • Developing employee profit-sharing,
  • Ensuring that foreign direct investments respect European values.

Taking back control over accounting information – financial and extra-financial – to align it with European values

This means giving European capitalism a framework of standards in line with European values. In the field of financial information, this means taking back control over accounting standardization, which is currently delegated to an independent body (IASB) that has put forward a short-sighted view of the financial representation of companies. With regard to extra-financial information, i.e. information describing the company’s relationship with society and the environment, it means building a European normative framework in line with European challenges and values.

Otherwise, European companies will be forced to accept not only the American financial conceptual framework but also American social and societal values.

Creating a common legal framework to support responsible European businesses

In the field of corporate law, European capitalism must stand out as the one putting the “purpose” at its center. It also needs to ensure that its corporate governance tenets are those of responsible capitalism.

Thus, this report proposes a systematic plan for the establishment of a responsible European capitalism capable of revitalizing European economies and ensuring that its companies have access to the capital they need to succeed. In other words, rather than mistrusting capital and finance, we propose that they be the drivers of a European renaissance and a new pact between businesses, society and governments, putting the abundant savings of Europeans at the service of responsible capitalism.