Shareholders' Rights and Shareholder Activism in France

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Global shareholder activism has continued to grow in popularity despite recent challenges to finding investment sources. 2022 has been the busiest year for global activism since 2018, with the launch of 126 new shareholder activism campaigns, according to Lazard.

Public awareness of this phenomenon has also continued to increase in France. In 2021, around 6.2% of French-listed companies had been subject to an activist campaign over the previous five years. According to Alvarez & Marsal, more than 150 companies in Europe could be targeted within the next 18 months, 23 of which will be French companies.

This development prompted a public debate in 2019, concerning the improvement of market practices and the applicable regulatory framework. Simultaneously, a new form of shareholder activism has emerged, dedicated to ESG concerns, to become a decisive influence on the market.


The article is reproduced with permission from Chambers and Partners. This article was first published in Chambers Practice Guides in August 2022

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