Shareholders’ rights & shareholder activism 2025 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 2025 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 2024, French shareholder activism remained relatively stable, accounting for approximately 8 percent of European campaigns according to Lazard's 2024 Shareholder Activism Review. While volumes did not return to their 2022 peak of 18 percent, the public debate on shareholder activism remains vibrant. This is highlighted by a new guide on shareholder dialogue published by Paris Europlace in June 2024 and new legislation enacted on 13 June 2024, providing more clarity on 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 2025.

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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.