Governance. By modifying article 1833 of the civil code, the Pacte law (Action plan for the growth and transformation of companies) of 2019 established the distinction between the social interest of the company and that of its shareholders. Jurisprudence had established this a long time ago, but the law has made it possible to take a symbolic step in the “socialisation” of companies, that is to say in their duty to adapt their offers to the environmental and political expectations of society.
Since the notion of social interest has not yet been defined, it is always only a posteriori that we can judge whether a strategy has served the company’s ecosystem rather than shareholder interest. The law therefore invited companies to clarify a priori their social interest by introducing into article 1835 of the civil code, the possibility of acquiring a ” purpose “.
Four years later, the enthusiasm that this prospect may have aroused has waned somewhat. In fact, many reasons to be promulgated by companies dress in pompous rhetoric societal ambitions that are sufficiently nebulous not to upset current activity… and to be opposed to them in the event of a dispute. Leaders intend to remain in control of their economic choices and their strategies.
Production rentable et profit
The most conservative among them welcome this, arguing that in tough global competition, the economy has its own logic, that of profitable production and profit; this principle must remain the guide of their decisions. Adopting a fairly vague raison d’être is a convenient device for pursuing the « business as usual ».
However, they are mistaken regarding the meaning of societalization. They only see it as the capricious expression of environmentalist or political pressure groups seeking to disrupt the “normal” activity of the company in order to impose more or less extravagant demands.
But socialization is not just regarding extra-economic claims. Firstly, it reflects new trends in market demand for more sustainable products, services that consume less energy or practices that are more respectful of people.
These requirements anticipate an economy that will have to adjust to unprecedented climatic, demographic and geopolitical conditions. In this constrained world, the creation of economic value will be assessed by the positive impact of the company on its ecosystem.
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