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11 September 2020
On the initiative of Jean-Dominique Senard, President of the Renault Group and Vice-Chair of the Institut Montaigne, and Yves Perrier, CEO of Amundi and Chair of the Comité Médicis, the Institut Montaigne and the Comité Médicis are today publishing their report "Le capitalisme responsable : une chance pour l'Europe (Responsible Capitalism: An Opportunity for Europe)". Christian Nouel, tax partner and president of the Croissance Responsable foundation, is one of the three rapporteurs of the report.
Given the urgent need for both environmental protection and economic recovery, Europe must seize this unprecedented opportunity to implement responsible capitalism, the fresh face of capitalism, and make it its new founding principle in line with its original philosophy: "social market economy".
This report proposes an orderly set of measures designed to ensure growth and independence for European businesses and nations. It defines clear priorities: freeing up long-term financing for responsible companies, regaining control over accounting, financial and extra-financial information, and creating a common legal framework.
"Globalisation is not going to stop, but it will have to be governed in such a way that, drawing on the exchanges it allows, the independence and cohesion of European nations are ensured. This will be one of the responsibilities of companies. The question of responsible capitalism must therefore be at the heart of a re-foundation of the European Union. The time ahead will be that of a New Deal between each European nation and its companies, with the idea of responsibility at its core," explain the two chairmen of the working group in charge of this report, Jean-Dominique Senard and Yves Perrier.
Responsible capitalism: an alternative model that is sustainable and equal to the challenges of our time
According to the report, responsible capitalism is not only the moral accompaniment of financial capitalism, but the suggestion of a model that is up to the challenges of our time. It is based on three cardinal points:
Financial institutions, mechanisms and instruments are vital to such a project, which is why the report pays particular attention to the needs of European companies.
Three priorities have been identified to create a European movement:
>> Click here to read this report in full (in French), and here to view the summary of the 17 recommendations.
For further information about these topics, please contact our partners, the members of our Gide Impact team or your usual contact within the firm.
