“It is necessary to take shareholder responsibility for the conduct of the social pact “

Forum. Through its action Plan for growth and business transformation (Pact), the government displayed its desire to promote the growth of businesses, rethinking their place in society. But at the same time, the actions in favour of the finance world conventional have multiplied since the election of Emmanuel Macron to the presidency of the Republic : exemption of financial assets from the wealth tax, the introduction of a “flat tax” on income of financial investments, elimination of the tax on salaries in the finance sector, more flexible working more…

Two beliefs seem, therefore, to always guide the public action : first, the development of the financial sector would still be beneficial. Secondly, the financial markets would, of course, able to allocate savings to those projects that are most useful socially.

The pay gap fly

These two beliefs are erroneous. More importantly, they are inconsistent with the evolution of corporate governance advocated by the government.

For the past thirty years, the hypertrophy of the financial sector generates around the world with economic and social crises more frequent and severe. The overinvestment in the financial sector is a recognized cause of the slowdown in productivity gains in the developed countries.

The large companies use their self-financing capacity not to invest, but to pay their shareholders (dividend distributions are received each year new records), redeem their own shares on the markets in order to support the price, or ride of mergers and acquisitions.

Leaders benefit greatly from this financialisation growing since the gap in wages soar while the international property in the capital has never been…

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