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Publié le
Lundi 22 Mars 2021
This first annual report by the committee evaluating the Act No. 2019-486 of 22 May 2019 on the growth and transformation of companies, aka the PACTE Act1, provides an update on its implementation and consequences.
Comité de suivi et d’évaluation de la loi PACTE - Premier rapport

Almost all of the regulatory measures that had to be adopted to implement the law have been adopted. A number of important administrative projects are under way, for example for the unique register, which is expected to be completed in 2023. Most of the measures became applicable between the date of promulgation of the law (23 May 2019) and the end of the first half of 2020. It is therefore, in most cases, too early to have the facts and figures to describe them and, still less, to assess their consequences.

Two of the four capital operations envisaged in the law took place, with the restructuring of La Poste's capital and, more generally, the reorganisation of the public finance hub, as well as the privatisation of La Française des Jeux. The absolutely exceptional circumstances encountered by La Poste's activities during and after the period of lockdown imposed by Covid-19 do not, to date, make it possible to identify precisely the consequences of these capital transactions on its public service missions. The most we can say at present is that La Poste's equity has been strengthened.

The measures to improve the financing of the French economy were also implemented in a completely unexpected context, with additional savings in the first half of 2020 estimated at more than €80 billion and significant volatility in the equity markets. Under these conditions, assessing the impact of the various articles of the law concerning savings would be a largely theoretical exercise, given the scale of the movements observed.

The implementation of the provisions on corporate governance and employee participation does not appear to have been substantially disrupted by the crisis, nor does the implementation of the provisions on simplifying and modernising the 1 Law No. 2019-486 of 22 May 2019 on the growth and transformation of companies. First report of the PACTE Act Monitoring and Evaluation Committee regulatory framework. The emergence of several dozen "Companies with a mission" (more or less equivalent of the B-corps in the USA) is noteworthy, as well as the development of "raisons d'être" (a purpose) around social and environmental issues.

From next year, as indicated in the methodological report published at the end of 2019, the committee plans to take over the new stages of the Competitiveness and Employment Tax Credit (CICE) evaluation as well as the switch to reduced social security contributions, as required by Article 221 of the law.

This summary of the First Report of the Monitoring and Evaluation Committee for the PACTE Act proposes to highlight the most significant evidence available at this stage for each of the 23 themes.

Read the full summary of the first report

Read the Full  report in french