By François Devedjian, partner and Fabienne Kerebel, counsel

Red thread of the decade 2010, the remuneration of officers of listed companies promises to remain so at the dawn of the 2020 decade.

Less than three years after the introduction into French law of the binding device known as say we pay applicable to companies whose securities are traded on a regulated market, the Government, empowered by the legislator, has, under European influence, undertaken its profound overhaul. Ordinance n ° 2019-1234 of November 27, 2019 and its decree n ° 2019-1235 of the same day thus effect this reorganization of the say we pay with the ambition of " create a unified and binding system governing the remuneration of executives of listed companies ».

If the intention is laudable, the result is however mixed, out of step with the major challenges inherent in the issue of compensation for officers of listed companies. Beyond the consideration for their involvement, work and talent, compensation directly contributes to the alignment of stakeholders (shareholders, managers, employees) and, more broadly, the competitiveness of listed groups. Its treatment, from its definition to its payment, must therefore remain free from any legal uncertainty.

Say we pay
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Francois-Devedjian

François Devedjian

Partner

A specialist in stock market law and mergers and acquisitions, he is involved, in particular, in public offers and capital market transactions, as well as in mergers and acquisitions, whether or not involving listed companies.

He regularly advises companies whose securities are traded on a regulated market in France, large industrial groups and innovative companies with strong growth, both in their daily life and on specific transactions.

Fabienne-Kerebel

Fabienne Kerebel

Counsel

She has acquired a solid expertise in the law of listed and unlisted companies and its various components, in particular private equity and mergers and acquisitions.

As such, Fabienne advises companies and executives on their external growth operations, changes in their governance or shareholding, the incentive of key managers or the reorganization of corporate structures. She has developed an in-depth practice of financial securities transactions which allows her to support start-ups, SMEs and mid-cap companies in their fundraising as well as investors at all stages of their investment.