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Agence des participations de l'État

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Agence des participations de l'État
Government agency overview
Formed2004
JurisdictionFrance
MottoIncarner l'État actionnaire
Employees53 (2018)
Minister responsible
Websiteeconomie.gouv.fr/ape

Agence des participations de l'État (APE, lit. 'State Participations Agency'), created in 2004 under the government of Jean-Pierre Raffarin, is the French agency responsible for managing the State's shareholdings in companies of strategic importance.[1] As of 2022, APE has €732.514 billion worth of assets under management, which includes investments in companies involved in energy, industry, defence, transport, communication and finance, among others.[2]

History

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The State participation agency is a Service à compétence nationale (service with national competence) created in September 2004.[3] The creation of the Agency responded to the need to clarify the role of a shareholder of the State and the promotion of its patrimonial interests alongside the regulatory functions, tax collection, sectoral supervision, buyer that the State exercises.

This first step provided the State with a structure embodying and exclusively exercising its role as a shareholder. The second step was to endow the APE with greater autonomy. The appointment of a State Equity Commissioner, reporting directly to the French Ministry of the Economy and Finance, completed the process. Since May 2017, the APE has 88 companies [4] in its portfolio.

Since 2001, the activity of the State shareholder has been traced every year in a report appended to the draft Loi de finances en France (Finance law in France).[5]

Operations

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The main operations carried out by the agency were:

Goal

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The four missions of the Agency are as follows: Foster the economic performance of companies, their profitability and their long-term development; Act as a wise shareholder in corporate governance companies; Manage the portfolio of investments through acquisitions, disposals or shareholder mergers; Promote the exemplarity and social and environmental responsibility of companies.[7]

The agency exercises the usual responsibilities of shareholders. In particular, the members of the agency represent the State on the boards of directors. The agency “ensures a sufficient level of control in companies operating in sectors that are particularly sensitive in terms of sovereignty”. It enforces political decisions in corporate governance, such as feminization, and executive compensation.[8]

Since 2017, the Agency has revised its shareholder strategy.[9] From now on, the State is intended to be a shareholder in three types of companies: strategic companies which contribute to sovereignty (defense and nuclear), companies participating in public service missions or of national or local general interest for which regulation would be insufficient to preserve public interests and ensure public service missions, companies in difficulty whose disappearance could lead to a systemic risk.

Direction

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The successive directors have been:

  • Denis Samuel-Lajeunesse appointed general manager of the State participation agency on September 15, 2004[10]
  • Bruno Bézard appointed director general of the state participation agency on February 26, 2007[11]
  • Jean-Dominique Comolli appointed Commissioner for State Investments on September 15, 2010[12]
  • David Azéma appointed Commissioner for State Investments on September 1, 2012[13]
  • Régis Turrini appointed Commissioner for State Investments on September 1, 2014[14]
  • Martin Vial appointed Commissioner for State Investments on August 24, 2015.

For the performance of its missions, the APE has a tight team of 53 people, mostly civil servants. As of July 1, 2019, it had 27 senior executives and investment managers (General management and investment management) traditionally from engineering bodies (44%), but also, in order to diversify profiles, from other bodies. (30% civil administrators, 33% civil servants from other bodies - INSEE, Banque de France, IGF, Cour des comptes) or contract employees. Nearly 30% of the senior managers of the APE are also graduates of a major business school. The areas of expertise (financial, legal, audit and accounting and communication), support functions and secretariats employ 26 people.[15]

List of firms

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Resulting from historical stratification, the entities falling within the scope of APE represent both companies in various sectors (services and finance, energy, transport, industry) and multiple statutes – public limited companies in the majority of cases, but also public institutions of an industrial and commercial nature (établissements publics à caractère industriel et commercial - EPIC).[8][16]

Company Direct state ownership Indirect state ownership Industry Products/Services/Activity
Électricité de France (EDF) 100% energy electricity
Engie (formerly GDF-Suez) 23.64% energy electricity, natural gas
Réseau de Transport d'Électricité (RTE) 100% via CTE energy electricity transmission
Areva 100% energy nuclear reactor (Olkiluoto 3)
Framatome 75.50% via EDF energy nuclear reactors
TechnicAtome 70.60% (20.30% via CEA) 29.30% (20.30% via Naval Group; 9.00% via EDF) energy nuclear propulsion, research reactor
Orano 79.90% mining, energy nuclear fuel
Eramet 27.13% via FSI-Equation mining, metallurgy manganese, nickel, steel alloys
Thales Group 25.70% electronics advanced electrical systems
Renault 15.01% automotive automobiles, commercial vehicles
Airbus 10.90% via SOGEPA aerospace, defence civil and military aircraft, space systems
Safran 11.20% aerospace, defence aircraft and rocket engines, missiles, electronics, space systems
Chantiers de l'Atlantique 84.30% 11.70% via Naval Group shipbuilding cruise ships, ocean liners, tankers, cargo ships, warships
Office français d'exportation d'armement (ODAS) 100% defence advanced weapons systems
Naval Group 62.25% defence warships, submarines
KNDS (formerly KMW+Nexter Defense Systems) 50% defence artillery, munitions, military vehicles, tanks, defence electronics
Défense Conseil International (DCI) 49.90% defence defense advisory, training and operational assistance
France Télévisions 100% communication television, radio and online broadcasting
France Médias Monde 100% communication television, radio and online broadcasting
Radio France 100% communication radio broadcasting
ARTE France 40.00% (15% via INA) 60% (45% via France Télévisions; 15% via Radio France) communication television broadcasting, film
Orange 13.40% 9.60% via Bpifrance communication landline and mobile network operations, television service, internet
La Poste 34.00% 66.00% via Caisse des dépôts communication, transport, finance mail and parcel services, mobile network operation, banking, insurance
Banque publique d'investissement (Bpifrance) 49.18% via EPIC Bpifrance 49.18% via Caisse des dépôts finance SME and startup financing, equity investment, export credit
Dexia 46.81% finance banking, insurance
Société de prise de participation de l'Etat (SPPE) 100% finance investing in bank securities
Monnaie de Paris 100% finance coins, medals
Imprimerie nationale 100% printing identification cards, licenses, passports
Rungis International Market 33.34% 18.80% (13.20% via the City of Paris; 5.60% via the Val-de-Marne department) food wholesale food
Laboratoire français du fractionnement et des biotechnologies (LFB) 100% health blood plasma, medicines
Société pour le logement intermédiaire (SLI) 100% real estate intermediate rental housing
Air France-KLM 28.60% transport airline services
Aéroports de Paris (ADP) 50.60% transport airport operations
Airports of Marseille-Provence, Bordeaux–Mérignac, Montpellier-Méditerranée, Strasbourg-Entzheim, Martinique, Guadelope and Réunion 100% transport airport operations
Société nationale des chemins de fer français (SNCF) 100% transport inter-city and regional railway services
Régie autonome des transports parisiens (RATP) 100% transport metro, bus, tram and regional railway service in Île-de-France
Port complex of Le Havre-Rouen-Paris (HAROPA Port) 100% transport port operations
Ports of Marseille-Fos, Dunkirk, Nantes-Saint-Nazaire, La Pallice, Bordeaux, Martinique, Guadelope and Réunion 100% transport port operations
Caisse nationale des autoroutes (CNA) 100% transport, finance motorway construction financing
Autoroutes et tunnel du Mont-Blanc (ATMB) 67.30% via FDPITMA transport motorway tunnel operation
Société française du tunnel routier du Fréjus (SFTRF) 99.90% via FDPITMA transport motorway tunnel operation
Française des Jeux (FDJ) 20.46% gaming lottery, sports betting
Coentreprise de Transport d’Électricité (CTE) 59.91% (50.01% via EDF; 29.90% via Caisse des dépôts) holding company
Société FSI-Equation 100% holding company
Societé de Gestion de Participations Aéronautiques (SOGEPA) 100% holding company
Fonds pour le Développement d’une Politique Intermodale des Transports dans le Massif Alpin (FDPITMA) 100% holding company

See also

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References

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  1. ^ "Agence des Participations de l'État". Site Internet de la direction générale du Trésor. Archived from the original on 2014-01-17. Retrieved 19 January 2014.
  2. ^ "Rapport financier 2023" (PDF).
  3. ^ "Décret n°2004-963 du 9 septembre 2004 portant création du service à compétence nationale Agence des participations de l'Etat" (in French). Légifrance.
  4. ^ "Décret n° 2019-160 du 1er mars 2019" (in French). Légifrance. Retrieved 23 October 2019.
  5. ^ "Loi n° 2001-420 du 15 mai 2001 relative aux nouvelles régulations économiques" (in French). Légifrance.
  6. ^ "The Eurenco Group reorganizes to accelerate its growth". 6 January 2023.
  7. ^ "L'Agence des participations de l'État - Vidéo dailymotion" (in French). Dailymotion. 2 October 2019.
  8. ^ a b Rapport sur l'État actionnaire 2018-19 (PDF) (in French), Ministère de L-Économie et des Finances, 2019, p. 13
  9. ^ "Nos missions, notre doctrine" (in French). www.economie.gouv.fr.
  10. ^ "Arrêté du 15 septembre 2004 portant nomination du directeur général de l'Agence des participations de l'Etat" (in French). Légifrance.
  11. ^ "Arrêté du 26 février 2007 portant nomination du directeur général de l'Agence des participations de l'Etat" (in French). Légifrance.
  12. ^ "Décret du 3 août 2010 portant nomination du commissaire aux participations de l'Etat - M. Comolli (Jean-Dominique)" (in French). Légifrance.
  13. ^ "Décret du 1er août 2012 portant nomination du commissaire aux participations de l'Etat - M. Azema (David)" (in French). Légifrance.
  14. ^ "Décret du 31 juillet 2014 portant nomination du commissaire aux participations de l'Etat - M. TURRINI (Régis)" (in French). Légifrance.
  15. ^ "Arrêté du 19 août 2014 portant organisation de l'Agence des participations de l'Etat" (in French). Legifrance.
  16. ^ "Les participations publiques" (in French). Agence des participations de l'État. 30 April 2015. Retrieved 21 February 2016.
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