Wednesday, April 24, 2019
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The Pact Act returns to the Senate for second reading

The "Business Growth and Transformation" bill, better known as the Pact Act, will be re-examined by the Senate from Tuesday, April 9.

The second reading of this text will begin with an examination in committee. No date is yet set for the debate in open session.

A limit to retreats hats

In debate in parliament for seven months, the text now has 73 articles, and continues to grow as time and travel back and forth between the Senate and the Assembly. The latest idea is that the government plans to include a provision to limit the "hats retreats" of business leaders.

Economy Minister Bruno Le Maire announced after the controversy triggered by the amount of the annual envelope that the boss of Airbus, Tom Enders, will touch after his departure. It wishes to ensure that these additional benefits, at amounts fixed in advance by contract, would be limited by law to 30% of the annual salary of the beneficiaries.

Great bosses, the serial of pay continues

Until now, the Afep Medef governance code (named after the two main organizations of the big bosses) provided for a limit of 45% of the salary, but this recommendation did not have the force of law. Tom Enders, who will leave office on April 10, is expected to receive 1.3 million euros per year.

Simplify the life of companies

Long text, the Pact Act affects many aspects of the life of the company, in order to simplify their creation, reduce the obligations during their existence and open new possibilities for their financing.

In addition, the bill included in the Civil Code means that a company is managed not only in the interest of the shareholders, but also by taking into account compliance with social and environmental standards.

Is the privatization of Aéroports de Paris justified?

The National Assembly and the Senate have mainly opposed the privatization of the French games and Paris Airport, both provided for in the law. The government wants to conduct these operations to finance disruptive innovations. The majority opposition in the Senate has removed all these provisions from the text. It believes that privatizing Paris Airport would lose the state control over an asset that is essential for regional planning and sovereignty of the country.

The painful memory of highways

This operation awakens the painful memory left by the privatization of highways. Since then, the price of tolls has increased without the State being able to oppose it.

At second reading, the majority in the National Assembly reinstated in the text the articles concerning this privatization. It considers that the operation is this time surrounded by sufficient safeguards to prevent the state from losing control completely.

What the Pact Law Should Change

As the second reading in the Senate begins, the elected members of the High Assembly must decide whether to delete all these articles again, or leave the text as it is.

After their vote, a new mixed joint commission will undoubtedly be necessary. Then the National Assembly will have the last word, putting an end to this vast legislative task, one of the biggest of the five-year period.



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