Friday Finance

Since its creation in early 2009, the Fonds Stratégique d'Investissement has acquired significant stakes in French global industrial companies such as Valéo, Nexans and Technip, as well as in SMEs. What are the missions, resources and governance of this public institution? How are investment criteria established? How independent is the FSI from the government? Is the FSI similar to a sovereign wealth fund? Is cooperation with other foreign funds possible? Should the FSI be seen simply as a crisis management tool, or as a body to support innovation, or as the armed wing of a more interventionist, centralist industrial policy? For companies and shareholders welcoming the FSI as an investor, what might the consequences be in terms of governance and freedom of action (investment choices, relocation and divestment policies, etc.)? Gilles Michel, (X-ENSAE 79), began his career in 1979 as an assistant at ENSAE. After a spell at the World Bank, he embarked on a career in industry. He rose through the ranks of Saint-Gobain to become Managing Director of the Electrofused Ceramics division (1994-1997), then CEO of a US-based subsidiary (Ball Foster Glass Co) in Indianapolis (1997-2000). In 2001, he became a member of the Management Committee of the Saint-Gobain Group, then in October 2002, he joined the PSA Group as Director of Platforms, Techniques and Purchasing. 2007 saw Gilles Michel take over the management of Citroën, making him a member of the PSA Managing Board. Since 2009, he has chaired the FSI, which he set up at the request of the Fillon government.