Les actionnaires responsables, minoritaires mais influents ? - Étude de l’engagement actionnarial chez TotalEnergies

In the context of the major challenges we face, some shareholders are pushing companies to develop robust sustainability (or “ESG”) strategies, notably through shareholder engagement practices. This article explores these practices and their effectiveness through the case of different coalitions of investors engaging TotalEnergies SE (a French oil major). We show that these small minority shareholders can have a significant influence on corporate sustainability strategies (even in the highly restrictive French context) by catalyzing the external pressure exerted by its stakeholders, notably through precise collaboration mechanisms that avoid interference and pressure from management. The “success” of these approaches is nevertheless ambiguous and must be analyzed in the light of the targetcompany’s long-term societal impact. This ambiguity should not overshadow the role of the regulator in environmental and social transition.

Revue Française de Gestion(51)