Responsible shareholders: An influential minority?

Les actionnaires responsables, minoritaires mais influents ?

Léo Denis () and Nicolas Mottis
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Léo Denis: CRG I3 - Centre de Recherche en Gestion I3 - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique

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Abstract: 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 with TotalEnergies SE (a major French oil company). We show how these minority shareholders can exert significant influence on corporate sustainability strategies by amplifying external pressure from stakeholders, notably through specific collaborative mechanisms designed to avoid interference and pressure from management. The "success" of these approaches is nevertheless ambiguous and must be assessed considering the target company's long-term societal impact. This ambiguity should not, however, overshadow the regulator's role in the environmental and social transition.

Date: 2025-10-23
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Published in Revue Française de Gestion, 2025, 51 (324), pp.105-129

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05339362

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