Rethinking the place of companies in society
Adopted in April 2019, the Pacte law (Action Plan for Business Growth and Transformation) aims to rethink the place of companies in society. It thus enables companies to incorporate clear and sustainable social and environmental goals into their articles of association.
Becoming a benefit corporation reflects the highest level of commitment defined by law. For this, companies must meet several conditions:
- Adopt a raison d’être and incorporate it into their articles of association ;
- Identify several social and environmental objectives in line with this raison d’être in their articles of association ;
- Create a Mission Committee to oversee the progress made in achieving these objectives ;
- Appoint an independent third party to verify that the mission is properly carried out.
Reaffirming our identity and raison d’être
Following discussions with its elected directors and employees, in late 2020 Crédit Mutuel Alliance Fédérale adopted the raison d’être “Ensemble, écouter et agir” (Listening and acting together) and benefit corporation status. This raison d’être is intended to guide strategic and operational decisions:
- Together, because collective action has been part of Crédit Mutuel Alliance Fédérale’s DNA since its creation.
- Listening, because Crédit Mutuel Alliance Fédérale is open and attentive to major changes in the world and to the needs of its members and customers.
- Acting, to transform the collective ability to listen into action and support initiative-takers.
“Being a benefit corporation simply means being able to promote an effective, innovative and distinctive results-based mutualist approach over the long term.”Nicolas Théry, Chairman of Crédit Mutuel Alliance Fédérale
"A benefit corporation is a collective, concrete approach aimed at developing and transforming our company in a virtuous way to best meet the needs of our customers and society.”Daniel Baal, CEO of Crédit Mutuel Alliance Fédérale
Transforming the company and the world around it
By becoming the first benefit corporation bank, Crédit Mutuel Alliance Fédérale has demonstrated its permanent desire to dedicate the strength of its mutualist model to transforming the company and the world around it. Five missions are now part of its corporate purpose. They reflect what Crédit Mutuel Alliance Fédérale is: a mutualist, inclusive, ethical, community-oriented and responsible group.
Through these five missions, Crédit Mutuel Alliance Fédérale reaffirms not only its historical mutualist values, but also their relevance for meeting the major challenges of tomorrow. To achieve these five major ambitions, 15 concrete commitments, applicable as of 2022, have already been made.
“As a cooperative and mutualist organization, we support our customers and members to best serve their interests”
“As a bank for everyone – members and customers, employees and elected directors – we act on behalf of each person and reject discrimination in any form”
“Respectful of each person’s privacy, we make sure that technology and innovation benefit people”
“As a community-oriented company, we contribute to regional development”
“As a responsible company, we strive for a fairer, more sustainable society”