 | |
| Government agency overview | |
|---|---|
| Formed | 2004 |
| Jurisdiction | France |
| Motto | Incarner l'État actionnaire |
| Employees | 53 (2018) |
| Minister responsible | |
| Website | economie.gouv.fr/ape |
Agence des participations de l'État (French pronunciation:[aʒɑ̃sdepaʁtisipasjɔ̃dəleta],APE,lit. 'State Participations Agency'), created in 2004 under the government ofJean-Pierre Raffarin, is theFrench agency responsible for managing the State's shareholdings in companies of strategic importance.[1] As of 2022, APE has €732.514 billion worth ofassets under management, which includes investments in companies involved in energy, industry, defence, transport, communication and finance, among others.[2]
The State participation agency is a Service à compétence nationale (service with national competence) created in September 2004.[3]The creation of the Agency responded to the need to clarify the role of a shareholder of the State and the promotion of its patrimonial interests alongside the regulatory functions, tax collection, sectoral supervision, buyer that the State exercises.
This first step provided the State with a structure embodying and exclusively exercising its role as a shareholder. The second step was to endow the APE with greater autonomy. The appointment of a State Equity Commissioner, reporting directly to theFrench Ministry of the Economy and Finance, completed the process. Since May 2017, the APE has 88 companies[4] in its portfolio.
Since 2001, the activity of the State shareholder has been traced every year in a report appended to the draft Loi de finances en France (Finance law in France).[5]
The main operations carried out by the agency were:
The four missions of the Agency are as follows: Foster the economic performance of companies, their profitability and their long-term development; Act as a wise shareholder in corporate governance companies; Manage the portfolio of investments through acquisitions, disposals or shareholder mergers; Promote the exemplarity and social and environmental responsibility of companies.[7]
The agency exercises the usual responsibilities ofshareholders. In particular, the members of the agency represent the State on theboards of directors. The agency "ensures a sufficient level ofcontrol in companies operating in sectors that are particularly sensitive in terms of sovereignty". It enforces political decisions in corporate governance, such as feminization, and executive compensation.[8]
Since 2017, the Agency has revised its shareholder strategy.[9] From now on, the State is intended to be a shareholder in three types of companies: strategic companies which contribute to sovereignty (defense and nuclear), companies participating in public service missions or of national or local general interest for which regulation would be insufficient to preserve public interests and ensure public service missions, companies in difficulty whose disappearance could lead to a systemic risk.
The successive directors have been:
For the performance of its missions, the APE has a tight team of 53 people, mostly civil servants. As of 1 July 2019, it had 27 senior executives and investment managers (General management and investment management) traditionally from engineering bodies (44%), but also, in order to diversify profiles, from other bodies. (30% civil administrators, 33% civil servants from other bodies – INSEE, Banque de France, IGF, Cour des comptes) or contract employees. Nearly 30% of the senior managers of the APE are also graduates of a major business school. The areas of expertise (financial, legal, audit and accounting and communication), support functions and secretariats employ 26 people.[15]
Resulting from historical stratification, the entities falling within the scope of APE represent both companies in various sectors (services and finance, energy, transport, industry) and multiple statutes – public limited companies in the majority of cases, but also public institutions of an industrial and commercial nature (établissements publics à caractère industriel et commercial – EPIC).[8][16]
| Company | Direct state ownership | Indirect state ownership | Industry | Products/Services/Activity |
|---|---|---|---|---|
| Électricité de France (EDF) | 100% | energy | electricity | |
| Engie (formerly GDF-Suez) | 23.64% | energy | electricity, natural gas | |
| Constellium | 10% viaBpifrance | manufacturing, mettalurgy | aluminium production | |
| Vallourec | 7.10% viaBpifrance | manufacturing, mettalurgy | automotive parts, stainless steel | |
| Stellantis | 6.20% viaBpifrance | manufacturing | automobiles, commercial vehicles | |
| STMicroelectronics | 27.60% viaBpifrance | manufacturing | electronics, semiconductors | |
| French Alternative Energies and Atomic Energy Commission (CEA) | 100% | defence, manufacturing | design and manufacturing of nuclear reactors and nuclear weapons, electronics | |
| Réseau de Transport d'Électricité (RTE) | 100% via CTE | energy | electricity transmission | |
| Areva | 100% | energy | nuclear reactor (Olkiluoto 3) | |
| Framatome | 75.50% viaEDF | energy | nuclear reactors | |
| TechnicAtome | 70.60% (20.30% viaCEA) | 29.30% (20.30% viaNaval Group; 9.00% viaEDF) | energy | nuclear propulsion, research reactor |
| Orano | 79.90% | mining, energy | nuclear fuel | |
| Eramet | 27.13% via FSI-Equation | mining, metallurgy | manganese, nickel, steel alloys | |
| Thales Group | 25.70% | electronics | advanced electrical systems | |
| Renault | 15.01% | automotive | automobiles, commercial vehicles | |
| Airbus | 10.90% viaSOGEPA | aerospace, defence | civil and military aircraft, space systems | |
| Safran | 11.20% | aerospace, defence | aircraft and rocket engines, missiles, electronics, space systems | |
| Chantiers de l'Atlantique | 84.30% | 11.70% viaNaval Group | shipbuilding | cruise ships, ocean liners, tankers, cargo ships, warships |
| Office français d'exportation d'armement (ODAS) | 100% | defence | advanced weapons systems | |
| Naval Group | 62.25% | defence | warships, submarines | |
| Eurenco | 100% | defence | chemicals, munitions, explosives | |
| KNDS | 50% | defence | artillery, munitions, military vehicles, tanks, defence electronics | |
| Défense Conseil International (DCI) | 49.90% | defence | defense advisory, training and operational assistance | |
| France Télévisions | 100% | communication | television, radio and online broadcasting | |
| France Médias Monde | 100% | communication | television, radio and online broadcasting | |
| Radio France | 100% | communication | radio broadcasting | |
| ARTE France | 40% (15% viaINA) | 60% (45% viaFrance Télévisions; 15% viaRadio France) | communication | television broadcasting, film |
| Orange | 13.40% | 9.60% viaBpifrance | communication | landline and mobile network operations, television service, internet |
| Alcatel Submarine Networks | 80% | communication | submarine cables | |
| La Poste | 34% | 66% viaCaisse des dépôts | communication, transport, finance | mail and parcel services, mobile network operation, banking, insurance |
| Banque publique d'investissement (Bpifrance) | 49.18% viaEPIC Bpifrance | 49.18% viaCaisse des dépôts | finance | SME and startup financing, equity investment, export credit |
| Dexia | 46.81% | finance | banking, insurance | |
| Société de prise de participation de l'Etat (SPPE) | 100% | finance | investing in bank securities | |
| Monnaie de Paris | 100% | finance | coins, medals | |
| Imprimerie nationale | 100% | printing | identification cards, licenses, passports | |
| Rungis International Market | 33.34% | 18.80% (13.20% via theCity of Paris; 5.60% via theVal-de-Marne department) | food | wholesale food |
| Laboratoire français du fractionnement et des biotechnologies (LFB) | 100% | health | blood plasma, medicines | |
| Société pour le logement intermédiaire (SLI) | 100% | real estate | intermediate rental housing | |
| Air France-KLM | 28.60% | transport | airline services | |
| Aéroports de Paris (ADP) | 50.60% | transport | airport operations | |
| Airports ofMarseille-Provence,Bordeaux–Mérignac,Montpellier-Méditerranée,Strasbourg-Entzheim,Martinique,Guadelope andRéunion | 100% | transport | airport operations | |
| Société nationale des chemins de fer français (SNCF) | 100% | transport | inter-city and regional railway services | |
| Régie autonome des transports parisiens (RATP) | 100% | transport | metro, bus, tram and regional railway service inÎle-de-France | |
| Port complex ofLe Havre-Rouen-Paris (HAROPA Port) | 100% | transport | port operations | |
| Ports ofMarseille-Fos,Dunkirk,Nantes-Saint-Nazaire,La Pallice,Bordeaux,Martinique,Guadelope andRéunion | 100% | transport | port operations | |
| Caisse nationale des autoroutes (CNA) | 100% | transport, finance | motorway construction financing | |
| Autoroutes et tunnel du Mont-Blanc (ATMB) | 67.30% via FDPITMA | transport | motorway tunnel operation | |
| Société française du tunnel routier du Fréjus (SFTRF) | 99.90% via FDPITMA | transport | motorway tunnel operation | |
| Française des Jeux (FDJ) | 20.46% | gaming | lottery, sports betting | |
| Coentreprise de Transport d'Électricité (CTE) | 59.91% (50.01% viaEDF; 29.90% viaCaisse des dépôts) | holding company | ||
| Société FSI-Equation | 100% | holding company | ||
| Societé de Gestion de Participations Aéronautiques (SOGEPA) | 100% | holding company | ||
| Fonds pour le Développement d'une Politique Intermodale des Transports dans le Massif Alpin (FDPITMA) | 100% | holding company |
| International | |
|---|---|
| Other | |
