Oxfam and the Bureau for the Appraisal of Social Impacts for Citizen information (BASIC) have analysed the activities of CAC 40 companies since 2009; one of the most striking findings of this research is the unequal sharing of profits.
This report reveals how France’s biggest companies, including global brands such as AXA, Carrefour, Danone, L’Oréal, Michelin, Orange, Peugeot, Renault, Sanofi, and Total, are contributing to the growing inequality crisis in France and across the world. The 40 companies included on France’s CAC 40, one of the world’s main stock market indices, announced record profits for 2017 of more than 93bn and a turnover in excess of 1,300bn, equivalent to over half the GDP of France. They have restored their pre-financial crisis profitability, with a 60% increase in profits since 2009, yet these vast riches have not been shared equitably with the people who helped create them.
These companies could not have achieved such high levels of profit without their employees, who are at the heart of value creation; or without public investments paid for by taxes – in quality infrastructure and public services which ensure a steady supply of healthy skilled workers. Under pressure from wealthy shareholders and led by CEOs whose pay is linked to the companies’ stock market ratings, corporations are increasingly focused on maximising profits and shareholder returns at any cost whether that’s driving down wages, squeezing their suppliers, or avoiding taxes.
As a result, the distribution of wealth between the various stakeholders in CAC 40 companies has never been so uneven. While rewards for shareholders and CEOs have rocketed since the financial crisis, workers have seen their pay stagnate; investments in the long-term future of the companies have often been cut; and tax revenues which governments need to invest in vital public services have dwindled.
Report and appendices (in French):
- Full Report
- Appendix 1 – methodology
- Appendix 2 – annual indicators
- Appendix 3 – results per company
- Appendix 4 – Companies’ comments
In the French press:
- Le Monde : “Profits du CAC 40 : la priorité aux actionnaires de plus en plus contestée”
- La Tribune : “CAC 40 : Oxfam et Basic dénoncent des profits sans partage”
- Le Figaro Économie : “CAC 40 : 47 milliards de dividendes distribués aux actionnaires”
- Mediapart : “Le CAC 40, machines à dividendes… et à inégalités”
- Libération : “Au CAC 40, les gros porteurs raflent la mise”
- Alternatives économiques : “CAC 40 – Rapport Oxfam : des critiques malvenues”
- Marianne : “Un rapport d’Oxfam étale l’indécente accaparation des richesses par le CAC 40”
- L’Express : “Oxfam fustige la distribution des dividendes au CAC 40”
- L’Humanité : “407 milliards d’euros versés aux actionnaires du CAC 40 depuis 2009”
- Novethic : “Dividendes, écarts salariaux, impôts… Oxfam dénonce les dérives du CAC 40”
- Capital : “Les entreprises du CAC 40 qui raffolent le plus des paradis fiscaux”
- Basta! : “CAC 40 : les dividendes des actionnaires ont augmenté trois fois plus vite que les salaires”
- 20 Minutes : “CAC 40 : un rapport fustige le montant (astronomique) des dividendes versés aux actionnaires”
- Le Point : “CAC 40 : les dividendes de la discorde”
- Public Sénat : “Le CAC 40, champion du monde des dividendes reversés aux actionnaires”
On the French radio:
- France Culture : Partage des richesses, le piège des faux débats
- France Inter – on n’arrête pas le débat : Les entreprises du CAC 40 donnent-elles trop aux actionnaires ?
- RMC : “Bourdin Direct : Focus sur les inégalités du partage des profits dans les entreprises du CAC 40”
- France Inter : “Les dividendes du CAC 40 reversés aux actionnaires”
- Europe 1 : “Les entreprises françaises championnes du monde des dividendes”
On French TV:
- France 2 – Journal 20h : CAC 40 : toujours plus de dividendes pour les actionnaires
- LCI – 24h Pujadas, l’info en question : Profit des actionnaires quels enseignements peut-on tirer du rapport d’oxfam
- LCI : “CAC 40 : les actionnaires remportant la mise”
- France 5 – C à dire : “Profits du CAC 40 : un partage inégal des richesses ?”