Ensemble, faisons grandir la FranceEnsemble, faisons grandir la France

Our governance

Caisse des Dépôts is a public financial institution established by the French Law of 28 April 1816 and governed by the French Monetary and Financial Code

Its status and governance are unique in France, giving it the capacity to manage private funds requiring special protection.

This guarantee is exercised on a day-to-day basis by the Supervisory Board, whose mission was strengthened by the French Law on the Modernisation of the Economy of 2008 and the PACTE Act of 2019.

The Supervisory Board

The Supervisory Board has 16 members: five members of French parliament (three members of the French National Assembly and two senators), two employee representatives, one French State representative and eight qualified officials.


Jean-René Cazeneuve
Deputy for Le Gers (1st constituency)Chairman of the Supervisory Board

 

Men and women are equally represented on the Board within the meaning of the Copé-Zimmermann Act.

Chaired by a member of French Parliament and assisted by a General Secretary, it reports to French Parliament on its work at least once a year.

  • Estelle Mercier

    Deputy for Meurthe-et-Moselle (1st constituency)

    Crédit Frédérique PLAS

  • Portrait de Gabriel Cumenge, sous-directeur à la direction générale du Trésor et représentant du directeur général du Trésor au sein de la Commission de surveillance de la Caisse des Dépôts

    Gabriel Cumenge

    Deputy Assistant Secretary, French Treasury, representing the Secretary of the Treasury

    Crédit ©Frederique PLAS

  • Portrait d'Emmanuelle Auriol, membre de la Commission de surveillance de la Caisse des Dépôts

    Emmanuelle Auriol

    Professor of economics, qualified person, appointed by the President of the French National Assembly

    Crédit ©Frederique PLAS

  • Portrait de Denis Duverne, membre de la Commission de surveillance de la Caisse des Dépôts

    Denis Duverne

    Honorary civil administrator, qualified person, appointed by the President of the French National Assembly

    Crédit ©Frederique PLAS

  • Lucie Muniesa

    Inspector General of France's national institute for statistics (INSEE), qualified person, appointed by the President of the French National Assembly

    Crédit Frédérique Plas

  • silhouette CS

    -

    Qualified personality appointed by the President of the French Senate

  • Evelyne Ratte

    Evelyne Ratte

    Honorary President of the Chamber, Court of State Auditors, qualified person appointed by the President of the French Senate

    Crédit ©Frederique PLAS

 

 

Main roles and responsibilities of the Supervisory Board:

The Supervisory Board is tasked with ensuring that Caisse des Dépôts performs the duties entrusted to it by law and that the State-owned group it forms with its subsidiaries carries out its public interest activities and its competitive activities in support of the country's economic development.

For this purpose, it supervises all of the Caisse des Dépôts Group's activities and ensures that its ownership interests are protected and its autonomy is respected.

 

The Supervisory Board is responsible for the permanent control of Caisse des Dépôts’ management, which is exercised by the Chairman and Chief Executive Officer.

It debates major decisions relating to the strategic policies of the Public Institution and its subsidiaries, the medium-term strategic plan, the implementation of public interest missions, the definition of the investment strategy of the Public Institution and its subsidiaries, the adoption of the Public Institution's budget, and the strategy and risk appetite with reference to a prudential model that it determines.

It approves the Group's financial statements and the general organisation and direction of the Group's internal control system, as well as the policy relating to equal pay and opportunities for all employees and for men and women..

 

The Supervisory Board's work is governed by its internal rules of procedure. Its supervisory capacity is strengthened by the following specialized committees:

  • the Audit and Risk Committee;
  • the Savings Funds Committee;
  • the Investment Committee;
  • the Appointments and Remuneration Committee;
  • the Strategy Committee;
  • the Corporate Social Responsibility and Ethics Committee.

Executive Committee

 

Directeur général délégué de la Caisse des Dépôts

© Sophie Palmier / REA – Caisse des Dépôts – 2025

Olivier Sichel
Chief Executive Officer of Caisse des Dépôts

 

As Caisse des Dépôts Group's main management body, the Executive Committee brings together the Group’s core activities and the support functions that are essential to its performance.

It decides on the Group's strategy, monitors the Group’s operating performance and ensures that its solutions are adapted to the needs of its customers, partners and users.

 

  • Directeur des affaires juridiques, conformité et déontologie

    Pierre Chevalier

    Head of Legal Affairs, Compliance and Ethics

    Crédit © Frédérique Plas – Caisse des Dépôts – 2019

  • Directeur général de Bpifrance

    Nicolas Dufourcq

    Chief Executive Officer of Bpifrance

    Crédit © Frédérique Plas – Caisse des Dépôts – 2019

  • Marie-Laure Gadrat

    Marie-Laure Gadrat

    Chief of Staff to the Chairman and Chief Executive Officer

    Crédit Jean Nicholas Guillo / REA - Caisse des Dépôts - 2023

  • Audrey Girard

    Head of Strategic Investments

    Crédit Sophie Palmier / REA – Caisse des Dépôts – 2024

  • Directeur des Gestions d’Actifs – Directeur des Fonds d’Epargne

    Olivier Mareuse

    Deputy Chief Executive Officer, Head of Asset Management and Savings Funds

    Crédit © Frédérique Plas – Caisse des Dépôts – 2019

  • Catherine Mayenobe

    Catherine Mayenobe

    Deputy Chief Executive Officer, Director of Operations and Business Transformation Management

    Crédit © Frédérique Plas – Caisse des Dépôts – 2019

  • Directrice de la communication du Groupe Caisse des Dépôts

    Sophie Quatrehomme

    Head of Communications, Corporate Sponsorship and Partnerships

    Crédit © Frédérique Plas – Caisse des Dépôts – 2019

  • Antoine Saintoyant

    Deputy Chief Executive Officer, Director of Banque des Territoires, Group vision leader

    Crédit Sophie Palmier / REA – Caisse des Dépôts – 2025

  • Directrice des risques du groupe Caisse des Dépôts

    Nathalie Tubiana

    Head of Finance and Sustainable Development Policy

    Crédit © Frédérique Plas – Caisse des Dépôts – 2020

Four internal and external control systems

  • Internal control system overseen by the Chairman and Chief Executive Officer
  • Monitoring by the Supervisory Board
  • French Prudential Supervisory and Resolution Body (ACPR)
  • French Court of Accounts

Four remuneration control and transparency systems

  • Cap on the Chairman and Chief Executive Officer's remuneration by decree
  • Voluntary cap on Group Executive Committee members' remuneration
  • Cap by decree and framework governing amounts paid to Supervisory Board members
  • Annual disclosure of Group senior manager remuneration

Find out how our governing structure works

 

 

Explore further and discover