March 14, 2017

Mr. Hurstel joins distinguished group of leading French economists, scholars and business professionals in call for a new “responsible market economy.”

Paris partner Daniel Hurstel was recently part of a roster of leading French economists, scholars and business professionals who were signatories to an open proposal, published in French newspaper Le Monde, calling for a new “responsible market economy.”  The proposal advocates for France’s decisive role in facilitating the development of a responsible and inclusive market economy, integrating a strong social dimension to the motivations and operations of business. The proposal challenges the notion that a company’s only responsibility is to increase profits on behalf of its shareholders. It discusses “generating growth of wellness and progress,” addressing pressing issues such as climate change, dwindling natural resources and rapidly shifting demographics. The proposal specifically calls for the adaptation of sections 1832 and 1833 of the French civil code to meet the realities of the “current world,” protecting and furthering the interests of not only shareholders, but also employees, customers, suppliers and credit providers, among others.  The proposal emphasizes that France can be an “initiator in the development of a responsible market economy, where savings and investment take part in the restoration of the social link.  Working in conjunction with Danone CEO Emmanuel Faber, Mr. Hurstel was the principal author of the Le Monde article.

In addition to Mr. Hurstel, other distinguished signatories to the proposal include Bertrand Badré, former Director General of the World Bank and CEO, BlueOrange Capital; Christine Lagarde, Executive Director of the IMF; Pascal Lamy, former Director-General of the WTO; and Martin Hirsch, President of the Institute of Engagement.

Daniel Hurstel Senior Counsel Corporate & Financial Services