Thus might employees shareholders more easily make their voices heard

In his television address on 14 July, the President of the Republic stressed the importance it attaches to the draft law on participation and the employee share ownership which is debated in Parliament. To highlight the social connotation of the project, he even used the expression "workers ownership" which is too restrictive, because the text with all the employees of the private sector. After the period of political turbulence in the first half of the year 2006, this Bill allows the Government to address a topic become Ecumenical. Indeed, as evidenced by the Act of 19 February 2001 on wage savings passed by the old majority, part of the French left has now admitted the legitimacy of participation after him have long regarded as the leaf of vine of capitalism. This consensus is logical because participation may promote a better distribution of wealth within companies. Currently, listed companies are encouraged to focus on the profitability of the capital to retain their shareholders. This strategy is consistent with the theory of corporate governance that leaders must promote the interest of the partners of other stakeholders the company, including the employees. This rule is favoured by globalization, which allows the free movement of capital while the global society is not social and fiscal standards mandatory. Consequently, policy makers have margins of manoeuvre restricted when they want to encourage an increase in wages in the private sector without causing relocation. On the participation and the employee share ownership Bill offers a solution in this matter because it allows companies to distribute a dividend of work, i.e. an extra incentive to employees, with an exemption from employer social security contributions and/or participation. Such a decision is therefore not neutral on the social budget of the nation. This effort can be considered as legitimate if businesses accept the logic of the third way, which allows to exceed that of the confrontation between capital and labour. Thus, in a television interview of June 7, 1968, General de Gaulle stated bluntly: "there is one third alternative to capitalism or communism: participation, which in turn changes the condition of the man in the middle of modern civilization." In line with this thinking, participation must also be regarded as a design policy of the operation of the business: "because the advances in productivity, how to obtain it, if not the active cooperation of the entire staff", queries on June 18 human in a speech to the miners in Saint-Etienne on January 4, 1948. In this connection, it is regrettable the content of article 15 of the Bill which now restricted to only listed companies the obligation to appoint one or more representatives of employee shareholders to the Board of directors or the Supervisory Board when employees hold more than 3 of capital of the company. Furthermore, the employees of the private sector support the bulk of the burdens of globalization while the income of the French leaders of CAC 40 companies are in the forefront, even to the first rank, employers wages European, as demonstrated by Clément report on company law reform published in 2003. Accordingly, it would be desirable that the CEO compensation is determined by the General Assembly of the shareholders and not by boards of Directors often co-opted. Thus might employees shareholders more easily make their voices heard. In this example, the logic of participation and corporate governance are concurrent.