Marc Viénot, a small coffee by his side, lights his cigar
with an elegant match as long as a credit card. Here, on the 37th
floor of the Société Générale headquarters at La Défense in Paris,
the honorary chairman oozes French tradition. It seems remarkable
that he is also responsible for revolutionizing the way French
companies are being run.
Viénot describes himself as "independent-minded". Others describe
him as a godfather - not a mafia don, but rather a mentor to many
French executives. It is only a man like this who can drive nearly
all the companies in the CAC 40, France's blue-chip index, to
accept and apply principles of corporate governance without any
prodding from the government.
Indeed, that is what makes France's acceptance of corporate
governance impressive. In a country known for its old-boy network,
large companies have begun to regulate themselves and get rid of
practices that are...
