There are hard political reasons why Crédit Agricole formally set out the rationale for its existence – for the first time, it said – in its new medium-term plan on Thursday.
Not least is president Emmanuel Macron’s new law, passed through parliament in April, which cuts the obligations of smaller businesses towards their employees, while encouraging bigger businesses to officially acknowledge their duties to a wider set of social and environmental stakeholders, as well as to their employees: and not just to the stock market.
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