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 imbedded in the culture.
Now the government wants to get involved. The French parliament is debating a bill on economic regulation that would make principles of corporate governance obligatory. Analysts agree that some aspects, such as greater transparency and guidelines for the role of chairman and selection of the executive board, are appropriate for French companies.