Bringing a French touch to their Board of Directors

European companies have a strong preference for recruiting our fellow citizens to serve as independent directors on their Board of Directors.

The demand is growing, and it shows no signs of slowing down. There is a hunger for French talent—products that are quintessentially French, yet with a global flair. This was confirmed by a recent study from the executive search firm Heidrick & Struggles, which surveyed 11 European countries: French professionals are highly sought after as independent directors outside their borders. With 14% of foreign directors—representing 115 individuals—France ranks first, followed by the UK and Germany, which trail at 12%.

Let’s be honest: in these times of rediscovered nationalism, it is primarily two or three “friendly” countries that are pulling us upward. Italy is our closest ally, where 48% of foreign independent directors are French. Then comes Belgium at 40%. Along with two other partners, Portugal and Spain, at 29% and 27% respectively, they form our core group. In contrast, the Austrians are superbly ignoring France, and France is returning the favor.

Financially advantageous

Expanding abroad can be advantageous for one of our directors, as they are least compensated in France: a modest €43,529 compared to a substantial €139,752 in Switzerland. Among French professionals serving on foreign Boards of Directors, we find Jean-Paul Fitoussi, President of the OFCE, at Telecom Italia; Jean-Louis Beffa, CEO of Saint-Gobain, at GBL (the Belgian Groupe Bruxelles Lambert); and Laurent Dassault, President of Immobilière Dassault, at Generali Trieste SPA.

For their part, French companies have opened their Boards of Directors to outsiders, without becoming true melting pots. They sit just above the European average, with 20% of foreign independent directors compared to 18%. The Swiss are by far the most cosmopolitan at 45%, ahead of the Dutch at 36%. The most “nationalistic” are the Germans, with only 7%.

Dense industrial landscape and efficient transport network

“There is a genuine need for influential foreign figures in Southern Europe. France remains a key player in the Mediterranean region, having established very strong historical, cultural, and economic ties with Italy. French directors are primarily found in banking, industry, and insurance,” analyzes Pascal Gibert, Associate Director at Heidrick & Struggles. Furthermore, France still maintains a robust industrial landscape and several major international corporations, whereas Italy is characterized more by small and medium-sized enterprises and service-based businesses. Additionally, France is the second-largest investor on the other side of the Alps, following the United States. “There are approximately 700 French companies operating in Italy. Under a recent regulation, companies are required to have a management board. However, this reform has seen limited success,” notes Jacques Fayette, Professor Emeritus of Italian at Lyon 3.

Geography is often the best explanation. France’s central location has fostered close regional ties and allows business professionals to reach a major European capital with ease. Matteo Rossi, an attorney admitted to the Paris and Milan bars, nonetheless recognizes an intrinsic quality in the French: “They have an excellent capacity for organization.” Expert opinion!