---
title: "Governance and Corporate Law"
id: "2039"
type: "expertise"
slug: "governance-and-corporate-law"
published_at: "2026-01-26T09:07:07+00:00"
modified_at: "2026-07-28T14:27:44+00:00"
url: "https://www.august-debouzy.com/en/expertise/governance-and-corporate-law/"
markdown_url: "https://www.august-debouzy.com/en/expertise/governance-and-corporate-law.md"
excerpt: "Structuring Governance to Preserve Balance and Strategic Flexibility Corporate governance defines the balance of power, decision-making processes, and the protection of each stakeholder’s interests. Among shareholders, executives, and supervisory bodies, every legal mechanism shapes the company’s ability to act and..."
taxonomy_language:
  - "English"
taxonomy_post_translations:
  - "pll_69772ebb4010a"
taxonomy_tax_expertise:
  - "Governance and Corporate Law"
taxonomy_tax_famille_expertise:
  - "Advisory"
---

## Structuring Governance *to Preserve Balance and Strategic Flexibility*

Corporate governance defines the balance of power, decision-making processes, and the protection of each stakeholder’s interests. Among shareholders, executives, and supervisory bodies, every legal mechanism shapes the company’s ability to act and its strategic latitude.

We design governance frameworks tailored to the specific challenges of each organization: shareholders’ agreements to secure relationships among investors, the structuring of boards of directors and committees, capital transactions to finance growth or reorganize shareholding structures, and bylaw reforms to modernize corporate frameworks. Our approach combines legal expertise with a deep understanding of business dynamics.

We advise listed and privately held companies, family-owned groups, investment funds, and startups in structuring and securing their governance arrangements.

## *our*Capabilities

### (01) Shareholders’ Agreements and Related-Party Agreements

We draft and negotiate shareholders’ agreements and regulated agreements to secure relationships among stakeholders. Voting rights, exit provisions including drag-along and tag-along clauses, rights of first refusal, approval clauses, lock-up provisions, and liquidity mechanisms are structured to protect interests and prevent deadlock.

We incorporate alignment mechanisms such as earn-out provisions, ratchet clauses, and anti-dilution protections, as well as dispute resolution mechanisms. This expertise enables us to anticipate potential tensions and preserve shareholder stability.

### (02) Governance Structure and Corporate Bodies

We structure the organization and operation of boards of directors, supervisory boards, specialized committees including audit, compensation, nomination, and ESG committees, and executive management. We draft internal rules of procedure, define the powers of corporate bodies, oversee the appointment and removal of officers, and manage delegations of authority.

For listed companies, we ensure compliance with applicable corporate governance codes and transparency requirements. This structuring ensures secure and efficient decision-making.

### (03) Capital Transactions

We advise on all capital restructuring transactions, including capital increases whether in cash, in kind, or through the capitalization of reserves, capital reductions, share buybacks, and the issuance of convertible bonds or equity warrants including BSA and BSPCE instruments.

We oversee all legal formalities, secure authorizing delegations, and ensure compliance with preemptive subscription rights. For complex transactions, we coordinate corporate, tax, and financial considerations. This technical expertise facilitates fundraising and capital restructurings.

### (04) Bylaw Reforms and Corporate Transformations

We manage bylaw amendments and corporate transformations, including the conversion of a simplified joint stock company into a public limited company, cross-border transformations, changes in corporate name, transfers of registered office, amendments to corporate purpose, and the introduction of specific provisions.

We handle information and consultation procedures with corporate bodies, draft proposed resolutions, and ensure completion of all required filing and publication formalities. These transactions enable companies to align their legal structure with strategic and regulatory developments.

### (05) Governance Litigation

We represent clients in all governance-related disputes, including challenges to shareholder or board resolutions, directors’ civil liability, majority or minority shareholder abuse, infringement of shareholder rights, and breaches of shareholders’ agreements.

We appear before commercial and civil courts to protect our clients’ interests. Our approach combines technical litigation expertise with the pursuit of negotiated solutions where they better serve strategic objectives. This dual capability secures our clients’ positions in crisis situations.

Collective excellence

at the service of the

*highest standards.*

Team

[Gilles August ( Founding Partner )](https://www.august-debouzy.com/en/collaborateur/assemblee-des-associesmanagement-committee-comex-3/)

[Julien Aucomte ( Partner )](https://www.august-debouzy.com/en/collaborateur/julien-aucomte/)

[Nicolas Baverez ( Partner )](https://www.august-debouzy.com/en/collaborateur/nicolas-baverez/)

[Jean-Damien Boulanger ( Partner )](https://www.august-debouzy.com/en/collaborateur/jean-damien-boulanger/)

[Jérôme Brosset ( Partner )](https://www.august-debouzy.com/en/collaborateur/jerome-brosset/)

[Bernard Cazeneuve ( Partner )](https://www.august-debouzy.com/en/collaborateur/bernard-cazeneuve/)

[Valéry Denoix de Saint Marc ( Partner )](https://www.august-debouzy.com/en/collaborateur/valery-denoix-de-saint-marc/)

[Etienne Mathey ( Partner )](https://www.august-debouzy.com/en/collaborateur/etienne-mathey/)

[Antoine Ricol ( Partner )](https://www.august-debouzy.com/en/collaborateur/antoine-ricol/)

[Julien Wagmann ( Partner )](https://www.august-debouzy.com/en/collaborateur/julien-wagmann/)

[Bernard Attali ( Senior Advisor )](https://www.august-debouzy.com/en/collaborateur/bernard-attali/)

[Pierre Descheemaeker ( Senior Counsel )](https://www.august-debouzy.com/en/collaborateur/pierre-descheemaeker/)

[Virginie Desbois ( Counsel )](https://www.august-debouzy.com/en/collaborateur/virginie-desbois/)

[Ergen Ege ( Counsel )](https://www.august-debouzy.com/en/collaborateur/ergen-ege/)

[Ruben Grouchka ( Counsel )](https://www.august-debouzy.com/en/collaborateur/ruben-grouchka/)

[Maxime Legourd ( Counsel )](https://www.august-debouzy.com/en/collaborateur/maxime-legourd/)

[Jérôme Thérond ( Counsel )](https://www.august-debouzy.com/en/collaborateur/jerome-therond/)

[Audrey Thomas ( Counsel )](https://www.august-debouzy.com/en/collaborateur/audrey-thomas/)

[Pauline Desplas ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/pauline-desplas/)

[Sophie Faulcon ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/sophie-faulcon/)

[Coralie Foucault ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/coralie-foucault/)

[David Neuwirth ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/david-neuwirth/)

[François Richard ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/francois-richard/)

[Elina Alfarmini ( Associate )](https://www.august-debouzy.com/en/collaborateur/elina-alfarmini/)

[Hortense Coulon ( Associate )](https://www.august-debouzy.com/en/collaborateur/hortense-coulon/)

[Ninon Durousseaud ( Associate )](https://www.august-debouzy.com/en/collaborateur/ninon-durousseaud/)

[Albane Shehabi ( Associate )](https://www.august-debouzy.com/en/collaborateur/albane-shehabi/)

[Juliette Vachet ( Associate )](https://www.august-debouzy.com/en/collaborateur/juliette-vachet/)

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*Rankings* & Recognitions

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## *Latest* News

[29/09/25 Legal Article 6 min Gender Parity on Boards: France Finalizes Implementation of the EU Directive Decree No. 2025-744 of 30 July 2025 (the “Decree”) sets out the implementing measures for Ordinance No. 2024-934 of 15 October 2024 (the “Ordinance”), whic](https://www.august-debouzy.com/en/legal-article/gender-parity-on-boards-france-finalizes-implementation-of-the-eu-directive/)

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## *FAQ*

### (01) How should you structure a shareholders’ agreement to secure the balance between partners?

Shareholders’ agreements and partner conventions organize rights beyond the articles of association: veto rights, tag-along and drag-along clauses, approval and pre-emption clauses, non-compete provisions, deadlock resolution mechanisms. A poorly drafted or incomplete agreement exposes shareholders to costly and paralyzing governance conflicts. We design shareholders’ agreements tailored to each situation (LBO, joint venture, venture capital, family business) balancing minority protection, operational flexibility and exit scenario planning. Each clause is calibrated to prevent deadlocks and facilitate dispute resolution.

### (02) What governance obligations apply to corporate governing bodies?

The organization of governing bodies (board of directors, management board, specialized committees) determines the quality of decision-making and the company’s regulatory compliance. Article L. 225-18-1 of the French Commercial Code requires a minimum proportion of 40% of directors of each gender in companies employing at least 250 permanent employees and with turnover or total assets of at least EUR 50 million, with non-compliant appointments being void. We structure the composition and functioning of governing bodies, draft board and committee rules of procedure, and support listed and unlisted companies with their compliance obligations.

### (03) How can you secure a share capital operation (increase, reduction, securities issuance)?

Capital operations (increases, reductions, securities issuances, free share allocations) alter the balance between shareholders and engage directors’ liability. Article L. 225-96 of the French Commercial Code reserves the power to amend the articles of association to the extraordinary general meeting, requiring a two-thirds qualified majority. We structure and secure each operation: determining the issue price, drafting resolutions, managing preferential subscription rights, coordinating with auditors and, for listed companies, ensuring AMF compliance.

### (04) How can you adapt your company’s articles to new requirements (corporate purpose, benefit corporation)?

Statutory reforms and corporate transformations (change of legal form, mergers, demergers, partial asset contributions) require technical mastery of procedures and tax implications. The PACTE Law of 22 May 2019 introduced the option of including a corporate purpose (raison d’etre) in the articles (Article L. 210-10 of the Commercial Code) and of becoming a benefit corporation (societe a mission, Article L. 210-11), with a mission committee and independent third-party verification. We support companies through these transformations: drafting statutory clauses, structuring adapted governance, coordinating general meetings and managing formalities.

### (05) How can you prevent or resolve a governance dispute between shareholders or directors?

Director removal, challenges to resolutions, abuse of majority or minority rights, breach of a shareholders’ agreement: these disputes jeopardize the company’s stability and partner confidence. We intervene upstream to identify vulnerabilities and strengthen prevention mechanisms, and downstream to manage contentious proceedings (interim relief, management audits, liability actions). Where preserving relationships allows, we favour mediation and settlement negotiations to restore governance balance without value destruction.

### (06) Why choose August Debouzy as your law firm for corporate governance in France?

Listed and unlisted companies, family groups, investment funds and start-ups entrust us with structuring and securing their governance. Our expertise covers shareholders’ agreements, governing body organization, capital operations, statutory transformations and governance disputes. We combine legal expertise with an understanding of business dynamics to design robust governance frameworks adapted to each client’s strategic challenges, from incorporation to succession.