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Governance
Société anonyme: A new threshold for the exceptional replacement of the Management Board
Publié le 05 septembre 2025 - Directorate of Legal and Administrative Information (Prime Minister)
Within the framework of the law Attractive of 13 June 2024, aimed at improving France’s competitiveness, an application decree defines a new threshold below which a public limited company (SA) can replace the Management Board with a single officer.
The French Commercial Code states that public limited companies managed by a Management Board and a Supervisory Board may replace the Management Board by a single person (appointed the “single Chief Executive Officer”). This possibility is exclusive to SAs whose capital is lower at a certain threshold.
This threshold has just been set at €250,000 by the decree of 13 August 2025 (compared to €150,000 previously).