But Thierry Breton is not run of gaiety of heart

Employers is manoeuvring and politicians negotiate hard on stock options. Several meetings take place this week at Bercy to know whether it is appropriate to legislate and, if yes, how, on a subject that has news last spring, after business Vinci and EADS.

There is urgency, said Edouard Balladur this morning in "Les Echos" (read the topic ideas page 21). According to former Prime Minister, who had filed a proposed law before the summer to prevent the social agents for company to exercise their options during the performance of their duties, "Parliament may completely remove the stock" if it refuses to quickly resolve the issue. Especially, the Socialist Party has promised to crack down in presidential victory.

Find a median line

On 14 July, Jacques Chirac certainly asked the Government "to oversee" the system currently in force. But Thierry Breton is not run of gaiety of heart. The Minister of economy and finance, who himself held 200,000 stock Thomson at his entry into Government in February 2005 (there since renounced), would in effect well past a new subject of friction with the Medef. Hence the ongoing negotiations to find a median line. Academe employers, Edouard Balladur repeated initiatives are therefore beginning to bear fruit, so they now have the official support of 178 members, including Pierre Méhaignerie, Chairman of the Board of Finance of the National Assembly and General Secretary of the UMP.

On the merits, Thierry Breton remains extremely cautious. Sunday evening, he said that he was "under what conditions can apply to all those who receive shares or options in the business of keeping a part, as long as they are employed in the undertaking, these actions", stating that the France already had "an important arsenal, particularly as regards transparency obligations, the exercise, the issuance of shares and the sale of shares of those who have when working in a company."

Is what is meant by "work in the business." With respect to the leader, spoke on the duration of a given mandate or mandates accumulated by renewal If it prohibits the exercise of options for twelve or fifteen years, is it not, ironically, inflating the capital gains cut in fine On the other hand, should be directly compel the leader or well should give freedom to the Board of Directors (or monitoring) to establish the rule of the game in each company

Increase the control of the MFA

On the form, the Minister of economy and finance does nothing. "It will be seen to make a law or if it may do so through regulation", he said. Clearly, the Government is not yet if it will add an article on stock options in the Bill for the development of participation and the employee share ownership. This text is listed in the agenda of the commission for Economic Affairs of the Assembly end of September, for a review in a meeting early in October, before the 2007 budget.

Another possibility: increase the control of the financial markets authority. The MFA could publish a new recommendation of place, as it did in his time with the button report on corporate governance.

Opposed to any "legislation of circumstance", Laurence Parisot, President of the Medef, is partisan of the latter.