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The group's organisation

Our governance

Our Managing Team


The Executive Committee manages the group's activity and supervises the good execution of its strategy. It is composed of:

  • Stéphane Pallez, Chairwoman and CEO

  • Charles Lantieri, Deputy CEO, Chairman of FDP and the FDJ Corporate Foundation

  • Patrick Buffard, Executive Vice-President Sales, Sports Betting, Media, TV Prod and Events

  • Pascal Chaffard, Executive Vice-President Finance, Performance and Strategy

  • Xavier Etienne, Executive Vice-President Technology and International

  • Cécile Lagé, Executive Vice-President Lottery, Entertainment and Consumers

The Group Management Committee shares the operational and financial goals, and manages the corporate functions and their work with the Business Units. In addition to the members of the Executive Committee, it has the following members:

  • Pierre-Marie Argouarc’h, Employee Experience and Transformation Director

  • Valérie Berche, Audit, Risk, Control, Quality and Ethics Director

  • Raphaël Botbol, Strategy, Innovation and M&A, Payment and Services Director

  • Richard Courtois, Sports Betting Director

  • Marion Hugé, Director of Regulatory and Public Affairs

  • Philippe Lemaire, Security Director

  • Elisabeth Monégier du Sorbier, General Counsel

  • Yovan Obrenovitch, Information System Director

  • Vincent Perrotin, Group CSR Director

  • Raphaële Rabatel, Communication and Sustainable Development Director

The Board of Directors is endeavoured to promote value creation by the Company over the long term by reviewing social and environmental issues related to its business. It determines strategic directions, reviews and decides on significant operations after examination by the Strategic Committee and the ad hoc committees, as the case may be. It appoints and dismisses executive corporate directors, sets their compensation, chooses the mode of organization of its governance, controls management, ensures the quality of the information provided to shareholders and to the markets, sets the annual financial statements, consolidated financial statements and prepares the management report, the consolidated management report and the forecast management documents. In particular, the following items must be reviewed by the Board of Directors, after examination, if necessary, by the relevant committee(s): the annual budget including the gaming programme and the multi-year financial plans associated with strategic directions; and the multi-year strategic plan.

Directors appointed by the General Meeting

  • Stéphane Pallez (Chairwoman and CEO)
  • Union des Blessés de la Face (UBFT) (association), represented by Olivier Roussel
  • Fédération Nationale André Maginot des Anciens Combattants (FNAM), represented by Henri Lacaille
  • Marie-Ange Debon
  • Fabienne Dulac
  • Xavier Girre
  • Corinne Lejbowicz
  • Pierre Pringuet

Director representing the French State

  • Charles Sarrrazin

Directors appointed by the General Meeting on the proposal of the French government

  • Ghislaine Doukhan
  • Didier Trutt

Directors representing employees

  • Agnes Lyon-Caen
  • Philippe Pirani

Director representing employee shareholders

The director representing employee shareholders will be appointed by the General Meeting called to approve the financial statements for the year ending 31 December 2019.


Pacte Law : a new fiscal and regulatory framework

To clarify the role of the government and regulate FDJ’s activity, the Pacte law confirms the principle of privatisation and defines its framework.

4 points to note:

  • While it is not the government’s place to market games of chance, it will remain a shareholder so as to guarantee tight control of the company via its governance
  • A new independent regulatory authority, the French gaming regulatory authority (ANJ), has been created
  • FDJ’s contribution to the public finances, which represented €3.5 billion in 2018, or roughly 1% of central government revenue, will be maintained after privatisation
  • FDJ is subject to a new tax system based on gross gaming revenue, which will come into effect in 2020, and is now enshrined in law

This clarification is essential, and strengthens the Group’s business model in several ways:

  • More than 95% of stakes are derived from activities operated under a monopoly, which serves to highlight the robustness of the Group’s model. This monopoly was granted for 25 years
  • It includes online and point-of-sale lottery games, as well as point-of-sale sports betting
  • The other activities – essentially online sports betting – are open to competition

The French government will continue to exercise tight control over FDJ

As of 1 January 2020, FDJ benefits from a new regulatory framework offering both continuity and consistency for all gaming activities.

A new independent authority, the French gaming regulatory authority (ANJ), brings together the regulation of gaming activities in France, previously handled by several entities. It is led by Isabelle Falque-Pierrotin.

The government will continue to exercise control over the Group’s governance

In addition to regulations, the government will keep very tight control over the Group’s governance.

The Ministry of Finance and the Ministry of Budget will approve the appointment of the Chief Executive Officer and Deputy Chief Executive Officer, as well as any changes to the company’s articles of association. It will also appoint a government commissioner, who will be allowed to take part in all meetings of FDJ’s Board of Directors. The commissioner will have an advisory role, but will have the possibility of rejecting decisions of the Board of Directors if they fail to comply with the framework governing the exclusive rights granted to FDJ.

Another form of control will apply to the company’s share capital. Any investor crossing a shareholding or voting threshold of 10% must be approved by the Ministry of Finance. However, approval may only be denied on serious grounds.

Lastly, an agreement and specific provisions have been established to define FDJ’s rights and obligations.


Capital structure