AFL Governance

Our institution, Agence France Locale, is not a financial institution like any other.

It has a single purpose:
“To embody responsible finance to strengthen the power of action of the local world in order to meet the present and future needs of residents.”

Created by and for local authorities, it acts for the local world, to strengthen our freedom, our ability to develop projects and our responsibility as public actors.

Decentralization, defending it is good, implementing it is better!

A unique governance model:

AFL Group’s governance is based on a two-tier structure, ensuring a separation of powers between the specialized credit institution, Agence France Locale (AFL), and its parent company, Société Territoriale (AFL-ST).

The main objectives of a two-tier structure:

Define the strategy and implement it, review it regularly and monitor its implementation;
Prevent the risk of conflicts of interest with local authorities that are both shareholders and borrowers;
Ensuring accountability of all stakeholders through control mechanisms;
– Ensuring that the strategic decisions taken by the Société Territoriale and the operational management carried out by the credit institution subsidiary are kept separate.

The Société Territoriale (AFL-ST)

The Société Territoriale (AFL-ST) is the financial holding company.

Its shareholding :
100% owned by municipalities, departments, regions, public establishments of inter-municipal cooperation (with or without their own tax status), territorial public establishments and local public establishments.

Its missions:
– Representing the shareholders;
– Steering the guarantee mechanism;
– Appointing the members of the Supervisory Board of the specialized credit institution;
– Setting the major strategic orientations and the risk appetite framework;
– Promoting the model, jointly with AFL, to local authorities with a view to increasing the number of shareholder members.

AFL-ST articles of association

The composition of the AFL-ST Board of Directors

Board of Directors' rules of procedure [FR]

Marie Ducamin

Board of directors president, Supervisory board vice-president

Sacha Briand

Sacha Briand

Board of directors vice-president, Supervisory board president

Discover the full composition of AFL-ST Board of Directors

The Société Territoriale general management

Olivier Landel

AFL-ST General manager


Yves Millardet

AFL-ST Deputy general manager


Agence France Locale (AFL) is a specialized credit institution.

Its shareholding :
Over 99.9% owned by the Société Territoriale.

Its missions:
– Granting loans exclusively to shareholder local authorities;
– Raising funds on the capital markets;
– The daily operational management of financial activities.

AFL Articles of association

The composition of AFL Supervisory Board

Supervisory Board' rules of procedure [FR]
Sacha Briand

Sacha Briand

Supervisory board president, Board of directors vice-president,

Pia Imbs

Supervisory board vice-president, Board of directors president

Pins membres du CS

Discover the full composition of AFL Supervisory Board

The Executive board


Yves Millardet

Chairman of the Executive Board


Ariane Chazel

Head of Commitments
and Risks, Climate and sustainable finance

Thiébaut JULIN

Thiébaut Julin

Chief financial officer

Laurence LEYDIER

Laurence Leydier

Director of membership and credit

Olivier ROULLÉ

Olivier Roullé

Secretary general

Focus on CSR governance

Corporate responsibility is deeply rooted in our bank’s DNA and as such, CSR considerations are embedded within our decision-making process. Consequently, all governing bodies are involved in the governance of CSR issues as part of their duties.

ESG Governance

What does being a shareholder mean?


Participate in the General Meeting of Shareholders: decide on major orientations, vote on amendments to the articles of association, approve the accounts.


Elect our representatives to the Board of Directors, which is 100% composed of local elected officials. Each local authority even the smallest, has at least one vote in the election process.


Contribute to a governance model that allows for transparency and fairness in a model built on solidarity.


Benefit from the bank’s positive results: as AFL is owned by the local authorities, every euro earned can be invested for the benefit of the business or redistributed to shareholders.


Have access to dedicated expertise from AFL’s teams in financial health (barometer), energy transition financing, sustainable finance, etc.

We are shareholders’ local authorities, who are we ?

Croquis d'une carte avec pins images dans certaine localisations en France