Corporate Government

  • Who are AFL’s shareholders?

    By law, the only shareholders are the French Local Authorities (Regions, Departments, Municipalities, Groupings of local authorities and local public entities).

  • What is the purpose of a two tiers organization?

    Prevent potential conflicts of interests among the shareholders and the borrowers, which both are local authorities by a rule in the organization statutes which establishes that the member majority of the supervisory board is made of independent Directors.

  • What will you do with the profit in the future?

    Strengthen the capital.

  • Does AFL benefit from an explicit guarantee from the central government?

    No. AFL benefits from an explicit and irrevocable first demand guarantee from the French Local Authorities.

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