A Mutualist Bank
As indicated by its name, "Crédit Mutuel" is a mutualist bank! Mutualism forms part of its roots and its unique identity.
What exactly does it mean to be a mutualist bank ?
- CMNE is not publicly listed and is therefore not subject to the whims of the stock markets.
- CMNE is a cooperative that belongs to its clients, who are members of their local bank.
- These client-members elect administrators from among their ranks who represent them and give them a voice within the group. To do this, CMNE applies the principle of "1 person = 1 vote": 1 voting right per person, regardless of the capital held by the client-member.
- CMNE works exclusively for the benefit of its clients, and therefore seeks long-term results. Proof of this commitment: the account managers receive no commissions on the products they offer.
Client- member
Our clients are not just ordinary bank clients. When an account is opened, they are invited to become a member, which makes them "co-owners" and part of CMNE.
The member is informed individually of the results of his local bank and can ask questions about its financial health. The member also has a voice in décisions.
For this purpose, each year, members are invited to the General Assembly of the bank.
The members elect representatives according to the principle of: "1 person = 1 vote" regardless of the amount of capital held. The member may also put forward a candidacy to become administrator for his or her bank.
% of the largest clients are members
At CMNE, some 2/3 of the largest clients are members. As the basis for the group's cooperative organization, they own the capital of the local banks in the form of membership shares and each year they appoint their own representatives. These figures prove that cooperative membership is more relevant than ever: It meets demand for responsiveness, local ties and trust.
membership shares
To become a member, the client must subscribe to at least 15 membership shares at a unit value of 1€.
The administrators
The administrators have an important responsibility to fulfil in representing the members and their region within a bank with a difference. These are men and women who are involved in local life, who can report questions from the local level to the federal authorities.
To be appointed administrator, you first must have been a member for at least one year. Administrators are elected by the members for three years at the General Assembly of the local bank, an ideal occasion for dialogue and networking which is held once a year.
What does this commitment concretely mean ?
On a voluntary basis, the administrator takes part once a month in the Board of Directors meeting for his or her local bank, at which the results for the bank will be presented, along with issues specific to the region or current status of the Group. The administrator can thus safeguard the proper management and the quality of service provided to the members. In this context, the administrator is subject to professional confidentiality and banking secrecy.
And, in return for this commitment ?
The administrators are provided training sessions to support the development of their skills in technology, finance, public speaking and decision-making. These sessions are a good opportunity for sharing views among the administrators of local banks.
The chairmen of the local banks
The administrators elect the chairman and vice-chairman of the local banks. It is their responsibility to adopt the company accounts. Through them, the entirety of the client-members of CMNE have a voice.
The federal administrators
Each year, at the Federal General Assemblies (FGA), the chairmen and vice-chairmen representing the local banks elect the Federal Administrators. They represent our clients at the highest levels of governance. These 15 federal administrators (8 men and 7 women) approve the Group's strategy based on proposals submitted to them by the General Management. They verify the strategy's implementation and are involved in a variety of regulatory committees: audit, risks, nominations, remuneration.
