Partnership Limited by Shares as Power Weapon

“9° The monarchic and absolute centralism. Michelin is the only company of this size that has retained since its origins the status of a partnership limited by shares, common in France at the beginning of industrial capitalism. This setup allows for an extreme personalization of power. As a result, it enables real decision-making speed and a wide delegation of responsibility. There is no need to convene a board of directors, an executive board, or a management committee to locate a new factory, accelerate production, or launch an international loan. The manager simply needs to give the green light. Power at Michelin is not collegial. It is monarchical. And the monarch, who risks their fortune, their name, their reputation, governs. Responsible for their actions infinitely — over all their own assets, past, present, and future — they have no other ambition than to succeed. Otherwise, there is no escape, no safety net, no excuses.”

“world for a group of this size, a partnership limited by shares. A legal structure entirely unsuitable for a time when decentralization of decisions and distribution of responsibilities are increasingly necessary.”