Human Rights Measure
Commitment of Responsibility for Large Companies Benefitting from Economic Support Measures (Engagement de Responsabilité pour les Grandes Entreprises Bénéficiant de Mesures de Soutien en Trésorerie)
Date Enacted: April 2020
Country: France
Region: Europe and Central Asia
Under France’s COVID-19 recovery measures, “a large enterprise that request[ed] an extension of tax or social security deadlines or a government-backed loan” was barred from “proceeding with stock buybacks during the course of the year 2020.” The same prohibition was put in place for 2021 and 2022. This measure of solidarity and responsibility, according to the Minister of Economy and Finance, ensured that French companies would not use aid received during the pandemic solely for the benefit of shareholders.
