Governance

The governance system

CADES’ directors are appointed by the supervisory authorities. The Chairman of the Board of Directors is appointed by Decree of the President of the Republic, upon the joint proposal of the Minister in charge of Finances and the Ministers in charge of Social Security.

The Board of Directors, which is made up of directors of the national social security funds and representatives of the French government, decides on CADES' borrowing program and may decide to delegate all powers to its Chairman.
The Supervisory Committee issues an opinion on CADES' annual report and may be consulted on any matter by the Board of Directors. The Supervisory Committee is composed of members of Parliament (two deputies and two senators).

CADES’ organization and operational framework comply with the requirements that apply to financial institutions. Market activities (front office) and post-trading activities (back-office) are clearly separated. Administrative management is handled by a general secretariat. In addition to its chairman, CADES had a staff of 6 as of 1 January 2023.

Merger of CADES and Agence France Trésor (AFT) teams in 2017

Since 10 September 2018, CADES team has moved to Bercy, following finalization of the operational merger process with AFT, to operate from the same location as AFT team.

Considering CADES initial termination date in 2024, an organisational restucturing had been decided in 2017 to combine CADES mission with that of AFT, a government agency with national authority. While CADES remains an independent legal entity to guarantee the effectiveness of confining the social debt, its employees who are dedicated to managing the social debt and to CADES operational mission are made available to AFT.

Oversight

CADES’ accounting rules are similar to those that apply to State entities Accordingly, receipts and disbursements are made through CADES’ paymaster and are monitored by the Cour des Comptes.

All major decisions (e.g. affecting CADES’ budget or financial statements) must first be approved by its supervisory ministers. Its borrowing programme must be approved by the Minister in charge of Finances.

The Board of Directors of CADES defines the principles, rules, limits and authorization relating to internal control procedures.

An Audit Committee has been set up to comply with governance best practices. The Committee, consisting of four members, will report to the Board with an opinion on the interim and annual results, as well as internal control and risk management.

CADES' governance organization

Category Title

CADES Board of Directors

As of the ministerial order of 10 May 2011, which was published in the Journal Officiel on 11 May 2011, in addition to the representatives of the supervisory ministers⁽¹⁾, the Board is composed of representatives of the Social Security bodies.

Chairman of the board
Jean-Louis REY

ACOSS (the central of social-security bodies)
Marc POISSON, Chairman of the Board of Directors
Substitute: Olivier PERALDI, Member of the Board
Pierre-Yves CHANU, Vice-chairman of the Board
Substitute: Serge CIGANA Member of the Board

CNAM (the national health-insurance fund for salaried employees)
Fabrice GOMBERT, Chairman of the Board
Substitute: Yves LAQUEILLE, Vice-chairman of the Board

CNAV (the national pension fund for salaried employees)
Eric BLACHON, Chairman of the Board of Directors
Substitute: Pierre BURBAN, Vice-chairman of the Board

CNAF (the national family allowance fund)
Isabelle SANCERNI, Chairman of the Board of Directors
Substitute: Christian GELIS, Vice-chairman of the Board

CCMSA (the central agricultural and social mutuality fund)
Pascal CORMERY, Chairman of the Board of Directors
Substitute: Thierry MANTEN, First Vice-chairman of the Board of Directors

Representatives of the Supervisory Board of the FRR (the pension reserve fund)
Philippe SOUBIROUS, Member of the FRR Supervisory Board
Substitute: Eric GAUDRON, Member of the FRR Supervisory Board

Representatives of the Minister in charge of the Economy, Finances and Industrial and Digital Sovereignty
First representative : Albane SAUVEPLANE, Deputy Director of Social and Employment Policies, French Treasury
Substitute: Remi MONIN, Head of Public Administration Section, , French Treasury

Representatives of the Minister in charge of the Public Accounts
Brice LEPETIT, Deputy Director, Public Finances Directorate General
Substitute: Stéphanie DACHARY-MLENECK, Bureau Chief, Public Finances Directorate General

Representatives of the Minister in charge of Social Security
Thomas RAMILIJAONA, Assistant to the Deputy Director Social Security Financing, Social Security Department
Substitute: Etienne BARRAUD, Head of the Financial Synthesis Department, Social Security Department
Morgan DELAYE , Service Chief, assistant to the Director, Social Security Department
Substitute: Natalie GOUGE, Assistant to the Head of the Financial Synthesis Department, Social Security Department

CADES Supervisory Committee members

- National Assembly deputies: Paul CHRISTOPHE, Véronique LOUWAGIE (President)
- Senators: Elisabeth DOINEAU, Philippe MOUILLER
- Representatives of the Minister in charge of the Economy and Finances and Industrial and Digital Sovereignty: First representative Bertrand DUMONT (substitute: Albane SAUVEPLANE),
Second representative Brice LEPETIT (substitute : Stéphanie DACHARY-MLENECK)
- Representatives of the Minister in charge of Social Security: Pierre PRIBILE (substitute: pending),
Morgan DELAYE (substitute: Nathalie GOUGE),
Paul-Antoine GEORGES (substitute: Lucie GARCIN)
- Representatives of the Minister in charge of Agriculture: pending (substitute: pending)
- Member of the Court of Auditors: pending (substitute: pending)
- Members of the Government Audit Bureau (l’Inspection Générale des Finances): pending (substitute: pending)
- Members of the Social Affairs Audit Bureau (l’Inspection Générale des Affaires Sociales): Pierre-Louis BRAS (substitute: Jean-Philippe VINQUANT)
- The chairwoman of the commission on occupational accidents and illnesses: Sylvie DUMILLY (substitute : pending).
- The General Secretary of the Social Security Accounts Commission: Jean-Pierre VIOLA (substitute: pending)
- The Chairman of the Board of ACOSS: Marc POISSON (substitute: Pierre-Yves CHANU)
- The Chairman of the Board of CNAM: Fabrice GOMBERT (substitute: Yves LAQUEILLE)
- The Chairman of the Board of CNAV: Eric BLACHON (substitute: Pierre BURBAN)
- The Chairwoman of the Board of CNAF: Isabelle SANCERNI (substitute: Christian GELIS)