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 7 as of 31 December 2021.
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.
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
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
ACOSS (the central of social-security bodies)
Thibault LANXADE, 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
CNAMTS (the national health-insurance fund for salaried employees)
Fabrice GOMBERT, Chairman of the Board
Substitute: Yves LAQUEILLE, Vice-chairman of the Board
CNAM (the national pension fund for salaried employees)
Eric BLACHHON, Chairman of the Board of Directors
Substitute: Pierre BURBAN, Vice-chairman of the Board
CNAV (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 Minister in charge of the Economy, Finances and Recovery
Adrien PERRET, Deputy Director, French Treasury
Substitute: Emilie RODRIGUEZ, Bureau Chief, French Treasury
Representatives of the Minister in charge of the Budget
Bastien LLORCA, Deputy Director, Direction générale des Finances publiques (Public Finances Directorate)
Substitute: Valérie PETILLON-BOISSELIER, Bureau Chief, Direction générale des Finances publiques
Representatives of the Minister in charge of Social Security
Franck VON LENNEP, Director of the Social Security Department
Substitute: Morgan DELAYE, Deputy Director of Social Security Financing, Social Security Department
Marianne KERMOAL-BERTHOME , Service Chief, assistant to the Director, Social Security Department
Substitute: Lucie GARCIN, Assistant to the Deputy Director Social Security Financing, Social Security Department
Representatives of the Supervisory Board of the FRR (the pension reserve fund)
Substitute: Eric GAUDRON
CADES Supervisory Committee members
- National Assembly deputies: Dominique DA SILVA (President), Véronique LOUWAGIE
- Senators: Elisabeth DOINEAU, René-Paul SAVARY
- Representatives of the Minister in charge of the Economy and Finances: First representative pending (substitute : pending), Emmanuel MOULIN (substitute: Adrien PERRET) and Bastien Llorca (substitute: Valérie PÉTILLON-BOISSELIER)
- Representatives of the Minister in charge of Social Security: Franck VON LENNEP (substitute: pending), Morgan DELAYE (substitute: Pierre PRADY), Marianne KERMOAL-BERTHOME (substitute: pending)
- Representatives of the Minister in charge of Agriculture: pending
- Member of the Court of Auditors: pending
- Members of the Government Audit Bureau (l’Inspection Générale des Finances): pending
- Members of the Social Affairs Audit Bureau (l’Inspection Générale des Affaires Sociales): Pierre-Louis BRAS (substitute: Jean-Philippe VINQUANT)
- The General Secretary of the Social Security Accounts Commission: Jean-Pierre LABOUREIX (substitute: pending)
- The Chairman of the Board of ACOSS: Jean-Eudes TESSON (substitute: Pierre-Yves CHANU)
- The Chairman of the Board of CNAM: Fabrice GOMBERT (substitute: Yves LAQUEILLE)
- The Chairman of the Board of CNAV: Gérard RIVIERE (substitute: Pierre BURBAN)
- The Chairman of the Board of CNAF: Isabelle SANCERNI (substitute: Jean-Marie ATTARD)
- The chairwoman of the commission on occupational accidents and illnesses : Laëtitia ASSALI (substitute : pending).