ETI Governance: Who Really Decides Today? (KPMG Private Enterprise)

Summary

• France's 6,800 mid-sized companies (ETI) represent 25% of salaried employment, 26% of private investment and 33% of exports.p.4
• 88% of SME and ETI leaders consider governance a decisive lever of performance.p.11
• 95% of unlisted ETIs have a collegial governance body: 66% a board and 29% another statutory body.p.11
• 67% of listed ETIs have at least one independent director.p.11
• 55% of ETI leaders question the meaning of their entrepreneurial commitment, against 71% to 80% of SME leaders.p.11
• Cap Ingelec's revenue grew from 170 million euros in 2022 to 685 million euros in 2025.p.28

Key insights

1. ETIs represent 25% of salaried employment, 26% of private investment and 33% of exports in France.p.4
2. The MEDEF Club Proscenium-ETI, created in 2017, brings together more than 350 ETI leaders.p.7
3. 88% of SME and ETI leaders consider governance a decisive lever of performance, and 72% systematically seek debate before strategic decisions.p.11
4. 95% of unlisted ETIs have a collegial governance body, with 66% having a board of directors or supervisory board.p.11
5. 67% of listed ETIs have at least one independent director.p.11
6. 55% of ETI leaders question the meaning of their commitment, against 71% to 80% of SME leaders, suggesting more mature governance absorbs uncertainty.p.11
7. Groupe Bodemer says the Renault group still represents more than 90% of its activity.p.19