René Barbier de la Serre, the former head of the Conseil des Marchés Financiers, France's markets regulator, has criticised the French state for failing to carry out its duties as a shareholder in partially privatised companies such as France Télécom.

He is the main author of The state shareholder and the governance of public enterprises, a report that the Finance Ministry commissioned last November. It highlights the confusion surrounding the state's role towards public or partially privatised companies, its inadequate understanding of its function as a shareholder and the lack of clear guidance given to executives. It also criticises the function of the board of directors and blames the state for interfering with the daily operation of these companies.