Two French business schools have adopted a legal status that gives them more autonomy and greater opportunity to secure private investment.
On 23 December Toulouse Business School and HEC Paris became the first institutions to adopt the EESC status, which was made possible by legislation known as the Mandon law, passed in December 2014. This legal status is largely similar to that of being a public limited company, although it allows the French government to retain some influence and restrictive powers on the institutions—so, for instance, institutions with this status are not allowed to pay dividends to shareholders.
Toulouse and HEC will now no longer be subject to the regulations on recruitment, fund raising and private investment that are in place for other business schools in France. CCI France, the French Chamber of Commerce, will become the majority shareholder of the institutions.