ABSTRACT
As a matter of fact, too often, sustainability approaches remain on the margin of a strategy exclusively focused on financial success and, despite the non-financial nature of the communication, the shareholder model remains in place. Since the early 2000s, people have observed a profusion of sustainability reports and other tools detailing firms’ CSR and sustainability commitments. An analysis of reference documents from the largest companies suggests the need for scepticism, however. For example, with reference to the French context, between 2005 and 2020, companies’ profits increased by 170%. As long as the shareholder model persists, the investor will benefit from information asymmetry and the power to control managers’ decisions, to the detriment of the interests of other stakeholders. The “licence to operate” can no longer be reduced to increasing financial capital. The preservation and even development of human, social and natural capital should also be considered a priority.
