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Governance

More than a one man company: a team

Carmignac’s business model was designed with controlled growth in mind. Since its creation in 1989, we have gradually brought in the resources and practices needed to manage assets of €35 billion. Today, four committees decide on long-term strategy. They assess risks and investment opportunities. This structure ensures that Carmignac will remain strong and enjoy long-term success.

Board of Directors

  • Composition: 11 internal and external members.
  • Role: Set strategic directions of the company and oversee its smooth running.
  • Frequency: Minimum twice a year.  
     
     
    Internal members:  
  • Edouard Carmignac, Chairman of the Board of Directors and Managing Director Carmignac Gestion
  • Maxime Carmignac, Managing Director Carmignac UK
  • Eric Helderlé, Managing Director Carmignac Gestion Luxembourg
  • Frédéric Leroux, Head of Cross Asset  
     
     
    External members:  
  • Paul-Henri de la Porte du Theil, was CEO at Crédit Agricole Asset Management then honorary Chairman of the Association Française de la Gestion Financière (AFG) until 2015. He is also a member of various marketplace associations. Paul-Henri de la Porte du Theil joined Carmignac’s Board of Directors in 2015.
  • David Field, joined Carmignac Gestion as a Commodity Analyst in 2005, and then was promoted in 2006 to become manager of the Carmignac Portfolio Commodities Fund, a position he held until May 2014.
  • Alain Meulnart has held the position of CEO at Saint Louis Sucre, Ifapartners and Evialis. He is a graduate of the Swiss Federal Institute of Technology Zurich.
  • Gérard Corne, an experienced professional in the fields of property and finance. He is currently the main shareholder and Managing Director of GERIFIM GROUP and GERI INTERNATIONAL. Gérard Corne has been a member of the Board of Directors of Carmignac Gestion since its creation.
  • Jaime Espinosa de los Monteiros, former vice-president of Kepler Capital Markets, is currently chairman of Amper SA, ATL Capital and Espinosa Partners Asesores. He is also a director of Zadig Fund and the main advisor to Kepler Capital Markets. Jaime Espinosa de los Monteros joined Carmignac Gestion’s Board of Directors in 2013.
  • Eric Le Coz, joined Carmignac Gestion in 1998 as Portfolio manager in charge of derivative strategies. He was then promoted Director of Product Development, Member of Investment Committee in 2004, then appointed Deputy Managing Director in 2011 and Managing Director of Carmignac Gestion Luxembourg from 2012 to 2016.
  • Nathalie Mesny, Monoprix Online Executive VP, joined Carmignac’s Board of Directors in 2018. On graduating from ESSEC Business School, Nathalie began her career at Unilever. She was then appointed Marketing, Communication and Brand Director at Carrefour France, before being made CEO of Oxybul Eveil et Jeux and subsequently CEO at Rue du Commerce and Director of non-food e-commerce at Carrefour France.
[Divider] [Management report] Blue sky and buildings

Presentation of the Remuneration and Appointments Committee

Carmignac’s Remuneration and Appointments Committee is in charge of remuneration-related matters. It assists the governance bodies of the group’s companies in selecting new directors and assessing the company’s Human Resources (HR) policy.

Members :
- Mr Paul-Henri de la Porte du Theil, Committee Chairman
- Ms Maxime Carmignac  
- Mr David Field

Strategic Development Committee

  • Composition: 11 key members of staff representing all business lines.
  • Role: Enforce a general strategy and oversee the company’s various projects.
  • Frequency: Quarterly meetings.  
     
     
    11 permanent members:  
  • Maxime Carmignac, Managing Director Carmignac UK
  • Eric Helderlé, Managing Director Carmignac Gestion Luxembourg
  • Christophe Peronin, Deputy Managing Director Carmignac Gestion
  • Giorgio Ventura, Global Head of Sales
  • Pascale Guillier, General Secretary Carmignac Gestion
  • Didier Saint-Georges, Managing Director, Member of the Investment Committee Carmignac Gestion
  • Frédéric Leroux, Head of Cross Asset
  • Rose Ouahba, Head of Fixed Income
  • David Older, Head of Equities
  • Sophie Derobert, Head of Human Resources Carmignac Gestion
  • Cyril de Girardier, Chief Financial Officer Group, Conducting Officer Carmignac Gestion Luxembourg
[Divider] [Governance] Blue sky

Investment Committee

  • Composition: 44 members of the management team: fund managers, analysts and members of the Investment Committee.
  • Role: Carry out macro and microeconomic analysis to ‘fine tune’ the company’s investment strategy.
  • Frequency: Daily meetings.

  >> See also Management Team  
 
 
What makes Carmignac different?  
The Committee comprises of all fund managers and analysts. Macroeconomic data, market events and risk factors are discussed every morning and analysed around the table. Fund managers are free to express their opinions on all issues.

Strategic Investment Committee

  • Structure: The five most senior members of the investment team
  • Role: Produce robust market convictions, based on the micro and macro-economic research produced by our analysts
  • Frequency: Weekly meetings

The Carmignac edge:
The Strategic Investment Committee meets every week and its main mission is to produce robust market convictions, based on the micro and macro-economic research produced by our analysts, for all asset classes. Every fund manager remains fully accountable and autonomous for the management of his or her funds, but they now have this additional tool at their disposal to strengthen the top-down components of their investment strategies.

5 permanent members:

  • Edouard Carmignac, CIO, Chairman and Managing Director Carmignac Gestion
  • Didier Saint-Georges, Head of Portfolio Advisors
  • Rose Ouahba, Head of Fixed Income
  • David Older, Head of Equities
  • Frédéric Leroux, Head of Cross Asset

Risk Committee

  • Composition: 10 members of the company’s staff.
  • Role: Identify, quantify and analyse the risks attached to portfolio management.
  • Frequency: Monthly

  >> See also Risk oversight  
 
 
Careful monitoring of risks is at the heart of the investment process.  
We pay close attention to identifying, quantifying and analysing the risks attached to the investments we manage. Our committee continuously monitors the risks associated with the investment process applied to each portfolio. It reviews the main indicators and holdings requiring special attention. The Committee studies each new product and the risks that it presents.

At an operational level, Committee members are responsible for managing those risks related to the proper execution of transactions, and are required to ensure full compliance with internal procedures.  
 
 
10 permanent members:

  • Eric Helderlé, Managing Director Carmignac Gestion Luxembourg
  • Christophe Peronin, Deputy Managing Director Carmignac Gestion
  • Maxime Carmignac, Managing Director Carmignac UK
  • Patrick Temfack, Head of Risk Management
  • Cyril de Girardier, Chief Financial Officer Group, Conducting Officer Carmignac Gestion Luxembourg
  • Jacqueline Mondoni, Internal Audit
  • Guillaume Edery, Product Manager
  • Tatiana Khorina, Head of Compliance
  • Guillaume Huteau, Front Office Risk Manager
  • Julien Chéron, Analyst
[Divider] [Governance] Stairway