Marching boots

16 July 2003

Most of the empire building chief executives at other giant European utilities have already moved on. If EdF was quoted, Francois Roussely would have gone too. Indeed, his continued presence jeopardises EdF s planned IPO.

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A French parliamentary commission has sharply criticised strategic decision making at stateowned Electricite de France, singling out its chairman Francois Roussely for overseeing the company's E19bn international expansion drive.

The allparty commission reserved its harshest criticism for the way EdF handled its hostile expansion into Italy in 2001, through the acquisition of a stake in nowdefunct Montedison.

Roussely has defended his track record, and said that EdF's strategy should be judged over the long term. He argued that EdF was the only stateowned company that had not received any subsidy over the past 20 years. He also denied that EdF had not consulted the government on its plans.

The government has said that it plans to float part of EdF next year. The company says it expects that operating profits will double in 2003.

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