The governance system

CADES’ directors are appointed by the supervisory authorities. The Chairman of the Board of Directors is appointed by Decree of the President of the Republic, upon the joint proposal of the Minister of the Economy, Finance and Industry and the Ministers in charge of social security.

Until 2010, the Board of Directors was composed solely of representatives of the State. The Board determines CADES’ borrowing programme and may decide to delegates all powers to the Board’s chairman. The Supervisory Committee issues an opinion on CADES’ annual activity report and may be consulted on various matters by the Board of Directors. The committee is composed of members of Parliament (two deputies and two senators), the chairman of the CNSS (the national social security funds) and representatives of the State. This committee has been successively chaired by Mr. Jacques Oudin, senator, Mr. Marc Laffineur, deputy, Mr. Adrien Gouteyron, Vice-chairman of the Senate , Mr. Jean-Jacques Jégou, senator, Mrs Valérie RABAULT, deputy and Mr. Dominique DA SILVA, deputy of Val d’Oise.

CADES’ organization and operational framework comply with the requirements that apply to financial institutions. Market activities (front office) and post-trading activities (back-office) are clearly separated. Administrative management is handled by a general secretariat. In addition to its chairman, CADES had a staff of 7 as of 31 December 2020.


Merger of CADES and Agence France Trésor (AFT) teams in 2017

Since 10 September 2018, CADES team has moved to Bercy, following finalization of the operational merger process with AFT, to operate from the same location as AFT team.

Considering CADES initial termination date in 2024, an organisational restucturing had been decided in 2017 to combine CADES mission with that of AFT, a government agency with national authority. While CADES remains an independent legal entity to guarantee the effectiveness of confining the social debt, its employees who are dedicated to managing the social debt and to CADES operational mission are made available to AFT.

This reform was undertaken in accordance with the legal basis of article 5, section II, of the amended government order No. 96-50 of 24 January 1996, linked to social debt redemption, and article 8 of the amended decree No.96-353 of 24 April 1996, linked to Caisse d’amortissement de la dette sociale. CADES and AFT remain distinct and independent legal entities. CADES governance, its President, Board and Supervisory Committee prerogatives remain unchanged. These authorities now oversee the conditions under which AFT completes its mission on behalf of CADES. French social debt will remain under CADES’ scope, and CADES’ funding will remain the same. The State and CADES’ signatures remain the same and debt funding programmes will be kept separate.

Two agreements were signed between the two entities:

  • a mandate agreement between CADES and AFT, which ensures State responsibility for CADES’ funding programme and its social debt service management;
  • an agreement which makes staff at CADES available to work for AFT.

These new conventions transfer operational responsibility for all of CADES’ funding activities and execution of its issuance programme to AFT. As such, AFT will operate on behalf of and for CADES, making its staff available when appropriate.

Both the AFT and CADES teams will work from the same location under a unified management team. 



CADES’ accounting rules are similar to those that apply to State entities Accordingly, receipts and disbursements are made through CADES’ paymaster and are monitored by the Cour des Comptes (control of the financial years 1996 to 1999, 2000 to 2004, and 2005 to 2010 has been carried out). In addition, CADES was subject to the intervention of the Financial Controller of the Minister of Economy and Finance until Decree No. 2015-1764 of December 24, 2015, which amended the CADES institutional texts to exclude it partly from the application of public budget and accounting accounting and from submission to budgetary control.

All major decisions (e.g. affecting CADES’ budget or financial statements) must first be approved by its supervisory ministers. Its borrowing programme must be approved by the Minister of Economy and Finance. CADES can also agree to transfer its administrative and financial management to the State Once a year, the government must prepare a report on CADES’ activity. This report is presented to Parliament while the Social Security Finance Bill is being examined, and is appended to this bill.

The Board of Directors of CADES defines the principles, rules, limits and authorization relating to internal control procedures.

Since the beginning of 2018, an Audit Committee has been set up to comply with governance best practices. The Committee, consisting of four members, will report to the Board with an opinion on the interim and annual results, as well as internal control and risk management.



CADES' governance organization


CADES Board of Directors

As of the ministerial order of 10 May 2011, which was published in the Journal Officiel on 11 May 2011, in addition to the representatives of the supervisory ministers(1), the Board is composed of representatives of the Social Security bodies.

Chairman of the board
Jean-Louis REY

ACOSS (the central of social-security bodies)
Jean-Eudes TESSON, Chairman of the Board of Directors
Substitute: Olivier PERALDI, Member of the Board
Pierre-Yves CHANU, Vice-chairman of the Board
Substitute: Serge CIGANA Member of the Board

CNAMTS (the national health-insurance fund for salaried employees)
Fabrice GOMBERT, Chairman of the Board
Substitute: Yves LAQUEILLE, Vice-chairman of the Board

CNAM (the national pension fund for salaried employees)
Gérard RIVIERE, Chairman of the Board of Directors
Substitute: Pierre BURBAN, Vice-chairman of the Board

CNAV (the national family allowance fund)
Isabelle SANCERNI, Chairman of the Board of Directors
Substitute: Jean-Marie ATTARD, Vice-chairman of the Board

CCMSA (the central agricultural and social mutuality fund)
Pascal CORMERY, Chairman of the Board of Directors
Substitute: Thierry MANTEN, First Vice-chairman of the Board of Directors

Representatives of the Minister in charge of the Economy, Finances and Recovery
Adrien PERRET, Deputy Director, French Treasury
Substitute: Emilie RODRIGUEZ, Bureau Chief, French Treasury

Representatives of the Minister in charge of the Budget
Bastien LLORCA, Deputy Director, Direction générale des Finances publiques (Public Finances Directorate)
Substitute: Valérie PETILLON-BOISSELIER, Bureau Chief, Direction générale des Finances publiques

Representatives of the Minister in charge of Social Security
Franck VON LENNEP, Director of the Social Security Department
Substitute: Morgan DELAYE, Deputy Director of Social Security Financing, Social Security Department
Marianne KERMOAL-BERTHOME , Service Chief, assistant to the Director, Social Security Department
Substitute: Pierre PRADY, Assistant to the Deputy Director Social Security Financing, Social Security Department

Representatives of the Supervisory Board of the FRR (the pension reserve fund)
Philippe Soubirous,
Substitute: Philippe PIHET

CADES Supervisory Committee members

- National Assembly deputies: Dominique DA SILVA (President), Véronique LOUWAGIE
- Senators: Elisabeth DOINEAU, René-Paul SAVARY
- Representatives of the Minister in charge of the Economy and Finances: First representative pending (substitute : pending), Emmanuel MOULIN (substitute: Adrien PERRET) and Bastien Llorca (substitute: Valérie PÉTILLON-BOISSELIER)
- Representatives of the Minister in charge of Social Security: Franck VON LENNEP (substitute: pending), Morgan DELAYE (substitute: Pierre PRADY), Marianne KERMOAL-BERTHOME (substitute: pending)
- Representatives of the Minister in charge of Agriculture: pending
- Member of the Court of Auditors: pending
- Members of the Government Audit Bureau (l’Inspection Générale des Finances): pending
- Members of the Social Affairs Audit Bureau (l’Inspection Générale des Affaires Sociales): Pierre-Louis BRAS (substitute: Jean-Philippe VINQUANT)
- The General Secretary of the Social Security Accounts Commission: Jean-Pierre LABOUREIX (substitute: pending)
- The Chairman of the Board of ACOSS: Jean-Eudes TESSON (substitute: Pierre-Yves CHANU)
- The Chairman of the Board of CNAM: Fabrice GOMBERT (substitute: Yves LAQUEILLE) 
- The Chairman of the Board of CNAV: Gérard RIVIERE (substitute: Pierre BURBAN) 
- The Chairman of the Board of CNAF: Isabelle SANCERNI (substitute: Jean-Marie ATTARD)
- The chairwoman of the commission on occupational accidents and illnesses : Laëtitia ASSALI (substitute : pending).