In theory there is nothing to prevent him

Hard to imagine Charles Milhaud retired. Everyone knows, internally, the President of the Executive Board of the National Fund of the crates of d'Epargne (CNCE) will reach the age limit, set at 65, February 20, 2008. But nobody sees to all Caisses d'Epargne. A year and a half of the deadline, the speculation about his future in the group are well underway for a few weeks, probably revived by the appointment of Nicolas Mérindol to the post of Director General. And by the accession of the President of the Executive Board of the CNCE, before summer, to a position of administrator in one of the local savings companies (SLE) with the capital of the Fund of saving of Marseille. The Chairman of its Board of directors or the Chairman of the Supervisory Board of this Fund were previously warned of his approach. So that it has attracted, in the network, as much questions as stir.

Up to seventy-two years

Concretely, two routes available to Charles Milhaud if he wants to stay in the group. The first would be to retain a political role of weight renounced its operational functions. In addition to the chairmanship of the Supervisory Board of NatIxis, the holding company called together the activities of wholesale Caisses d'Epargne and Banques Populaires Bank, that it will be for a term of six years from the end of the year, it could thus be tempted by the chairmanship of the Supervisory Board of the Fund of saving of Marseille, even... of the Caisse nationale of Caisses d'Epargne. In theory, there is nothing to prevent him. He would meet no waiting period before running these positions, abandoned once the Chair of the Executive Board of the CNCE. But he will have him climb then all levels for to move to the head of the Council of orientation and monitoring of the Fund of saving of Marseille, and then integrate the Supervisory Board of the CNCE, before to run for President. This function may be exercised up to seventy-two years.

Comolet or Mérindol

Such a figure case leave pending the issue of the succession of Charles Milhaud to the chairmanship of the Executive Board for the period remaining until the end of his six year term in December 2009. None of the "barons" who chair the main Caisses d'Epargne not being expressed at this stage, the President of the Executive Board of the Fund of savings in Paris, Bernard Comolet, could ensure a transition smoothly, occupying the position. Unless Nicolas Mérindol decides to be a candidate.

Charles Milhaud could also choose a different solution. It would be to amend the statutes of the CNCE to push the limit of age to 68 years, as the idea had been fondled a time before being buried under the bushel. Another option: an extension to December 2009 only. In such a case, Charles Milhaud would not to recall the approval of the Minister of economy and finance, which has veto power in the appointment of a new President. As with any statutory amendment, he would return to the Chairmen of Board of Directors to decide by vote in the General Assembly.