Respecting stakeholder values
A Michelin case study

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Page 4: Company shareholders

Copyright: MichelinIn late December 2004, Michelin had 2,584 institutional shareholders and 188,947 individual shareholders. All were registered with the company by name. The economic well-being of Michelin is a prime concern of its shareholders. They need a return on the cash they invest. They not only seek to share in the success of the business, but they share in the risks too.

If something happened that cost Michelin money, shareholders would pay the cost. Michelin's global management takes their interests very seriously. The company has adopted many 'principles of action' that govern its shareholder relationship.

The first principle is to drive for profits. By achieving financial success, the company can further develop. However, Michelin knows it must also care for the environment and for the people of the world and the societies they live in. Michelin sees these things as all linked.

Michelin knows that shareholders need information from the company. Therefore, there is regular, accurate and honest contact between it and its shareholders. There is an 'Investors Relations Department'. This ensures the company has a common approach to the range of investors. There is also a 'Shareholder Consultative Committee'. The website - - has a shareholders' space with all the relevant documents. There is a CD-ROM for them too.

Michelin | Respecting stakeholder values