D idier VALET, Head of Corporate and Investment Banking, Private Banking, Asset Management, Securities Services Can a banker also be an entrepreneur? This question was at the centre of our most recent managers' seminar. Looking back on our history, the answer is a resounding 'yes'. Societe Generale was created by entrepreneurs to support entrepreneurial development projects, particularly on the international stage. Being an entrepreneur means stepping into new territory, whether regions or businesses. This is exactly what our predecessors did when they created brand new business lines like equity derivatives in the 1980s. In today's world, being an entrepreneurial banker is more complicated. Our businesses have been subject to ever stricter regulation since the crisis, and risk management has become a ubiquitous concept. However, bankers who take no risk are not really doing their job. The culture of entrepreneurship should therefore encourage us to overcome the constraints of our environment in a positive way. This is particularly urgent after the trauma of the financial crisis, as people have developed a tendency to hold back while our risk profile has shifted considerably and adapted to the new regulatory environment. What they need now is more elbow room - a breath of fresh air to revive initiative and encourage them to look ahead. LOOK AHEAD 19 I SOCIETE GENERALE 2013-2014 ENTREPRENEURIAL SPIRIT J Our businesses have been subject to ever stricter regulation since the crisis, and risk management has become an ubiquitous concept ean-François PALUS, Deputy Chief Executive Officer, Kering Kering's environment is very different from yours in that there are much fewer constraints. However, I fully agree with you on the need to inspire optimism and practice a management style that frees up initiative. Kering's history is that of a small company driven by the desire to become something larger, stronger and global. Although we have undergone enormous change in the past 50 years, including in our name, the same spirit of entrepreneurship continues to guide us. For us, a store manager is an entrepreneur. Our role as managers is to make sure that every employee feels intimately connected to the long-term future of the company so that they take responsibility, embrace their commitment and take action. This is the inspiration behind our motto: empowering imagination. We value swiftness, audacity and imagination, with the drive to constantly remain one step ahead. JEAN-FRANÇOIS PALUS Jean-François Palus, François-Henri Pinault's closest associate, became Deputy CEO of Kering in 2008. He has spent much of his career in various branches of the company, serving in operational (especially as store manager at FNAC), functional and managerial roles. He was Head of M&A and then Group CFO before being named Deputy CEO. Since 2012, he has also been Chairman of the Administrative Board of Puma. INITIATIVE D. V. : Societe Generale has been supporting Kering's activities for many years, and I'm fascinated by the way your company was able to rise so spectacularly by totally shifting its business profile, from wood and distribution operations to today's luxury and lifestyle portfolio. What's the secret to such a metamorphosis?
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