On Monday, April 21, the HATPV (High Authority for Transparency in Public Life) published on its website the declarations of interests and assets of 30 members of Mr. Sébastien Lecornu's government, revealing very diverse situations. the top 5 richest ministersMonique Barbut, the Minister of Ecology, notably holds shares in Inditex, the Spanish textile group that owns Zara. This information has certainly sparked reactions, given that the latest version of the anti-fast fashion bill championed by the Minister specifically exempts this brand.
The Monique Barbut case
The asset declarations published by the High Authority for Transparency in Public Life (HATVP) have indeed revealed some surprises. Notably, those concerning the former head of WWF France and current Minister for Ecological Transition, Monique Barbut. Well-off and a well-known figure in French environmental activism, she knows how to invest her money. In addition to a Parisian apartment valued at €2,2 million, she holds a portfolio of shares in some thirty major listed companies, totaling €153.362.
Among the holdings are shares in BNP Paribas, Dassault Systèmes, Airbus, and Inditex. Quoted in Usbek & Rica, Farah Zaoui, an ethics expert and founder of Probitas, a consulting firm specializing in corruption prevention, expressed concern: “With such financial holdings, it is essential to ensure that Ms. Barbut’s objectivity has not been compromised and that the minister has not favored private interests within the framework of her public mandate. If the minister were to comment on a matter related to Airbus in the future, for example, it would be necessary to determine whether her decision would be made with complete independence, impartiality, and objectivity, and possibly include measures to prevent potential conflicts of interest.”
This stake in Inditex is ironic given the minister's stated commitment against fast fashion, of which Zara, along with H&M, is undoubtedly the most emblematic example, and given that... the environmental impact of these two brandsThis raises a fundamental question far more serious than mere hypocrisy: that of a conflict of interest and the minister's true independence. Monique Barbut holds nearly €4,000 worth of Inditex shares, the parent company of Zara and a historical figure in fast fashion. Yet the government, largely at her instigation, is attempting to push through a new version of the anti-fast fashion law intended to severely impact ultra-fast newcomers like Shein and Temu, while sparing established European fast fashion players such as Zara and H&M.
A differentiated treatment between "fast fashion" and "ultra fast fashion" which is based on a separation deemed "artificial" by several organizations gathered within the Stop Fast Fashion coalition, who take notes Traditional fast fashion brands (Zara, H&M, etc.) are responsible for nearly 50% of textile waste, while ultra-fast fashion brands (Shein, Temu, etc.) account for only 5%. This double standard, unjustified from an environmental standpoint, could it have been motivated by other reasons? The minister, a direct shareholder of Inditex, finds herself in a position to regulate a sector from which she personally benefits. How, under these circumstances, can she guarantee her independence? Can she truly arbitrate impartially between environmental protection and defending the interests of the companies in which she holds a stake, however small?
Doubt is further compounded by the fact that the European Commission has, in a recent opinion, put a halt to this system Deemed incompatible with the rules of the single market and suspected of constituting a disguised barrier to trade, the text is currently stalled in Brussels. Meanwhile, the office of Monique Barbut, which also reportedly holds shares TotalEnergiesThe article asserts that the minister has no say in the choice of companies in which she holds shares: “The minister declared that she holds a share savings plan (PEA), which is an investment vehicle. This PEA is entrusted to her bank under a management mandate that excludes any oversight on her part during her term of office.” Nevertheless, it's difficult to imagine that, if she isn't responsible for her shareholdings, she isn't at least informed about them…
Mixed fortunes
Other wealthy figures include Roland Lescure and the lesser-known Serge Papin. The Minister of the Economy has saved well throughout his life. He has assets exceeding €3,7 million, including two apartments in the capital worth €2.8 million (and likely worth more if sold), as well as €136.000 in liquid savings and €246.000 in life insurance with HSBC. Serge Papin, in charge of SMEs, owns a small business that is thriving. His fortune is estimated at €8.5 million, making him the wealthiest of our ministers. While there is no question of a conflict of interest here, one might be concerned that such a wealthy political figure has also launched a crusade against fast fashion, which allows millions of French people far less well-off than himself to dress decently.
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