Caroline Ruellan



  • LL.M. (Master of Laws), Harvard Law School, 2004
  • Ph.D, Private Law, University Paris-II Panthéon-Assas, 1998
  • Master’s degree in Philosophy of Law, University Paris-II Panthéon-Assas, 1994
  • Master’s degree in Business and Economic Law, University Paris-II Panthéon-Assas, 1991


  • Thesis Prize of the University Paris-II Panthéon-Assas
  • Albert Wahl thesis prize from the Chancellery of the Universities of Paris


  • French
  • English

Caroline Ruellan has over twenty-five years of experience in corporate law and corporate governance.

Member of the Supervisory Board of Ardian France and the Board of Directors of Atos SE, Caroline Ruellan closely follows the development of many companies in Europe and the implementation of their governance. She was interviewed during the preparatory work for the PACTE Law and in the framework of the Club des Juristes’ working group « SPACs and the attractiveness of French law ». She contributed to the drafting of the Woerth-Dirx parliamentary information report on shareholder activism and to the Paris Europlace report on « Shareholder Governance and Market Practices » (2019-2020). She is a regular speaker on shareholder activism and corporate governance (International Bar Association, Chapter Zero…).

As a member of the Retail Investors Consultative Commission of the French Financial Markets Authority (AMF), she is at the heart of the market’s discussions on companies and their governance as well as the functioning of financial markets.

Caroline Ruellan has chaired and run the Cercle des Administrateurs (CdA) since 2016. A privileged meeting place, sponsored by INSEAD and The Wharton School, and a partner of Euronext, Chapter Zero and EY, the CdA federates and professionalizes executives and directors of listed and unlisted companies in order to promote responsible corporate governance.

Caroline Ruellan developed a practical expertise in governance issues. She joined the AIG Group, a world leader in financial risk insurance. Appointed Regional Claims Specialist for Europe, she advised executives, directors, listed and unlisted companies, and family businesses in the context of crisis and securities class actions before being appointed Head of Innovation and Institutional Relations.

Caroline Ruellan holds a doctorate in private law and is a graduate of Harvard Law School. She was a professor of law at the University and at the École des Mines de Paris for more than fifteen years.




  • « Le conseil d’administration, élément de l’attractivité de la Place de Paris », Forbes, 22 juillet 2021
  • « L’entreprise face à la complexité », Les Échos, 15 juillet 2021
  • « Dirigeants et administrateurs : ce qui menace l’un peut arriver à l’autre », Forbes, 11 mai 2021
  • « Assemblées générales 2021 : l’enjeu climatique saisi par les actionnaires », Forbes, 30 mars 2021
  • « Le défi activiste de Danone », Forbes, 2 mars 2021
  • « Unibail-Rodamco-Westfield : de l’intérêt des activistes à l’intérêt de l’entreprise », Forbes, 4 novembre 2020
  • « Entreprises familiales : hériter n’est pas succéder », Forbes, 31 août 2020
  • « Certaines entreprises s’en sortiront mieux que d’autres », Forbes, 28 avril 2020
  • « Les entreprises familiales, un modèle inspirant », Forbes, 28 mars 2019
  • « Gouvernance publique, gouvernance privée », Forbes, 28 décembre 2018
  • « L’activisme actionnarial renouvelle la gouvernance des sociétés », Le Monde, 31 octobre 2018
  • « Les actionnaires minoritaires, enjeu de gouvernance », Analyse financière n°68, juillet 2018
  • « Le code Afep-Medef devra évoluer vers un vrai code de Place », L’Agefi Quotidien, 29 juin 2018
  • « Sociétés cotées, instaurons le dialogue entre le conseil d’administration et les actionnaires », Les Echos, 3 février 2017

Hugues de Saint Pierre



  • Msc. in Management, ESSEC Business School, 2019
  • Licensed Attorney to the Paris Bar (CAPA), Paris Bar School, 2019
  • Master’s degree in Public Business Law, University Paris-II Panthéon-Assas, 2016


  • French
  • English

Hugues advises on all issues of corporate governance and shareholder relations.

Before joining SONJ Conseil in 2020, Hugues worked in several business law firms advising companies and governments on the development and financing of infrastructure projects, notably at Orrick Herrington & Sutcliffe and August Debouzy.

In Brussels, with Gide Loyrette Nouel, he participated in the development of regulatory strategies for motorway and rail transport, biofuels, agri-food and prudential requirements for financial institutions.

For Ethics & Boards, the world’s leading provider of governance data, Hugues has conducted several studies on the independence and diversity of the governance bodies of companies in the luxury goods sector, as well as the transparency and composition of the boards of directors of corporate foundations of CAC 40 companies.

Hugues is a member of the board of the ESSEC Transition Alumni association, whose goal is to promote the issues of climate transition and carbon sobriety in companies, through the actions of ESSEC Business School graduates. In this capacity, he co-leads the pole in charge of the internal transformation of companies.


  • « Le projet de loi Climat et résilience constitue une double occasion manquée : respecter l’accord de Paris et faire confiance à la science », Le Monde, 12 juin 2021