# How does the CAC 40 govern AI? What its official filings say > In their fiscal 2025 universal registration documents, all 40 CAC 40 companies describe uses of artificial intelligence and 38 set out an AI strategy. Yet only 19 mention an AI policy or charter, 9 say they have made it public, and 14 name an executive body in charge of steering AI (WYP.agency study, October 2026). 22% of CAC 40 companies say they have **made their AI policy public.** All of them describe AI use cases. WYP.agency study · 40 universal registration documents, FY2025 · October 2026 *Free to reuse (CC BY 4.0), credit “WYP.agency study, October 2026”.* ## 01 The finding AI is everywhere in CAC 40 filings. The framework that governs it, much less so. 40/40 describe concrete AI use cases FY2025 filings 38/40 set out an AI strategy or ambitions FY2025 filings 19/40 mention an AI policy, charter or principles in force FY2025 filings 14/40 name an executive body or role steering AI FY2025 filings WYP reading Large companies readily explain what AI brings them. They say much less about who is accountable for it. **A strategy without a policy or a named owner leaves every team to decide alone.** ## 02 The 13 criteria Share of the 40 companies disclosing each governance element in their official annual filing. AI use cases described 100% AI strategy 95% AI in risk factors 88% AI training 80% Quantified AI indicator 78% Board engaged on AI 70% AI risk management 70% Employee use of generative AI governed 60% AI Act mentioned 50% AI policy or charter 48% Assessment or audit of AI systems 38% Named executive body for AI 35% AI policy made public 22% ## 03 Boards engage, management organises less In 28 companies, the board or one of its committees dealt with AI during the year. But only 14 name a body or role steering AI group-wide (AI committee, Chief AI Officer, AI department). And 20 mention the AI Act, whose obligations are phased in until 2028. ## 04 Employees and generative AI 24 companies describe a generative AI tool provided to employees or usage rules. **16 say nothing about how their staff use ChatGPT, Copilot or similar tools.** That is where shadow AI starts: two thirds of office workers have used an AI tool they believed was prohibited ([Shadow AI Barometer 2026](/en/glossary/shadow-ai-barometer-2026/)). ## 05 Compared with large European companies Indicative comparison with *Decoding AI Disclosure* (FTI Consulting and Trinity College Dublin, November 2024) on the 50 STOXX Europe 50 companies and their 2023 reports. Scope, year and documents differ. Criterion CAC 40, FY2025 filings STOXX Europe 50, 2023 reports AI policy or charter 48% 38% Board engaged on AI 70% 46% Named executive body for AI 35% 48% AI training 80% 52% Assessment or audit of AI systems 38% 6% AI strategy 95% 100% AI risk management 70% 40% Quantified AI indicator 78% 26% AI use cases described 100% 84% ## 06 The 40 companies ● = disclosed in the official annual filing (quotation and page in the dataset); · = not found. Alphabetical order. Company Pol. Pub. Board Exec. Train. Assess. Strat. Risk KPI Use RF AI Act Staff Criteria Accor · · · · · · ● ● ● ● ● · · **5**/13 Air Liquide ● · ● ● ● ● ● ● ● ● ● ● · **11**/13 Airbus · · ● ● ● · ● · ● ● · · ● **7**/13 ArcelorMittal · · · · ● · ● · ● ● ● · · **5**/13 AXA ● ● ● ● ● ● ● ● ● ● ● ● ● **13**/13 BNP Paribas · · ● ● ● ● ● ● ● ● · ● ● **10**/13 Bouygues ● · ● ● ● · ● ● ● ● ● · ● **10**/13 Bureau Veritas ● · ● ● ● ● ● ● ● ● ● · ● **11**/13 Capgemini ● ● ● ● ● ● ● ● ● ● ● ● ● **13**/13 Carrefour · · · ● ● · ● ● ● ● ● ● ● **9**/13 Crédit Agricole S.A. · · ● · ● ● ● · ● ● ● · ● **8**/13 Danone · · ● · ● · ● · · ● ● · · **5**/13 Dassault Systèmes ● ● · ● ● ● ● ● · ● ● · · **9**/13 Eiffage · · ● ● ● ● ● ● ● ● ● ● ● **11**/13 Engie · · ● · · · ● · · ● ● ● · **5**/13 EssilorLuxottica ● · ● · · · ● ● ● ● ● ● · **8**/13 Eurofins Scientific · · · · · · ● · · ● ● · · **3**/13 Euronext · · ● · ● · ● ● ● ● ● ● ● **9**/13 Hermès International · · ● · · ● · ● · ● ● · · **5**/13 Kering · · · · · · ● ● ● ● ● ● · **6**/13 L'Oréal ● ● ● · ● ● ● ● ● ● ● · ● **11**/13 Legrand · · · · ● · ● · ● ● ● · · **5**/13 LVMH ● · ● · ● · · · · ● · · · **4**/13 Michelin ● ● ● · ● · ● ● ● ● ● · ● **10**/13 Orange ● ● ● ● ● ● ● ● ● ● ● ● ● **13**/13 Pernod Ricard ● · · · ● ● ● ● ● ● ● ● ● **10**/13 Publicis Groupe ● ● ● · ● ● ● ● ● ● ● ● ● **12**/13 Renault ● · · · ● · ● ● · ● · ● ● **7**/13 Safran · · ● ● ● · ● ● ● ● ● ● ● **10**/13 Saint-Gobain · · · · ● · ● · ● ● · · ● **5**/13 Sanofi ● · ● · ● · ● ● ● ● ● ● ● **10**/13 Schneider Electric ● ● ● ● ● ● ● ● ● ● ● · ● **12**/13 Société Générale · · ● · ● · ● ● ● ● ● ● ● **9**/13 Stellantis · · · · ● · ● · · ● ● ● · **5**/13 STMicroelectronics ● ● · · · · ● · · ● ● ● ● **7**/13 Thales ● · ● · · · ● ● ● ● ● · · **7**/13 TotalEnergies · · ● · ● · ● · ● ● ● · ● **7**/13 Unibail-Rodamco-Westfield · · ● · ● · ● ● ● ● ● · · **7**/13 Veolia Environnement ● · ● ● ● ● ● ● ● ● ● ● ● **12**/13 Vinci · · ● · ● · ● ● ● ● ● · · **7**/13 ## 07 Method and data - **Scope:** official CAC 40 composition on 16 October 2026 (Euronext). FY2025 universal registration document; 2025 annual report for Airbus, ArcelorMittal, Eurofins, Euronext, Stellantis and STMicroelectronics; year ended 30 June 2026 for Pernod Ricard. - **What is measured:** disclosure, not practice. “Not found” does not mean “does not exist”. - **Checks:** exact quotation and page for every positive answer, verified by script; second search in French and English for every negative answer; written decision rules; independent cross-check of 10 randomly drawn companies. - **Right of reply:** any company may point out an omitted passage; corrections will be dated on this page. - **Open data:** [download the dataset (CSV, CC BY 4.0)](/assets/wyp-etude-gouvernance-ia-cac40-2026-v1.csv), with page and quotation for each company and criterion. ## FAQ **How many CAC 40 companies have an AI policy?** 19 of 40 (48%) mention an AI-specific policy, charter or principles in force in their FY2025 filing. 9 say the text is publicly available. **Do CAC 40 boards oversee AI?** Yes, in 28 of 40 companies (70%): a board or committee session, seminar, review or director training on AI during the year. Director biographies and skills matrices are not counted. **Is the CAC 40 preparing for the AI Act?** 20 of 40 companies (50%) mention the EU AI Act in their annual filing. Its obligations are phased in from 2025 to 2028: transparency since August 2026, high-risk systems from December 2027 (timeline adjusted by the 2026 Digital Omnibus). **How was the study carried out?** Review of the 40 FY2025 universal registration documents (annual report for the 5 non-French companies), extraction of AI passages, coding of 13 criteria with quotation and page, a second search for every negative answer, and an independent cross-check of 10 randomly drawn companies. Data under CC BY 4.0. ## See also - [AI Act](https://wyp.agency/en/glossary/ai-act/) - [Shadow AI](https://wyp.agency/en/glossary/shadow-ai/) - [Shadow AI Barometer 2026](https://wyp.agency/en/glossary/shadow-ai-barometer-2026/) - [ISO/IEC 42001](https://wyp.agency/en/glossary/iso-42001/) - [Guardrails](https://wyp.agency/en/glossary/guardrails/) ## Sources - FTI Consulting et Trinity College Dublin, « Decoding AI Disclosure », 25 novembre 2024 (https://www.tcd.ie/media/tcd/business/research/Decoding-AI-Disclosure-Report.pdf) - Forum pour l'Investissement Responsable, « Assemblées générales 2025 : comment le CAC 40 répond-il ? », janvier 2026 (https://www.frenchsif.org/isr_esg/wp-content/uploads/FIR_Rapport-S6-AG2025_23.01.2026.pdf) - Euronext, composition de l'indice CAC 40 (FR0003500008) au 16 octobre 2026 (https://live.euronext.com/fr/product/indices/FR0003500008-XPAR/market-information) - AMF, base des décisions et informations financières (dépôts ESEF des DEU 2025) (https://bdif.amf-france.org/) - Règlement (UE) 2024/1689 sur l'intelligence artificielle (AI Act), EUR-Lex (https://eur-lex.europa.eu/eli/reg/2024/1689/oj) --- Entry from the WYP.agency AI glossary · https://wyp.agency/en/glossary/cac40-ai-governance-2026/ · Last updated : 2026-10-16