Patrick Pouyanné, CEO of TotalEnergies, recently addressed the issue of “super-profits” in France. In an interview on France 2’s Télématin program, he asserted that the company’s profits in France did not constitute “super-profits”. This position comes at a time when the taxation of “super-profits” is being discussed as a potential measure for reducing the public deficit. Yaël Braun-Pivet, President of the French National Assembly, and François Bayrou, President of the Modem party, have come out in favor of exploring this option, while French Economy Minister Bruno Le Maire has opposed the proposal.
TotalEnergies’ tax contributions
Globally, TotalEnergies has reported net profits of almost €20 billion in each of the last two years and has indicated that it will have paid around €23 billion in taxes by 2023, which, according to the CEO, places the company among the most heavily taxed in the world. Specifically in France, TotalEnergies has paid 320 million euros in income tax and electricity solidarity taxes for 2023, although the company has chosen not to disclose the exact amount of corporate income tax paid. It should be noted that TotalEnergies has not paid corporate income tax in France for several years in the past.
TotalEnergies’ commitment to the French economy
The CEO highlighted TotalEnergies’ various contributions to the French economy, including an initiative to cap the price of fuel at €1.99 per liter. Despite criticism of its financial rewards to shareholders, TotalEnergies strives to demonstrate its commitment to “sharing value”, as illustrated by the CEO’s recent announcement on France 2 of the “100 for 100” purchasing power measures. These measures include the offer of 100 euros to the “first 100,000 new customers” of certain TotalEnergies electricity offers, as well as 100 euros to 100,000 new loyalty card holders who spend more than 1,000 euros on fuel in 2024. In addition, each TotalEnergies employee worldwide will receive 100 shares in the company, equivalent to around 6,300 euros each, provided they remain with the company for five years, thus reflecting 8% employee share ownership.
This initiative comes just after the TotalEnergies centenary celebration, which brought together 7,000 employees at Porte de Versailles. The CEO stresses the importance of profits to enable TotalEnergies to make gestures of loyalty to its employees and customers.
