Hermès's Active Partner, the family-controlled Émile Hermès SAS
Hermès International is a société en commandite par actions, a partnership limited by shares, and its 2025 Universal Registration Document spells out what that means for Émile Hermès SAS, the Active Partner through which the Hermès (@hermes) family group controls the company. The Active Partner is jointly and severally liable for all of the company's debts, for an indefinite period of time. Article L226-1 of the French Code de commerce sets the same rule for every commandité in such a company, while shareholders bear losses up to their contributions. The filing gives the partner strategy and budgets, the Executive Chairmen's compensation policy, and the authorisation of significant transactions. Under the articles of association, the power to appoint an Executive Chairman is reserved to the Active Partners, acting on the Supervisory Board's recommendation. The partner cannot vote on appointments to the Supervisory Board, a rule Article L226-4 of the Code de commerce also sets for commandité shareholders. Article 26 pays the Active Partners a fixed share of distributable profits within nine months of the year end, and the remaining distributable profits revert to the shareholders. For the 2025 financial year, the allocation of net income put to the general meeting of 17 April 2026 set aside €27,961,926 for the Active Partner.