Good governance practices
ARGAN follows and applies the rules of the MIDDLENEXT Corporate Governance Code for listed companies and also draws inspiration from the principles of the AFEP-MEDEF Code, updated in December 2022.
The Group has chosen a sustainable governance structure based on an Executive Board and a Supervisory Board, with separate chairs for the two bodies.
This separation ensures a balance between management and oversight powers, enabling the company to define its objectives and the means to achieve them in line with its values and mission.
The Executive Board
The Executive Board is responsible for implementing ARGAN’s strategy and is composed of four members with complementary expertise, a solid understanding of logistics real estate and its ecosystem, as well as strong relationships with the various stakeholders and a deep awareness of their expectations.
Ronan Le Lan
President of the Executive Board
A graduate of ESTP Paris, Ronan Le Lan worked from 1989 to 2000 at Bouygues Construction – Île-de-France – as a site manager, then at Bouygues Immobilier – Île-de-France – as a project manager. He joined ARGAN in 2001 as a project manager and is now Director of Development. He has served as Chairman of the Executive Board since 2003.
Francis Albertinelli
CFO
A graduate of ESTP Paris and IAE, Francis Albertinelli worked from 1991 to 1998 within the Bouygues Group, first as reporting manager and then as management control manager. From 1999 to 2003, he served as management control manager within the Network Division of Neuf Cegetel. He joined ARGAN in 2004 as Chief Administrative and Financial Officer and has been a member of the Executive Board since 2007.
Aymar de Germay
General Secretary
A graduate of Sciences Po Paris and ESSEC, he began his career in communications, working notably at Renault and later at the French Government Information Service. He then spent nine years managing a company in the construction sector before joining, from 2008 to 2019, a strategy and public affairs consulting firm serving clients in the real estate, energy, and public services sectors. Before joining ARGAN in 2022, he was Managing Director of TILIA France, a consulting firm specializing in ecological and energy transition.
Stéphane Cassagne
Asset Management Director
Holder of a master’s degree in commercial law and a postgraduate degree (DESS) in business law, Stéphane Cassagne began his career as Legal Director of the Calberson Group from 1997 to 2003. At Geodis, where he worked from 2003 to 2024, he gained extensive experience in the logistics sector, holding various executive positions, including Managing Director for France and member of the Group Executive Committee. Beyond his expertise in logistics and real estate, he knows ARGAN particularly well, having served as a member of the Supervisory Board between 2019 and 2021.
The Supervisory Board
The Supervisory Board is responsible for overseeing the proper implementation of ARGAN’s strategy by the Executive Board and, more broadly, by all the company’s operational teams, ensuring that the strategic directions adopted support effective development and serve the interests of all stakeholders. Composed of six members, the Supervisory Board also includes two specialized committees: the Audit, Risk, and Sustainability Committee, and the Nomination and Remuneration Committee — both chaired by an independent member in accordance with the MiddleNext Code.
Jean-Claude Le Lan
President of the Supervisory Board
With dual training in engineering (CNAM) and business management (IAE and EMBA), he is the inventor of a patented self-supporting roof system for industrial and logistics buildings and founded the company BATIROC in 1979 to develop this patent. On this occasion, he was a national co-winner of the Business Creation Award and received recognition from ANVAR. Jean-Claude Le Lan founded ARGAN, whose activities began in 2000, and has served as Chairman of the Supervisory Board since 2003. He is also a Knight of the French National Order of the Legion of Honour.
Hubert Rodarie
Vice-President of the Supervisory Board
A graduate of École Centrale de Paris and the Institut d’Études Politiques de Paris, and holder of a DEA in soil mechanics and structures, he began his career in 1982 at EDF within the Equipment and Finance Departments. He later became Managing Director of Union de Garantie de Placement, then Director of Financial Development at Compagnie BTP, and in 1994, Managing Director of BTP Investissement (an AMF-accredited portfolio management company). From 2001 to 2020, he served as Deputy Managing Director, and from 2006, Executive Managing Director of SMABTP, SMAvie BTP, and SGAM BTP. He has been a board member of numerous companies, as well as Chairman of Société de la Tour Eiffel (SIIC) and SMA Gestion (an AMF-accredited portfolio management company), and Managing Director of SELICOMI (real estate company) and Investimo (a credit institution accredited by the ACPR). Since 2020, he has been Chairman of Af2i (French Association of Institutional Investors) and Chairman of the SICAV S2EIM. He is also a Knight of the French National Order of the Legion of Honour. He joined ARGAN in 2021 as a member of the Supervisory Board.
Jean-Claude Le Lan Jr
Member of the Supervisory Board
Holder of a DESCF degree, Jean-Claude Le Lan Junior worked from 1994 to 2009 at AXA Real Estate as a financial and accounting systems analyst. He joined ARGAN at the end of 2009 as Head of Management Control and Treasury. He served as a member of the Executive Board from late 2009 until the General Meeting held on March 24, 2022.
Eric Donnet
Independent of the Supervisory Board
A graduate of ICN and holder of the DESCF (Diploma of Higher Studies in Accounting and Finance), he has over 25 years of experience in the finance and real estate sectors. From 2013 to 2024, he served as Chairman of Groupama Gan REIM. In March 2024, he was appointed Chief Executive Officer of the Daniel Féau real estate group.
Constance de Poncins
Independent of the Supervisory Board
A graduate of the French Institute of Actuaries (IAF), she holds a DEA in Econometrics, an Executive MBA from the Management Institute of Paris (MIP/EDHEC), and a corporate director certification. She began her career in 1992 in the Individual Life Technical Department at AXA France, before becoming Head of the Private Management and Partnerships Client Service Department, then Director of Commitments and Cross-Functional Projects. In 2009, she joined Neuflize Vie as Technical and Investment Director and Head of Asset and Liability Management, before becoming General Delegate of the AGIPI savers’ association, an AXA partner. She is currently Director of CREPSA and in charge of supplementary pensions at B2V, a joint social protection group.
Prédica represented by Najat Aasqui
Member of the Supervisory Board
Holder of a postgraduate degree (DESS) in Banking and Finance from the University of Paris X and a master’s degree in Economics from the University of Lille I, Ms. Najat Aasqui held several positions in corporate banking, particularly in acquisition financing, within the Crédit Agricole Group. She joined Crédit Agricole Assurances in 2017 as an Investment Manager (private equity and listed equities). In March 2019, she was appointed Head of Listed Equity Investment Portfolios at Crédit Agricole Assurances.
Audit, Risks and Sustainability Committee
The Audit, Risks, and Sustainability Committee is responsible, on behalf of the Supervisory Board, for monitoring the effectiveness of internal control and risk management systems and reporting on them. This oversight is carried out in particular through dashboards updated semi-annually in connection with the financial statement closings.
Eric Donnet
President of the Audit, Risks and Sustainability Committee
Prédica represented by Najat Aasqui
Member of the Audit, Risks and Sustainability Committee
Hubert Rodarie
Member of the Audit, Risks and Sustainability Committee
Appointments & Remuneration Committee
The Appointments & Remuneration Committee is responsible for providing advisory opinions and recommendations regarding the composition of ARGAN’s governance bodies, as well as the overall framework and allocation methods for remuneration.
Constance de Poncins
President of the Appointments & Remuneration Committee
Prédica represented by Najat Aaasqui
Member of the Appointments & Remuneration Committee
Hubert Rodarie
Member of the Appointments & Remuneration Committee