SNCF is fully owned by the French State, whose 100% interest is in shares that cannot be sold or transferred. We pride ourselves on transparency, and regularly publish half-year and full-year financial results. These reports are available on our official website and through France’s financial market regulator, the Autorité des Marchés Financiers (AMF). Throughout the year, we operate under rigorous oversight, meeting regularly with statutory auditors—who certify our accounts—financial and non-financial rating agencies, and the press, to ensure accountability and compliance.

Our management control and internal control teams audit and streamline our financial processes. France’s Court of Auditors and parliamentary commissions conduct regular inspections to analyse and ensure a thorough understanding of SNCF Group’s accounts. In addition, each of our public limited companies (sociétés anonymes) reports to its Board of Directors.

SNCF Holding, which sets Group strategy, and SNCF Réseau have created national committees that give a wide range of stakeholders a say in the Group’s strategic decision-making. The Autorité de Régulation des Transports (ART), France’s transport sector regulator, regularly audits all SNCF Réseau activities and the way it sets track access fees.

SNCF, along with the Association of French Regions (ARF), has adopted a more uniform and robust oversight process for regional services like TER and Transilien that help fulfill the mission of France’s Transport Organizing Authorities (TOA). And each year SNCF Voyageurs sends the TOAs documentation on how their operations contract is managed, service quality indicators, and so on.