SCHEDULE 13G/A: Amundi and Amundi Asset Management Disclose 9.7% Stake in TotalEnergies SE

Amundi and Amundi Asset Management US, Inc. have filed an amended Schedule 13G, reporting a beneficial ownership of 9.7% in TotalEnergies SE as of March 31, 2025.

Summary

• Amundi and Amundi Asset Management US, Inc. collectively beneficially own 218,985,112 shares of TotalEnergies SE.
• This represents 9.7% of the class of securities, which includes Shares and American Depository Receipts.
• The reporting persons have shared voting power over 53,671,770 shares and shared dispositive power over all 218,985,112 shares.
• Amundi does not exercise voting rights on 159,421,028 shares held through a French employee investment vehicle (FCPE), where voting rights are controlled by the FCPE's supervisory board with employee representatives holding the majority.

Sentiment

Score: 5

Explanation: Neutral. This is a routine regulatory filing disclosing beneficial ownership, not containing performance or strategic updates that would typically influence sentiment.

Risks

• Amundi, as a significant beneficial owner, does not control the voting rights for a substantial portion (159,421,028 shares) of its reported holdings in TotalEnergies SE, as these are held through an employee-controlled FCPE. This limits Amundi's direct influence on corporate governance matters related to these specific shares.

Future Outlook

This document does not contain forward-looking statements or guidance regarding TotalEnergies SE's future performance or strategic outlook.

Management Comments

• "Amundi does not have the voting rights on 159,421,028 shares which are held through a FCPE (Fonds Commun de Placement d Entreprise, an investment vehicle established under French law), solely dedicated to TotalEnergies groups employees shareholding."
• "The voting rights associated to these shares are exercised by the supervisory Board of the FCPE, where representatives of the employees have the majority (if any the remaining seats of the supervisory board are designated by TotalEnergies), and not by Amundi."
• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a routine disclosure of a significant institutional ownership stake in a major energy company (TotalEnergies SE). Such filings provide transparency on large investment positions, which is standard practice in the financial industry. The specific detail about the FCPE highlights a common mechanism in European companies for employee share ownership, which can influence corporate governance dynamics.

Comparison to Industry Standards

• The 9.7% beneficial ownership stake held by Amundi and its subsidiary is a substantial institutional holding, typical for large asset managers investing in major global companies like TotalEnergies SE.
• The use of an FCPE (Fonds Commun de Placement d Entreprise) for employee shareholding is a common practice in France and other European countries, designed to facilitate employee participation in company ownership while often decentralizing voting power away from the asset manager holding the shares. This contrasts with some Anglo-Saxon models where institutional investors might retain more direct control over voting rights for all shares held.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional investor's stake and the distribution of voting power, particularly concerning employee share schemes.
• Employees (of TotalEnergies): Reaffirms the structure of their shareholding through the FCPE, where their representatives control voting rights for a large block of shares.

Key Dates

Keywords

TotalEnergies SE, Amundi, Amundi Asset Management, Schedule 13G, Beneficial Ownership, SEC Filing, Shares, American Depository Receipts, Institutional Ownership, Investment Management, FCPE, Corporate Governance