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Governance bodies

Governance bodies


The General Assembly is solely responsible for:

  • determining the annual subscription fee;
  • deciding on the dissolution of the association;
  • ratifying statutory amendments proposed by and previously approved by the Board of Administration, subject to the change of registered office as stipulated in Article 4 of the present statutes;
  • disbarring members of the association;
  • electing and dismissing members of the Management Board of directors;
  • approving the accounts for the year ended and agreeing on the budget for the following financial year;
  • agreeing on the allocation of income from the financial year ended;
  • approving the regulated agreements shown in the special report of the statutory auditor;
  • releasing members of the Board of Administration from their management duties.

The General Assembly confers on all issues specified in the agenda.

8 founder members

Ecole Polytechnique
ENSAE Paris-Tech
Toulouse School of Economics
Université Paris-Dauphine
Institut Europlace de Finance
Fondation du Risque

12 associate members

Representatives of Chairs and acadamic institutions attached to the Institut Louis Bachelier with paid-up membership

1 representative from the general management of the treasury

Invited as main funder of the Institute


The Board of Administration defines the means to be implemented for achieving the association’s objectives. It is invested with wide-ranging powers to authorise all acts and operations permissible to the association that are not reserved for the general assembly.

André LÉVY-LANG, President of the Board of Administration , under the Risk Foundation
Jean BOISSINOT, Special advisor of Banque de France
Arnaud de BRESSON, under Paris-Europlace
Pierre-André CHIAPPORI, Professor of Economics, Columbia University, as Qualified Scientific Personality
Nicole EL KAROUI, elected by the scientific directors of the Institut Europlace de Finance and Risk Foundation research programmes
Marie EKELAND, President of France Digitale, as External Qualified Personality
Antoine FRACHOT, Deputy Chief Executive Officer of Credit immobilier de France
Christian GOLLIER, Director of Toulouse School of Economics, as External Qualified Scientific Personality                                                   

Elyès JOUINI, Academic Vice-President of the Board of Administration, President of the Fondation Dauphine, as Qualified Scientific Personality
Denis KESSLER, President and General Manager of SCOR, as External Qualified Personality
Guy LALANNE, Chef du pôle Analyse économique à la Direction générale du Trésor – DGT
Isabelle LAUDIER, under the Caisse des Dépôts et Consignations
Pierre-Louis LIONS, Professor at the Collège de France, Qualified Scientific Personality
Jean-Hervé LORENZI, under the Pôle de Compétitivité Finance Innovation
Didier VALET, Vice-President Industry of the Board of Administration, under the Institut Europlace de Finance


The Management Committee provides the Board of Directors with the resources needed to achieve the objectives of the association and monitors the proper implementation of the strategy defined by the Board of Administration.


André LÉVY-LANG, President of the Institut Louis Bachelier Board of Administration
Jean-Michel BEACCO, Chief Representative
Bertrand VILLENEUVE, President of the Scientific Executive Board
Jean BERTHON, Risk Foundation
Edouard-François de LENCQUESAING, EIFR
Dominique LEBLANC, ESL France
Florence PICARD, Institut des Actuaires
Nizar TOUZI, Ecole Polytechnique


Arnaud de BRESSON, Institut Europlace de Finance
Nicole EL KAROUI,  Pierre et Marie Curie University
Christian GOURIÉROUX, CREST, Toronto University
Elyès JOUINI, Fondation Dauphine
Jean-Hervé LORENZI, Cercle des Économistes
Sylvain de FORGES,
Charles Albert LEHALLES, CFM, Interdisciplinary program Finance and Insurance Reloaded
Peter TANKOV, ENSAE, Interdisciplinary program Green and Sustainable Finance
Stéphane VOISIN, Interdisciplinary program Green and Sustainable Finance
Benoit HUBAUD, Société Général
Thomas BEHAR, CNP Assurances


The role of the Scientific Executive Board is to provide support to the Management Committee by thinking about the policy that may be pursued by the Association and proposals for actions that may be decided by the Management Committee or suggested to the Management Board, in accordance with their respective areas of competence. In particular, it is responsible for:

  • proposing a scientific strategy and making recommendations on the association’s orientations and priorities;
  • examining the projects submitted by the members of the association or any other external individual interested in the aims of the association;
  • presenting to the Management Committee the state of progress of work undertaken by the association and evaluating the results obtained.


Bertrand VILLENEUVE, Paris-Dauphine University


Frédéric ABERGEL, Ecole Centrale Paris
René AÏD, EDF R&D 
Brigitte DORMONT,  Paris-Dauphine University
Nicole EL KAROUI,  Pierre et Marie Curie University
Christian GOURIÉROUX, Toronto University – CREST
Monique JEANBLANC, Evry-Val-d’Essonne University
Elyès JOUINI,  Paris-Dauphine University
Jean-Paul LAURENT,  Paris 1 Panthéon-Sorbonne University
Charles-Albert LEHALLE, Capital Fund Management, Imperial College London  
Christophe PERIGNON, HEC Paris
Nizar TOUZI, Ecole Polytechnique
Stéphane VILLENEUVE, Toulouse School of Economics


Created in 2012 within the framework of obtaining the Louis Bachelier Finance and Sustainable Growth LABEX, the International Scientific Council ensures the consistency of the LABEX (Laboratoire d’Excellence) scientific strategy. It is more specifically responsible for evaluating the scientific quality of research programmes attached to the Foundations (EIF and RF) and their conformity with strategic axes.

Convening once a year, the ISC is chaired by Pierre-Louis Lions (professor at Collège de France) and is composed of six internationally acclaimed researchers:

Yacine AIT-SAHALIA, Professor of Finance and Economics, Princeton
Mark DAVIS, Professor of Mathematical Finance, Imperial College
Georges DIONNE, Professor of Finance, HEC Montreal
Helene REY, Professor of Economics, London Business School
Walter SCHACHERMAYER, Professor of Mathematics, University of Vienna
Harris SCHLESINGER, Professor of Finance, University of Alabama