Earthquake in Geneva after the loss of its centenary multinational

ThoseShock of the departure of the SGS
“An earthquake for the economic fabric of Geneva”
Geneva business circles denounce this transfer to Zug from a historic multinational. And sweep the arguments of the SGS.
The ultra -modern back of the SGS headquarters in Geneva, built in 2001 – an expense of 45 million francs. This extension had made it possible to quadruple the surface of the initial building dating from the end of the 19th century and giving facing the lake (it is distinguished in the background, at the bus).
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- Société Générale de Surveillance (SGS) transfers its headquarters from Geneva to Zug and sells its historic building from Place des Alpes.
- Geneva economic circles react with shock and misunderstanding.
- “For several months, we have been doing everything to convince them to stay,” says the President of the Council of State.
In the aftermath of the revelations of the newspaper “Le Temps” on Société Générale de Surveillance (SGS) to transfer its headquarters to the canton of Zug – after one hundred and ten years of presence in Geneva – the economic circles at the end of the lake are still in shock. And, once is not customary, they express their misunderstanding with more vehemence than political leaders.
Director of the Geneva Chamber of Commerce (CCIG), Vincent Subilia, evokes a “real earthquake for the Geneva economic fabric”. The leader of canton companies calls for a mobilization of SGS shareholders – before they decide to confirm such relocation during their general assembly of March 26.
For his part, Jean-François de Saussure, the former boss of Caran d’Ache-who made a third of his career at the SGS-did not hesitate to go up to the niche on social networks To deplore the “short-termist shareholder appetite” reflected by such a decision.
Multinational, “historic channel”
This relocation would not only be motivated by the sweetness of the fiscal climate, on the side of Baar. A Geneva seat which has become too large and the proximity of long-haul flights from Zurich would also have weighed. Contacted, the SGS communication services refuse more details.
For her part, the Minister of the Economy, Delphine Bachmann, repeats with caution that “even if we work intensely to guarantee attractive framework conditions, this is the free choice of a private actor”. If he says “regret this departure”, the group of multinational companies tries to console itself, by “rejoicing all the same that the SGS has chosen Switzerland for its future development, refusing to relocate”.
These reactions are not so motivated by the number of jobs at stake – the Geneva headquarters of the SGS only use 150 people out of the 100,000 employees spread around the world. But by the fear that this gives ideas to other historical multinationals – like MSC or Givaudan. After all, the seat of the Venerable Perfumer Firmenich has already left for Kaiseraugst (AG), even if its merger with the Dutch DSM would explain this trip.
Marchionne years
Present in more than 2,600 branches around the globe, the SGS hides behind the verification of soy cargo cargo loads in Brazil or the technical control workshops in France. The move in Geneva of this Parisian company, specializing in the inspection of cereal cargoes on the port of Rouen or Le Havre, date of 1915.
In 2006, Sergio Marchionne (in G.), emblematic boss of Fiat and chairman of the board of directors of the SGS, was in Geneva to present the new director general of the multinational, Chris Kirk (in D.).
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His name mainly evokes the maneuvers of the large families of industrialists in the Old Continent-the Von Finck, joined in capital by the Agnelli fifteen years ago, Before leaving room to the billionaire Albert Brother. He also echoes to difficulties Elisabeth Salina Amorini, descendant of the founder, in the late 90s. And, of course, in Sergio Marchionne, emblematic Fiat boss who chaired his council Until his premature deathin 2018.
Bring the SGS to us
This mastodon of more than 6.5 billion annual turnover is Directed for a little over a year by Géraldine Picaudwhich deploys a vast restructuring plan. “We had direct discussions for several months and did everything to convince them to stay – we knew that other cantons were on the ranks,” says Nathalie Fontanet, president of the Geneva Council of State and Minister of Finance.
“Here you have a director general who is in her role, leading to the application of a roadmap aimed at gaining agility, operating financial arbitrations … But that is not the question,” replies Vincent Subilia, of the Chamber of Commerce.
“We can regret that this leader draws a line on the historical anchoring of this group,” he adds. And this, “with all the more ease that it has been domiciled for years in Zug – she was previously Holcim’s financial director there – and that its chairman of the board of directors, Calvin Grieder, has always been installed in Zurich , 20 minutes from the S-Bahn, “denounces the one who is also a deputy PLR, however defending himself from interfering in the choices of a business.
A personal tax case?
This transfer mainly brings back through the window the question of taxes. Not those to which society is subject to its profits. From the implementation From the international rule of minimum 15%-as in Europe-the race at the lowest tax between cantons has become blinked. Unless Zug had a few incentives, beyond the official scale.
No, “the difference is played out on the taxation of senior executives – their income and their assets,” warns the leader of Geneva companies. Which gives the example of a person winning one million per year – level exceeded by far, by the bosses of the SGS. Invoice sent by the Zugois tax, if, he-or she-is married-two children? 180,000 francs per year, against 350,000 francs in Geneva.
“Beyond the jobs, it is all large taxpayers who will be lost-it remains imperative to mobilize to avoid an air call,” alerts the boss of the CCIG.
“Futile” patterns of the SGS
Well, and the problems of offices that are too large? “Obviously futile patterns,” says Jean-François de Saussure. Especially since the SGS owns its headquarters in Place des Alpes, which it confirms to have put up for sale.
Dating from the end of the 19th centuryethis historic building had seen its quadruple spaces in 2001, after the addition of a vast building of an ultra -modern adjoining. An expense of 45 million francs which had allowed him to have 8,800 m2then planned for 240 workstations.
“In Zug, given an even more important constraint on land, the offices for rent are no less expensive,” recalls Vincent Subilia, who had arrested the Canton’s real estate management on Monday evening on the RTS plateau. “All tell me that endless options exist to sell the headquarters, reread part of it, one of them offering this morning already a space of 1000 m2Relates the latter.
And the airport? If Zurich offers more international links, “anyway for an area like Africa, it will be necessary to stop”, sweeps an old executive of the group.
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