Lucien Bailly (1871–1940): An eccentric troublemaker and a real precursor. A short story of shareholders’ activism in France at the beginning of the twentieth century

Abstract

The article highlights the role of an eccentric troublemaker at the beginning of the twentieth century – Lucien Bailly. The Pont-à-Mousson company’s archives, one of the major joint stock companies in the mining industry at that time, provide a wealth of information about this very interesting character. It is argued that Lucien Bailly paved the way for present-day activism. While the nature of shareholder-activists is far different today, there is a similar dichotomy between private and public or cooperative and hostile actions. This is the true legacy of Lucien Bailly. He was also the pioneer of proxy fights with the creation of the first association defending minority shareholders and the precursor of social activism.