Special benefits auditor: when is one required?
Préférence shares, conversions and special benefits: when a special benefits auditor is required in 2026.
Expert note: This article was written by our chartered accountancy firm. Information is current as of 2026. For a personalised review of your situation, contact us.
Updated March 2026 - The commissaire aux avantages particuliers (special benefits auditor) is an independent professional appointed to assess specific rights or advantages granted to named individuals during certain corporate transactions. Their rôle is to inform the shareholders or partners before any vote is taken, so that decisions are made with full knowledge of the facts.
What is a "special benefit" in French company law?#
A special benefit (avantage particulier) is a right or privilege granted to a specifically named shareholder or partner that is not tied to their status as a member per se, and which gives them a greater advantage than other members of the company. It differs from general benefits, which apply to all partners or shareholders in the same category.
In practice, special benefits arise in several situations:
- attribution of double or multiple voting rights to a specific shareholder;
- enhanced pre-emption rights in favour of a named partner;
- the right to nominate a member of the board of directors or management board;
- specific rémunération or compensation linked to an equity entry;
- more favourable share transfer conditions for certain individuals.
The French Commercial Code strictly regulates these mechanisms to protect equality between partners and the transparency of collective decisions.
When is the appointment of a special benefits auditor mandatory?#
The appointment is required in several situations defined by the French Commercial Code.
Issuance of préférence shares (Article L228-15)#
When a joint-stock company creates or converts préférence shares carrying special benefits for named individuals, Article L228-15 of the French Commercial Code requires the appointment of a special benefits auditor. The auditor assesses these benefits and submits a report to the shareholders who will vote on the transaction.
This provision is designed to protect minority shareholders who could see their rights or financial interests diluted by the creation of these special shares.
Conversion into a joint-stock company (Article L224-3)#
When a company converts into a société par actions, if special benefits are granted to certain named individuals, a special benefits auditor must be appointed. Article L224-3 of the French Commercial Code subjects this transaction to independent scrutiny to ensure that partners have all the information they need before deliberating.
Other sensitive corporate transactions#
Certain transactions may also trigger this obligation:
- capital increases with benefits attributed to named individuals;
- restructuring transactions involving specific rights;
- statutory amendments creating share catégories in favour of named persons.
It is essential to correctly characterise the transaction in light of the applicable texts. A mischaracterisation can result in the nullity of the resolution or expose the directors to liability.
See also contribution auditor in SAS or SARL, statutory auditor mission and when a statutory auditor is mandatory.
Who can be appointed as special benefits auditor?#
The special benefits auditor is generally a registered statutory auditor (commissaire aux comptes) enrolled on the official list of the Regional Auditing Body. They must meet strict independence requirements: they must have no direct or indirect conflict of interest with the beneficiaries of the advantages or with the company itself beyond their engagement.
In practice, the appointment takes place:
- by decision of the president of the judicial court, at the company's request;
- by the general meeting of partners or shareholders;
- in certain cases, by unanimous agreement of the partners.
Choosing an experienced professional in company law is critical for the quality of the report and the legal security of the transaction.
What does the special benefits auditor do?#
The mission of the special benefits auditor breaks down into several key stages.
Assessing the advantages#
The auditor examines the nature, scope and economic value of the advantages granted. They verify that these advantages are correctly described in the transaction documentation and that their valuation is in line with market practice.
Drafting the report#
The report of the special benefits auditor is a written document addressed to the partners or shareholders called to vote. It must contain:
- a detailed description of the special benefits;
- an assessment of their value and justification;
- éléments allowing partners to measure the impact of the transaction on their rights;
- a clear conclusion on the regularity and fairness of the benefits.
This report is made available to partners within the statutory notice period before the general meeting. It is an essential part of the decision file.
Articulation with other reports#
In some transactions, the special benefits auditor's report coexists with other reports: the contribution auditor's report, the directors' management report, the statutory auditor's special report on regulated agreements. Coordinating these documents properly is essential to avoid inconsistencies.
Hayot Expertise advice: this subject should never be treated as a last-minute formality. The report forms part of the overall legal security of the transaction and the vote that follows. A tight timeline is the primary source of risk: the appointment of the auditor and the delivery of their report must be anticipated from the preparation phase of the transaction.
What are the consequences if a special benefits auditor is not appointed?#
Failing to appoint a special benefits auditor where required by law is a serious irregularity. The consequences can be severe:
- Nullity of the resolution: the general meeting that approved the transaction without the required report can be declared null and void;
- Directors' liability: directors who proceeded with the transaction without complying with this requirement expose themselves to civil liability, and in some cases criminal liability;
- Unenforceability against third parties: the advantages granted may be declared unenforceable against partners who were not properly informed.
These risks are real and documented by case law. In 2026, commercial courts remain vigilant about compliance with formalities that protect minority partners.
How does the process work in practice?#
Here are the typical steps for a transaction requiring a special benefits auditor:
- Identifying the transaction: determining whether special benefits are being granted to named individuals;
- Legal characterisation: determining the applicable provision (L224-3, L228-15 or another);
- Appointing the auditor: by the court or by the general meeting, depending on the case;
- Review: the auditor examines the documents, assesses the benefits and liaises with the parties;
- Delivering the report: the report is filed and made available to partners within the statutory deadlines;
- Deliberation: the general meeting votes with full knowledge of the facts;
- Completing the transaction: if the vote is favourable, the transaction can proceed.
A minimum period of 15 days between the availability of the report and the meeting is generally observed to guarantee the partners' right to information.
What to secure before launching the transaction#
We recommend systematically checking:
- whether the transaction genuinely creates a special benefit within the meaning of the French Commercial Code;
- the exact legal basis and applicable texts;
- the appointment and reporting timeline, factoring in statutory deadlines;
- articulation with any other required reports (contributions, regulated agreements);
- the auditor's independence and experience in company law;
- compliance with notice periods for making the report available and convening the meeting.
Want to verify whether your transaction requires a special benefits auditor?#
We can help you read the applicable legal framework and secure the transaction timeline. Our team supports directors and shareholders through all sensitive corporate transactions.
Discover our accounting and legal advisory support
Conclusion#
Frequently asked questions
Quand faut-il obligatoirement désigner un commissaire aux avantages particuliers ?
La désignation est obligatoire lorsque des avantages particuliers sont accordés à des personnes nommément désignées lors de certaines opérations : émission d'actions de préférence (article L228-15 du Code de commerce), transformation en société par actions (article L224-3), ou toute opération créant des droits spécifiques au profit d'associés identifiés. Le commissaire apprécie ces avantages et remet un rapport aux associés avant le vote.
Quelle est la différence entre un avantage particulier et un avantage général ?
Un avantage particulier profite à une ou plusieurs personnes spécifiquement désignées, indépendamment de leur qualité d'associé. Un avantage général, en revanche, bénéficie à tous les associés d'une même catégorie ou à l'ensemble des membres de la société. Seul l'avantage particulier déclenche l'intervention d'un commissaire aux avantages particuliers.
Qui peut être désigné commissaire aux avantages particuliers ?
Il s'agit généralement d'un commissaire aux comptes inscrit, indépendant de la société et des bénéficiaires des avantages. La désignation peut intervenir par décision du président du tribunal judiciaire, par l'assemblée générale ou, dans certains cas, par accord unanime des associés. Le professionnel doit justifier d'une compétence en droit des sociétés.
Quelles sont les conséquences si on oublie de designer un commissaire aux avantages particuliers ?
L'absence de désignation peut entraîner la nullité de la délibération de l'assemblée générale, la responsabilité civile ou pénale des dirigeants, et l'inopposabilité des avantages accordés aux associés minoritaires. La jurisprudence est constante sur la sanction de cette irrégularité, qui porte atteinte au droit à l'information des associés.
Quel est le délai entre le rapport du commissaire et l'assemblée générale ?
Un délai minimum est observé entre la mise à disposition du rapport et la tenue de l'assemblée générale, généralement de 15 jours. Ce délai permet aux associés de prendre connaissance du rapport et de poser des questions avant de délibérer. Le non-respect de ce délai constitue une irrégularité susceptible d'entraîner la nullité de la délibération.
Article written by Samuel HAYOT
Chartered Accountant, registered with the Institute of Chartered Accountants.
Regulated French accounting and audit firm based in Paris 8, built to support companies across France with a digital and decision-oriented approach.
Sources
Official and operational sources cited for this page.
This topic is part of our service Company formation in France | SASU, SAS, SARL
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