When you buy a TotalEnergies share, you become a co-owner of the group alongside thousands of other investors. But who are these shareholders that influence the decisions of the French energy giant? The answer goes far beyond the circle of often-cited American funds.
Daniel Kretinsky and TotalEnergies: a new shareholder that changes the climate game
Recent news has brought to light a name not yet closely associated with the French oil sector: Daniel Kretinsky. This Czech billionaire, already known for his investments in media and retail in France, is set to become a significant shareholder of TotalEnergies through a strategic partnership in energy trading.
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Why does this entry deserve so much attention? Because it changes the balance of votes at the general assembly. Until now, resolutions on TotalEnergies’ climate strategy were primarily driven by Anglo-Saxon funds like BlackRock or Vanguard. The arrival of a continental European investor reshuffles the deck.
To understand who the shareholders of Total are according to Guide Patrimoine, one must look beyond just the capital percentages. Kretinsky built his fortune in thermal power plants in Eastern Europe. His stance on energy transition issues may therefore diverge from that of Anglo-Saxon activist funds, which push for a rapid reduction in fossil fuel investments.
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In the upcoming votes at the general assembly, Kretinsky’s voice could support the maintenance of investments in gas, an energy that TotalEnergies considers a transition pillar. This scenario worries some climate NGOs and reassures proponents of a gradual approach.
TotalEnergies’ Shareholding: the Real Weight of Institutional Funds
TotalEnergies is listed both in Paris and New York. This dual listing attracts very different types of investors. Institutional funds, meaning asset managers who invest the savings of millions of clients, hold the largest share of the capital.
Have you noticed that the names BlackRock, Vanguard, or State Street appear in almost every major listed company? It’s because these giants of passive management mechanically buy shares of every company present in stock indices. Their presence in TotalEnergies’ capital does not reflect a strategic choice but an automatic process.
The gradual shift of the main listing to Wall Street, signaled for late 2025, further reinforces this trend. By entering more into American indices, TotalEnergies mechanically attracts more capital from American funds. The main institutional blocks are thus distributed as follows:
- American index funds (BlackRock, Vanguard, State Street), which accumulate significant positions without seeking to directly influence governance on a daily basis
- European managers and sovereign funds, long-standing participants, with more targeted strategies focused on dividend yield
- Climate activist funds, minority in capital but very vocal during general assemblies, which regularly submit resolutions on the group’s carbon trajectory
The French State and Individual Shareholders: Two Underestimated Forces
The French State does not hold a direct stake in TotalEnergies. Its influence comes through indirect channels: Bpifrance and the Caisse des Dépôts, two public institutions funded by taxpayers, have stakes in the group.
This indirect presence of the State does weigh in the equation. It gives the public authority a lever, albeit limited, on the group’s directions regarding electricity production or investments in France.
The Particular Case of Individual French Shareholders
TotalEnergies remains one of the favorite stocks of French savers. The group has historically cultivated this base of individual shareholders through a generous dividend policy and accessible financial communication.
These individual shareholders do not weigh heavily individually. But collectively, they represent a notable fraction of the capital. Their behavior differs from that of funds: they hold their shares longer and vote less often at general assemblies. They are loyal shareholders but not very mobilized on climate resolutions.
Share Purchases by TotalEnergies Executives: A Signal of Confidence
An indicator often overlooked by the general public concerns insider trading, meaning the purchases or sales of shares made by the executives themselves. By the end of 2025, share purchases by executives, including Patrick Pouyanné, the group’s CEO, have been reported.
When a CEO buys shares of their own company with their personal money, it sends a message to the markets. Patrick Pouyanné has strengthened his position in TotalEnergies’ capital, signaling confidence in the group’s strategic trajectory despite geopolitical tensions and oil price volatility.
These transactions do not turn an executive into a dominant shareholder. Their value is primarily symbolic and informational. They complete the picture of a shareholding structure where each category plays a distinct role:
- Index funds provide liquidity and stability of the stock price
- Investors like Kretinsky or French public funds provide a strategic European anchor
- Individual shareholders ensure a loyal and predictable capital base
- Executives, through their purchases, signal their personal conviction about the future of the group
The shareholding of TotalEnergies is not static. The dual listing in Paris and New York, the entry of new profiles like Daniel Kretinsky, and the growing weight of climate resolutions reshape the balance of power each year. For a French saver, keeping an eye on these movements helps to understand in which direction the group is steering its billions of euros in investments in gas, oil, and renewable energies.