Résumé
The evolutions of mutual banking groups, and the increase in size, raise the question of the reality of mutual governance, especially when we consider the role and powers of elected local branches. That is why we chose to examine those elected. Our case study recounts the responses and comments from more than 200 people (elected officials, managers, employees). The goal is to understand better what they perceive their role and the role of mutual values in the strategic choices made by the group. The results indicate that they see themselves less as a decision makers that relay the concerns of the field and guarantee assets of members. The arrangements put in place show a double learning movement between elected and managers. Mutual values do not appear to be important for strategic choices.