SNCF (Société Nationale des Chemins de Fer Français) is a state-owned enterprise, meaning it is wholly owned by the French government. In 2020, as part of a major rail reform, SNCF was transformed into a "Société Anonyme" (a public limited company), but its shares are non-transferable and remain 100% in the hands of the French state. The organization is structured as a group, with SNCF SA acting as the parent company for several subsidiaries, including SNCF Voyageurs (which operates the TGV and regional trains) and SNCF Réseau (which manages the actual tracks and infrastructure). While the company is state-owned, it operates with a degree of commercial independence and must compete with other private operators (like Trenitalia or Renfe) that have begun running trains on French high-speed lines due to EU "open access" regulations. The French government provides significant subsidies to SNCF—especially for the maintenance of the vast rail network—but the company is also tasked with reducing its massive debt and modernizing its fleet to meet the "ecological planning" goals set for 2030 and 2040.