In 2013, the long-delayed IPO of the Bangkok Mass Transit System Public Co. Ltd. (BTSC) took place, but in an unusually complex form. Instead of selling the shares of the company that owned the elevated railway concession, what was offered were investment units in Thailand’s first publicly listed infrastructure mutual fund: the BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF).

This case describes the partial transformation of the French social security system, and provides a basis for discussion of reform processes in complex organisations. The case raises questions about institutional lethargy, the sources of reform (are they demographic, economic, sociological, ideational?), and suggests conditions required to lock in reform.