In its 2022 Annual Report, the 30% Club France Investor Group finds that gender diversity in the SBF 120 has improved, but there is still a long road ahead. That’s why, in keeping with its ESG policy, Ostrum AM is confirming its active participation in the “30% Club France Investor Group”.
The 30% Club France Investor Group (30% Club France IG) has just published its second annual report, revealing the latest trends and data on gender equality in the 120 companies included in France’s SBF 120 Index.
This group, created in 2020 with Ostrum AM as one of its founding members, aims to promote greater gender diversity in the executive management teams of SBF 120 companies. An initial target is to achieve at least 30% in these teams in 2025. The investor group currently has 16 members representing more than €6 trillion in assets under management.
After the second year of the group’s campaign, the findings remain mixed: companies are now more open to committing and better prepared, but the targets they are setting themselves vary enormously.
Two key opposing trends are at play: COVID-19 has had a disproportionately negative effect on women in terms of attracting, retaining and developing talents; on the other hand, enforcement of the Rixain Law1 has acted like a diversity awareness accelerator.
In addition, sectors where women have a high employment rate (e.g. financial services and insurance) still have obvious glass ceilings. Though they might showcase their goals and strategies, these sectors still have a long way to go, and the situation has changed very little since last year.
Lastly, the problem of gender pay gaps is still a focus issue.
1To drive women’s involvement in economic and professional life, the “Rixain” Law of 24 December 2021 includes several measures to promote greater equality between women and men in business. It is with this in mind that Article 14 of the law introduces a requirement for the balanced representation of women and men in executive positions in large corporations.