French AMs unite to raise voice over women representation in exec management

France
On the 11/12/20 at 8:02AM

by

Adrien Paredes-Vanheule

Six French asset management groups have called on local large cap companies to establish action plan in order to have at least 30% women in executive management teams by 2025.

A group of six asset managers have established the 30% Club France Investor Group with the aim of promoting better gender diversity within executive management teams of companies part of the SBF 120 index. The coalition includes Amundi, Axa Investment Managers (Axa IM), La Banque Postale Asset Management (LBPAM), Sycomore Asset Management as well as Natixis Investment Managers' boutiques Mirova and Ostrum Asset Management.

The managers are convinced “diversity in executive management teams fosters a more efficient and innovative decision-making process and allows for better retention of talent”, they said in a statement. Thus, they are committed to combine their engagement and voting capacities with a view to increase the representation of women in the SBF 120’s executive management teams to reach at least 30% by 2025. The group does not intent to fix mandatory quotas but supports a voluntary approach aimed at implementing meaningful and sustainable change, it said.

The six asset management companies will engage with companies (including CEOs, heads of human resources, members of the Boards of Directors, nomination committees) on the issue of diversity within the management teams and will encourage better representation of women, especially in operational roles.

The 30% Club France Investor Group will also look at how gender diversity is considered by SBF 120 companies in the recruitment and promotion process at all levels of the corporate hierarchy. The group specificied that it will ensure the targeted companies have set clear goals relating to gender diversity and that an action plan has been put in place to achieve them.

The group has called on other asset managers and institutional investors invested in SBF 120 companies to join the initiative. “The 30% Club Investor Group has been launched in five countries (Australia, Brazil, Canada, Japan, United Kingdom) and we are pleased to now also be able to bring a collective voice around gender diversity in France. Our strategy will continue to evolve over time and we hope that the SBF 120 companies will respond positively to our requests for dialogue so that we can best support them in this transition,” said Marie Fromaget, Patrick Haustant and Molly Minton, who co-chair the 30% Club France Investor Group.