Six France-based money managers have called on the country's largest listed companies to increase the proportion of women in senior management to one-third by 2025.
The managers have formed the 30% Club France Investor Group to promote better gender diversity across 120 companies. The signatories — Amundi, AXA Investment Managers, La Banque Postale Asset Management, Sycomore Asset Management, Mirova and Ostrum Asset Management — represent €3 trillion ($3.49 trillion) in assets under management. The initiative is part of a wider global effort to improve diversity on boards of companies.
The group aims to support a transition to a more diverse boards at domestic companies and promote diversity in top jobs. The six firms will engage with CEOs, human resources managers, boards of directors and nomination committees on diversity within management teams to encourage better representation of women.
The managers also want to understand how gender diversity criteria are taken into account in the recruitment and promotion processes at these companies, a news release said.
Companies are expected to set out action plans. If 30% Club managers deem improvements set out in the plans to be insufficient, they could use their voting rights to put pressure on companies to act further.
"The 30% Club Investor Group has been launched in five countries (Australia, Brazil, Canada, Japan, United Kingdom) and we are happy to be able to now bring a collective voice around the diversity of women and men in France. Our strategy will continue to evolve over time and we hope that the ..120 companies will respond positively to our requests for exchanges so that we can best support them in this transition," Marie Fromaget, Patrick Haustant and Molly Minton, co-chairmen of the 30% Club France Investor Group, said in the release.