The 30% Club is a “campaign” and its mission is to achieve a quota of women of at least 30% on executive boards, supervisory boards and at the C-level. The campaign started in the UK in 2011, and chapters have gradually opened in other countries as well, for example in Australia, Brazil, Canada and Japan.
France chapter opened
The youngest activity of the 30% Club is the regional investor group in France, which was founded on November 11, 2020. It was started by 6 asset managers who together represent assets of almost 3 trillion euros. Specifically, the founding companies are
- Amundi
- AXA Investment Managers (AXA IM)
- La Banque Postale Asset Management (LBP AM)
- Sycomore Asset Management
- Mirova
- Ostrum Asset Management,
the latter two companies being associated with Natixis Investment Managers.
The members of the new group explain their founding: “The diversity in management teams promotes a more efficient and innovative decision-making process and enables better retention of talent. As investors, we want to promote the sustainable growth of the companies in which we invest, and we believe that this can be achieved through better representation of women on management teams. For this reason we are starting today the 30% Club France Investor Group ”
Bundling of engagement and coordination capacities
By bundling the commitment and coordination capacities of its member companies, the group wants to increase the representation of women in the management teams of the companies represented in the French SBF 120 equity index to at least 30% by 2025. In addition, the group wants to create a balanced gender ratio in the management levels of companies, i.e. also beyond 30%. The group does not intend to set binding quotas, but supports a voluntary approach that aims to implement meaningful and sustainable changes
The group is open to other members and wants to work with and coordinate a community of investors on the subject of gender diversity. It wants to initiate open discussions with the SER120 companies and support them in the transition to more gender equality. It also highlights how gender diversity is taken into account in the recruiting and promotion process at all levels of the corporate hierarchy to ensure the creation of a sufficiently diverse talent pool across the company. The group also looks if companies set clear targets for gender diversity and if an action plan is put in place to achieve these targets.
The French investor group is headed by Patrick Haustant and Molly Minton (both ESG analysts at Amundi) and Marie Fromaget, Human Capital and Diversity Analyst at AXA Investment Manager.
We Fondsfrauen are proud that it is our industry that launched this initiative and wants to bring about change - now also in France!
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.