The year is 2023, and gender equity is far from being a reality in the world of work. A recent study by Equileap of more than 3,700 publicly traded companies worldwide provides a clear picture of the current situation: "Globally, only 6% of companies have a female CEO, 15% have a female CFO, and 8% have a female chair of the board. From top to bottom, women make up 28% of board members, 20% of executives and 38% of the total workforce."
More social and economic prosperity
What does it matter? Marie Lassegnore has an answer: "Studies have shown that women's education and presence in the workforce contribute to social and economic prosperity, while their underrepresentation in the labor market and in leadership positions affects overall labor productivity." Marie Lassegnore is a CFA and Head of Sustainable Investments at asset manager La Française.
This context also explains why the United Nations has made gender equality one of its Sustainable Development Goals. Lassegnore refers to SDG No. 5 of the 17 goals for the environment and society, which are to be achieved by 2030.
More influence by women desirable
Overcoming these inequalities requires alignment at multiple levels, starting with equal access to education. "Women must be empowered to have an impact. Gender equality must be pursued in hiring, pay and career advancement," Lassegnore says, continuing, "As investors, one of our most important tools is influence: through individual or joint engagement with companies, we can ensure we address the issues that are relevant to a company's long-term sustainability goal."
Influence through commitment
One way to counter the discrepancy in the world of work is to promote the presence of women in management positions. At La Française, we pay attention to this: "We systematically track this indicator in the companies we invest in, whether through stocks or corporate bonds. We believe that having women at the executive level not only leads to better performance of the companies in economic and sustainability terms, but also to potential changes at all other levels of the workforce," says Lassegnore. That includes executives, management and the entire workforce, he said.
A single woman on the board can't make much difference
However, a change in mindset will only be felt once the proportion of women on a board reaches at least three seats, he said; research has shown this to be the case. "That's why we joined the "30% Club France" investor group, which has set itself the goal of increasing gender diversity at board and executive level in SBF120 companies by at least 30% by 2025," explains Lassegnore.
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.