May 2016
Mid-Caps Women Board Index 2016
According to the first survey carried out by the “European Women on Boards” network, the number of women Board members in large French corporations (81 companies of the Euro Stoxx 600 Index) doubled between 2011 and 2015, which ranked France in third place after Norway and Sweden in 2015.
What is the situation of French mid-caps in 2016?
In France, the French Copé-Zimmermann law sets out clearly on companies of a certain size ‒ with more than 500 salaried employees and 50 M€ sales or total assets ‒ to increase to 40% the percentage of women on boards with effect from 1 January 2017.
EIGER International launched an annual Mid-Caps Women Board Index in April 2016. We carried out a first research prior to the 2016 General Meeting Season and on the basis of a sample of 260 mid-caps listed on the Paris Stock Exchange and with revenues between 50 M€ et 1,5 B€ euro. Main results highlight that women’s representation on corporate Boards is underway in France as the direct result of the law.
What is the situation of French mid-caps in 2016?
In France, the French Copé-Zimmermann law sets out clearly on companies of a certain size ‒ with more than 500 salaried employees and 50 M€ sales or total assets ‒ to increase to 40% the percentage of women on boards with effect from 1 January 2017.
EIGER International launched an annual Mid-Caps Women Board Index in April 2016. We carried out a first research prior to the 2016 General Meeting Season and on the basis of a sample of 260 mid-caps listed on the Paris Stock Exchange and with revenues between 50 M€ et 1,5 B€ euro. Main results highlight that women’s representation on corporate Boards is underway in France as the direct result of the law.
- - Women represent 27% of board members in the full sample while only 20% of these companies meet the 40% mandatory quota for women.
- Although current shareholders and managers are sensitive to equal opportunities for women and men and are really caring out to apply gender equality requirements in the board rooms, they express their great difficulties in recruiting women as Board members. Two main reasons given: firstly the pool of experienced women managers qualified for such positions is significantly smaller than the number of men; secondly the female candidates are respecting the rules recommended by the AFEP MEDEF Code on corporate governance, introducing caps on the number of directorships held by private individuals, more strictly.
- However, mid-caps leaders consider this new law instrumental in stimulating them for taking a systematic, methodical and rigorous approach for researching and qualifying candidates.