In its second year of the campaign, the 30% Club France Investor Group conducted a wide variety of activities to engage with corporates, stakeholders, and experts, enabling us to develop key observations regarding gender diversity in France. We conducted 18 in-person engagement meetings and conversations via email. Through our dialogues, we observed that: • Compared to last year, companies are both more open to engaging with us and more prepared. The refusal to engage is more the exception than the rule, even though we faced some refusals under the pretext of “we already have 30% of women on our Executive Committee.” That’s not a good reason given that we look beyond the % of women on the Executive Committee because it is critical but not sufficient to make sure that there is sustainable change at all levels. • Most companies we met are convinced of the value of gender diversity. We have begun to see positive momentum emerge in the form of action plans and targeted goals, but these targets as well as their scopes (i.e., the executive body targeted) and time horizons lack homogeneity, making it difficult to work towards the goal of 30% female representation at the highest levels of management. That said, we need to be ambitious as well as pragmatic. Priorities are different across sectors, so it was interesting and critical to learn about the different blocking factors. • Two opposite trends are coming into play. The COVID-19 crisis had a disproportionately negative impact on women in attracting, retaining, and promoting talent while the enforcement of the Rixain Law acted as an accelerator of awareness for the importance of gender diversity. The issue is more acute in some sectors, particularly industrial and STEM activities, making the competition for attracting female talent more intense. The generalization of telework may accentuate the recruitment problem for those companies where this will not be possible due to the nature of the jobs. We will see in our dialogues how companies can remain attractive to women. Executive Summary • Sectors with high female employment rates (Financial Services and Insurance, Consumers) still have obvious glass ceilings. While there are targets and strategies, these sectors have a long way to go and changed very little compared to last year. We also discussed the notion of the multiplier effect (e.g., for each woman added to the C-Suite, there is a positive impact on senior leadership below the C-Suite). There is an obvious positive impact stemming f rom women as role models - women in the C-Suite are in positions of power and advocating for women in all roles. To drive meaningful change and realize the full power of the multiplier effect across their organizations, they will need to improve gender diversity at the highest levels. That said, this multiplier effect works no matter the sector. • We discussed at length the notion of the gender pay gap and observed some confusion concerning the equal pay gap and gender pay gap. While the equal pay gap means equal pay for equal work and no discrimination based on gender (forbidden by law in France), the gender pay gap captures the under-representation of women in senior, higher-paying positions. Closing the gender pay gap requires measures to break the glass ceiling through adequate, supportive, and relevant HR policies. It is different f rom possible discrimination captured through the equal pay gap. Through our “soft” engagement campaign, we sent a KPI list developed by the 30% Club France Investor Group to the SBF120 to outline our reporting expectations. From the companies that returned the KPI list to us, we observed that: • All KPIs were possible as each of them was at least once reported • There is a lack of consistency in how companies report on quantitative diversity data • There is a lack of granularity and transparency on key diversity data points • Global standards on gender diversity are needed so that employees in different countries enjoy equal benefits and opportunities, and companies disclose this information to ensure transparency Annual Report 2022 8 30% Club France Investor Group