2022 Annual Report 11 30% Club France Investor Group Our Approach and Methodology As outlined in the statement of intent, the 30% Club France Investor Group uses engagement and stewardship activities to emphasize the importance of diversity to ourselves as investors and to our clients. Engagement Selection: Selecting Candidates by Assessing Absolute Performance To assess corporate performance on gender diversity, the 30% Club Investor Group uses the following ratio: Executive management was chosen as the indicator because it indicates the number of women at the top of the decision-making ladder at the company below the board. While companies have different names for the executive committee, we define it as the management level below the board. Data on the executive team is relatively easy to obtain and verify without third-party data providers. Comparing the % of female executive managers (FEM) to the % of females in the company allows us to assess performance between companies with differing percentages of females employed. While it is important to push for gender balance in all sectors, we acknowledge that certain sectors do not have as many females in the workforce such as construction and extractives. Wider female participation in certain sectors is a more complex issue that needs to be jointly addressed with public policy, particularly in STEM fields. Other sectors, such as consumers and luxury, have higher rates of female employment, but these higher rates are not often reflected in the composition of the executive management even when there are plenty of females in the talent pipeline, raising questions about the presence of the glass ceiling. Comparing % FEM to total % of females provides additional sector insights and peer-to-peer practices. 2022 Engagement Campaign Active Engagement Campaign In our second year, we continued our engagement campaign and conducted 18 in-person engagement meetings and conversations via email. Throughout our dialogue, companies demonstrated overall commitments and aspirations to achieve gender equality, but it is too soon to see if these verbal commitments will lead to concrete actions and meaningful change. Over the past two years, we have established a baseline for under- engaged companies and set specific next steps to track company momentum going forward. We also observed that some responded in writing, committed to setting up a meeting in the near future, or declined all dialogue with the investor group but declining is more the exception rather than the rule. Soft Engagement (Email Campaigns) In addition to our active dialogue with corporates, we conducted a “soft” email campaign to the SBF120. After the launch of the club in November 2020, we emailed a statement of intent explaining our two key objectives. A second email campaign was sent in May 2021 to investee companies with the KPI list of the SBF120, aiming to share our reporting expectations concerning gender diversity. This year, we sent an email to the SBF120 constituents highlighting our 2021 Annual Report as evidence of our commitment to the matter. In our second year, we continued our engagement campaign and conducted in-person engagement meetings and conversations via email. 18