30% Club France Investor Group: Statement of Intent As asset owners and asset managers, we are responsible for the stewardship of the investments we make on behalf of our members and clients. Part of that responsibility includes the assessment of executive management teams of our investee companies. In France, listed companies are required by law to have a minimum of 40% of women on Board of Directors since 2017. As a natural second step, gender diversity is expected to trickle down from the board to reach all executive management layers . As of mid - 2020 , women account ed for 21% 1 on average of the main French - listed companies executive committees ( SBF 120 ). Their roles are predominantly functional: only 12% of operational roles in SBF 120 executive committees are held by women. 2 . In 2020, the revised version of the French Stewardship Code (AFEP - MEDEF) recommended that each listed - company would define its own quota of women in the executive governing bodies . However, there is no precision a round what an appropriated quota of feminization would be. We believe both boards and executive management teams that genuinely embrace cognitive diversity, as manifested through appropr iate gender representation and a broad spectrum of skills and experience, are more likely to achieve better outcomes for investors. There is increasing research to support this hypothesis. Gender equality importance is also reflected through a dedicated UN Sustainable Development Goal (SDG 5 – Gender Equality) making the issue among the most pressing ones to achieve by 2030. The main purpose of the Statement of Intent is to signal the collective voice of the 30% Club Investor Group to companies and the wide r marketplace, and to demonstrate the ways in which members will use their ownership rights and undertake stewardship to encourage progress on gender diversity. The 30% French Club Investor Group acknowledges the need for better corporate diversity in all its forms . Because of the reporting specific ities in France, t he focus of the stewardship activities will be on gender diversity until further notice. 1. Objectives: at least 30% by 2025 As members of the French 30% Club Investor Group, we expect executive management teams of SBF 120 companies to reserve at least 30% of seats held by women by 2025. 30% is the level at which critical mass is achieved and contributions from a minority group starts being heard and valued , impacting leadership decision dynamics 3 . We call on companies to consider women for operational roles where they are often under - represented. 1 Ethics & Boards, as of June 30 th 2020 (link) 2 L’Express and Heidrick & Struggles , Study “Mixité au Sommet”, 2019 3 https://30percentclub.org/about/who - we - are