Tough Gender Diversity Targets are Backed up by Action by AXA Investment Managers
Good news day for Gender Diversity …“With tough decisions to make, boards and CEOs need diverse teams who are able to challenge each other to get to the best outcome.” (FT.com)
As AXA IM commit action to their diversity targets by warning that they will use their vote to penalise companies who fail to meet gender targets for female board membership.
Do targets work ? France achieved great success in increasing the representation of women on boards in listed companies moving from 10% in 2011 to 43% in 2019. (CAC) listed businesses were given 6 years to reach 40% or else face penalties. They have exceeded this.
Thankfully, this isn’t lip service from AXA IM, as they have demonstrated they aren’t afraid to take firm action, they voted against 245 companies last year (up from 45 companies in 2018) based on a lack of female board members.