Gender equality in the CAC 401 is often presented as a success. Yet, behind the visible progress, particularly on boards of directors, there remain profound imbalances in real access to power. Drawing on data from the SKEMA Observatory on Corporate Feminisation and research by Michel Ferrary (Professor of Management at the University of Geneva, and Affiliate Professor at SKEMA Business School), this policy paper offers a new perspective on gender equality in CAC 40 companies, analysing its effects, limitations, and the most efficient drivers for change towards more equality between men and women.
The CAC 40 Is Ahead on Gender Parity… But Not on Inclusion
In just over a decade, France rose to become one of the most advanced countries in terms of gender parity on boards of director. Nearly half of the board seats are now held by women, a result directly linked to the introduction of binding quotas. This rapid change has profoundly transformed the institutional governance of CAC 40 companies.
However, this apparent success masks a more nuanced reality. When looking at executive committees—where operational decisions are taken—the proportion of women remains significantly lower. This discrepancy reveals a well-known phenomenon: the glass ceiling. In other words, women find it easier to gain access to supervisory bodies than to positions of executive power.
Therefore, the issue is no longer one of representation alone, but of the genuine inclusion of women in decision-making bodies.
Diversity: A Challenge for Performance As Well As Equality
What makes the research in this policy paper unique is the way it links gender diversity to economic performance. Contrary to a common misconception, diversity is not only a moral or legal necessity, rather than a way to boost profits.
Data show that the positive impact of gender equality is even stronger when it concerns middle management and employees, the levels where strategy is implemented. In other words, the effects of diversity are more significant at the heart of the organisation, rather than at the top. Companies who achieve a balanced representation of both women and men in these key positions show better economic performances and a lower ESG risk.
This observation calls for moving beyond a symbolic approach to parity and questioning the very structure of careers and organisations.
Inequalities Explained by Structural Mechanisms
Why, despite a large pool of female executives, does access to management positions remain unequal? The policy paper highlights three complementary mechanisms.
Firstly, recruitment and promotion biases, particularly homophily, lead managers to favour profiles similar to their own, which are often male. Secondly, educational choices, strongly influenced by gender stereotypes, produce very different talent pools depending on the sector, particularly in scientific and industrial fields. Finally, professional preferences, shaped by socialisation and family constraints, influence career paths and reinforce existing imbalances.
These factors show that inequalities are not solely the result of individual decisions or the “goodwill” of companies, but rather of a broader system in which social norms, work organisation and power structures intersect.
The Decisive Role of the Law in the Changes Observed
One of the key lessons of this policy paper is the comparative effectiveness of public policies. The French experience, like that of other European countries, clearly shows that non-binding measures have limited effects. Conversely, laws accompanied by quotas and sanctions have brought about rapid and measurable change.
The French Copé-Zimmermann Act (2011), by imposing a mandatory quota of 40% women on boards of directors, broke a long-standing deadlock. The Rixain Act (2021) now targets governing bodies and senior executives by imposing another 40% quota. It marks the beginning of a new phase, which is still ongoing, and whose effects will need to be studied over time.
Notwithstanding, the analysis emphasises that legal constraints alone is not enough. They act as a catalyst, provided they are linked to more profound organisational and cultural changes.
Understanding to Act
By combining empirical data, analysis of social mechanisms, and evaluation of public policies, this policy paper offers a systemic interpretation of gender equality in CAC 40 companies. It shows that the progress observed is real but fragile, and that it only becomes sustainable when embedded in a coherent strategy linking law, governance, and transformation of practices.
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- The French stock market index that tracks the 40 largest stocks on the Paris Bourse. ↩︎
