Women and Leadership: Progress Continues in CAC 40 Executive Committees

28% of executive positions are now held by women, marking a two-point increase in one year.

Accelerating Feminization

Three years after the adoption of the Rixain law, the presence of women in executive committees of major French companies continues to grow. In 2024, women held 28% of positions in CAC 40 executive or management committees, reflecting a two-point increase in one year, according to a study published on Tuesday, February 25, by the Skema Observatory on the Feminization of Companies.

This trend aligns with the preparation for the quotas set by the law: 30% of women by March 2026 and 40% by March 2029 for companies with over 1,000 employees. “This legislation is unparalleled in Western countries,” notes Michel Ferrary, a researcher affiliated with Skema and director of the observatory. Since the law’s enactment in 2021, the proportion of women in executive committees has increased by over eight percentage points.

Creating More Positions Rather Than Replacing Men

To meet these targets, companies are not necessarily replacing men with women. “They’re more likely to add a chair to the table,” explains Michel Ferrary. In 2024, the total number of executive positions increased by 15, with 16 additional positions filled by women, while those held by men decreased by only one.

However, the nature of the roles assigned remains a key issue. “We need to see if women are occupying positions as strategic as their male counterparts. A communications or CSR director doesn’t carry the same weight as a CFO,” the researcher points out.

Diversity as a Performance Driver

Research by Stéphane Déo in 2022, analyzing data from 159 listed companies, demonstrated that gender diversity in middle management directly impacts profitability. When the proportion of women approaches 50%, net margins and EBITDA — a key profitability indicator — rise. Conversely, an imbalanced mix, whether too few or too many women, seems to weigh on performance.

Thus, beyond legal requirements, increasing the number of women in leadership positions appears to be a lever for competitiveness. CAC 40 companies seem to have grasped this: they are moving toward greater equality not only to comply with the law but also to enhance their efficiency and capacity for innovation.