While CAC 40 companies display an increasing feminization of their management bodies, access to the most strategic positions remains predominantly male. Gender equality therefore remains a major challenge within the CAC 40, despite the progress noted. Deciphering a trompe-l’oeil parity, between real commitments and a persistent glass ceiling.
An encouraging dynamic
For this third edition of the L’Importante-Arba barometer, unveiled during the Global Meeting of the Women’s Forum in Paris, the figures confirm a positive trend. Women now represent 29% of members of CAC 40 executive committeescompared to 27% in 2023 and only 18% in 2020. These figures show that gender equality is progressing, but that the road to balanced representation in the CAC 40 remains long.
According to Sacha Posternak, founder of the media L’Important and at the origin of this ranking: “ French companies are increasingly assuming their responsibility in terms of diversity and professional equality.” Despite the international context of decline in women’s rights, France is staying the course, and that is very good news.
This evolution, progressive but nonetheless tangible, is driven by the top twenty companies in the ranking. Among which Engie, Orange, Veolia or Michelin. Indeed, these groups have integrated feminization into their governance policies and their HR systems, thus becoming engines of transformation.
Power, still in the hands of men
However, behind this encouraging photograph, one observation stands out: the strategic heart of the company remains difficult to access for women. The barometer reveals that 14 CAC 40 companies currently have no women in a position with a P&L. That is to say direct responsibility for turnover. A regression compared to 2024, when there were only four.
These functions called “ business » remain the royal road to general management. Consequently, to be excluded is to see one’s rise limited. “ Women are competent and ambitious, however they are not always identified or encouraged to occupy positions where decision-making power is at stake. », notes Sacha Posternak.
Result : only four women currently run a CAC 40 companyincluding Catherine MacGregor (Engie) and Christel Heydemann (Orange). In addition, there are only two presidents of boards of directors, Barbara Dalibard (Michelin) and Angeles Garcia-Poveda (Legrand).
Proactive policies, but still unequal
The majority of companies nevertheless seem determined to progress. 36 out of 40 have set a quantified objective for the representation of women managerswithout being legally obliged to do so. Among them, 16 aim for at least 40% female managersAnd 9 have already reached this threshold.
Certain practices stand out. For example, Engie has generalized paternity leave in all of its global subsidiaries. Including in countries where the law does not require it.
Conversely, Stellantis, ArcelorMittal and Airbus bring up the rear. If Airbus recognizes a shortage of female talent in technical and aeronautical professions, the company has launched several targeted recruitment and awareness campaigns to change the situation.
Real equality, a long-term project
The progression of the figures reflects a clear desire. Parity is no longer perceived as a peripheral issue, but rather as a strategic lever. However, governance indicators still reveal deep structural biases:
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Role segregation (support functions for women, business for men),
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Limited access to the most influential management committees,
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Low visibility of women in CEO successions.
So, in the end, a well-known risk! That of a facade of parity, where the figures progress without the sharing of real power following the same pace.
A question of culture, not just numbers
In reality, behind the rankings and percentages, it is the culture of leadership that must be questioned. Gender equality is not only measured by the presence of female leaders, but by the ability of organizations to rethink career trajectories, recognition of merit and the place of power.
As a manager interviewed as part of the barometer points out: “ It’s not just a question of quotas. On the contrary, it is a question of vision. As long as strategic functions are designed according to male models, parity will only be a statistical illusion “.
