Discover who are the shareholders of France’s benchmark CAC 40^® and SBF 120^® indices

At the 12^thEuronext Annual Conference on 19 March 2024, Euronext presented the latest edition of its study looking at trends among the direct shareholders of the companies that make up the CAC 40^® and SBF 120^® indices. These major French indices cover approximately 90% of market capitalisation in France.

The Euronext study analyses the shareholders of companies included in the CAC 40 and SBF 120 indices as recorded at the end of each year from end 2012 to year-end 2022.

The report draws from both public data published by listed companies, and data made available to Euronext from the Factset and Morningstar databases. It successfully identifies approximately 68% of CAC 40 and SBF 120 company shareholders* and classifies them in 11 categories.  

• The CAC 40^® is France’s benchmark stock market index, which reflects the performance of the 40 most actively traded stocks on Euronext Paris. It is one of the main national indices of the Euronext Group.
• The SBF 120^® is based on the 120 most actively traded stocks listed on Euronext Paris.

* Non extrapolated raw data that identified 68% of the CAC 40 and SBF 120 shareholding. 32% of the CAC 40 and SBF 120 shareholding is therefore not known in this study

Download CAC 40 and SBF 120 shareholders report

About Euronext Annual Conference

The Euronext Annual Conference is a not-to-be-missed event for the capital markets community, bringing together French and European financial market players every year since 2011. 

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In February 2023, J.P. Morgan’s Securities Services announced the successful completion of the company’s migration to direct market access in the Danish capital markets via Euronext Securities Copenhagen. One year on, the two companies can reflect on a first step that laid the groundwork for harmonisation and increased efficiency, shortening the value chain between issuers and investors.

“We’re all interested in maintaining market stability and efficiency when we embark on these types of migrations,” comments Niels Hjort Rotendahl, CEO at Euronext Securities Copenhagen. “This shared focus provided an excellent foundation for our cooperation and helped us ensure J.P. Morgan’s smooth transition to direct market access. This has been an excellent example of how Euronext Securities supports custodians in getting closer to the capital markets and infrastructure.”

Tom Casteleyn, Head of Global Custody EMEA at J.P. Morgan agrees, stating, “Providing our customers’ with efficient and secure access to the capital markets is our ultimate goal. Our cooperation with Euronext Securities Copenhagen has enabled J.P. Morgan to bring efficiencies for our clients, and enhance our growth plans across the Nordic Region.”

Danish model paves the way for further harmonisation

During 2023, the two companies also worked on a joint project to transition J.P. Morgan from an indirect participant set-up to a direct participant set-up on the T2S platform. “With the close partnership with Euronext Securities Copenhagen, J.P. Morgan has been able to evolve its connection in the Danish market” Tom Casteleyn explains. “By having a direct link to T2S, we are future proofing our settlement messaging and setting ourselves up for subsequent synergies.”

According to Niels Hjort Rotendahl, this method of reusing solutions across different markets is a core part of Euronext Securities’ convergence strategy. “We really enjoy these types of collaborations because we develop solutions together with our customers,” he says. “We want to make it easier for our customers to access the European capital markets, and taking a process that’s tested and proven locally and scaling it across multiple markets is an excellent way of doing so.”

For more information, please contact Henrik Ohlsen, Customer Relations & Sales Director.

• Phone number: +45 2910 1202
• Email address:  HOhlsen@euronext.com

In recent years, the focus on Environmental, Social, and Governance (ESG) criteria has intensified, pushing companies to reassess their impact on the world. Among these criteria, the social component, which includes diversity and inclusion practices, particularly the position of women in companies, has received significant attention.

Euronext has been at the forefront of promoting ESG transparency and performance among the companies listed on its markets. This includes making company ESG profiles easily available to all; these profiles can be pivotal in understanding the progress and challenges in enhancing gender diversity within corporate leadership roles.

ESG Profiles of listed companies

Euronext’s initiative to highlight ESG profiles empowers investors to make more informed decisions by considering the sustainability and ethical impact of their investments. These profiles showcase various metrics, including carbon footprint, social responsibility, and, critically, gender diversity within each company’s leadership and workforce. The position of women at listed companies, especially in leadership roles, has become a critical metric for evaluating a company's social performance and its commitment to diversity and inclusion.

Diverse research papers, stemming from academic studies, reports from consulting firms and organizations, or even based on financial news and analyses, consistently demonstrate that companies with higher levels of gender diversity, particularly in board positions and senior management, tend to perform better financially and exhibit greater resilience. This is attributed to the greater variety of perspectives brought to the table, which can enhance creativity, innovation, and decision-making processes. Recognising this, investors are increasingly prioritising companies with strong gender diversity metrics, making the ESG profiles provided by Euronext an essential tool in their investment strategies.

_{Example of ESG Profile tab on Live.euronext.com}

Listed companies and gender balance: slow progress, positive direction

Recent data indicates a gradual increase in the number of women in board positions and executive roles within Euronext-listed companies. However, progress is not as fast as could be hoped.

From an analysis of the data^[1] available on Euronext’s ESG Profiles, we conclude that since 2020, the average percentage of issuers disclosing gender diversity has significantly improved. In 2022, among the nearly 1,900 companies listed on Euronext, 94% disclose indicators of board gender diversity, while 57% provide information on the number of women in the total workforce. Almost all industries have increased the gender diversity of their boards over the last three years, with large caps advancing faster in this direction, reporting an average 41% of women on their boards, compared to 38% on mid caps’ boards and 27% on small caps’ boards. There is still progress to be made, but all categories have shown positive growth to reach the current status. This positive (although slow) trend is also evident in the average share of women in management bodies^[2], which stands at 26% according to the last available registration documents.

In terms of the average share of women in the total workforce, if we split it by industry, it is interesting to note that all sectors have shown improvements over the last three years, surpassing 50% in Health Care and Real Estate, and reaching almost 50% in Financials and Consumer Discretionary. Areas such as Technology have also seen positive development, currently standing at 32%, up from 30% a year ago.

_{Example - Social & Governance Indicators}

Invest in Women: Accelerate Progress

Despite the progress, the journey towards gender parity in the corporate world is far from over. According to recent data, although there has been a gradual increase in the number of women in board positions and executive roles within Euronext-listed companies, the pace of change remains slow, and the glass ceiling is yet to be shattered in many sectors. Challenges such as unequal pay, underrepresentation in leadership roles, and the persistent gender bias in recruitment and promotion practices continue to hinder the progress towards gender equality in the workplace.

Commitment to transparency

Euronext manages various ESG products, such as bonds, derivatives, and ETFs, along with offerings in our corporate services section to support companies on their ESG journey. As a market infrastructure, it plays a pivotal role in directing investments toward ESG projects, underscoring our commitment to promoting sustainable investment practices.

Euronext's commitment to enhancing transparency around ESG practices, including gender diversity, plays a crucial role in addressing these challenges. By offering comprehensive ESG profiles that are easily available to all, Euronext not only assists investors in aligning their portfolios with ethical standards but also encourages companies to embrace more sustainable and inclusive approaches. This, in turn, motivates companies to enhance their gender diversity metrics, as failing to do so could lead to less favourable evaluations by investors who prioritise ESG criteria.

<sub>1] Source: Cofisem, Euronext

[2] Executive and Management Committees</sub>

<sub>Note:

Data refers to end 2022. 2023 reports are not yet available.</sub>