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11 ott 2019

ESG: Invest in companies standing up for women in the workforce

The facts are straightforward: although women have earned more college or university degrees than men for over 30 years, they are underrepresented in many high-paying and prestigious jobs around the world. Fewer women are hired at entry level, then, at every step of corporate life, the number falls further. 

In terms of pay, this year’s ‘Equal Pay Day’ in Europe fell on 27th February 2019. This date shows how far much further into the following year women had to work to earn what men earned the previous year.  

Taking action 

How can ethical investors who want to further gender equality put their money where their beliefs lie? 

Gender equality is number five of the UN’s Sustainable Development Goals. Lyxor, as a signatory of the Principles for Responsible Investment since 2014, is committed to making its investment opportunities as aligned with these goals as possible. That’s why in 2017 we developed an ESG ETF that allows investors to put money only into the companies committed to allowing women their share of power, influence and pay in the workplace. 

The ‘gender dividend’

Why should companies and investors focus on gender equality at all? Aside from the moral and legal duty not to discriminate, there are important financial benefits related to gender balance, sometimes referred to as the ‘gender dividend’. For one, women control around $20trn in annual consumer spending, and they are expected to be responsible for 75% of all consumer-goods buying worldwide by 2028.1 That means there is a powerful business incentive for companies to promote gender-diverse workforces that can better reflect the priorities and preferences of billions of decisionmakers. 

Women in OECD countries are also highly educated: 50.7% of women aged 25-34 have a tertiary education from a university, college, or trade school.2 By underemploying or underpromoting a highly educated cohort of society, companies are likely missing out on talent that could drive material growth in their business.  

And evidence does point towards a measurable impact on companies’ bottom lines. One study by McKinsey showed gender-diverse companies are 21% more likely to outperform their peers on EBIT margin, a measure of profitability.3 Ethical investing doesn’t have to harm performance.

Building ELLE – Lyxor’s gender equality ETF

To build an ethical ETF which allows investors to channel money into the companies most committed to equality, we chose to use data from gender equality research organisation, Equileap. In partnership with the sustainable finance group at Maastricht University, Equileap has built one of the most comprehensive databases on corporate gender equality. The research undertaken investigates large-cap companies’ commitment and actions towards gender equality, and allows Equileap to compile gender equality scorecards, reports and indices. 

 

The gender equality index used by Lyxor is compiled by Equileap and German index provider Solactive.4 To be eligible for the index, a company must have a market cap of at least USD 2bn, be listed in 23 developed countries and be leading change on the gender equality front. 

Traditional ESG metrics are also taken into consideration. Companies involved in the manufacturing of weapons, gambling or tobacco cannot be included; nor can a company excluded by the Norwegian sovereign fund. Any company in the midst of a gender-related legal case is also ruled out. 

The companies are ranked in accordance with their commitment and actions towards gender equality, with the top 150 earning a place in the index. These companies are actively promoting a gender balance across every level of the workplace, from entry points to the most senior leadership positions. They are committed to equal pay and foster policies which allow employees to achieve a balance between their workplace and other commitments. Policies and training programmes that further promote gender equality within the company are also necessary, as is a commitment to openness and accountability on the issues of gender fairness. 

Source: Equileap, as at October 2019.

Source: Equileap, as at October 2019.

Questions companies must supply evidence for before they can be considered include: what is the percentage of females on the board of directors? What is the percentage of female executives and senior management? How big is the gender pay gap? Is there a strategy to close this gap? 

Other factors companies need to be concerned with are: flexible working options, parental leave policies, recruitment strategy, freedom from bullying, violence and sexual harassment policies. Companies in the index should also be signatories to the UN Women’s Empowerment Principles. This multi-dimensional approach goes far beyond other funds for gender equality in the market that focus just on women in leadership metrics.

Profits from licensing Equileap’s data to Lyxor’s chosen index provider (Solactive) are donated to the Equileap Foundation, a charity devoted to helping women and girls in developing countries.5

And the winners are… 

Equileap recently unveiled its 2019 Global Gender Equality Report, including the companies who made it into the top 100.

UK beverages company Diageo took the top spot in the latest rankings, followed closely by Australian real estate group Mirvac and US financial services giant Bank of America. Notable achievements include a mean gender pay gap of 3% or less for Diageo, gender balance at all seniority levels for Mirvac, and a clearly defined strategy to close the gender pay gap for Bank of America.

And the winners are…

Source: Equileap, October 2019.

Interestingly, a whopping 25 out of the top 100 companies in Equileap’s rankings are Australian. One potential reason for this bias is legislation dating back to 2012 requiring companies to publish comprehensive public reports on their gender equality metrics on an annual basis. Australia is a great example of how enforcing transparency can lead to real change. A similar phenomenon can be observed in the UK following the 2017 Equality Act.

The bottom line 

Gender equality matters because when it is put into action, it can lead to tangible benefits for companies and society, including better access to leadership roles and reduced gender-based discrimination. The long-term impact of gender parity on economic growth is compelling too. Full gender equality in the workplaces of the world has been estimated to be able to bring a benefit of USD 28 trillion to global GDP by 2025.6

As well as social and economical arguments, there are also sound financial reasons for allowing women greater access to every level of a company – women make excellent workers, managers and senior executives, and studies have shown that a balanced workforce can help drive companies towards outperformance.

Find out more about ELLE, Europe’s first Gender Equality ETF


1Source: Boston Consulting Group.
2Source: OECD data, as at 2017
3Source: McKinsey, Delivering through Diversity, Jan 2018. Financial performance analysis showed that top-quartile companies were 21% more likely than fourth quartile companies to outperform national industry peers on EBIT margin, but also were 27% more likely than fourth quartile companies to have industry-leading performance on longer-term value creation, as measured using economic profit margin (Net Operating Profit Less Adjusted Taxes – [Invested Capital x Weighted Average Cost of Capital]). Analysis performed on over 1,000 companies in 12 countries. Past performance is not a reliable indicator of future results.
4Full index methodology available on Solactive website: https://www.solactive.com/wp-content/uploads/2017/11/Solactive-Equileap-Gender-Equality-Index_20171101-3.pdf
5Equileap receives 25% of the management fees received from investors in the Lyxor Global Gender Equality (DR) UCITS ETF. Any profits from the licensing of Equileap’s data to Lyxor’s chosen index provider (Solactive) go to the Equileap Foundation, helping women and girls in developing countries
6Source: McKinsey Global Institute, The Power of Parity, September 2015. Assumption is based on a ‘full potential’ scenario in which women participate in the economy identically to men.

Risk Warning

This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication is issued by Lyxor International Asset Management (LIAM), a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2014/91/EU) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website www.lyxoretf.com/compliance.

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

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