The gender equality index is calculated by adding the results obtained for the following four indicators:
* pay gap indicator, out of 40 points (score obtained = 23/40)
* individual pay rise gap indicator, out of 35 points (score obtained = 35/35)
* indicator relating to return from maternity leave, out of 15 points (not noted, criterion not applicable)
* indicator relating to gender imbalance in the ten highest paid positions, out of 10 points (score obtained = 0/10)
Indicator relating to the pay gap:
ABC arbitrage would like to point out that this gender equality index indicator does not represent the reality of the facts but is conditional on compliance with the calculation method defined by the regulation in force. Indeed, the methodology to be applied does not take into consideration the different types of jobs and the origin of the profiles in connection with these jobs.
This year, we were able to use our internal proficiency levels to calculate this indicator because the minimum staffing thresholds were reached for 3 categories (and represent more than 40% of the total workforce), as opposed to previous years when we had to apply the comparison by socio-professional category (knowing that within our Economic and Social Unit (“ESU”) all employees are on an annualised-day basis contracts therefore there is no possibility of distinguishing between the level of experience or the job). Comparing employees with relatively the same level of experience allowed us to improve the rating of this indicator (from 0/40 to 23/40).
On the other hand, this calculation method does not allow us to distinguish between the different types of jobs. However, it seems appropriate to point out that 80% of our employees are technical and financial engineers (developers, quantitative traders, financial operators) who mainly come from engineering courses where women are largely under-represented (according to the CDEFI, they represented 28% of engineering school students in 2019). ABC arbitrage has already implemented measures to ensure that the proportion of women and men in the workforce, for equivalent skills, experience and profiles, reflects a balanced job mix; nonetheless, it must be noted (as is reflected in the representation of women in engineering schools) that the proportion of women in the professions that are strongly represented at ABC arbitrage (development engineers and quantitative engineers in particular) remains low.
With regard to our salary policy, the company has always implemented a policy of equal pay for men and women, with the aim of avoiding discrimination and rewarding all employees according to their qualifications, experience and expertise. The differences in remuneration between men and women can be explained by differences in responsibilities or technical skills, greater seniority and/or longer experience, but above all by the fact that they carry out different jobs that are not valued in the same way on the labour market (for example, quantitative developers or traders are rare positions on the market with a high salary scale, held by a majority of men, and they represent the majority within the ESU).
ABC arbitrage has implemented several actions to guarantee equal pay for women and men at all stages of their professional lives, with identical responsibilities, professional experience, skills and working conditions. For example, ABC supports the “Maison des Jeunes Talents”, an equal opportunities programme that allows everyone to enter the preparatory classes of engineering schools, and has chosen to set up mentoring for two female students in particular.
Indicator for the gap in individual rise and promotion rates:
By obtaining the maximum score on this indicator (35/35), ABC arbitrage demonstrates its concern to value only the quality of actual work done, skills, knowledge acquired and experience regardless of gender.
Indicator relating to the return from maternity leave:
This indicator is “not calculable” because there were no people on maternity leave during the period in which annual increases were awarded.
Indicator on gender under-representation in the ten highest earners:
The analysis of female presence among the ten highest earners shows that women are under-represented among the highest earners. This can be explained by the fact that positions with higher technical complexity and higher pay scales (Portfolio Manager, Developers, Quant Trader) are mostly occupied by men as mentioned above.
In total, we reach a score of 68/100 for the year 2022.
Given that the index’s methodological constraints automatically lead to non-objective scores, the company has carried out a parallel diagnosis based not only on indicators of professional equality index, but also on payroll data to establish the statistics. This diagnosis, calculated from 2019, led to the implementation of an action plan approved by the ESU and the joint consultative committee (“CSE”) and then noted an improvement in the indicators on several areas.
- Implementation of a salary scale based on objective criteria (internal skill levels, number of years of experience and department) and not random;
- Hiring of two new people in the Human Resources department, which allowed for a review of all recruitment processes to ensure that there is no discrimination;
- 20% increase in the number of available cribs in daycare in 2021;
- Transparent communication to employees on the criteria for calculating the annual discretionary performance bonus, distributed according to the company’s results on the basis of criteria common to all;
- Revision in May 2022 of the collective agreement for remote working by taking into account feedback from employees following the creation of the agreement in October 2021, thus making it possible to improve the work/life balance and encourage parenthood ;
- Creation of a “gender equality task force” in 2022 allowing employees to propose actions to improve gender balance: several of these actions are currently under consideration (e.g. signing a charter, awareness-raising actions, review of the annual interview format, etc.).