Muriel Penicaud, the Minister of Labour in France, received a standing ovation – including from Monaco-based MJ Rabbit – for her rousing speech on gender equality.
Speaking about the gender pay gap at the 2019 Global Summit of Women in Basel, Penicaud told delegates: “It’s time for action and time for results.”
Penicaud talked about the introduction of a new law that publishes an index in France to measure the women’s pay gap. Companies who do not comply with the law face big penalties. "It's better to give the money to women than the government," she joked. Staggeringly, following the publication of the first index on March 1, 2019, some 18% of the 1,400 companies included in the index have a red flag against them when it comes to equal pay; 80% of firms must improve; and only 2% have a green light.
“Let’s solve it,” said Penicaud, who was tasked by President Emmanuel Macron to tackle this on her appointment as a government minister in 2017. She calls it an issue of social justice, noting the effect of the index on a company’s reputation. Reputational risk is real today, as investors seek transparency – and people demand trust.
At the G7 summit in August, held in France, gender equality and equal pay will be a key subject of discussion, Penicaud revealed.
