Compliance

Gender equality index

In compliance with the provisions of the French law of 5 September 2018 on the freedom to choose one’s professional future, TSAF & TSAF OTC release the consolidated gender equality index for 2025.

This index enables French companies with more than 50 employees to evaluate, on a yearly basis, aspects related to professional gender equality.

Structured around four key criteria scored out of a total of 100 points, the Index measures various data points:

TSAF & TSAF OTC achieved a 2025 gender equality score of 55 points out of 100.

The detail of points per criterion is the following:

  • salary gap between women and men : 0 points out of 40
  • gaps in the rate of individual salary increases: 35 points out of 35
  • percentage of employees who received a raise in the year following their  return from maternity leave: 15 points out of 55
  • number of employees of the under-represented gender among the ten highest-paid employees: 5 points out of 10

 

Progress targets:

TSAF and TSAF OTC operate in financial markets that traditionally have a strong representation of the male population (86% in 2025) in their sales and most highly remunerated activities.

The score obtained for the pay gap is not representative of our professional equality policy, but is the result of the historically low representation of women in financial markets.

It should be noted that the 2025 pay gap criterion between men and women calculated on the basis of fixed remuneration alone gives a score of 36 out of 40.

Therefore, with a view to achieving the maximum score of 40 for this specific criterion, TSAF and TSAF OTC have defined several actions through an agreement signed on May 16, 2025, on the objectives for correcting and improving the equality index, including:

. Carry out targeted individual pay adjustments between employees performing the same work or work of equal value, in order to correct, where necessary, any pay gaps that cannot be justified by objective reasons;

. Where the differences observed stem from an imbalance in the representation of women and men across certain occupational groups – an imbalance observed across  companies in the sector – TSAF and TSAF OTC will continue, as far as possible, their policy of recruiting talent for trading roles, in order to move toward a more balanced representation of women in their core business.

Based on the 2025 index score, an increase of 25 points has been targeted, by the end of 2026; the goal is to reach a score of 30 out of 40 by the end of 2027.

TSAF and TSAF OTC received a score of 5 out of 10 for the indicator measuring the number of employees from the underrepresented gender among the ten highest-paid employees, highlighting the low proportion of women in trading roles.

Given that this indicator, based on fixed compensation, allows for a maximum score of 10 out of 10, the objective as of December 31, 2027, is to maintain the score of 5 out of 10  by ensuring, where possible, a more balanced representation of both genders in the highest-paying roles.

Through these actions, TSAF and TSAF OTC intend to intensify their efforts to achieve a score of 75 points by the end of 2026 and 80 points by the end of 2027.