Get 40% Off
💰 Warren Buffett reveals a $6.72 billion stake in ChubbCopy Portfolios

REFILE-Investor blows fuse at arms boss's weaker sex jibe

Published 04/21/2011, 12:02 PM
SAF
-
AVIA
-

(Refiles to fix typos in paras 1, 10)

PARIS, April 21 (Reuters) - The chairman of French defence company Safran hailed the arrival of the "weaker sex" on the company's board on Thursday -- triggering accusations of sexism from France's best-known shareholder activist.

Francis Mer, 71, chairman of the state-controlled firm whose engines power French nuclear missiles and the Rafale warplane, dropped the bombshell at a shareholder meeting which agreed to modernize the company's governance rules.

"It will not have escaped your attention that ... we will be in a situation where the so-called weaker sex will be making a deafening entry into our board," Mer told shareholders.

The changes, creating a normal board out of a complex structure inherited from a merger in 2004, will increase the number of female board members from one to five, a figure Mer described as "close to the record".

"Breaking records ... in this area is easier and less dangerous than in aviation or safety matters," he said.

Mer, 71, is a blunt-spoken former steelmaking CEO and finance minister best known for his blustery approach to full-time politicians and the press. His comments drew immediate flak from a staunch campaigner for investor rights in France.

"I completely reject these terms, the mere use of which says a lot about attitudes to women," Colette Neuville, president of the ADAM association of minority shareholders, told Reuters.

"Coming from the head of a company which insists on equality, they are completely unacceptable," she added.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

France has long been criticised for lagging its neighbours in the number of women reaching the top of major business. Its parliament voted last year to order many companies to have 40 percent of board posts occupied by women within six years.

"You can be for or against quotas - personally I am against them -- but it is regrettable that this should be turned into a joke, and one in very poor taste," Neuville said.

Safran declined to comment.

Mer was recruited from a steel firm to be France's finance minister between 2002 and 2004, but got off on the wrong foot by calling his cabinet colleagues "you politicians," a gaffe he later made the title of a book.

He is expected to be named vice-chairman under a new Safran board to be led by chief executive Jean-Paul Herteman. (Reporting by Tim Hepher, Cyril Altmeyer; Editing by Christian Plumb)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.