In 2021, the female presence on the chairs of these executive bodies has increased by three points, although there are still eight companies that do not reach that level
The new boost that has registered the presence of women on boards of directors has reached the first level recommended by the National Securities Market Commission (CNMV): 30% of the seats are occupied by women, with the 2021 data at the table. Specifically, the presence of women was 29.26% of the total, three points more than a year earlier, according to information from the companies’ annual corporate governance reports.
The figure of 30% means that the companies have virtually achieved the target set in 2015 in the previous Good Governance Code.
The evolution is more positive in large companies, as women in Ibex-35 companies represent 34.20% of the members of their boards of directors, meaning they are just over five points away from reaching the new 40% target by the end of this year that was enshrined in the latest reform of the Code. According to public data, there are already 25 companies (9 of the Ibex-35) that are meeting the aforementioned increased target.
To reach that figure, the companies in the index would need to appoint 24 female directors, representing just 5.7% of the total number of members. In the case of the rest of the publicly traded companies, they could reach that 40% with the appointment of 107 women to their boards, out of a total of 799 members at the data cut-off date.
In terms of senior management, women held 19.66% of all senior management positions, more than two points more than the previous year. The functions reporting directly to the board of directors or the chief executive of the company and in any case to the internal auditor are considered senior management for these purposes.
The CNMV believes that publicly traded companies should accelerate the integration of more women into positions of greater responsibility, especially in senior management positions and as executive directors, as has been done in the rest of the categories. In addition to promoting the necessary gender diversity, this integration would allow to maximize the talent available to the issuing companies.
The data is based on the data published by the listed companies in their annual directors’ remuneration reports and the reference date is December 31, 2021. They also distinguish three categories of companies: those of the Ibex-35, companies that do not belong to the Ibex belong with a capitalization of more than 500 million euros and the rest.
In addition, data on the presence of women per company are included. When the data is analyzed by these groups, a large spread is still observed. In terms of the percentage of female directors, Ibex-35 companies were thus almost five percentage points above the average for the listed sector (29.26%), compared to 28.17% of companies with a capitalization of more than 500 million euros and 25.19% of the rest.
By category of directors, the presence of women continues to increase in the group of independent directors (43.68% in 2021 compared to 39% in 2020), followed by own directors (23.56%). On the contrary, the low number of executive directors stands out, weighing in at 6.42%.
In terms of the presence of women in senior management, in the members of the Ibex-35, it has increased almost five percentage points in one year, as it stood at 22% at the end of 2021 (17.1% in 2020). For companies with a capitalization of more than 500 million, this was 18.96% and for companies with less than 500 million, 16.59%.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
