Women are still largely underrepresented in the CEO positions of large domestic companies. Although there has been a quota of at least 30 percent for the supervisory boards of listed companies since 2018, the board remains dominated by men. Austria ranks second last in an EU comparison.
In the 200 companies with the highest turnover, men held 536 of the 599 leadership positions at the beginning of January this year, or 89.5 percent. Even fewer women were represented in the boardrooms of listed companies: only 19 of the 212 board chairpersons were occupied by women, which corresponds to a share of 9.0 percent.
Austria ranks penultimate in the EU comparison
The proportion of women on the boards of directors of the 20 ATX companies was 8.3 percent. Austria thus lagged far behind the EU average of 21.1 percent in penultimate place. In Luxembourg alone, there were even fewer women in board positions with a percentage of 6.0 percent, according to the Women.Management.Report 2023 of the Chamber of Labor (AK).
Nine of the 67 listed companies had so-called all-male boards, in which both the supervisory board and the executive board consist entirely of men, including the cardboard manufacturer Mayr-Melnhof and the fire service supplier Rosenbauer.
Quota for women has an effect
The quota that has applied to the supervisory boards of large listed companies since 2018, on the other hand, does have an effect, according to the AK. Since its entry into force, the share of women has increased from 22.4 percent in 2018 to 35.0 percent in 2023, which corresponds to an increase of 12.6 percentage points. Almost three quarters of the affected companies have reached the quota and in one third the share of women is already above 40 percent. However, the top positions on supervisory boards are still largely occupied by men. Of course, the quota system applies to both parties, so in a female-dominated supervisory board, 30 percent of the posts should also be filled by men.
Austria has until the end of June 2026 to implement a corresponding EU directive. This offers two options: either an increase of the quota in supervisory boards to 40 percent or a quota of 33 percent in both supervisory bodies and the board. Since 2021, there has been a minimum participation on German boards of directors, according to which there must be at least one woman on the board of four or more people. France also has a gender quota of 30 percent in corporate management (in 2027, 40 percent in 2030).
AK calls for more women in high positions
The AK demands a similar minimum participation from the Austrian legislature: according to this law, at least one woman must be represented in listed companies with three or more board members, which corresponds to about 33 percent. This would increase the share of women from 9.0 to 27.4 percent. The AK also wants a binding quota for the management of listed companies. The already applicable quota of 40 percent in supervisory boards also has an effect here.
When it comes to the implementation of the EU directive, the interest group is in favor of the second variant, which provides for a quota of 33 percent for the supervisory board and the management board. In addition, the Austrian law on joint stock companies, as in Germany and other EU countries, also requires a right to break mandates, for example during maternity or parental leave. In addition, managerial bonuses should be linked to the achievement of the company’s equity goals.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
