Seventeen companies of the selective Ibex 35 of the Stock Market (49%) did not have 40% women on their board of directors in 2022, a percentage to which they will be obliged as of the entry into force of a law that will give the approved by the Council of Ministers on Tuesday.
This is indicated by the annual report on the female presence on boards of directors presented this week by Atrevia and IESE, a few days before the Prime Minister, Pedro Sánchez, announced this Saturday that the next Council of Ministers will approve by law the parity in "decision centers". A rule that will cover the Council of Ministers and also the management of large companies, which must have at least 40 percent women.
According to Sánchez, ten years ago only 13% of women were part of the board of directors on average in Europe, while now in Spain an average of 30% has been reached in both public and private companies.
The law that will be approved on Tuesday establishes that the management of any listed company or public interest entity with more than 250 workers and 50 million annual business volume will have to have 40% women. But that 40% presence of women on the boards of directors was already a recommendation from the National Securities Market Commission (CNMV), the supervisor of the securities markets.
In the report presented by Atrevia and IESE this week, it is noted that in 2002 the female presence on the boards of directors of Spanish listed companies, including those on the Ibex, increased and reached 32.37% in 2022; while if only the data of the 35 of the selective is taken, the percentage in 2022 reaches 37.47%, compared to 33.94% in 2021. In the 84 remaining companies of the continuous market there are 227 women in total in the councils, which places the female presence at 29.48%.
In total, the number of female directors in the 119 listed companies was 390 in 2022, compared to 1,205 men, improving the figure for 2021, which was 351 female directors.
In the case of the Ibex 35, in 18 companies this presence of 40% of women on the board of directors has already been reached, but there are 17 in which it has not. The companies that do not reach the quota are Fluidra, Sacyr, Naturgy, ACS, Indra, ArcelorMittal, Acciona, Telefónica, Solaria, Repsol, Grifols, Ferrovial, Banco Sabadell, Meliá Hotels, Colonial, Acerinox and Merlin (from lowest to highest share of parity).
Eighteen companies reach at least 40% female representation and Cellnex, with 54.54% (six women and five men), is the only one that has fewer men than women on its board. In the Redeia electricity and telecommunications networks group, the representation of women is the same as that of men, with six women and six men.
Among those that exceed the 40% share, there are also Acciona Energía and Amadeus (both with 45.50%); Bankinter, IAG, and Inditex, with 45.45% each; Aena, with 42.9%; Mapfre (42.86%), and Iberdrola and Rovi (both with 42.85%).
Endesa and Logista also comply with the percentage of 40% (both with 41.66%); and BBVA, Caixabank, Santander, Unicaja Banco and Enagás, which have 40%.
Twelve companies (Merlin, Acerinox, Colonial, Meliá, Sabadell, Ferrovial, Grifols, Repsol, Solaria, Telefónica, Acciona and ArcelorMittal) have between 30% and 39% women on their boards.
In five Ibex companies, female representation on the boards is still below 30%: Indra, with 28.57%; ACS (26.60%), Naturgy (25%), Sacyr (23.07%) and Fluidra (16.66%).
In addition to the 35 companies on the Ibex 35, the sample also includes data on the other 84 companies on the General Index of the Madrid Stock Exchange, which, together with the selective ones, form the so-called continuous market. Of the total of 119 companies that make up the latter, only 32 companies met the 40% goal recommended by the CNMV last year.
Línea Directa and Cellnex, with a female representation of 57.14% and 54.54%, respectively, have more women than men on their boards, while five other companies (Redeia, Grenergy, Realia, Prim and Libertas 7) reach 50%.
Despite the increase in the female presence on the boards of directors of the selective, in the top positions of the companies the representation is minimal and only three women hold presidencies. Beatriz Corredor at Redeia and Marta Ortega at Inditex are non-executive presidents, and Ana Patricia Botín at Santander is executive president, while there is only one CEO, María Dolores Dancausa at Bankinter.
Women represent only 15.47% of the members of the executive committees of the Ibex 35, which is a much lower percentage than the 37.47% representation they have on the boards of directors
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