One is lime and one is sand. The National Exchange Commission (CNMV) welcomes the presence of women. Represents 37.56% of female executives on Ibex 35’s boardsHowever, it considers being in senior management and managerial positions insufficient. At the end of 2022, women hold 21.73% of all senior management positions, two percentage points higher than the previous year. That’s “clearly far from desirable in an environment that promotes gender diversity,” according to the regulator. In order for all companies to reach the 40% target set by the Good Governance Law in 2022, a total of 11 new female managers must be appointed.
Of the 35 companies that make up the stock index, 17 reached the 40% requested by CNMV, representing a 32% increase compared to 2021. however, there are still 5 firms that do not even reach the previous recommendation of the Good Governance Act of 30%.. In total, according to the information obtained from the annual accounts of the companies, the number of directors of Ibex 35 is 426 and the total number of publicly traded companies is 1,207. In this sense, the CNMV considers it “strategic” to promote policies that promote diversity for listed companies and the inclusion of women in positions of responsibility, particularly senior management.
Some organizations have accelerated the process of setting quotas for female presence in companies. The last of these is Directive 2022/2381, approved by the European Commission at the end of 2022, of which 40%, or 33% of the total, should be non-executive directors. one in spain organic draft law on equal representation of women and men in decision-making bodies that are currently in the process of transposing the directive. The law will require at least 40% women to be present on the boards of directors of large corporations, other corporate bodies, professional bodies, and election nominations through shelf lists. The government approved this rule in the first round in March, but this week Executive Chairman Pedro Sánchez announced that the rule has been expanded to include constitutional bodies.
More women but less power
Not all is good news about the increased presence of women on boards of directors. CNMV predicts this most women still hold independent directorates Only 23.90% of the positions of private company directors are occupied by women (47.57% in 2022 compared to 43.68% in 2021). The number of female executive directors is still much lower, with a weight of 6.74%, almost unchanged.
Although women are on the boards of all Ibex 35 companies, there are cases where there is no female name. occur aserinox. The steel company has 36.36% of the total number of directors with women, but has not included any of them in the management leadership. improvisation other company. The energy firm has a 25% female presence on its board, one of the lowest on this list, and also has a male-only senior management. While companies with the most women on their boards of directors should also have the most women in their senior management, this is not the case. For example, Cellnex leads the list of women on the board of directors with 54.55%, while it is only 22.22% in senior management. Behind Naturgy, There are three other companies with a lower percentage of women (11%) in top management: Amadeus, Fluidra and Merlin PropertiesOn the other hand, there are 45.55%, 16.67% and 38.46% female members in the boards of directors, respectively.
good practices
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While the differences between boards and senior management are glaring in most of the Ibex 35, there are examples of good practice. Aena continues to improve its parity data year over year, and in 2022 there were 40% women on the board and 66.67% on top management. following closely power grid, a woman-run company (Beatriz Corredor) with 50% women on its board of directors and senior management. The only flaw of the first two companies occupying this podium is that they belong to the state. The third firm and the first private firm showing positive data enagasThere are 40% women on the board of directors and 44.44% women on the board of directors. behind roviwith a female presence of 42.86% in the board of directors and 40% in senior management.
Going back to the number of women in the most relevant positions in companies, Ibex 35 only has 3 presidents and a CEO, though not all of them came on their own feet. Ana Botín and Marta Ortega took over the presidency of Banco Santander and Inditex, respectively, while Beatriz Corredor came to Red Eléctrica by political means. Only María Dolores Dancausa has achieved the CEO position on her own merits. And they are not exemplary. While there are 40% women in the board of directors and 21.43% in the senior management at Santander, 45.45% of the board of directors and 26.09% of the leadership directive are women in Inditex. Bankinter slightly improved this data, with 45.45% women in the board of directors and 37.50% in senior management.