At the end of 2022, the National Securities Market Commission (CNMV) increased the proportion of women required to be on the boards of companies to 40%. At that time, the female presence of companies mountain goat 35 It reached 37.4% and was approximately 2.6 points below the target of the Good Governance Act. Six months later, the Spanish elector’s signatures Only 6 female managers could not meet the minimum rate set by the regulator with 39%.Based on data collected by WomenCEO. As of July 1, 2023, 171 of the current 438 executives of Ibex 35 are female board members.
Of the 35 companies that make up the index, 19 have already reached or exceeded 40% of women on boards. Cellnex takes the lead in this ranking with 53.8% female presence, followed by Aena with 53.3% and Redeia with 50% parity structure. Other top companies are Mapfre (46.7%) and Acciona Energía, Amadeus, Bankinter, IAG and Inditex (45.5%). on the other side of the scale there are four companies that do not reach 30% of women on their boards. Rovi closes the list at just 16.7%, with WomenCEO highlighting a “significant drop in female directors” compared to December 2022: Fluidra (23.1%), Unicaja (27.3%) and Sacyr (28.6%) .
There are companies out there that are making efforts to include more female names on their boards of directors.. Acciona and Colonial to reach 40%, both with 38.5% and Indra with 37.5%. Naturgy still needs to improve 10% female presence and Telefónica, Solaria, Merlin Properties and Ferrovial own 33.3%.
Insufficient
While the increase in the number of female directors at Ibex 35 is significant, There is no data on whether this improvement occurs simultaneously in senior management.. At the end of May, the CNMV rejected the presence of women in senior management and executive positions as insufficient, and this rate is 21.73% at the end of 2022. In 2022 compared to 43.68% in 2021), only 23.90% of registered managers’ positions are occupied by them. In this sense, the regulator considers it “strategic” to develop policies that promote the diversity of listed companies and the inclusion of women in positions of responsibility, particularly senior management.
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The number of female executive directors is still much lower, at only 6.74%.. During the first six months of the year, the Spanish index changed the names of some presidents and executive directors, but there are still three presidents (Ana Botín in Santander, Marta Ortega in Inditex and Beatriz Corredor in Redeia) and a CEO (María). Dolores Dancausa at Bankinter) in the most responsible positions in the company.
This European Commission approved at the end of last year directive that obliges publicly traded companies to reach 40% Proportion of female non-executive directors or 33% of the total. In Spain, there is a draft organic law on equal representation of women and men in decision-making bodies, which was approved in March to transpose the said directive. In the case of Spain, the law will mandate access to 40% of women on boards of directors of large corporations, other corporate bodies, professional bodies, election nominations via zippered lists, as well as constitutional bodies.