CNMV Insights on Ibex 35: Women in Boards and Beyond

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Two tones describe the landscape: one green like lime, the other pale like sand. Spain’s National Securities Market Commission, CNMV, acknowledges the meaningful presence of women on corporate boards. Women account for 37.56% of female executives on Ibex 35 boards. Yet the regulator emphasizes that reaching senior management and managerial roles remains insufficient. By the end of 2022, women held 21.73% of all senior management positions, a modest gain of two percentage points from the prior year. That level, the CNMV notes, is clearly far from desirable in a climate that pushes hard for gender diversity. To hit the 40% target set by the Good Governance Law in 2022, at least 11 new female managers must be appointed across companies. [CNMV assessment, 2023]

Among the 35 Ibex 35 companies, 17 reached the 40% threshold requested by CNMV, marking a 32% rise from 2021. Nonetheless, five firms still trail the previous Good Governance Act target of 30%. Overall, annual company accounts indicate Ibex 35 lists 426 directors, while publicly traded companies total 1,207. The CNMV views diversity promotion and the inclusion of women in leadership, particularly in senior roles, as strategic for listed firms. [CNMV governance update, 2023]

Some organizations have stepped up the pace by adopting quotas for female representation. The European Commission’s Directive 2022/2381, finalized at the end of 2022, calls for 40% or 33% of a board to be non-executive directors. Spain is moving through its organic draft law to transpose this directive, aiming for at least 40% women on the boards of large corporations and other accountable bodies, including professional bodies and election slates. The government advanced this rule in a first round in March, and this week the executive leadership announced an expansion to cover constitutional bodies as well.

More women on boards, but not in power

Despite gains in boardroom presence, the picture is uneven when it comes to actual authority. CNMV notes that many of the women on boards do not cross into independent director roles, and female representation among private company directors sits at 23.90% (47.57% in 2022 versus 43.68% in 2021). The share of women in executive director positions remains small, at just 6.74%, and shows little movement.

Across Ibex 35, there are cases where a female director name appears on the board but not in senior management. For example, some firms show a significant share of women on the board yet have no women in top executive posts. Conversely, other companies feature a strong board presence for women while senior management remains predominantly male. The contrast is striking: Cellnex leads in board gender diversity with 54.55% women on the board, yet senior management sits at 22.22%. Naturgy shows a similar discrepancy, and a few others—Amadeus, Fluidra, and Merlin Properties—also reveal high board female percentages paired with modest female leadership at the top. Other firms record varying female representation on boards, with some showing substantial board presence but little representation in senior governance. [CNMV data summary, 2023]

Best practices in action

There are notable examples of progress where parity data improves year after year. Aena illustrates a positive trajectory: in 2022, the board reached 40% women while top management reached about two-thirds, roughly 66.67%. Power Grid, a woman-led organization under Beatriz Corredor, demonstrates 50% female presence on both its board and senior management. The key caveat with these top performers is their status as state-linked entities. Enagas, a private line of the same corporate cluster, also shows 40% women on the board and 44.44% on its leadership team. Rovi follows suit with 42.86% female board representation and 40% in senior management. These examples underline that strong board diversity does not always translate into proportional leadership parity elsewhere in the organization. [Industry reports, 2023]

When looking at the highest positions in Ibex 35, only a few women have seized the top posts. Notable changes include Ana Botín taking the presidency at Banco Santander and Marta Ortega at Inditex, both moving into roles on merit. Beatriz Corredor arrived at Red Eléctrica through a political route. María Dolores Dancausa remains a rare example of a CEO promoted on personal merit. Across the board in Santander, women constitute 21.43% of senior management and 40% of the board. Inditex presents a different balance: 26.09% of leadership and 45.45% on the board. Bankinter shows a balanced improvement, with 45.45% women on the board and 37.50% in senior management. These snapshots reveal that while female board presence can be strong, senior leadership may not always keep pace. [Corporate snapshots, 2023]

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