Glimmers of Parity: Women in Ibex 35 Governance and Management

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Parity in this stock index is a topic of ongoing debate. Women hold 35.8% of board seats, yet senior management remains under 22%, a figure that has stayed stagnant for five years. Only four women occupy senior executive roles.

The discussion often centers on a glass ceiling, but there are also visible and invisible barriers that hinder advancement within Ibex 35 firms. While 17 companies in the select index have more than 40% women on their boards, only six reach that share in senior management roles, including Aena, Red Eléctrica, Enagás, Banco Santander, Bankinter, and Rovi. Over the past year, women on boards increased by 12.3% to 35.8%, whereas senior management rose only 5.4% to 22%, according to the latest report from the Spanish Association of Managers and Consultants (EjeCon).

Among these companies, female-led firms remain rare: three presidents and one CEO, though not all arrived through the same route. For instance, during the recent leadership changes at Santander and Inditex, the presidencies were held by Marta Ortega and not by women at the helm of the main executive path. Beatriz Corridor moved into leadership in another company, while María Dolores Dancausa ascended to a CEO role on merit. More and more organizations endorse equality, even if the real practice does not always align with stated aims.

Moderate progress has occurred, but not at the pace expected. This response reflects the views of multiple sources regarding female representation in Ibex 35 management, with nuanced shifts worth noting. Boards show clear gains in some cases, but senior management often trails. The 2022 goal that 40% of board seats be held by women is no longer a fixed requirement, but the balance of power remains a concern for shareholders and policymakers alike.

There are twice as many independent female executives as registered executives, yet the share of female executive directors remains relatively low, according to industry observers. Independent female managers account for 48.95%, while women hold only about 23% of roles in registered companies. Sacyr illustrates selective progress, stating that 50% of its independent directors are women, though in practice women represent around 23% of the board. Analysts argue that sustained, long-term progress is necessary to ensure equal influence across all governance levels, as noted by EY Spain’s managing partner in assurance, Hildur Eir Jónsdóttir.

legal loophole

European Commission initiatives complement the CNMV’s voluntary quotas. By late 2022, a directive required large companies to have at least 40% women on boards by 2026, but this criterion does not extend to top management. This gap means women represent about 33.3% on boards and only 20.2% in senior management across Europe, according to the Commission’s gender equality report. The CNMV highlights that progress in governance councils is stronger than in senior management, and the pace of change in management has slowed in the last five years. SMEs are less affected by these rules, and a Hiscox study notes that 60% have no women in senior positions in some cases.

Ibex 35 companies frequently announce milestones in governance. Red Eléctrica stands out with a 50% female board and a female chair, yet 35.3% of the management team is female. Their target remains 38% by 2025 and 50% by 2030. Resurrección Barrio, HR director at Red Eléctrica, emphasizes ongoing progress and acknowledge that inclusion at all levels remains a work in progress. Mapfre reports 42.85% female executives but 31.7% female representation in management. The company stresses ongoing efforts to close the pay gap and ensure equal access to leadership roles.

Occasionally, corporate rhetoric clashes with reality. Santander’s president recently highlighted a rise in women in management from 20% to 29%, with a projection toward 30%, but the top management tier remains around 20%. Rovi presents a more optimistic balance, noting three women on the board (42% female presence) and 31% of management roles held by women. The company also underscores its commitment to gender equality and opportunities in its governance statements.

Female board representation decreases further at some firms. Colonial features 36.6% women on boards and 40% in senior management, yet its six-person board shows limited female presence. Naturgy faces a similar gap, with 25% female executives and no senior management or executive board representation, while aiming for 40% of both management and board positions by 2025. Solaria and Acerinox have not provided responses to governance inquiries.

Aena emerges as a leader with 56% female presence on the senior management committee, 44% on the extended management committee, and 40% on the board, with plans to push further under its equality program through 2025. Enagás stands out as the first private company to have more women on its board (44.4%) than on its executive committee (40%), a fact the company attributes to its ongoing policy commitments.

CNMV data suggest that significant progress happens most where leaders are in place. Bankinter shows 45% female representation on the board and 42.86% in management, though only one woman serves on the five-member executive board. Inditex illustrates a similar pattern with Marta Ortega’s presidency and limited female presence in the executive level at 26.09% in senior management and 36.40% on the board.

cultural quotas

Spain slightly surpasses the European average in board representation and ranks tenth among large companies. However, the country remains well below 45.3% in France and 38.8% in Italy, where mandatory quotas are in place in several regions. The share of female CEOs in Spain is among the lowest in Europe, at roughly 1.2% versus 6.7% regionally. While Spain was an early adopter of board quotas in 2007, the Ministry of Equality has not consistently tracked management-level presence. This gap often fuels continued discussions about governance and equality in practice.

cosmetic changes

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Concerns persist about the imbalance between senior management and the board. Some observers worry that companies may implement superficial changes to meet social expectations without fully embracing gender equality, which could undermine substantive progress. Experts note that women are sometimes assigned high-profile roles without real decision-making power, a situation described as a misalignment between responsibility and influence. The broader issue remains cultural, with longstanding stereotypes shaping leadership opportunities in the governance and care sectors. As one analyst puts it, the ceiling appears reinforced by concrete, not easily broken by slogans alone.

One path to faster participation in management is continued quotas. Some scholars argue that legal requirements can shift perceptions and that quotas serve as temporary measures to correct gender imbalances. The World Economic Forum estimates the global gender gap will take more than a century to close if current trends persist. In Spain, estimates suggest 33 years to reach gender equality according to the ClosinGap index from PwC. The consensus among experts is that real equality requires engaged leadership and persistent education, with younger generations increasingly aware of these issues. The pace may vary, but the objective remains clear: enable true parity in leadership across society.

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