Improvements to Ibex
The presence of women in the upper echelons of listed companies remains limited, yet their visibility keeps growing in the market. At present, there are 227 women serving on the boards of the 84 companies that form the permanent market, with an average of two women per board. In 2022, female representation rose to 29.48%, a figure still well below the 37.47% observed in the Ibex 35. According to the XI Report “Women in the Ibex 35 and VI x Councils,” this marks the third consecutive year without significant progress toward parity in these firms. The report, produced jointly by Atrevia and IESE, notes that across the entire continuous market six companies do not have women on their boards (Berkeley Energía, Borges, Nextil, Nyesa, Pescanova SA and Urbas). Nuria Chinchilla, professor of management at IESE Business School, commented during the presentation that some companies appear to be “putting the feminine vision aside.”
There are glimmers of improvement. Listed companies are gradually pursuing greater parity. Independently of whether a woman sits on a given assembly, the number of boards with at least one female director rose to 13 in 2022, up from 26 the year before. The continuous market added 24 new women to its councils, and its overall pace accelerated slightly compared with the prior year. Examples of notable progress include Audax Renovables, Deoleo, and Amper, which had only men on their boards in 2018 and now show female representation of 33.33% in Audax Renovables and Deoleo, while Amper stands at 30%.
Among companies that surpass the CNMV’s Good Governance Act recommendation of achieving 40% women on boards, 14 firms in the perpetual market meet or exceed this goal. Some firms exhibit a genuine commitment to gender equality in governance. For instance, Realia had four women and three men on its board in 2018 (57.14%), maintaining around 50% in 2022. Nicolás Correa reached 42.86% four years ago, and that proportion has remained steady since. These patterns reflect a broader shift toward more balanced leadership within listed groups.
Improvements to Ibex
The leading Spanish selector has added 14 women to its boardrooms and achieved a female presence of 37.47%. Overall, the Ibex has grown from 290 women to 272, while 35 Ibex companies now account for 41.79% of all female directors among listed companies, and 18 companies exceed the 40% threshold set by the regulator. As Nuria Chinchilla notes, these gains are often driven by voluntary corporate choices rather than quotas. If the current trend persists, it is projected that all Ibex constituents will exceed 40% female representation on their boards within the year. Among the most balanced boards are Cellnex, Acciona Energía, Red Eléctrica, and Rovi, while five companies, including Solaria, still lag below 30%.
Despite these encouraging percentages, several nuanced matters deserve attention. For instance, women sitting on boards are frequently independent rather than controlling stakeholders. Only three women hold the role of president—Beatriz Corredor at Red Eléctrica, Ana Botín at Santander, and Marta Ortega at Inditex—compared with seven presidents who operate in the market more broadly. María Dolores Dancausa stands as the sole female CEO across listed companies. Of the 187 committees in public companies, 88 are chaired by women (47.06% versus 37.5% in 2021), with greater representation in sustainability and nomination committees.
Asun Soriano, CEO of Atrevia, commented that progress is on track but the next major challenge lies in executive boards. The rate of women in executive committees stands at 16.57%, with Colonial, Naturgy, Sacyr, and Telefónica among the firms that have more women on their boards than in their executive committees. It is notable that even when women are present, their roles often focus on personnel, organizational dynamics, communications, and branding (about 35%), while roughly a quarter participate in financial duties.
These developments reflect substantial improvements since the collaborative report began in 2015, yet the entire listed cohort remains some distance from the CNMV’s 40% target. If the current pace continues, reaching that benchmark by 2025 seems plausible. While quotas remain a controversial topic, experts point to the potential impact of a forthcoming European directive mandating 40% female representation on boards of large companies by 2026. Chinchilla advocates organic growth and stresses the need to build flexible work environments and mechanisms that make women’s achievements and productivity visible—often hidden from male colleagues—rather than relying on quotas.