Advancing Gender Balance in the C-Suite and on Boards
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Future of Work

Advancing Gender Balance in the C-Suite and on Boards

10 July 2023 / Report

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The EU’s new law requires listed companies to meet gender balance targets on boards by 2026 and be more transparent in selection processes. Companies must revise their strategies to ensure a robust talent pipeline of women executives.

Trusted Insights for What's Ahead™

  • The directive signals new unity and determination by governments and policy makers to accelerate gender balance on boards and should serve as a catalyst for firms to ensure women have greater representation and more influence on corporate boards.
  • The directive will create new opportunities for women managers to move up into executive positions. Data show that the presence of women board members results in more women joining senior management roles (1-3 levels below the C-suite).
  • Companies need to strengthen their talent pipelines across all organizational levels to address the underrepresentation of women in executive board positions, because the new law includes targets for both non-executive and executive roles.
  • The practice of appointing a single woman to multiple non-executive board positions will not be a credible way to increase representation. Data shows this increases the number of women serving on multiple boards but not the number of women holding directorships.
  • Nominating committees and boards should move beyond solely focusing on gender and take proactive measures to enhance broader aspects of board diversity. There are clear indications of potential future regulations mandating targets for other diversity dimensions.

Interested in more on this topic? Read part 2: Advancing Leadership Gender Equality

The EU’s new law requires listed companies to meet gender balance targets on boards by 2026 and be more transparent in selection processes. Companies must revise their strategies to ensure a robust talent pipeline of women executives.

Trusted Insights for What's Ahead™

  • The directive signals new unity and determination by governments and policy makers to accelerate gender balance on boards and should serve as a catalyst for firms to ensure women have greater representation and more influence on corporate boards.
  • The directive will create new opportunities for women managers to move up into executive positions. Data show that the presence of women board members results in more women joining senior management roles (1-3 levels below the C-suite).
  • Companies need to strengthen their talent pipelines across all organizational levels to address the underrepresentation of women in executive board positions, because the new law includes targets for both non-executive and executive roles.
  • The practice of appointing a single woman to multiple non-executive board positions will not be a credible way to increase representation. Data shows this increases the number of women serving on multiple boards but not the number of women holding directorships.
  • Nominating committees and boards should move beyond solely focusing on gender and take proactive measures to enhance broader aspects of board diversity. There are clear indications of potential future regulations mandating targets for other diversity dimensions.

Interested in more on this topic? Read part 2: Advancing Leadership Gender Equality
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Author

Marion Devine

Marion Devine Marion Devine

Principal Researcher, Human Capital, Europe
The Conference Board

Read Bio

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