The European Commission released mid-term figures on the share of women on boards in publicly listed companies. The new figures show an increase in the number of women on boards to 15.8%, up from 13.7% in January 2012. This breaks down into an average of 17% of non-executive board members (up from 15% in January 2012) and 10% of executive board members (up from 8.9%). An increase in the share of women on boards has been recorded in all but three EU countries (Bulgaria, Poland and Ireland).
The new figure represents a 2.2 percentage point increase as compared to October 2011 and is the highest year on year change yet recorded
. This boost follows the women on boards proposal that the European Commission adopted on 14 November 2012 (IP/12/1205
) to introduce a 40% objective for women on boards based on merit
. It also reflects the impact of high-level EU discussions about the need for legislation regulating the number of women on boards.
Vice-President Viviane Reding today presented the new figures at the World Economic Forum in Davos when speaking in a public session on Women in Economic Decision Making together with Christine Lagarde, Managing Director of the International Monetary Fund.
Countries with quota legislation remain the motor of change. The largest percentage point increases were recorded in Italy (up by 4.9 percentage points to reach 11%), which recently adopted a quota law that requires listed and state-owned companies to appoint 1/3 women to their management and supervisory boards by 2015. France, which introduced a quota law in 2011, has become the first EU country to have more than one woman on the top-level board of all of its largest listed companies.
Women now represent 25% of CAC 40 company boards in France – a 2.8 percentage point increase in the space of just 10 months (January – October 2012). France’s quota is 40% by 2017 applicable to executive and non-executive board members in listed and non-listed large companies (employing at least 500 workers and with revenues over 50 million EUR), with an intermediate target of 20% by 2014.
Meanwhile, Bulgaria is the only country where there was a notable decline (down by 4 percentage points), while Poland and Ireland have seen no change in the number of women on their boards, stagnating at 12% and 9% respectively.
Next steps: In order to become law, the Commission’s proposal now needs to be adopted by the European Parliament and by the EU Member States in the Council. The European Parliament has appointed Member of the European Parliament (MEP) Rodi Kratsa-Tsagaropoulou (Committee on Women’s Rights) and MEP Evelyn Regner (Committee on Legal Affairs) as co-rapporteurs (draftspersons) for the proposal.