Data-driven change Women in the boardroom A global perspective Sixth edition Global Center for Corporate Governance Women in the boardroom | A global perspective
Contents
Women in the boardoom: A global perspective – sixth edition 04 Research methodology 04 Introductions 06 Global overview 08 Percentage of board seats held by women 10 Director perspectives 12 Global Index 18 North America 20 Caribbean 30 Latin and South America 40 Africa 64 Europe 76 Middle East 170 Asia 190 Australasia 240 Appendices 250 Contacts 260
03 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Women in the boardoom A global perspective – sixth edition
Research methodology The global, regional, and country analysis The global, regional, and country analysis are based on a Total companies analyzed dataset covering nearly 8,648 companies in 49 countries are based on a dataset covering nearly the Americas, and EMEA.1 Only active directorships and Percentage of board seats Calculated by dividing the number of board seats held by women by the total number of board 8,648 companies in 49 countries – more committee memberships were considered in the analysis. held by women seats in a given sample. The same methodology applies for the percentage of board chairs that industry sectors, the percentage of women serving on boards To supplement this data, Deloitte compiled information on are women, CEOs and CFOs that are women, and for the statistics provided for committees. was calculated by the number of board seats held by women than 136,058 directorships – spanning diversity quotas and other diversity initiatives. In total, the in a given industry sector divided by total number of board seats within that given industry sector. Women on boards Denotes the total number of women holding directorships in a given country based on available boardroom gender diversity. Refer to page 15 for a listing data. Since an individual may hold more than one board seat across multiple companies, this of countries covered in this publication. 1 number may be less than the total number of board seats held by women. unless otherwise noted. Percentage change noted throughout the report is in comparison to our analysis conducted in both our 4th Stretch factor Calculated by dividing the total number of board seats occupied by women/men in a given country and 5th editions of this report, published in 2015 and by the unique number of women/men on boards in that particular country. The higher the stretch 2017 respectively, unless otherwise noted. factor, the greater the number of board seats occupied by the same woman/male director in The views and opinions expressed in this publication a given country. A stretch factor of 1 indicates that all board seats in a given sample are held by make no representation or warranty about the accuracy Women on boards with Denotes the percentage of board seats held by women in companies with a female CEO versus of the information. female/male CEO the percentage of board seats held by women in companies with a male CEO.
Women on boards with Denotes the percentage of board seats held by women in companies with a female chair versus female/male chair the percentage of board seats held by women in companies with a male chair.
1. 05 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Dan Konigsburg Sharon Thorne An introduction
The Deloitte Global Center for Corporate Governance is Deloitte continues to see a connection between the rise in This edition expands the number of countries covered to 66, Research has shown that increasing diversity is not only pleased to publish this sixth edition of Women in the Boardroom. the number of women serving on boards and the desire for of women holding board positions globally – including several the right thing to do for your culture, it also leads to better Among the largest research initiatives of its kind, this report a more inclusive kind of capitalism. The business case for daily experience working with companies around the world, countries increasing representation of women on boards by business outcomes. Increased gender diversity at all to 30 percent in 2019 from 16 percent the previous year, throws into sharp relief the progress and lack of progress boardroom diversity has been made many times, but there that more diverse boards are better boards. We invite you to over 6 percent since 2016 – however, the overall data reveals levels leads to smarter decision-making, contributes to an countries are making to increase diversity of their boardrooms, dive in, learn a thing or two, be discouraged and encouraged, that change is still too slow. Globally, between 2016 and 2018 proud of this progress, I know we still need to do more to and particularly the number of women serving on boards and and join with us in advocating for more dramatic change. there was a 1.9 percent increase of women on boards. If the move the needle and demonstrate our commitment through and girls, and to many men. A strong representation of women global trend continues at its current rate of an approximately There are a number of tangible actions that boards and 1 percent increase per year, we will be waiting more than 30 On one hand, we see countries like Germany, South Africa, chairs can put in place today to accelerate progress, not only The boardroom serves as a blueprint of the rest of the stereotypes. It encourages girls to pursue careers in business, years to achieve global gender parity at the board level. And at the board level but across the entire organization. This science, technology, engineering, and math, and its helps even then, actual parity is likely to be concentrated to the women on their boards by more than 6 percent since our includes setting the tone from the top – addressing culture can we expect diversity to be embedded throughout our narrow the wage gap between genders. These are important 2016 edition. The results are plain in countries such as these, and ensuring leadership accountability for building a truly steps in achieving greater economic opportunity for women overcome this issue, leaving several regions lagging behind. which have taken serious measures to address board diversity. and their chairs are in a position to reset the tone at the top and more inclusive societies. when it comes to diversity by making gender parity a priority Conversely, a number of countries have abysmally low rates It is also important to address the pipeline problem, since Around the world, women do the vast majority of unpaid throughout the entire organization and holding leadership board members are often recruited from the executive level. in boardrooms and to help women prepare for board service work in the home, workplace cultures are often out of date accountable to make progress. Arabia sit at the bottom, with only 0.6 and 0.7 percent of all We do see some positive signs in our research in this regard. and not designed to accommodate the needs of women, board seats held by women, respectively. Perhaps worse, we expect to see a growing consensus that women and other Senior Managing Director, unconscious bias is pervasive and goes unaddressed, and saw some staggering steps backward: Greece, where women underrepresented groups are critical contributors to a well- Deloitte Global Center for Corporate Governance hold 9.5 percent of all board seats, is down 5.9 percent from composed board. Deloitte Global leads to success for their male counterparts. All these factors two years ago. In Luxembourg, the number of board seats should also look to the critical “middle” management level held by women declined by nearly 3 percent. Although there We asked Deloitte partners to provide some thoughts on where women often stall in their career advancement to problem: there are just not enough women making it to senior was a slight uptick in the global average from 15 percent in the dynamic political, social, and legislative environment leadership roles. behind the numbers in each country we investigated. In some by launching leadership initiatives that provide additional cases, our partners report real momentum, or they see signs opportunities for advancement. than 30 percent. These statistics are hardly encouraging for of a pending breakthrough. In others, there is little motivation boardroom, in business more broadly, and society as a whole, Additionally, boards can consider more formal policies, such those who believe in the value of board diversity. At this rate, to change the status quo. We also invited three prominent it is critical we take tangible, meaningful action now – or Sharon Thorne as putting in place limits to board tenures and new criteria for we – or our children and grandchildren – will have to wait until women, all directors, to provide their insights into the debate parity will remain an elusive goal rather than an enabler of Chair, Deloitte Global board membership, which can speed up progress, since boards 2052 to reach anything close to parity. on boardroom diversity in Australasia, Europe, and the economic growth, success and fairness. This means moving with higher average tenures tend to have a lower proportion United States. away from the mentality that diversity initiatives are simply of women. Our research for this edition showed that men were 2.5 years more tenured than women directors, with women averaging 5.5 years in their board roles, and men at 8. 07 8.0 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 5.5 Women GLOBAL OVERVIEW 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 7.7 16.9% 15.0% Men CHAIR
5.4 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD 5.3% 3.8% WOMEN ON BOARDS ON WOMEN 2018
10,856 2016 ON BOARDS ON WOMEN WOMEN 60.9 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES 8,648 ANALYZED 57.0 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 63.1 Men CHAIR 59.4 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CEO FEMALE Members (2018) Members 2018 29.3% 28.8% Audit Risk 2016 Members (2016) Members MALE CEO MALE 16.5% 14.5% Chairs (2018) Chairs FEMALE CHAIR FEMALE 28.3% 28.5% 13.3% 14.0% 15.5% 15.8% 16.0% 16.0% 16.6% Chairs (2016) Chairs 17.5% 17.5% 17.7% 18.1% 18.5% 18.5% 19.8% MALE CHAIR MALE 19.9% 20.1% 20.7% 17.1% 15.5% 21.1% 21.4% 23.8% CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP 12.7% CONSUMER CONSUMER 2018 2018 2018 BUSINESS 3.9% 1.17 19.4% 16.6% Men 2016 2016 1.31 4.4% LIFE SCIENCE & SCIENCE LIFE HEALTH CARE HEALTH 17.9% 15.2% Women 1.26
FINANCIAL 2018 SERVICES 17.6% 15.1% 2016
09 GLOBAL OVERVIEW Women in the boardroom | A global perspective Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Percentage of board seats held by women
Percentage Percentage Percentage
Norway 41.0 Spain 19.2 Russia 8.5
37.2 Switzerland 18.4 Cayman Islands 8.4
Sweden 33.3 United States of America 17.6 Chile 7.7
31.9 Portugal 17.0 Mexico 6.5
31.5 Poland 15.6 Morocco 5.5
30.5 15.6 Japan 5.2
Italy 29.3 Thailand 14.2 Argentina 4.7
South Africa 26.4 Colombia 13.9 United Arab Emirates 3.8
Germany 26.2 Philippines 13.9 South Korea 2.4
Australia 25.4 India 13.8 Saudi Arabia 0.7
Denmark 25.4 Singapore 13.7 0.6
Netherlands 23.0 Turkey 13.2
United Kingdom 22.7 Luxembourg 12.0
Canada 21.4 Hong Kong 11.4
Israel 21.0 China 10.6
Malaysia 20.6 Greece 9.5
Nigeria 20.0 Indonesia 9.3
Ireland 19.9 Taiwan 9.3
Austria 19.7 8.6
11 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
A one-on-one with Michele J Hooper
They identify the skills they need on the board and then actively Michele J. Hooper currently serves on the corporate boards of changed in recent years? seek people of color with those skills. A skills matrix can be an directors of PPG Industries, Inc., UnitedHealth Group, and United The conversation has become more serious, but it depends recruiting new directors. Continental Holdings. Michele previously served on the boards on company size. Statistics indicate that large cap companies have achieved greater diversity than smaller companies. African-Americans, and Asians on US boards are nowhere That was back in the late 1980s, when companies began to Larger companies receive more attention from stakeholders focus on promoting women. While the majority were white more diverse? and watchdog organizations, which fuels concerns about country, markets, and employee base become more diverse. Many boards are now looking two or three years out to identify Michele is President and CEO of The Directors’ Council and is a senior advisor for PJT reputational risk. In addition, many companies used to be executives and directors are there because CEOs opened a the skills their board will need along with a pipeline of potential CamberView Partners. In addition, she serves on the Smithsonian National Board. for white women, because boards have focused on it and the pathway for them. When women were given the opportunity, candidates. Then they spend time cultivating those people, In 2017, Michele was selected as NACD’s Director of the Year. focus more on getting the right person, and the norm is statistics on board composition support that. Intensity of focus engaging with them, and determining whether and how they shifting to have more diversity on boards. works. Which is why we need to broaden that focus and take action as well. Learning and of Stadtlander Drug Company, Inc. Prior to joining Stadtlander, Michele was and CEO to do that, but it works. Corporate Vice President, Caremark International Inc, and President of the International A lot of the conversation in the boardroom is determined Very much so. Corporate leaders used to note that The historically stated impediment has been the notion that by who is at the table. A more diverse board will raise and Japan. Michele began her career at Baxter International and from 1988 to 1992, as consider a wider set of issues and responses. You get genuinely Gain visibility. Early in my career, people would say, “Do your The larger issue is that people still simply bring on people like supplies company. job and you will see opportunities,” and that worked for a time. diverse leadership team is as capable, and often more capable, of delivering results. Shareholders are calling for action on angles, which helps the company on the strategic, governance, understand your expertise, personality, and ethics and integrity diversity with the nominating and governance committee, and sources help, the majority of recruiting for the board occurs innovation, and risk management fronts. – within your industry and beyond. Speak at conferences and boards are responding. Institutional investors are also calling in the boardroom. Without strong, proactive leadership from participate in interviews, within the bounds of your expertise the board chair and nominating committee, some boards will and company role. Engage with director associations and continue to bring in people like themselves. League policy named after Dan Rooney, who owned the for the next career move. teams to interview at least one minority candidate for head quotas or preferences, but it ensures that minority candidates are considered. Some US corporate boards use this technique. Michele J Hooper 13 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
In Australia, 50.7 percent of the population are women, and When there are more women in the room, it allows the changed in recent years? women have higher levels of education than men. So if you very large Asian population, with many international students a non-executive director of Lend Lease, Macquarie Group, Clean think about it, Australia is spending a lot of money educating graduating from our tertiary institutions, and our indigenous The conversation in Australia has changed and become our women and then our journey goes backwards the minute population. Similar to the glass ceiling for women, there is the they step into the workforce. Women earn less than men on to come from a male voice. Directors, Chief Executive Women, the University of New South Wales graduate starting salaries, the gender pay gap widens as they employing and promoting the best talent if large populations ensuring the statistics and data are right in order to improve move through organizations, there are more women caring of our community are being ignored. We also need to make the benchmarking. When you can show the numbers, you can diversity in organizations? sure we have leaders with Asian capability – not necessarily Nicola brings a wealth of professional, corporate, and advocacy experience to the boards of demonstrate the need for change. is compounded by not enough women in C-suite roles, or The role of the chair and board is to show leadership and a number of Australia’s largest organizations following a distinguished legal career spanning Second, there has been a strong generational shift and younger as members of parliament, for example, and that translates women are demanding diversity. Over time, the conversation that embraces all forms of diversity and associated diversity for their business, and they are comfortable traveling in Asia. Nicola has a long-standing commitment to gender diversity and, through her work on the programs – and even visibly showing their support to the point The end goal for me is quite simple. I would like to see so there is a better conversation about what diversity means – across leadership roles. We have made great strides in the of diversity in all its forms, starting with diverse leadership in organizations and cascading pipeline of talent to have women in senior leadership roles not only gender, but all forms of diversity. Programs have been representation of women in sport, for example. If you translate down and across all aspects of society. who are keeping their eye on them and supporting them. next 10 years, we will have no choice but to bring in quotas. established to promote a more diverse workforce, which also that into the corporate world, I would like to see 40 percent She has been a regular contributor to debates on such issues as extending child care drives the need to have diverse leadership. women in leadership positions, such as C-suite, non-executive, In the boards I sit on, we review diversity numbers at every board meeting and demand to have much more visibility on Unfortunately, one of our challenges is the negative way that are really participating in leadership in this country. senior executive appointments, asking CEOs to try harder to female leaders can be treated in Australia. Particularly the achieve 50/50 at all levels. language used against them. Women often have to be better, small undertaking – there are risks and liabilities, and often you in some respects, than their male counterparts to get senior seeing? economically support the transition to becoming a board director. men. Until we break down these barriers, we will struggle to I have a hope that the war for talent will help us with diversity have true diversity. statistics. You want to attract the best talent, which means diverse talent. This includes diversity of thought, because understand your world. This is not a criticism of men, but they ethnic diversity and sexual orientation. this. Also, have a good network. People need to know you and I always ask, “What do the numbers say and what should why diversity is so important, why our workplace structures our goals be?” are a disincentive for women to take on greater leadership, or models in senior positions. 15 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
A one-on-one with Amparo Moraleda
In my opinion, anyone in the CEO succession line, should join Amparo Moraleda is currently a member of the boards of directors at least one external board of directors, preferably with the I think regulation has played a fundamental role, and the I believe one is having executive or operational experience at based on teamwork. Not all its members need to know endorsement of their current CEO. It seems fundamental to existence of gender quota legislation in Europe has been an organization of a similar size and exposure to the board. just need to ensure that certain directors cover certain is also important for a board member to have. Then, I would As a graduate in industrial engineering from ICAI and holder of an Advance Management development and a key way to prepare for the position. regulatory intervention is necessary and can act as a catalyst say listening skills, the ability to empathize and communicate Program from IESE Business School, Amparo has had an extensive career as president to increase the pace of change in a short period of time. with other board members, and the ability to constructively seeing many women added to boards. This is due, in part, to members are often faced with situations that are unique to the Iberdrola’s international division. boards had to go out and actively recruit female talent. This is feeling to a certain extent. Maintaining independence of ideas roles, compared to that of CEO positions. Amparo is a member of the Royal Academy of Economic and Financial Sciences and a cultural change, which involves changing habits and stepping and having the strength to be a discordant voice of reason and is consistently ranked among the 10 most valued CEOs in Spain. She is a member of challenging opinions constructively – independence of thought that the ability to work as part of a team is a critical component the Andalusian Academy of Social Sciences and the Environment, a director of the MD the traditional areas board candidates normally come from. serving on boards? is the most valuable thing and is what is most appreciated. Anderson Cancer Centre in Madrid, a director of the CurArte Foundation, and an advisory This has been the great contribution of quotas, and experience Culturally, we are at still in the beginning stages. I believe that board member of the Instituto de Empresa Business School. shows that they are working. On a personal level, quotas gave The role requires interpersonal communication and negotiation the United Kingdom is leading the way, where directors are me the opportunity to join boards of companies in other deemed to have lost their independence after 9 years of board countries, which helped develop my career as a board member. service. This allows for board refreshment, and new director for the CEO or executive committee to see you as a valid each directors position and achieve consensus when it is time elections, and a systematic assessment of the board and of interlocutor, which requires knowledge, experience, and all to come to a decision. each individual director. without having any formal authority. You must be able to to be a good director by having the opportunity to be close introduce topics and get your point of view heard without really to good directors and work alongside great professionals. In having the executive authority to get things done the way you and make sure that board members are able to perform the my case, I have had the great fortune of having worked with fantastic directors and mentors in both Spain and around and they need to be given the opportunity to serve on boards. Consequently, when it comes to choosing directors, personalities of her career and talk openly with the CEO about her interests the world. It is also important to start with small challenges are important. I believe board members should have the and career aspirations. A good practice is to begin working with and grow from there. I started by serving on very small capacity for dialogue, for working on a team, and for listening, enable you to better assess, understand, and participate in the board in her executive capacity – presenting and reporting boards. This experience and exposure provide for experience complex organizational discussions. These include experiences Amparo Moraleda a position in the face of a better argument. You have to come to such as leading large complex organizations, participating preparing board materials. in transformation projects, being exposed to boards as an executive, or having international exposure.
17 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Global Index
North America 20 Poland 138 Kazakhstan 212 Canada 22 Portugal 142 Malaysia 214 United States 26 Austria 80 Romania 146 Philippines 218 Russia 148 Singapore 222 Caribbean 30 Croatia 88 Slovakia 152 South Korea 226 Czech Republic 90 Spain 154 Taiwan 230 Cayman Islands 36 Denmark 92 Sweden 158 Thailand 234 Trinidad and Tobago 38 Estonia 96 Switzerland 162 Vietnam 238 United Kingdom 166 Argentina 42 Germany 106 Middle East 170 Australia 242 Greece 110 Israel 172 Chile 50 Hungary 114 Turkey 176 Colombia 54 Iceland 115 Middle East Country Spotlight 180 Mexico 58 Ireland 116 Peru 62 Italy 120 Asia 190 Latvia 124 China 192 Lithuania 125 Hong Kong 196 Kenya 66 Luxembourg 126 India 200 Nigeria 68 Netherlands 130 Indonesia 204 South Africa 72 Norway 134 Japan 208
19 9.1 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 6.2 Women NORTH AMERICA 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 8.4 18.0% 14.5% Men CHAIR
THAT ARE WOMEN ARE THAT 6.1 Women BOARD CHAIRS CHAIRS BOARD Regional overview 4.5% 3.8% WOMEN ON BOARDS ON WOMEN 2018
2016 4,191 ON BOARDS ON WOMEN WOMEN 62.2 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES 3,322 ANALYZED 59.1 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 63.4 Men CHAIR 62.3 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CEO FEMALE Members (2018) Members 2018 30.3% 29.7% Audit Risk 2016 Members (2016) Members MALE CEO MALE 17.4% 15.0% Chairs (2018) Chairs FEMALE CHAIR FEMALE 29.6% 28.6% 13.2% 13.2% 13.8% 15.1% 15.7% 15.8% 16.1% 16.4% 16.7% Chairs (2016) Chairs 17.1% 17.4% 17.7% 18.9% 19.1% 19.1% 19.7% MALE CHAIR MALE 19.9% 20.7% 17.6% 15.1% 21.2% 21.4% CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP 12.2% CONSUMER CONSUMER 2018 2018 2018 BUSINESS 4.4% 1.21 22.3% 17.6% Men 2016 2016 1.36 5.0% RESOURCES ENERGY & ENERGY 16.9% 14.6% Women
1.30
LIFE SCIENCE & SCIENCE LIFE HEALTH CARE HEALTH 2018 15.9% 13.5% 2016
21 NORTH AMERICA Women in the boardroom | A global perspective There are no national quotas in place for women serving Canada of 40 percent for female appointments to every provincial of provincial percent 40 tofor femaleevery appointments employers toemployers disclose: about their gender diversity policies. about their gender diversity gender quota for boards of government-owned enterprises enterprises government-owned of boards for quota gender Other initiatives percent target for female appointments to corporate boards representation. Practices, requires companies toPractices, be more transparent National regulation, comply-or-explain Like the Ontario for TSX-listed companies to onfordisclose, aTSX-listed comply-or-explain basis, the number of women on their boards, as well board and agency by 2019. Instrument 58-101,Instrument Disclosure of Corporate Governance In 2014, a requirement the Province established of Ontario • • • • •
The number and percentage of women on the board and executive roles. How nominating committees consider women in identifying consider Howwomen innominating committees identifying Director term limits or term other board limits Director refreshment measures to boards in executive positions positions in executive 2 The Ontario government also government set aOntario The target 5 3 It further suggested a 30 suggested It further 4 It also requires requires also It 1
These disclosures include: of public Under incorporated companies. this legislation, disclosure of diversity on boards and among disclosure senior ofleadership diversity in Canada: beyond gender • • • • •
The number and percentage of underrepresented groups The process for selecting members from underrepresented on boards and in positions. leadership of underrepresented groups. of underrepresented of representation of underrepresented groups groups of underrepresented of representation companies to remove barriers and drive change through through change drive and barriers to remove companies groups (e.g., women, people with disabilities, aboriginal Canada’s Top 100 Catalyst recognizes Canadian companies for their diversity and recognizes Canadian companies for their diversity people, visible minorities) minorities) visible people, provincial governments to promote gender-balanced positions. The organization works with CEOs and How nominating committees consider Howthe level nominating committees focuses on supporting research with the federal and and the federal research with on supporting focuses the importance of programs that promote the rights boards. inclusiveness programs. This competition emphasizes competition This programs. inclusiveness 7 is an annual competition that that competition annual an is 8 6
60 companies on boards of S&P/TSX women of Percentage companies women of Percentage on boards women of Percentage • • •
The of women in the corporate ofworld. in women corporate the approach andin assist adhering to vigorous board and mentorship of women in leadership roles. Women in and award programs to representation foster better advancement and professional development of women disclosure procedures that for Canadian corporations refreshment practices. refreshment aresuch as sponsored Deloitte, organizations, participating #GoSponsorHer trajectory, and opportunities. by senior leaders to help identify their goals, bycareer tosenior leaders help identify introduced a board diversity policy in 2015 policy introduced a board diversity supporting in Canada. The organization creates initiatives, events, events, createsin organization Canada. initiatives, The would encourage a professional board recruitment 13 14 12
was created to catalyze the sponsorship sponsorship the catalyze to created was
11 10 24.5% 25.8% 28.4% Percentage promotes the the promotes 9 2.9% (2016) 5.3% (2016) 3.8% (2016) % Change
1. 2. Progress has been made in Canada and globally in improving board diversity as business leaders Progress hasbeenmadeinCanadaandgloballyimprovingboarddiversityasbusiness leaders Deloitte Canadawasseekingtobringgreaterdiversityofperspectivesboarddiscussions. 3. Special Adviser and Independent Director, Deloitte Canada Director,and and Chile Independent Deloitte Adviser Special 4. convinced me, and many others, that diversity of background, thoughts, and skills, contributed by convinced me,andmanyothers,thatdiversityofbackground,thoughts,skills,contributed by It is in that capacity that I joined, while also enhancing the gender diversity of the board. Throughout It isinthatcapacityIjoined,whilealsoenhancingthegenderdiversityofboard.Throughout my publicservicecareerandnowasacorporatedirector,Ihavestronglyadvocatedfordiversity,
Recommendations Recommendations for Accelerating Progress, June 2016 Canada need them?, October 2016 Global News Canada, Gender quotas: Who else has them and does Ontario Newsroom, Ontario Sets Gender Diversity Targets: Women 7. 5. 9. 6. 8.
WXN, About WXN, July 2019 Canada,Catalyst, July 2019 Canada?, May 2018 Governance Practices, March 2017
14. 13. 12. 11. 10.
at TSX-Listed Companies, September 2018 September Companies, at TSX-Listed OSLER, 2018 Women Disclosure Practices, in Leadership Roles Diversity Canadian Coalition for Good Governance, Who We Are, July 2019 Go Sponsor Her, Why #GoSponsorHer?, July 2019 23 NORTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Canada 21.4% 8.2 9.3 17.7% 13.1% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 6.0 5.7 Women Women THAT ARE WOMEN ARE THAT 2016 5.7% 5.0% 5.5% 2014
62.4 64.0 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 3.1% 2.7%
58.2 58.2 60.4 Women Women ARE WOMEN ARE 14.0% 1.29 2014
STRETCH FACTOR STRETCH 1.29 1.15 WOMEN MEN 2018 2016 546 325 1.23 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 24.5% 19.0% 17.9%
13.6% 13.8% 15.0% 14.9% 19.8% 20.2% 20.7% 20.6% SERVICES 23.5% 23.4% 16.8% 19.0% 24.3% 24.3% 24.6% 24.7% 28.4%
& HEALTH CARE & HEALTH 21.0% 20.0% 15.4% Compensation Governance Nominating
Audit Risk TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 9.6% 10.4% 11.8% 12.1% 20.9% 19.0% 17.7% 14.1% 15.7% 17.8% 18.6% 19.0% 19.5% 19.9% 20.0% 23.9% 24.4% 2018 2018 RESOURCES ENERGY & ENERGY 19.9% 2016 2016
2014 2014 25 NORTH AMERICA Women in the boardroom | A global perspective The law requires any publicly traded company headquartered in There are no national quotas in place for women serving on 1. United States of America one female director if the board has up to four members, two of 30 percent female directors by December 31, by December of 30 percent female directors 2021. 2. demographics of their boards demographics and plans for promoting diversity numbers numbers of female on directors the boards of public companies practicable, practicable, but no later than January 1, 2021. the new report must required asinformation soon as intothe public the companies headquartered state report publicly traded companies intraded publicly the State to have a minimum representation onrepresentation boards the state to have at least one woman on its board by December onrepresentation boards Maryland: board has six or more members. Companies that fail to meet the boards in the United States. in August 2019 challenging the law as unconstitutional. as law the 2019 challenging in August Illinois:
U.S. News & World Report, Lawsuit Challenges California Law Requiring Women on on Women Requiring Law California Challenges Lawsuit Report, & World News U.S. In August 2019,In August aIllinois billpassed requiring The General Assembly of Maryland introduced introduced Maryland of Assembly General The 3 4 2
1
corporations into the corporations state meet a minimum number of female held publicly require would it passed, If boards. corporate calling for increased equitable gender representation on commensurate with board size, by 2021. by size, board with commensurate directors on its board byon 31,December its directors 2022 and require the state directors would be requireddirectors to have three female directors, must have must a minimum of three and four respectively, women, management positions managementand topositions set a 30 percent target for resolution for publicly held corporations in requiring for held the corporations resolution state publicly Massachusetts to have at least one female director by the by the director one female to at have least Massachusetts female representation on boards by 2020.on boards representation female to publicly disclose a report ofto a disclose companies report that publicly are compliant. them them have a minimum of one to three female board members, Pennsylvania: Pennsylvania: have atthree women least on their boards by 2021. Similar to femalehave directors. two 3. 4. improving the improving gender balance on their boards and in senior Washington: would would require in to public the companies headquartered state
New Jersey introduced a New Jersey bill2019 in January that In March 2019, a proposed Pennsylvania Pending would requirelegislation publicly 5 6 7 A 2017 resolution A2017 resolution 8 9 Other initiatives and trends Institutional investors continue to oninvestors have anmeasures impact Institutional Institutional Shareholder Services (ISS) Shareholder Services Institutional 5. 6.
• • •
New Jersey Legislature, State of New Jersey 218th Legislature, November 2018 ethnicity, race, age, experience, geographic location, skills, race,skills, age,ethnicity, location, geographic experience, suchconsideration companies toas “the matters disclose on dimensions such as gender, age, and race, ethnicity, ethnicity, age,characteristics other personal ethnicity, or certain experience – and purposely consider – who bring candidates experience and purposely State Street announced that starting in 2020, it would starting that announced Street State and perspective in the process.” nomination and perspective diversity program for three consecutive years program for three consecutive diversity and if the company directors has not engaged in successful diverse perspectives into the boardroom.” perspectives diverse given to board diversity, including, but not limited to,including, togiven board gender,diversity, national origin, at least on an aggregate basis,” and “looking aton and origin, basis,” national least an“looking aggregate nominating committee of boards without any of female boards nominating committee without Russell 1000 Russell their boards index had companies because vote against the entire slate of board members on the fewer than two women or no other directors of diverse of diverse or directors no women other two than fewer to have at least two women directors and encourages encourages and directors women two least at to have beyond traditional candidate pools – those with CEO-level includes disclosing the “diversity makeup of their disclosing includes the boards “diversity of which public companies, expectations board diversity its 14 and Glass Lewis, Glass and 13
10 12 In the 2019 the In
15 11
The SECThe new issued compliance and disclosure interpretations 7. 13. 12. 11. 10. if other adirectors company has no femaleGlass directors. of the nominating or,or governance committee in some cases, companies companies measured in the US, a fromrise 2016, when women which index, ofcompanies ontraded publicly the 3000 Russell A number of organizations, such as the 30% Club and Catalyst, Asuch number as of the 30% Club organizations, and Catalyst, As of September 2019, women hold 20 percent of board seats ago. According to that women (anda it isstudy, projected all boards have at one least female board member. recommend voting against or withholding votes recommend orfor voting against withholding the chair measures the performance of thelargest 3,000 publicly traded female directors in 2019. directors female held 15 percent of corporate board seats. 9. In 2019,July a was index: the reached500 S&P milestone within beyond gender 8.
The General Assembly of Pennsylvania, House Resolution No. 273, Session of 2017,The General April Assembly 2017 of Pennsylvania, House Resolution No. 114, March 2019 State Street Global Advisors, Asset Stewardship State Asset 2018–2019,Street Global Advisors, 2019August 17 16 18 17. 16. 15. 14. women, minority women minority women, held by board seats white women minority women, held by board seats white board seats held by women board seats held by women considered as part consideredof as the nominating process. part September 2017, such as…race, gender, disability, religion, nationality, ethnicity, the SEC “woulddisclosure expect” if the characteristics are adoption the 151 of requesting boards to the companies is challenging board refreshment and calling for greater
Glass Lewis, 2019 Policy Guideline Updates: United States, Canada, Shareholder Initiatives, Israel, October Israel, 2018October 2019Shareholder Services, Institutional Proxy Americas Voting Guidelines Updates, November 2018 18 20 17.9%, 4.6% 17.9%, 5.8% 19.1%, 22.5% 25.0% Percentage 19 In this case, (2016) 1.5%, 0.8% (2016) 1.2%0.8%, (2016) 2.3% (2016) 2.0% % Change
“More and more companies are realizing the “More andmorecompaniesarerealizingthe and considering candidates with a variety Pieces Report demonstrates that while Pieces Reportdemonstratesthatwhile of skills,backgrounds,andexperiences.” candidates, includingreachingout progress has been achieved, there is still Vice Chairman and National Managing Partner, to a broader set of professional networks to abroadersetofprofessionalnetworks to expand the pool of women and minority their diversitybytakingintentionalactions 19. 18. 20. Deb DeHaas
27 NORTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL United States of America 17.6% 14.2% 12.2% 8.4 9.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 6.3 6.1 Women Women THAT ARE WOMEN ARE THAT 2016 4.4% 3.4% 3.7% 2014
63.4 62.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 5.2% 4.6%
62.6 59.2 Women Women ARE WOMEN ARE 12.0% 1.39 2014
STRETCH FACTOR STRETCH 1.21 1.34 WOMEN MEN 2018 2016 2,987 3,710 1.28 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 22.1% 15.8% 17.0%
TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 17.2% 13.0% 0.0% 13.8% 14.8% 14.8% 15.1% 15.9% 16.7% 17.4% 17.2% 18.5% 18.7% 19.4% 20.0% 20.4% 20.8% SERVICES 17.0% 13.0% 11.6% Compensation Governance Nominating
Audit Risk 16.5% 14.0% 11.2% 10.9% 12.4% 12.5% 12.9% 13.1% 14.5% 14.6% 14.0% 15.1% 15.4% 15.9% 16.4% 2018 2018 RESOURCES 18.4% 18.6% ENERGY & ENERGY 15.9% 2016 2016
2014 2014 29 NORTH AMERICA Women in the boardroom | A global perspective 8.2 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 4.2 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 8.4 14.4% Men CARIBBEAN CHAIR
0.5 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD Regional overview 1.7% WOMEN ON BOARDS ON WOMEN
2018 ON BOARDS ON WOMEN WOMEN 69 60.6 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES ANALYZED 59.2 59 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 61.8 Men CHAIR 53.0 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance Nominating TOP INDUSTRIES WITH THE HIGHEST PERCENTAGE THE HIGHEST WITH OF TOP WOMEN INDUSTRIES ON BOARDS Members (2018) Members FINANCIAL 2018 SERVICES 14.6% Audit Risk
Chairs (2018) Chairs RESOURCES ENERGY & ENERGY 9.4% 7.1%
8.5% 12.6% 13.3% 13.8% 13.9% 15.0% 15.9% 17.7% 20.6% CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH 14.0% 6.6% 2018 2018 2018 1.02 Men 1.04 Women 31 CARIBBEAN Women in the boardroom | A global perspective There are no quotas in place for women serving on boards events or conferences. Other initiatives Discussions of gender on diversity corporate boards are boardroom gender diversity. being held at the organizational level and at public-facing listing regulations doregulations not relatedlisting include provisions to
“There has been meaningful progress when it comes to gender equality a more inclusive workforce locally, it is key that we understand the critical a moreinclusiveworkforcelocally,itiskeythatweunderstandthecritical across ourcountry.Evenwithoutformalgovernmentquotas,women However, while these developments suggest a positive approach toward However, whilethesedevelopmentssuggestapositiveapproachtoward value of having women involved in decision-making. Diverse minds value ofhavingwomeninvolvedindecision-making. Diverseminds operations across the globe, this could be seen as a step forward to operations acrosstheglobe,thiscouldbeseenasastepforwardto promote diversity on boards within the industry sector. promote diversityonboardswithintheindustrysector. be electedtotheboard.WithAssociationrepresentingpublicpolicy broaden the perspectives brought to the table, which help businesses broaden theperspectivesbroughttotable, whichhelpbusinesses the appointmentofPinaAlboasnewdeputychairwoman to successfully navigate the risks and rapidly evolving industries of to successfullynavigatetherisksandrapidly evolving industriesof
33 CARIBBEAN Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 15.6% 8.4 8.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.3 0.5 Women Women THAT ARE WOMEN ARE THAT 2.1%
60.8 61.9 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.0%
53.0 59.0 Women Women ARE WOMEN ARE 14.6% 2014 -
STRETCH FACTOR STRETCH 1.02 WOMEN MEN 2018 2016 - 63 49 1.03 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 15.9%
RESOURCES ENERGY & ENERGY 10.0%
14.5% 15.2% 15.6% 16.2% 17.3% Compensation Governance Nominating 2018 Audit Risk 5.9% 10.0% 14.7% 18.8% 21.4% 2018 35 CARIBBEAN Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. 2. Cayman Islands conduct a second Gender Diversity survey in 2019. Deloitte 2019. in Deloitte survey Diversity Gender a second conduct in including the at workplace, the equality board and level, to strives for women and men to be paid equally for equal work. Other initiatives Passed inPassed 2011, aimsLaw to the Gender Equality prevent, has taken their initiatives. pledgethese to support boards and in senior management positions is led at the was formed in 2018 to promote a vision of greater gender
Cayman Islands, The Gender Equality Law, 2011, October 2011 Gender Equality Cayman, Homepage, August 2019
1
2 There are more than 100 nationalities represented in the and economic prosperity for all. and economic prosperity a new department, Workforce Opportunities & Residency & Residency Opportunities Workforce a new department, discrimination during the recruitment process, and ensure process, during the recruitment discrimination 3. Cayman (WORC) WORC seeks toWORC increase eliminateseeks transparency, bias and the positions are awarded to the most suitable candidates. including including board members. beyond gender
Workforce Opportunities & Residency Cayman, Homepage, August 2019 August Homepage, Cayman, Residency & Opportunities Workforce 3 , to lead the pursuit of full employment employment full of pursuit the lead , to
“Women are underrepresented on boards “Women areunderrepresentedonboards Talent Leader, Deloitte Caribbean and and Caribbean Deloitte Leader, Talent Pledge, companies are now talking about Pledge, companiesarenowtalkingabout companies will follow suit and we will see companies willfollowsuitandwesee of the Gender Equality Law in 2011 and the of theGenderEqualityLawin2011and gender diversity in Cayman and Deloitte gender diversityinCaymanandDeloitte more female leaders and board members more femaleleadersandboardmembers in thefuture.” is helpingtoleadtheway.Ourhopethat in the Cayman Islands. With the introduction in theCaymanIslands.Withintroduction Jen Skinner
OVERALL NUMBERS OVERALL 7.3 7.2 8.4% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.8 Women Women - THAT ARE WOMEN ARE THAT 0.0%
59.9 61.3 Men Men AVERAGE AGE (YEARS) AGE AVERAGE 10 CHAIR 7 60.7 Women Women - 2014 - STRETCH FACTOR STRETCH 1.00 WOMEN MEN 2018 2016 - 1.00 2018 37 CARIBBEAN Women in the boardroom | A global perspective The National Policy on Gender and Development called for There are no quotas in place for women serving on boards The policy contains a section on transformational leadership leadership on transformational contains a section policy The 1. 2. Trinidad and Tobago organization aims toorganization on end the discrimination basis of gender. companies in various industries in the private sector. Women Women sector. private the in industries various in companies equality in decision-making positions. 3. State-owned boards fared better, over awith State-owned third of the and governanceof that genderthe outlines importance Other initiatives president in March 2018. Deloitte Trinidad in Deloitte a2019 study conducted of 10 large board seats held by women in a sample of 41 entities. in Trinidad and Tobago. was slightly higher,was slightly at 19 percent, and one woman was CEO. beyond gender
Deloitte Trinidad and Tobago analysis, 2019 Trinidad Tobagoand analysis, Deloitte of on the Development Gender Republic ofPolicy National Trinidad of on the Development Gender Republic ofPolicy National Trinidad 2 3
1
of sample a of CEO as serving Women of sample a of board the chairing Women companies 10 private-sector of sample a at directors Women entities state-owned 41 of sample a of CEO as serving Women entities state-owned 41 of sample a of board the chairing Women sample of 41 state-owned entities a of boards the on serving Women 3
10.0% 0.0% 15.0% 10.0% 7.0% 34.0% Percentage “Our journey toward full gender equality, albeit slow, continues to progress steadily. “Our journeytowardfullgenderequality,albeitslow,continuestoprogresssteadily. The governmentoftheRepublicTrinidadandTobago,throughnationalpolicy a positive future for gender equality in Trinidad and Tobago, and there is a large capacity for sustaineddiversityinbusinessthroughouttheCaribbeanregion.” experienced and deserving of their place in the boardroom. These achievements forecast experienced anddeservingoftheirplaceintheboardroom.Theseachievementsforecast presence of powerful female executives and board members in state-owned entities and presence ofpowerfulfemaleexecutivesandboardmembersinstate-ownedentities in the private sector. in theprivatesector. Managing Partner, Deloitte Managing TrinidadPartner, Deloitte Rikhi Rampersad
39 CARIBBEAN Women in the boardroom | A global perspective LATIN AND SOUTH AMERICA 8.0 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 5.8 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 8.2 7.9% Men 7.2% CHAIR
THAT ARE WOMEN ARE THAT 3.1 Women BOARD CHAIRS CHAIRS BOARD Regional overview 5.2% 2.1% WOMEN ON BOARDS ON WOMEN 2018
2016 ON BOARDS ON 174 WOMEN WOMEN 60.2 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES ANALYZED 53.3 243 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 62.2 Men CHAIR 59.7 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CHAIR FEMALE Members (2018) Members 2018 17.8% Audit Risk 2.3% 2.9% 3.7% Members (2016) Members MALE CHAIR MALE 4.7% 4.9% 5.0% 5.3% 5.4% 7.5% 5.6% 6.1% 6.2% 6.4% 6.8% 7.4% 7.5% 7.7% 8.5% 8.6% 9.8% 10.0% Chairs (2018) Chairs Chairs (2016) Chairs CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP 5.6% CONSUMER CONSUMER 2018 2018 2018 BUSINESS 0.0% 10.7% 1.12 9.5% Men 2016 2016 1.11 1.2% RESOURCES ENERGY & ENERGY 8.5% 5.0% Women
1.04
MANUFACTURING 2018 7.1% 7.7% 2016 41 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective There are no quotas in place for women serving on boards in The revised corporate governance code for the local stock 1. 2. Argentina corporate governance dashboard. Listed companies corporate governance that dashboard. Listed exchange was released in June 2019. codeThe highlights and policies intended to accelerate the pace of change. sector continue to promote gender equality through initiatives continue to sector through promoteinitiatives gender equality gender equity in compensation decisions. compensation in equity gender Other initiatives positions. In addition, the code asks companies to consider voluntarily signed up for this voluntarily dashboard are required to have the importance of gender diversity on boards and in board women. leadership positions, such as board positions, chairleadership and committee
de la Nacion, Gender inParity Areas of Political Representation, Ministerio del Interior, Obras Publicas yPresidencia Vivienda Corporativo 1 3 2 Two global initiatives have an active presence Twoin have Argentina: an active initiatives global The government of Argentina published a plan regarding equal as vice chair Women serving Women chairing boards Women in positions leadership opportunities andfor rights opportunities all people in December 2018. 3. 4. 5. • •
G20 Insights, Women 20 Argentina, 2018 2019 June Societario, del Código de Gobierno CNV, Actualización UN Women, Gender isequality good for business, leaders say at 2018 engagement groupsfor working the G20 and aimschange to and inorganizational drive private United Nations Win-Win program United Nations Win-Win public-sector companies to advance gender equality. Women 20: Women which supports the economic empowerment ofthe economic empowerment women which supports 7 Seeks to bring a gender perspective to the the to perspective agender bring to Seeks 8.6% 4.3% 51.0% 11.2% Percentage 5 : Argentina is one of of one is Argentina 4 0.1% (2017) (2017) 1.3% (2017) -2.9% 0.8% (2017) % Change 6 7. 6.
and Rights, andDecember Rights, 2018 Mercado de Capitales, 2019 CNV, Informe sobre Género en los Directorios de las Empresas del
there is still a long way to go. Public policies must encompass these there isstillalongwaytogo.Publicpoliciesmustencompassthese to servingonboards.” to womenadvancingintoleadershippositions,andinparticular, that researchcontinuestoshowasoneofthestrongestlimitations Governance Leader, Deloitte Argentina Maria Domenech Mercedes
43 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Argentina 4.7% 7.2 9.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.7 Women Women - THAT ARE WOMEN ARE THAT 0.0%
56.2 57.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0%
56.2 Women Women - ARE WOMEN ARE 5.9% 2014 -
STRETCH FACTOR STRETCH 1.03 WOMEN MEN 2018 2016 - 16 7 1.00 2018 COMMITTEES Audit 5.9% 2018 45 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective The program awards companies that promote a culture of There are no quotas in place for women serving on boards 1. 2. on boards by 2022 is being anddrafted discussed by the 3. A bill introducing a gender quota of 30 percent women women percent 30 of quota agender introducing A bill government. One goal of the local UN initiative known One asgoal ONUof known Mulheres UNthe local initiative Other initiatives the European Union, Organization and Labor the International is to increase the number of women in positions. leadership
Câmara dos Deputados, Projeto de Lei N° 7179/17 1 It is unclear when congress will vote on the bill. 3 2
The 30% Club program roles. The roles. goalThe is to createof and amaintain network strong female board members and increase the number of women of number women the and increase members board female in board positions. 4. 5.
5 in 2013 for female executives seeking board service service board seeking executives 2013 in female for 4
While it is undeniable that the battle for corporate gender equity will continue, companies must remain committed While itisundeniablethatthebattleforcorporate genderequitywillcontinue,companiesmustremaincommitted working arrangements, to name just a few. It is important to note that our actions were recognized in 2019, in which working arrangements,tonamejustafew.It isimportanttonotethatouractionswererecognizedin2019,which Angela Castro
47 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 5.9 8.6% 6.1 6.3% 7.7% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.2 3.0 Women Women THAT ARE WOMEN ARE THAT 2016 6.5% 1.5% 1.1% 2014
62.8 59.5 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.8% 0.0%
52.8 59.0 Women Women ARE WOMEN ARE 4.0% 1.09 2014
STRETCH FACTOR STRETCH 1.08 1.12 WOMEN MEN 2018 2016 131 90 1.04 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 10.9% 8.3% 9.0%
2.5% 4.1% 4.9% 5.4% 5.3% 5.8% 6.0% 6.8% 6.7% 7.4% 7.8% 9.9% 10.2% RESOURCES ENERGY & ENERGY 11.4% 8.5% 4.0% 8.5%
6.8% 5.2% 7.0% Compensation Governance Nominating Audit Risk 0.0% 1.7% 2.5% 5.6% 5.9% SERVICES 6.3% 6.7% 6.7% 3.8% 7.0% 7.1% 7.7% 8.0% 8.0% 8.9%
11.5% 14.3% 2018 2018 2016 2016 2014 2014 49 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective Two bills were presented to the Chilean Congress related to There are no quotas in place for women serving on boards The Ministry of Women and Gender Ministry hasThe set a for target 1. 2. 40 percent quota for each gender on certain state-owned percent40 forquota each state-owned gender on certain Chile companies with equity over approximately US$60 million equity companies with of 30 percent oftraded each gender on of boards the publicly company directors. company on the board. to company one woman have at least each state-owned corporations, and companies with government participation. government with companies and corporations, owned companies. The billThe companies. owned ispending. still company boards. company Stock Market lawto apercent and sought quota implement 40 3. 4. a public oflist women who are toavailable be appointed as a new bill related to gender that the included quotas 2015 bill and another in2015 January which sought to implement a quotas: quotas: one in September 2014 a gender suggesting quota Other initiatives resulting resulting in one bill that would set a percent40 gender quota for each gender of large corporations, government-owned government-owned for each gender of large corporations, for boards of publicly held corporations and certain state- for boards and ofcertain held corporations publicly In March 2019 of Women and Gender published the Ministry In March 2017 a the billseparate was introduced to modify
Cámara de Diputados de la República de Chile, 2 In 2018 members of Congress introduced introduced Congress of 2018 In members 5 3
1 ,
4 company boards company Women chairing IPSA boards of companies IPSA the on serving Women of companies tolisted the disclose gender, and age nationality, of the election new board members. if ofon shareholders it basis, informed a comply-or-explain Superintendency of Securities and Insurance of (currently the Securities Superintendency General Rule No. 385 inissued 2015 by the Chilean range of board members. the diversity attributes it considers for directors before the 5. beyond gender 6.
directorios dedirectorios las grandes empresas en Chile, March 2019 para Directorios, May 2018 Ministerio de la Mujer y la Equidad de Genero, Registro de Mujeres 6
0.00% 0.00% 7.29% Percentage
“The promotion of diversity is still a work in progress in Chile. “The promotionofdiversityisstillaworkinprogressChile. Although the importance of gender diversity is widely acknowledged, Although theimportanceofgenderdiversityiswidelyacknowledged, the smallest proportions of women serving on listed company boards. thesmallestproportionsofwomenservingonlistedcompanyboards. should focusonboardroomdiversityconsideringChilehasoneof It is with hope that Chilean organizations will become more focused It iswithhopethatChileanorganizationswillbecomemorefocused placed in boardrooms or in the C-suite. The corporate sector placed inboardroomsortheC-suite.Thecorporatesector the openbills,orthroughmarketplaceinitiativesviathirdparties.” there hasnotbeenmuchprogressofwomenorminoritiesbeing Leader, Chile Center Deloitte for Corporate Governance Fernando Gaziano
51 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Chile 7.7% 7.6 7.0 3.8% 6.5% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.6 Women Women - THAT ARE WOMEN ARE THAT 2016 0.0% 0.0% 0.0% 2014
60.2 63.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0%
56.7 Women Women - ARE WOMEN ARE 0.0% 1.00 2014
STRETCH FACTOR STRETCH 1.06 1.08 WOMEN MEN 2018 2016 26 18 1.06 2018 Compensation Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Audit Audit RESOURCES Risk ENERGY & ENERGY 0.0% 0.0%
2.5% 3.9% 5.7% 7.1% 8.3% 9.4% 9.9% 10.0% 13.8%
2018 2016 2018 2014 53 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective 2000: state-owned companies, companies incompanies, which the state state-owned 2000: There are no requirements for gender diversity on boards The Colombian Stock Exchange, the Colegio de Estudios 1. 2. Colombia of companies in the private sector. inof private the companies 3. support a number of diversity initiatives. The parties participate participate parties The initiatives. a number support of diversity Gender quota legislation was introduced in Colombia in CEOs and board members discuss gender equality. Deloitte, Other initiatives required to have at least a 30 percent representation of of representation percent a30 least at have to required participation of women on boards and in management roles, program for women directors, and they are delivering a paper to the Colombian to vice president onincrease the initiatives is the majority shareholder,is the majority and all aregovernment entities in the 2014 governance corporate code for companies. listed in an at annual onthe board event focused and gender equality inclusive of inclusive forpotential gender the legislation boards quota women in decision-making positions, including the board.
Law 581 relatedof Statutory to women as the decision- participation making authorities inmaking authorities publicMay entities, 2000 Practices Country Code, 2014Country Practices
1
2 There is an inclusion law for handicapped people than two women directors (2019) more with boards of Percentage women directors (2019) women directors two with boards of Percentage one women director (2019) Percentage of only boards with women directors with boards of Percentage that are women Percentage of board chairs seats held by women board company of Percentage 4. 5. beyond gender
Legislative Decree 762Decree (May Legislative 2018) 5
14.3% 8.6% 48.6% 71.4% 8.6% 16.6% Percentage 3 and a a and 4.0% (2016) -11.9% (2016) -11.9% 10.1% (2016) 10.1% 2.2% (2016)2.2% 6.0% (2016) 3.5% (2016) % Change 4 “There is global and a national agreement that gender equality is a fundamental human right “There isglobalandanationalagreementthatgenderequalityfundamentalhumanright The increasedfocusonthistopicbypublicandprivateentitiesisbeginningtodeliverresults – There areimportantinitiativesfromboththeprivateandpublicsectorstogivewomenmore The progress made so far is a good start. Colombian companies and corporate governance The progressmadesofarisagoodstart.Colombiancompaniesandcorporategovernance Although there are no gender quotas for publicly traded companies, Colombian women Although therearenogenderquotasforpublicly tradedcompanies,Colombianwomen Exchange, the CESA, and the Colombian government are all collaborating on these matters. Exchange, theCESA,andColombiangovernmentareallcollaboratingonthesematters. should be chosen for their professional skills and experience rather than for their gender. should bechosenfortheirprofessionalskills andexperienceratherthanfortheirgender. In two of the 35 companies in our sample, women hold the majority of board seats, and three In twoofthe35companiesinoursample,womenholdmajorityboardseats,andthree have proventhattheytheskillsandexperience toserveonboardsandleadthem.” practices arebeginningtochangethewayboards arecomposed.Colombianboardmembers the uniquenumberofwomendirectorsincreasedby50percentbetween2016and2019. is notonlyamatterofsocialjustice,butcorporateissue. Partner and Governance Services Leader, Risk Advisory, Andean Region, Deloitte Colombia Leader, Deloitte Region, Andean and Services Governance Risk Partner Advisory,
5
55 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Colombia 13.9% 14.5% 9.0 7.6 7.0% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.5 3.1 Women Women THAT ARE WOMEN ARE THAT 2016 21.4% 2014
64.6 60.9 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS 14.3% CHAIR
53.0 Women Women - ARE WOMEN ARE 25.0% 1.00 2014
STRETCH FACTOR STRETCH 1.08 1.20 WOMEN MEN 2018 2016 16 14 1.00 2018 Compensation COMMITTEES Governance Audit Risk 14.3% 16.1% 2018 17.1% 19.1% 57 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective There There are tono current ornational initiatives government There are no quotas in place for women serving on boards 1. 2. Mexico each each year. Sustainability Index of Stock the ExchangeMexican reviews Sustainability Governance Other initiatives positions as part of its indexing process. Number 15. Although the policy is voluntary for allNumber 15. companies, is voluntary the policy Although those that are publicly listed must report on their compliance the ofparticipation women on boards or in senior management but individual companies may have but individual The their own policies. increase the number of women serving on corporate boards, on increase boards, corporate the number of women serving
Corporate Mexico, March 2019 March Mexico, Corporate Governance, 2018 1
Mexican Stock ExchangeMexican companies of boards the on serving Women 2
7.2% Percentage “The participation of women on boards and in senior management positions is still an “The participationofwomenonboardsandinseniormanagementpositionsisstillan should represent the market in which they operate, and in Mexico, women are important women participatingontheirboardsascomparedtopubliclylistedcompaniesinMexico.” important area of opportunity in Mexico. Organizations should understand that the inclusion important areaofopportunityinMexico.Organizationsshouldunderstandthattheinclusion decision makersinallindustries. Corporate Governance Lead Partner, Deloitte Mexico Deloitte Partner, Lead Governance Corporate 59 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Mexico 14.6 11.7 6.5% 6.2% 6.0% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 8.2 3.7 Women Women THAT ARE WOMEN ARE THAT 2016 1.8% 2.2% 2014
62.4 61.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0% 0.0%
53.6 67.0 Women Women ARE WOMEN ARE 7.7% 1.03 2014
STRETCH FACTOR STRETCH 1.16 1.15 WOMEN MEN 2018 2016 43 55 1.05 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 10.3% 9.8% 8.0% 0.9% 1.5%
2.4% 2.8% 3.6% 3.9% 3.9% 4.1% 4.4% 4.7% 4.9% 6.5% 5.8% 4.0% 4.2% 5.0% Compensation Governance Nominating Audit Risk 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 4.8% 5.3% 2018 2018 2016 2016 2014 2014 61 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective 2007, to 28983when Law exercise the guaranteed ability There are no quotas in place for women serving on boards There is a local government plan that focuses on awareness The Ministry of Women and Vulnerable Ministry The has Populations 1. 2. Peru equality policies for local state companies. for policies state local equality 3. A draft bill Awas introduced indraft Congress in 2016 (1024/2016-CR) discrimination. Other initiatives made a number of toproposals empower women in Men and women have had equal opportunities inMen andPeru women since have had equal opportunities their rights to equality, dignity, growth, and well-being without the boards billawaits The companies. oftraded still publicly that would require 30 percent representation of women on business and society through economic opportunity through economic opportunity and business society in Peru. legislative debate.
entre hombres y mujeres, Ley 28983, 341606-341608, 2007 2017 1024/2016-CR, de Ley: proyecto en bolsa, cotizan Igualdad Igualdad de Género 2012–2017, 2012 Ministerio Ministerio de la Mujer y Poblaciones Vulnerables, Plan Nacional de Congreso de la República del Perú, Ley de igualdad de oportunidades oportunidades de igualdad de Ley Perú, del República la de Congreso cuota la regula que Ley de Proyecto República, la de Congreso 2 1 4 3
The United Nations Development Program introduced the The Ministry of Energy and ofMines and Energy the Inter-American Ministry The of Declaration Lima The was signed by 70 companies in 2018 The Lima Stock Exchange, together with other international This initiative seeks to inpromoteseeks Peru gender by equality initiative This establish and achieve standards to and standards empower achieve women in establish the equal opportunities for men and regard women with toequal opportunities salary, equality at the top levels of organizations, increasing the gender promoting including 10of principles, comprises event in 2018 and 2019. The event emphasized the importance Seal of Gender Equality forSeal and ofPublicPrivate Companies Gender Equality strengthening the leadership skills and increasing visibility the skills andleadership increasing visibility strengthening 4. Women Leaders of the Extractive Sector in May 2018. 2018. May in Sector Extractive the of Leaders Women promotion, and promotion, training. presence ofand women ensuring in positions, leadership for women with high potential. for with women to have one thousand signatories by 2019. The declaration 2019. by declaration The signatories thousand one to have business community. business 5. 6.
de Valores de Lima, 2018 punto de partida hacia la equidad de género en Perú, 2018 para la Igualdad entre Hombres y Mujeres 2016–2021, 2016 Plataforma digital única del Estado Peruano, Ministras de Estado de Estado Ministras Peruano, del Estado única digital Plataforma Ministerio de la Mujer y Poblaciones Vulnerables, yPropuestas Acciones – Privadas Empresariales de Instituciones Nacional Confederación 8 6 7 5
7. boards of 230 companies listed 9. 8.
extractivo, extractivo, 2018 de en la el mujer sector el liderazgo fortalecer para esfuerzos September 2019 (Source: https://www.bvl.com.pe/mercempresas.html) Deloitte analysis of 230 companies listed on the Lima Stock Exchange, United Nations Development Program (UNDP) Peru, Empresas por la igualdad igualdad de género, 2019 9
10.1% Percentage
female participation on both boards and in leadership positions remains female participationonbothboardsandinleadershippositionsremains competitive and can improve the workplace environment, company gender equality gap. Gender equality can make an organization more gender equalitygap.Gendercanmakeanorganizationmore brand reputation, talent retention, and internal controls.” brand reputation,talentretention,andinternalcontrols.” measures forleadershippositions. private sectors are on their way toward implementing gender equality low. However, through various initiatives, organizations in the public and low. However,throughvariousinitiatives,organizationsinthepublicand Risk Advisory Partner, Deloitte Peru 63 LATIN AND SOUTH AMERICA Women in the boardroom | A global perspective 7.8 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 5.4 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 6.9 24.3% 18.8% Men CHAIR
4.7 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD AFRICA Regional overview 12.0% 7.8% WOMEN ON BOARDS ON WOMEN 2018
2016 ON BOARDS ON 286 WOMEN WOMEN 58.1 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES ANALYZED 132 51.5 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 62.9 Men CHAIR 57.0 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CHAIR FEMALE Members (2018) Members 2018 33.0% 25.8% Audit Risk 2016 Members (2016) Members MALE CHAIR MALE 10.0% 23.1% 18.4% 13.2% 15.0% 16.7% 16.2% 16.7% 18.8% 19.4% 20.0% 21.1% 21.0% 21.6% Chairs (2018) Chairs 22.2% 22.8% 23.7% 23.0% 24.4% 25.3% 26.8% 29.3% Chairs (2016) Chairs CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP 17.8% RESOURCES 2018 2018 2018 ENERGY & ENERGY 3.1% 1.16 25.2% 18.6% Men 2016 2016
1.28 3.0% FINANCIAL SERVICES 24.5% 17.8% Women
1.31
CONSUMER CONSUMER 2018 BUSINESS 24.3% 19.6% 2016 65 AFRICA Women in the boardroom | A global perspective The Constitution of Kenya 2010 The UN Global Compact and UN Women jointly developed the 1. 2. Kenya owned companies orowned inthose which the isgovernment the ofin occupy boardroom morestate- seats than two-thirds no that gender should of and men. It women states also or narrow anThe constituency. Markets Capital Authority, 3. and at all levels of economic activity. in fully all women economic tosectors advancing participate appointments should not appointments be perceived to represent a single standards, the Capital Markets Act of 2015,Act Markets the Capital standards, which outlines supervising, licensing, and monitoring the activities of market and the licensing, monitoring activities supervising, Companies in Kenya, in Companies Other initiatives With the objective of strengthening corporate governance Women Empowerment Principles in Kenya in Principles Empowerment Women mandatory for all companies mandatory listed to the number of report majority owner.majority the Code of Corporate Governance Practices for Listed intermediaries, including exchange, the stock intermediaries, has made it responsible for agency regulatory government independent women serving womenon serving their boards at their annual meetings. when appointing board members. It also states that board
The Capital Markets Act (Cap. 485a), Code of Corporate Governance Practices for Companies in Public Listed 2015Kenya, Practices Principles Laws of Kenya, The Constitution of Kenya 2010 3 requires companies to consider gender gender consider to companies requires 1 recognizes the equal rights 2 with the goal of of goal the with
4
The 2015The code also requires each board ato policy establish The Nairobi Securities Exchange (NSE) Leadership & Diversity Exchange (NSE) Leadership Nairobi&The Diversity Securities companies can share experiences, discuss challenges, and challenges, companies discuss can share experiences, also introduce appropriate measures to implement the policy. must and gender. policy a Companiesdiversity that establish among companies. the listed listed of leaders the where environment a closed-door advance women into board leadership. The brings network determine determine how the NSE can promote boardroom diversity 4. promote more women into boardrooms in Kenya. One is the race, age, nationality, experience, knowledge, industry relevant management roles for boardroom service. Dialogue that that has convened since 2014 to board diversity discuss to achieve diversity in its composition and to consider whether whether to consider and composition its in diversity to achieve those already sitting on boards to prepare women in senior 5. 6.
Speech Speech by Paul CEO,Muthaura, Authority Markets Capital Nairobi Securities Exchange Nairobi Securities 6 is a series of roundtable events for listed companies companies listed for events roundtable of aseries is
5 an independent initiative to an initiative independent 7. professional development for directors and business leaders, topractitioners become better informed and understand board and commission positions. the boards of listed companies in governance convening forums that enable experienced 8.
The Kenya Institute of Management, Nairobi Securities Exchange, and Inclusion, 2017 KIM Research Report. 7
7.7% 21.0% 2017 7.7% 18.0% 2015 7.7% 12.0% 2012
“Numerous studies, such as the MSCI World Index, have shown that companies with strong “Numerous studies,suchastheMSCIWorldIndex,haveshownthatcompanieswithstrong 7.4 percent. Without active initiatives to promote gender equality on corporate boards, equity in boardrooms Without activeinitiativestopromotegenderequalityoncorporateboards,equityinboardrooms Women needtopersisttowardattaininganavenueforrepresentationinbothpublicand private female leadership generate more ROE than those without, at 10.1 percent per year versus female leadershipgeneratemoreROEthanthosewithout,at10.1percentperyearversus need to be advocates for gender equity. need tobeadvocatesforgenderequity. in Kenyawillremainconstricted.” institutions. Theonusisoneveryone,especiallycorporateleaders,tomakearealchange. Weall increase infemalerepresentationpubliclylistedcompanies,westillhavealongwayto go. Risk Advisory Regional Leader, East Africa, and Corporate Governance Leader, Deloitte Kenya 8 While Kenya has showed an increase in boardroom diversity, as evidenced by the WhileKenyahasshowedanincreaseinboardroomdiversity,asevidencedbythe
67 AFRICA Women in the boardroom | A global perspective The Nigerian Code of Corporate Governance, There are no quotas in place for women serving on boards 1. 2. Nigeria organization driving initiatives intended to enhanceinitiatives the driving organization 3. applicable toapplicable both public andcompanies, highlights private and integrity considerations. considerations. and integrity gender diversity requirement set forth in the Nigerian code code Nigerian the in forth set requirement diversity gender Other initiatives mentorship programs, training, seminars, and advocacy on and advocacy seminars, training, mentorship programs, the in authority of positions in women of representation Directors also brings women directors and leaders together Nigerian chapter in March 2018. the goal of increasing their impact on public policy and in the with members for its opportunities training and networking the importance of diversity on boards and committees. The The on boards and committees. of diversity the importance business environment and the public sector through service is not absolute, but tois subject competence, independence,
March 2018 Governance, January 2019 2 The foundation provides provides foundation The 1 which is
3
There There is a consensus on the need for increased board of Corporate forGovernance Public Companies in Nigeria code emphasize the importance ofcode aemphasizehaving mix the of importance skills SEC code emphasizes the need for diversity in terms of director of director in terms diversity for need the emphasizes SEC code 4. and knowledge and a diversity of and andage, knowledge a diversity culture, and race. diversity as expressed in as the Nigerianexpressed code and the Code diversity Other board diversity components noted in the Nigerian not undermine competence, independence, and integrity not competence,undermine independence, and integrity 5. published by the Securities and Exchange published by Commission. the The Securities in considering the eligibility of board inmembers. considering the eligibility beyond gender
Securities and Exchange Commission, Code of Corporate Governance Deloitte Nigeria analysis for Public Companies in Nigeria, 2011 4
138 company boards company 138 of sample a chairing Women sample of 138 companies a of boards the on Women 5
5.8% 17.4% Percentage -1.9% (2017) -1.9% 0.7% (2017) % change “There is a need for a paradigm shift in the cultural perspective on the role of “There isaneedforparadigmshiftintheculturalperspectiveonroleof skills, and competence required for the role. There is no doubt that the inclusion skills, andcompetencerequiredfortherole.Thereisnodoubtthatinclusion overall corporatestrategyofacompany.” of competentwomenontheboardholdspotentialtopositivelytransform of companiesthroughtheirdoggedcommitmenttoenhancingknowledge, In alignment with the Nigerian Code of Corporate Governance, I hold the view that must remain committed to their craft in order to earn the right to sit on the boards must remaincommittedtotheircraftinorderearntherightsitonboards male counterpartsinthebusinessenvironmentshouldbeencouraged. women should be consciously included on the boards of companies to ensure gender women inNigeriansociety.Consideringasequalstakeholderswiththeir Partner and Leader, Deloitte Nigeria Center for Corporate Governance Corporate for Center Nigeria Leader, Deloitte and Partner
69 AFRICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Nigeria 20.0% 21.2% 6.8 6.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.0 5.0 Women Women THAT ARE WOMEN ARE THAT 2016 21.4% 6.3%
60.3 65.7 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 8.3% 6.7%
56.4 60.0 Women Women ARE WOMEN ARE 10.0% 2014 -
STRETCH FACTOR STRETCH 1.03 1.05 WOMEN MEN 2018 2016 28 12 1.07 2018 Compensation COMMITTEES Audit Audit 8.3% 14.5% 16.4% 18.4% 2018 20.0% 2016 71 AFRICA Women in the boardroom | A global perspective The importance of diversity in the boardroom is emphasized There are no quotas in place for women serving on boards 1. 2. South Africa continues continues to be enforced through Codes that of Practice Good Although the application of King IV is voluntary, the and equal opportunities in the workplace with respect to respect inwith the workplace and equal opportunities as the progress made against these targets, in the line aswith targets, the these madeprogress against disability, in the disability, workplace. Governance for South Africa, Other initiatives requirement for JSE-listed companies to disclose their targets targets their disclose to companies JSE-listed for requirement measure to the extent which companies have empowered previously disadvantaged groups, including women. The King IV recommendations. for gender and race representation at level, the board for gender and race representation transformation, including, among others, race, gender, and teams, including boards of directors. teams, including boards of directors. black people and women in the composition of management in the latest iteration of the King IV: Report inon of iteration the Corporate latest the IV: King Report
Institute of Directors Southern Africa, King IV:on Africa, of Report Corporate Southern Institute Directors Governance for South Africa, 2016 Johannesburg Stock Exchange, JSE Limited Listings Requirements, 2019 1 3 requires fair treatment 4 2 as well well as
Women company boards chairing JSE-listed boards company JSE-listed on directors Women 3. 4. include include race and gender. beyond gender
1998Republic Act, ofEmployment Equity Africa, South 5
6.9% 19.0% Percentage
5.
“To remain relevant in an increasingly competitive world, businesses and directors cannot Companies that fail to dip into the ever-deepening talent pool of diverse, well-educated, Companies thatfailtodipintotheever-deepeningtalentpoolofdiverse,well-educated, and underminingtheirlong-termcompetitiveness.” and ambitiousindividualsruntheriskoflimitingvaluecreation,compromisingsustainability, ignore the crucial role of diversity in governance, and particularly in the boardroom. ignore thecrucialroleofdiversityingovernance,andparticularlyboardroom. Director, Centre for Corporate Governance, Deloitte Africa
73 AFRICA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL South Africa 26.4% 6.6 19.5% 17.5% 8.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.5 5.1 Women Women THAT ARE WOMEN ARE THAT 2016 12.2% 9.0% 7.8% 2014
62.9 58.0 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 2.7% 2.9%
56.8 51.4 Women Women ARE WOMEN ARE 17.4% 1.39 2014
STRETCH FACTOR STRETCH 1.18 1.32 WOMEN MEN 2018 2016 252 108 1.35 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit RESOURCES Risk ENERGY & ENERGY 26.8% 18.0% 0.0%
16.5% 16.6% 19.1% 19.1% 20.3% 20.4% 23.4% 22.1% 22.8% 23.7% 26.5% 21.0% 19.2% 24.4% 27.0% 28.1% 33.0% SERVICES 26.3% Compensation Governance Nominating
Audit Risk 9.3% 9.8% 10.0% 10.0% 13.9% CONSUMER CONSUMER 13.6% 25.2% 18.3% 18.0% 14.6% 17.2% 18.8% 18.8% 18.8%
23.3% 23.8% 25.0% 2018 2018 2016 2016 2014 2014 75 AFRICA Women in the boardroom | A global perspective WOMEN ON BOARDS WITH TOP INDUSTRIES WITH THE HIGHEST 2018 2016 A global perspective 2018 2016 PERCENTAGE OF WOMEN ON BOARDS
|
EUROPE 33.0% 24.3% 34.5% 23.8% 23.4% 24.5% 23.5% 34.8% 25.4% 31.8% 25.4% 28.2% 27.7% 26.0% Regional overview Womentheboardroom in FEMALE CEO MALE CEO FEMALE CHAIR MALE CHAIR LIFE SCIENCE & CONSUMER FINANCIAL HEALTH CARE BUSINESS SERVICES
WOMEN ON BOARDS WOMEN BOARD COMMITTEE PRESENCE STRETCH FACTORS 2018 2016 Members (2018) Members (2016) Chairs (2018) Chairs (2016) 2018 2016
31.4% 26.6% 1.14 1.25 1.20 22.6% 4.4% Audit 25.5% 19.4% 25.8% 6.9% Men Women 4,139 1,942 28.6% Governance 25.1% BOARD SEATS BOARD CHAIRS WOMEN TOTAL COMPANIES 22.5% HELD BY WOMEN THAT ARE WOMEN ON BOARDS ANALYZED 16.8% CEOS THAT ARE WOMEN 2018 2016 24.7% Nominating 22.7% AVERAGE TENURE (YEARS) AVERAGE AGE (YEARS) 15.3% 11.4% 2018 2018 3.8% 5.0% 28.2% Compensation 25.0% 27.5% 7.3 4.8 6.6 3.6 59.4 55.1 62.7 57.5 23.5% CFOS THAT ARE WOMEN Men Women Men Women Men Women Men Women 2018 32.3% BOARD MEMBER CHAIR BOARD MEMBER CHAIR Risk 27.9% EUROPE 26.8% 19.6% 12.2% 77 The EuropeanThe Commission hasto been working strengthen 1. 2. of listed companies throughout of the European companies throughout listed Union A 2012 directive aimed at furthering diversity on the boards A 2012 diversity aimed at furthering directive gender diversity in corporate boardrooms since 2010, when it 2010, it since when boardrooms corporate in diversity gender that progress that towardprogress gender balance in the boardroom had not launched its gender equality strategy. This responded to concerns to responded concerns This strategy. gender equality its launched
• • • •
men in the EU, 2019 European Commission, 2019 Report on equality between women and and women between equality on 2019 Report Commission, European Related Measures, November 2012 Directors Non-Executive of Companies Listed on Stock Exchanges and European of the a Directive for Proposal Commission, European The adoption of suitable sanctions by member states The assignment of priority to the under-represented The adoption and implementation of established, A target of at least 40 percent representation of each each of representation percent 40 least at of A target gender when candidates are considered equal in terms terms in equal considered are candidates when gender gender for non-executive boards of companies listed gender for non-executive unambiguous, and neutrally formulated criteria regarding formulated criteria and neutrally unambiguous, for companies that do not comply. the selection process 1 included included
7 percent. The European Commission gathers data on a number of on the issue at the EU-level. 3. Although member states generally agree with the need to 4. an increase of 4 percent from 2016. gains largest wereThe do notbinding support measures at the EU level and prefer gender equality metrics. Women held 27 percent of board board of 27 percent held Women metrics. equality gender 5. national or voluntary targets. The directive has not yet passed. directive The targets. national or voluntary recorded at in12 Slovakia, at percent, and in Portugal, further progress the directive and suggested that increases improve the gender balance in European some boardrooms,
making, April 2018April making, European Commission, Gender Equality Strategy, 2016–2019 Strategy, Equality Gender Commission, European EU, 2019 in the Equality Gender Commission, European in decision- men and women on database Commission, European 3 2
2016. 7. The proportion of female executive board members rose There were 14 incountries the European Union where women or CEO in 2018. Slovenia, Sweden, Slovenia, and the commission United The Kingdom. and women each held at percent 40 least of board seats to 17 percent in 2018, representing a 2 percent increase since since increase a 2 percent to 17 2018, in representing percent held held at25 least percent upof from board approximately seats, 6. in 2018, in the lineoftarget with the 2012 directive.
agenda 2019–2024, June 2019 European listed companies, November 2018 November companies, listed European strategic A new Union, European of the Council Council: European 3 2 2
The strategic agenda for 2019–2024 mentions the need objective to objective promote genderbetter balance among executive ongoing data andforcollection, support member states. A consultation has been launched on the successor to the the to successor the on launched been has A consultation directors of major companies directors decision andlisted in political directed to individuals and organizations and include requests and include requests and toorganizations directed individuals making and public life. Actions cited andmaking to public life.goals these achieve Actions of There companies. is listed directors also an non-executive of representation the under-represented gender among Equality 2016–2019. are Equality inconsultation the questions The for views on incentives or quotas for women on corporate for onorwomen corporate quotas on incentives for views to do more to guarantee equality for men and women. and men for equality to guarantee more to do boards. included continuous support for adoption of the directive, for ofadoption the directive, continuous support included inand percent at40 economic positions leadership least in the boardroom. goalsThe were to balance aachieve better in the boardroom compared targets. to soft which was promoting equality in decision-making roles and 4 6
5
200 largest companies 200 oflargest the Stoxx Europe using 600 a number The European Gender Diversity Index The index measures the status of gender diversity across the of indicators, including the percentage of women on boards. of percentage the on women boards. including of indicators, As of 2018, the top countries for female board representation Other initiatives 7 was launched in late late in launched was
79 EUROPE Women in the boardroom | A global perspective 2018. Noncompliant companies will have board elections The Austrian Ministry for Women is considering Ministry gender Austrian The 1. 2. Austria companies and those with more than 1,000 employees was was employees 1,000 than more with those and companies A 30 percent gender quota for the boards of all listed listed all of boards the for quota gender percent A 30 annulled, leaving the seats vacant until comply. they vacant the annulled, leaving seats sanctions for noncompliance. serving serving on these boards stood at 46.7 percent, higher management boards of more members. than two members nominated bymembers and the therestate, are no than the requirement. there has been a 35 percent gender forquota supervisory boards boards in place since 2011. Companies had until the end of
§243c, August 2019 August §243c, 1 The quota only applies for board board for applies only quota The 1
or-explain the basis, percentage of women on boards and committee also must consider gender and diversity objectives objectives alsoconsider must gendercommittee and diversity nomination The members. board and executive of supervisory companies are required to set forth the measures taken taken measures the forth to set required are companies 3. Since 2010, of listed governance reports the corporate 4. and supervisory boards and to develop a strategy for boards and reaching to adevelop strategy and supervisory Other initiatives required, since 2014, to set a gender quota for the executive executive the for quota agender 2014, set to since required, passed in 2015passed require on companies ato comply- report, the quota. the supervisory board each year on the skills and experience the supervisory in management asroles, well as on details plans to promote individually, which areindividually, published on their websites. in Companies process. nomination set the their director quotas including supervisory and management boards. These reports and reports management These boards. including supervisory women to these positions within the year.
3 The nomination committee is required committee nomination The toto report 2 Amendments Amendments
ATX 20 companies theboards supervisory of on women of Percentage all companies across listed boards of on supervisory of women percentage Average quota to the companies notlisted subject theboards supervisory of on women of Percentage quota to the companies subject listed theboards supervisory of on women of Percentage 1
27.7% 22.0% 13.8% 27.5% Percentage 6.6% (2018) 4.0% (2018) 2.1% (2018) 5.5% (2018) % change “A recentDeloittesurvey and HR practitioners believe that having more women in board and leadership positions and HRpractitionersbelievethathavingmorewomeninboardleadershippositions can leadtoacompetitiveadvantage.Eighty-fourpercentareconvincedthatitrequires positions, but only 28 percent indicate having implemented such objectives. Awareness positions, butonly28percentindicatehavingimplementedsuchobjectives.Awareness measurable objectivestoincreasethepercentageofwomeninboardandleadership training, surveys,campaigns,andmore.” Partner and Inclusion-Appointee, Deloitte Austria Deloitte Inclusion-Appointee, and Partner 4 found that 93 percent of 450 Austrian business executives foundthat93percentof450Austrianbusinessexecutives
81 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Austria 19.7% 8.4 8.0 16.3% 16.4% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.4 4.7 Women Women THAT ARE WOMEN ARE THAT 2016 9.1% 5.9% 9.1% 2014
66.6 58.7 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 2.9%
53.5 59.3 Women Women ARE WOMEN ARE 7.4% 1.10 2014
STRETCH FACTOR STRETCH 1.06 1.08 WOMEN MEN 2018 2016 33 79 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 22.6% 17.0%
4.6% 7.5% 9.9% 10.2% 20.8% 13.2% 17.0% 12.4% 12.3% 13.0% 15.0% 18.3% 19.0% 19.3% Compensation Nominating Audit Risk 0.0% 0.0% 6.5% 7.4% 11.5% 12.5% 13.8% 14.3% 14.8% 14.8% 2018 2018 16.7% 2016 2016 2014 2014 83 EUROPE Women in the boardroom | A global perspective 2017 for top female directors to discuss the role of women in in women of role the discuss to directors 2017female top for 1. 2. executives to connect women with open board positions at open to women board with positions connect executives also fall under this andlegislation were required to meet the go toappointments women until the balance is At achieved. and organizes several mentorship programs in collaboration quota quota by 2012. remuneration and director the requirement that new board quota legislation sincequota legislation 2011, Other initiatives year. for Sanctions noncompliance include the withholding of ofthird representation each gender on Large boards.
companies, and the national lottery, September 2011 September lottery, national the and companies, a seat on the board of directors of state-owned enterprises, listed listed enterprises, state-owned of directors of board the on a seat 1 which requires atone- least
of that diversity policy, how the policy has been implemented has implemented been how policy the policy, of diversity that educational and professional backgrounds, the objectives the daily managementwith of the entrusted company with events to promote gender equality. 3. and the respective results in the reporting period. in results the reporting and the respective and non-executive directors and a variety ofand directors aconferences variety and and non-executive guidance on the required diversity reporting provisions. Code, launched an explanatory note in March 2018 to provide provide 2018 to March in note explanatory an launched Code, Company Code. In order companies intolisted this assist regard to aspects such as, for instance, age, gender, or gender, or age, instance, for as, such aspects to regard Listed companies and other Listed public-interest that entities fall within the fall scope within of need to this legislation disclose include featured articles in newspapers by prominent executive by prominent inexecutive newspapers include featured articles beyond gender
15.11.2014, L 330, p 1-9. p 330, L 15.11.2014, of 201422 October 2013/34 amending /Directive EU regard with to Directive Directive 2014/95 / EU of the European Parliament and of the Council
3 2
The companies must disclose the information on diversity in on the disclose information diversity companies The must The description must include the criteria that are applied as objectives have notobjectives been met, the company must how state 4. annual report. They must also provide a status overview of the also must They overview provide annuala status report. were given andcriteria objectives any information on diversity as wellaspects as how they considerin selecting, diversity diversity reporting is onbasis. reporting a comply-or-explain diversity governance statement relating to diversity. If the diversity diversity the If to diversity. relating statement governance 5. members of the board of directors. members. In addition, they may also have to disclose whether board and executives corporate evaluating and re-electing, the exception of gender diversity, which is mandated by law, their annual corporate governance statement as part of their it intends to reach them and the timeline for doing so. With since achieved and corporate their results last implementation or tore-electing information when electing shareholders well as the reasons those criteria were chosen. It must also
4 5
7. the on serving Women boards the on Women of board Code succession planning, 2020 that any states appointment orappointment reappointment should foster an appropriate on the committee nomination responsibility an additional places greaterin emphasisskills, on the need for diversity programs are in place for executive succession. In terms to ensure that appropriate talent development and diversity to ensure and diversity that development appropriate talent background, age and gender. board and its committees. board and its on the and balanceexperience, diversity ofknowledge, skills, 6.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Code 2020, May 2019 May 2020, Code 7 8 6 The new Code also places places also Code new The 30.34% 34.40% Percentage N/A (2016) 7.80% % change
“Steering toward more balanced leadership is a top priority for boards. Achieving this “Steering towardmorebalancedleadershipisatoppriorityforboards.Achievingthis a whole, and they are also an important step in guiding our society toward more gender a whole,andtheyarealsoanimportantstepinguidingoursocietytowardmoregender equality andmoreinclusiveworkplaces.” goal can help enhance performance, improve decision making, and increase employee goal canhelpenhanceperformance,improvedecisionmaking,andincreaseemployee Caroline Veris 8.
Commission Corporate Governance, Day of the listed companies, companies, listed the of Day Governance, Corporate Commission
85 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 30.5% 9.3 18.3% 27.6% 7.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.2 5.0 Women Women THAT ARE WOMEN ARE THAT 2016 4.4% 4.8% 9.1% 2014
59.6 62.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 8.0% 11.6%
55.4 65.0 Women Women ARE WOMEN ARE 28.9% 1.04 2014
STRETCH FACTOR STRETCH 1.07 1.10 WOMEN MEN 2018 2016 149 46 1.09 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 34.5% 28.0% 16.4% 16.5% 17.6% SERVICES 29.4% 27.0% 25.3% 26.6% 27.7% 28.2%
29.8% 30.4% 32.5% 32.9% Compensation Nominating Audit Risk 0.0% 0.0% 6.9% 14.0% 15.0% 15.9% 17.5% 23.5% 25.0% 25.6% 28.9% 2018 2018 2016 2016 2014 87 EUROPE Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. 2. Croatia candidates for supervisory board roles and executive positions. admitted to resulting in the admitted database, a pool of more than Croatia to encourage greater representation of women on on of women representation greater to encourage Croatia Gender Equality Ombudsperson Other initiatives management and supervisory boards of Croatian companies. management and supervisory Embassy launched the globally recognized launched the 30% Club globally in Embassy
The Gender Equality Ombudsperson is an independent body for gender equality and anti-discrimination September 2017 1 is a collaboration between the the between acollaboration is 2
100 women professionals. professionals. women 100 career development, and other initiates. PWN brings members members and PWN brings other initiates. career development, establishment of three working groups to promote practical 3. 4. and tois committed closing the gender gap in leadership positions, including board service roles, through networking, positions: together to share experiences and perspectives from diverse diverse from perspectives and experiences to share together business backgrounds and regions in anbackgrounds business online environment
• • •
and change societal attitudes on and and gender change attitudes equality societal childcare toand communities local increase high-quality balance. work-life a better support. Environment development: women in business through the use of public campaigns. 3 To educate, raise awareness, To encourage the state state the encourage To To advocate for more more for To advocate 4 spans 12 countries 12 spans countries
boards the on Women 5. 6.
5 19.7% Percentage 2.1% (2017) % change “In 2018,DeloitteCroatiaconductedasurvey The survey also noted the most common barriers preventing women from occupying The surveyalsonotedthemostcommonbarrierspreventingwomenfromoccupying 95 percent of the responses came from women, although the survey was addressed 95 percentoftheresponsescamefromwomen,althoughsurveywasaddressed However, the survey reported unanimous agreement that there should be more women However, thesurveyreportedunanimousagreementthatthereshouldbemorewomen reach the boardroom.” reach theboardroom.” board-level positionsarelackofinterestinchangingthebiaseswhenassessingcandidates not perceivedbycompanyleadershipasabusinesschallenge.Perhapsunsurprisingly, in boardrooms and that women should be encouraged and supported as they strive to in boardroomsandthatwomenshouldbeencouragedsupportedastheystriveto that promotionopportunitiesarestillnotequallyaccessibletowomen. to bothmenandwomen.Theresultsalsoshowedthatthereisastrongperception Croatia SheXO Club Leader and Partner, Deloitte Croatia Deloitte Partner, and Leader Club SheXO Croatia Helena Schmidt 6 that showed that gender diversity is still
89 EUROPE Women in the boardroom | A global perspective The Strategy for Equality of Women and Men in the Czech There are no quotas in place for women serving on boards 1. 2. 40 percent by 2020, Czech Republic companies. Tocompanies. the adopted government this achieve target, corporate boardrooms. boardrooms. corporate of women and men balanced onparticipation achieving 3. adopted in Prague in 2017 draft Council of draft (2018–2023)Europe Gender Strategy was support from the ingovernment response tosupport the EU Other initiatives Discussions on boardroom gender equality have gained Plan for the ofAction Equal WomenRepresentation and Men traction in the Czech market in recent years. After lukewarm became a priority of of the Czech the Presidency Committee a became priority in Decision-making for 2016–2018,in Decision-making set which out 30 concrete in the Czech Republic.
2014–2020, 2014 2018–2023, March 20182018–2023, March Strategy for Equality offor Equality WomenStrategy and Men in the Czech Republic for May 2018 Government of the Czech Republic, Gender Equality Report 2017, Council of Europe, Council of Europe Gender Equality Strategy Strategy Equality of Gender Europe ofCouncil Europe, Council 3 including board roles at private and public public and private at roles board including 2 4
1 As athe result, As
The government intendsgovernment The by to promote gender diversity of women and men in executive and supervisory board board and supervisory of and men women in executive 4. set forth in the action plan were fully completed, including the gender equality, gender equal equality, and fair pay, balance, work-life and Charter initiative. This platform isto dedicated addressing platform This initiative. Charter Charter as ofCharter 2019. to develop seeks initiative EU-wide This 5. more tolerant work environments. and networking, mentoring, to support intends also It roles. more than 250 employees to disclose data on the proportion companies with and requiring public both sector private reporting requirement noted above. noted requirement reporting Leadership platform was formed as part of the Diversity of was asthe formed Diversity part Leadership platform More than 40 major Czech companies had signed the Diversity More majorthan 40 Czech companies had signed the Diversity 6. work environments. beyond gender
of Women for Positions and 2016Men in Decision-making to 2018, Diversity CharterDiversity in the Czech Republic, Signatories, May 2019 Decision-making Positions for 2016 to 2018, May 2018 Government of the Czech Republic, Action Plan for Equal Representation the Action Plan for Equal Representation of Women and Men in 4 At the end of 2017, only six of the 30 tasks 2017, of tasks 30 end the the of At six only 6 In 2019 the Women in 2019 in In Women the 5 7
7. boards boards of companies listed Women on supervisory companies listed of and non-executive) (executive boards on Women of a of sample the largest boards the on Women 9. 8.
Source: Deloitte Czech Republic analysis European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European May 2019Platform, CharterDiversity in the Czech Republic Women in Leadership 9 8
9 15.2% (2018) 15.2% 6.8% (2018) 13.8% Percentage 0.4% (2015) (2015) -2.5% 5.0% (2016) % change
“In lieu of enforcing quotas through law, there is another opportunity to focus on supporting Czech Republic, we support women from the very early stages of their careers all the way come back to part-time employment after maternity leave, as such arrangements could be come backtopart-timeemploymentaftermaternityleave,assucharrangementscouldbe women in their career aspirations and growth. Many companies do not enable women to to furtherdeveloptheirskillsandcapabilitiesafterashort-termcareerbreak.AtDeloitte CEO, Deloitte Czech CEO,Republic Deloitte Diana Radl Rogerova 91 EUROPE Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. 2. Denmark companies, limited liability government-owned companies, A 2013 requires an companies with under-representedpolicy and governmental institutions are alland institutions governmental required to set targets genders on the board. There is also a disclosure requirement requirement a disclosure also is There board. the on genders gender on boards to their disclose inprogress reaching Other initiatives management roles. for policies to reach gender equality on executive boards as boards on executive tofor policies reach gender equality to reach gendera balancebetter on boards and in senior well as other management positions.
politik for den kønsmæssige sammensætning, December 2012 December 2018 af ledelsen, sammensætning Den kønsmæssige Erhvervsstyrelsen, og af måltal Efterlevelse i ledelsen: Kønsfordeling Erhvervsstyrelsen, 1
160 businesses surveyed had equal gender representation representation gender equal had surveyed businesses 160 equality has yet toequality be achieved. on since boards 2012,of serving women gender that noting companies that still do not comply. As of December 2017, December of As comply. the not do still that companies companies companies each year. large other certain and companies listed by compliance on the board as of December 2017. 3. 4. in 2018December
selskaber 2018, 2018 European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 2 concluding that 35.6 percent of the the of percent 35.6 that concluding
of companies listed the largest sample a of boards the on Women chair appointment. Only 20Only chair percentchairappointment. roles of deputy According to a recent Deloitte Denmark report, percentage of women serving on percentage the boards ofof women Danish serving to 27 percent in 2018, and there were no women chairs. were held by women incompanies. Danish large-cap large-cap companies from declined 29 percentlarge-cap in 2017 September 2018 4
3 the the 27.7% Percentage
“At Deloitte, we are making progress with initiatives such as Leading Performance, “At Deloitte,wearemakingprogresswithinitiativessuchasLeadingPerformance, 14 percent.Itisanimprovement,buttherestillalottobedone.” We are committed to reaching a 20 percent representation of women in the Deloitte We arecommittedtoreachinga20percentrepresentationofwomenintheDeloitte Happy Parents,andWorkAgility, Denmark partner group by the year 2020. Today, female representation has reached Denmark partnergroupbytheyear2020.Today,femalerepresentationhasreached Anders Dons develop womeninseniorpositions.” CEO, inDeloitte Denmark and the Nordics 5 but we still have a long way to go to retain and butwestillhavealongwaytogoretainand
93 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Denmark 25.4% 6.3 24.2% 21.8% 6.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 0.0 5.7 Women Women THAT ARE WOMEN ARE THAT 2016 2.2% 0.0% 0.0% 2014
60.8 57.6 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 4.4%
55.3 63.0 Women Women ARE WOMEN ARE 10.3% 1.02 2014
STRETCH FACTOR STRETCH 1.04 1.12 WOMEN MEN 2018 2016 109 45 1.09 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 31.5% 31.0%
6.1% 16.4% 16.1% 18.7% 20.9% CONSUMER CONSUMER 24.5% 23.4% 21.0% 24.5% 24.3% 26.5% 26.6% 27.8%
AND HEALTHCARE AND 22.9% 22.0% Compensation Nominating Audit
Risk 0.0% 0.0% 0.0% 3.1% 3.3% 5.7% 5.9% 15.0% 24.4% 29.3% 2018 2018 33.3% 2016 2016 2014 95 EUROPE Women in the boardroom | A global perspective The 2009 Act of Equal Treatment Equal of Act 2009 The The Gender Equality Act, There are no quotas in place for women serving on boards The Equality Competence Center 1. 2. Estonia of leading practices by public and private organizations. by oforganizations. public and leading private practices 3. age, disability, or sexual orientation. sexual or disability, age, society, and politics, including high-level leadership positions. leadership including high-level and politics, society, Other initiatives measures to foster gender equality, including the sharing protection against employment discrimination on the the on discrimination employment against protection Professional Women Professional the the equal treatment of women and men as a fundamental basis of nationality, ethnicity, race, color, religion or belief, belief, or color, religion race, ethnicity, nationality, of basis human of right in society. all aspects beyond gender
Riigi Teataja, Gender Equality Act, April 2004 3 promotes gender equality in business, business, in equality gender promotes 1 2 4 designs and implements implements and designs ensures individual individual ensures
of a of sample the largest boards the on Women 4. 5.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Riigi Teataja, Equal Treatment Act, December 2008 5
8.0% Percentage -0.2% (2016) % change The government is working to raise awareness of the importance of equal pay and The governmentisworkingtoraiseawarenessoftheimportanceequalpayand opportunities with its Equality Competence Center. It is reasonable to assume that opportunities withitsEqualityCompetenceCenter.Itisreasonabletoassumethat It is promising to note that Estonia is taking serious steps towards a more equal society. It ispromisingtonotethatEstoniatakingseriousstepstowardsamoreequalsociety. of Estoniancompaniesremainsnearlythesamesinceourlasteditionthispublication these initiativeswillhaveanoticeableimpact.” that womenareontheirwaytobecomingabiggerpartofEstoniancompanyboards. in thenearfuture,highpercentageofwomenseniorpositionsEstoniaindicate in 2016,andlagsbehindtheEUaverage.Althoughquotasmightnotbeimplemented Kristine Jarve
97 EUROPE Women in the boardroom | A global perspective There are no quotas in place for women serving on listed The Government Action Plan for 2016-2019 for Gender 1. 2. executive career development for women business leaders change. program aThe maintains of public database women and publicly owned entities to entities have owned and at a publicly percent least 40 all-male boards. all-male Government bodies and state-owned enterprises are required Other initiatives research studies, and companies engagementresearchto with studies, promote representation of both genders on their boards. their on genders both of representation Equality set a companies listed fortarget Equality government-owned to prepare for board service roles. service board for to prepare top business positions. Activities include a mentorship program, topActivities positions. business to have an equal boardroom representation of men and and men of representation boardroom equal an to have boards boards onbasis. a comply-or-explain women unless there are special reasons to the contrary. listed companies have listed both genders represented on their leaders, which has served to promotewhich has ofserved awareness leaders, the topic.
November 2018 between Women and Men, 2016 2 2 3 The recommendation recommendation The 4
1
5 of this publication. on the progress made. Companies can and background. international educational, are age consideredand occupational, indiversity achieving ones. Notably, 60 percent of women underexecutives the 3. 4. a goal of representation of both genders on the board, a a board, the on genders both of representation of a goal a prerequisite for boardroom service. boardroom for a prerequisite than rather supporting age of lead functions 40 business determine their own principles, but they should always have but should they always determine their own principles, Women currently hold 25 percent of executive roles at listed listed at roles executive of percent 25 hold currently Women means of achieving that objective, and they should report and should they report means of that objective, achieving follow intofollow the boardroom. teams is higher in the under-50 age group than in more senior board diversity. In addition to gender, factors that can be beyond gender
2016–2019 2015 2 Representation of women Representation on executive 3 2 2 As the share of women women of share the As
small-cap companies small-cap ofof alisted sample boards the on Women of boards the on Women of boards the on Women of a of sample the largest boards the on Women 5. 6.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 6
2
2 2 26.0% 26.0% 29.0% 34.0% 34.5% Percentage 6.0% (2016) 3.0% (2016) (2016)2.0% 4.7% (2016) % change Traditionally, men have been more likely to pursue degrees in engineering, leading them Traditionally, menhavebeenmorelikelytopursuedegreesinengineering,leadingthem Companies should not dismiss the impact of diversity and the skills women can bring to Companies shouldnotdismisstheimpactofdiversityandskillswomencanbringto bring about positive change, and we note that the share of young women serving on executive bring aboutpositivechange,andwenotethat theshareofyoungwomenservingonexecutive backgrounds suchasbusinessandlaw,whichwomenhavebeenmorelikelytopursue. has more than doubled. It is especially remarkable that the progress has been achieved has morethandoubled.Itisespeciallyremarkablethattheprogressbeenachieved women inleadershippositionsandservingon boards.” without the use of quotas. without theuseofquotas. the boardroom.Despiteprogress,numberofwomenboardmembersandexecutives in 2016,companieswereencouragedtochooseboardmembersfromversatileeducational
99 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 31.9% 5.9 24.7% 22.1% 6.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.9 4.1 Women Women THAT ARE WOMEN ARE THAT 2016 6.1% 4.8% 3.8% 2014
59.0 61.3 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.3%
55.2 56.0 Women Women ARE WOMEN ARE 17.0% 1.16 2014
STRETCH FACTOR STRETCH 1.06 1.10 WOMEN MEN 2018 2016 132 47 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk 33.9% 27.0% 22.1% 10.1% 17.3% 17.5% 19.5% SERVICES 29.9% 22.0% 25.2% 28.9%
31.2% 31.4% 34.1% 37.1% 44.0% Compensation Nominating Audit Risk 0.0% 3.5% 7.4% 7.9% 9.5% 13.9% 21.4% 28.0% 32.3% 2018 2018 33.3% 2016 2016 42.5% 2014 2014 101 EUROPE Women in the boardroom | A global perspective 1. 2. A 40 percent legislative quota legislative percent A 40 appointments, the appointment is nullappointments, and void, and all director fees can be withheld until are fees the requirements can bedirector withheld met. In the event of noncompliance new when making director
• • •
Article L 225-18-1 Reinforced in August 2014 by the Gender Equality Law after being being after Law 2014 Equality in August Gender by the Reinforced assets over 500 million€50 with assets Certain private companies with revenues orcompanies with total private Certain Governmental organizations. organizations. Governmental Companies whose Companies shares whose toare trading admitted 3 in 2020) for three consecutive years consecutive three 2020) in for 1 for both genders to be be to genders both for 2 or more employees employees more or
equality a national cause, 3. Subsequent laws thehave quota extended legislation 4. governmental sector, social security organizations, and organizations, sector,governmental social security Other initiatives requirements to governmental bodies. In 2014, the Vallaud Vallaud 2014, In the bodies. governmental to requirements the original scope. In 2012 the Sauvadet Law extended the the cultural and sectors. sports
• •
Source: https://grande-cause-quinquennat.gouv.fr/ Source: covering One the includes indicator 5 indicators. disclosure accompanied by amandatory new progressive disclose how disclose many women are representedthe within regarding quota legislation for executive committees. regardingfor legislation quota executive requirement for companies with over 50 employees to to employees 50 over with companies for requirement Launched preparatory consultations in September 2019 for a toWomen Act be Economical Emancipation passed Introduced Introduced an equal pay law for women and men in 2020 as well Councilasby the aHigh Equality study in 2018September and created an equal pay index, 4 and took the following actions: actions: following the took and 5
6 boards the on Women expertise. such account, into diversity of types various take committees as and gender, skills, background international nationality, 5. board diversity policies and targets in the annual report. beyond gender
dispositions visant àdevisant dispositions supprimer rémunération les entre écarts les Legifrance, LOI n°Legifrance, 2018-771 du 5 2018Septembre de pour la Liberté Choisir son Avenir Professionnel – Article 104 & 105, 2018, supplemented violences sexuelles et les agissements sexistes au travail, 2019 by the Décret n° 2019-15 du 8 janvier 2019 portant application des 7 The codeThe requires companies to their disclose 8 44.0% Percentage 6.9% (2016) % change 10 highestsalaries–andthatwomenholdatleast4ofthosetopsalaries. There isrealmomentumtoday.” 7. complied with. Discussions have now moved towards reducing the gender pay gap and complied with.Discussionshavenowmovedtowardsreducingthegenderpaygapand working on diversifying executive committees. There are now disclosure requirements for working ondiversifyingexecutivecommittees.Therearenowdisclosurerequirementsfor to promote diversity in the workplace, we will be able to achieve greater gender equality. to promotediversityintheworkplace,wewillbeableachievegreatergenderequality. Carol Lambert 6. 8.
de loi né au G7, August 2019 European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Gouvernnement.fr, Émancipation économique des femmes: Un projet Un projet femmes: des économique Émancipation Gouvernnement.fr,
103 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 37.2% 9.5 33.3% 27.6% 9.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.1 5.1 Women Women THAT ARE WOMEN ARE THAT 2016 5.5% 3.7% 3.1% 2014
62.0 61.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.2% 0.9%
55.2 55.2 57.9 Women Women ARE WOMEN ARE 12.0% 1.24 2014
STRETCH FACTOR STRETCH 1.15 1.27 WOMEN MEN 2018 2016 728 175 1.19 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating & HEALTH CARE & HEALTH Audit Risk 40.0% 35.0%
22.9% 24.6% 25.4% RESOURCES ENERGY & ENERGY 38.9% 26.2% 37.0% 30.0% 34.7% 35.0%
37.5% 39.4% 40.0% 42.5% 43.1% 45.8% 47.1% 48.6% CONSUMER CONSUMER 38.9% 34.0% 27.4% Compensation Governance Nominating
Audit Risk TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 38.2% 33.0% 28.4% 16.9% 18.9% 20.4% 23.0% 25.6% 26.3% 30.4% 34.1% 34.8% 2018 2018 41.2% 43.3% 45.4% 37.9% 2016 2016 51.2% 54.4% 2014 2014 105 EUROPE Women in the boardroom | A global perspective The 2015The contains a legislation quota 50 percent for target 1. Germany corporate governance statement of the management report. report. management the of statement governance corporate inof boards a185 sample listed of on women supervisory About 3,500 companies are 3,500 or listed have About employee subject to the legislation must report on compliance to report in must the subject legislation the supervisory board seats and forboard of seats members top management. supervisory German gender quota legislation passed in 2015 requirements for state-owned entities. Listed companies companies Listed entities. state-owned for requirements employee full with companies 105 listed roughly requires representation on their supervisory boards and are subject on their representation supervisory Leadership Positions in Leadership Positions and the PublicPrivate Sector. will They from 2018 onward. Under certain conditions, companies also need to conditions, report Under certain in Men and Women of Participation Equal on Law to the have to determine their and own binding forquotas executive board seats or leave them empty. hold at least 30 percent ofboard non-executive seats. implementation of measures implementation to equalachieve representation. women on the supervisory womenboards on enterprises ofthe state-owned supervisory
Positions in the Private and Public Sector), May 2015 Sector), and Public in Private the Positions 1 In 2019 the average share share 2019 In average the 2 2015 and again in 2017 in response to gender quota legislation, legislation, quota gender to 2017 in response 2015in again and The German Corporate Governance Code was updated in The German Government is currently considering is announcing Government currently German The The code also recommends that supervisory boards set gender These include considering diversity, and particularly gender recommendations codeThe comply-or-explain contains various covered by the quota legislation should set targets for their their for targets set should legislation quota the by covered Supervisory boards of the other companies roughly 3,500 Supervisory additional gender quota legislation at the end of 2019. stating, among other things, that supervisory boards should diversity targets for the management targets board. diversity gender composition. composition. gender Other initiatives for increasing ofthe percentage inwomen the management have ata least 30 percent of representation each gender, and with respect to the management boards of listed companies. 2. 3. 4.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European May 2015 and 2017 Corporate Governance Deutscher Kodex, Regierungskommission
3
All-male boards as of2019 All-male April 2019April asand ofTecDAX) SDAX, MDAX, of 185 companies (DAX, listed boards of a sample supervisory and management on Women andas TecDAX) of 2019 April SDAX, MDAX, (DAX, companies boards of a sample of 185 listed Women on the supervisory of a of sample the largest boards the on Women 2 4
2 2 9.2% 20.1% 30.9% 33.8% Percentage -1.0% (2018) -1.0% 2.4% (2018) (2018)2.8% (2016) 7.0% % change or whethertherewillberealequalgenderrepresentationonsupervisoryboardsinthefuture.” open questionwhetherwewillseecompaniesonlymeetingtheminimumlegalrequirements of andreactiontothelegislation.Sofar,quotacanbeseenasasuccess,although It will be interesting to see how female representation will develop in the next few years and It willbeinterestingtoseehowfemalerepresentationdevelopinthenextfewyearsand progress is slower than expected. progress isslowerthanexpected. if this will have an impact on the overall culture of companies in Germany. However, it is an if thiswillhaveanimpactontheoverallcultureofcompaniesinGermany.However,itis in thenumberofwomenonsupervisoryboardsoverpastfewyears,bothanticipation Partner, Center for Corporate Governance, Deloitte Germany Deloitte Governance, Corporate for Center Partner, Dr. Arno Probst 107 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Germany 26.2% 6.2 18.3% 19.5% 7.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.9 4.7 Women Women THAT ARE WOMEN ARE THAT 2016 4.2% 2.2% 4.4% 2014
58.9 63.6 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 3.1% 0.0%
53.7 53.7 Women Women ARE WOMEN ARE 6.0% 1.10 2014
STRETCH FACTOR STRETCH 1.08 1.10 WOMEN MEN 2018 2016 191 551 1.08 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 30.9% 22.0% 20.8%
AND HEALTHCARE AND 30.3% 20.0% 16.5% 13.7% 14.9% 15.0%
15.6% 15.6% 16.9% 17.0% 17.3% 19.1% 21.3% 21.4% 21.8% 22.9% SERVICES 25.5% 18.0% 19.0% Compensation Nominating
Audit Risk 0.0% 5.7% 6.2% 6.3% 25.2% 6.8% 6.8% 7.0% 9.5% 9.5% 13.9% 14.5% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 2018 2018 25.0% 20.0% 21.0% 2016 2016 2014 2014 109 EUROPE Women in the boardroom | A global perspective The Gender Equality Act, implemented in 2000, imposes The Hellenic The Corporate CodeGovernance notes that all 1. 2. Greece of full or partially state-owned company boards. company state-owned of or full partially companies should have diverse boards and strive for gender gender for strive and boards diverse have should companies obligated obligated tofor raising set targets the number of women 3. a one-third gender quota for the state-appointed portion portion gendera forquota one-third the state-appointed serving serving on their boards and to disclose policies and processes Other initiatives recommends that listed companies have a diversity policy policy recommends companies that have listed a diversity for achieving forthem. achieving balance on boards and in senior codemanagement. The also
September 2000 Hellenic Corporate Governance Council, Hellenic Corporate Governance Credit Institutions Credit of that 4261/2014,Law meet the requirements Credit institutions Access 2013 Code, to the Activity of Credit Institutions and the Prudential Supervision of Supervision Prudential the and Institutions of Credit toActivity the 3 2 1
boards the on Women knowledge, competencies, to views, skills, respect with diverse Greek law bans employment discrimination onGreek the lawdiscrimination basis of bans employment race, ethnicity, religion, disability, age, religion, race, disability, and ethnicity, orientation. sexual In addition toIn addition gender, the code recommends that boards be beyond gender 4. 5.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Government Gazette 232, December 2016, Law 4443/2016 implementing implementing the Equal Treatment 2000/43/EU and Directive the 5 9.1% Percentage -0.3% (2017) % change
4 “The numbers for female representation on Greek boards show that women continue to “The numbersforfemalerepresentationonGreekboardsshowthatwomencontinueto “Gender diversitycanmakeanimpactthatmattersandprovideacompetitiveadvantage Talent and Learning Leader, Greece Deloitte on Greek boards soon.” on Greekboardssoon.” harmony in the workplace, and better business decision making. An inclusive culture means harmony intheworkplace,andbetterbusiness decisionmaking.Aninclusiveculturemeans business owners.Atthesametime,weseeexamplesofleadingcompaniesmanagingand be intheminorityatupperechelonsofbusiness,government,andpolitics,aswell Analia Kokkoris implementing diversityandinclusioninitiativesthatultimatelyledtoacultureshift,greater Governance Leader, Deloitte Greece George Trivizas 111 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Greece 8.2 8.7 9.5% 15.3% 9.6% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 6.5 Women Women - THAT ARE WOMEN ARE THAT 2016 18.2% 0.0% 0.0% 2014
68.2 62.4 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 7.1%
60.8 Women Women - ARE WOMEN ARE 0.0% 1.09 2014
STRETCH FACTOR STRETCH 1.03 1.05 WOMEN MEN 2018 2016 19 13 1.00 2018 Compensation COMMITTEES Audit Risk 12.1% 12.8% 13.0% 13.9% 14.0% 17.5% Compensation Audit Risk 0.0% 5.9% 7.7% 8.3% 10.0% 2018 33.3% 2016 2014 113 EUROPE Women in the boardroom | A global perspective The Women Startup Competition has aCompetition WomenThe tomission educate Startup There are no quotas in place for women serving on boards 1. 2. boards the on Women Hungary and inspire women to start their own businesses and andtheir toown inspirebusinesses women to start support them in the challenges support facethey during years, the early government majority ownership and at50ownership are employees least majority government Organizations must have an equal opportunities plan in placehave must an equal Organizations opportunities Government institutions, local authorities, and businesses with Other initiatives particularly as female entrepreneurs. required plan. to anddevelop adopt an equal opportunities to qualify for national or European funds. European or national for to qualify women women aged 8 to 21 the aimwith of increasing technological beyond gender
European Institute for Gender Equality, Gender statistics database: database: statistics Gender Equality, Gender for Institute European (2003) Act Equal Treatment and ofPromotion Equal Opportunities 2 14.9% Percentage 3.7% (2016) % change 1
Talent Leader, Hungary Deloitte serve asgoodrolemodels.” company boardrooms. We all have a role to inspire women, company boardrooms.Weallhavearoletoinspirewomen, to help them navigate the new business landscape, and to Gyorgyi Toth Gyorgyi
The amendment requires companies with more than 50 1. 2. Iceland toof employees percentrepresentation maintain at40 least of objective is to objective women support in managing and expanding their companies limited public liability and Other companies. private and private limited liability companies. limited liability and private a report and a dashboard of gender statistics. Deloitte Iceland Iceland Deloitte statistics. gender of adashboard and a report quotas quotas by approving an amendment to onlegislation public Other initiatives must havemust both sexes represented. the issue with various events. dashboard as well as the raisinggender on awareness statistic has been supporting this initiative from the andbeginning this built initiative has been supporting businesses while increasing businesses gender equality. had until September 2013 to comply. largest companies bylargest 2027. was accompanied by initiative This
May 2019 of and Industries Ministry Publicrespecting Innovation, Act Limited Companies No. 2/1995, as amended up to 1 May 2011 (amendments as as 2011 1May to up (amendments amended as 2/1995, No. Companies from Act 43/2008 indicated), Articles 63 and 65 3 1 2 The law on equal status and equal rights was changed in of Welfare appointed agroup inworking Ministry The April of boards the on Women over with of companies boards the on Women companies sample of the largest listed a of boards the on Women company size. company A 2008 law on equal rights approved by the Icelandic Icelandic the by approved rights equal on law A 2008 same andsame jobs. Companiesvaluable equally will need to obtain parliament establishes equality and equal opportunities and equal opportunities equality establishes parliament January 2018January to requiring companies and public institutions for men and women. 3. 4. 5.
Source: https://www.fka.is/jafnvaegisvog-fka/maelabord/ Men, No. 10/2008 of Welfare,Ministry onAct Equal Status and Equal ofRights Women and 6 3 3 4 5 26.2% 39.4% 45.2% Percentage 0.3% 0.3% (2016) 0.2% (2016) (2016) 1.3% % change
“Overall, Iceland is in fairly good shape when “Overall, Icelandisinfairlygoodshapewhen and inthepublicsector.Wecandomuch a local initiative on leadership equality equality andinclusionamongbusinesses gender diversity at the CxO level. Deloitte gender diversityattheCxOlevel.Deloitte by supporting the leadership equality more, however,especiallyifwelookat has furtherescalatedthediscussionon initiative and by assisting companies initiative andbyassistingcompanies increase diversity internally and externally in 2010.Therecentequalpaylawand it comestoboardgenderdiversityatthe due to the gender quota law introduced due tothegenderquotalawintroduced largest companies, which is in large part largest companies,whichisinlargepart Deloitte Iceland Leader, Audit Internal and Advisory Risk Partner, 6.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European
115 EUROPE Women in the boardroom | A global perspective The report also indicates that the percentage of women on There are no quotas in place for women serving on boards 1. 2. Ireland all-male board all-male by the end of 2019. a also goalsets that that no company listed will have an Other initiatives progressive board diversity targets for listed companies. The for The companies. listed targets board diversity progressive for all oncompanies listed Dublin the market. Euronext for all companies other bylisted the end of 2020. report The by 2023. boards and 25 percent for all other listed company boards Irish Government and released Irish inGovernment 2019, a of outlines series
July 2018 1 The targets increase each year leading up to 2023, 2023, to up leading year each increase targets The
The program helps prepare talented female senior executives on boards and in senior management. collaborating to deliver a board readiness program in 2019. in program readiness a board to deliver collaborating across Irish retail banks in across Irish 2018. retail banks presence in managerial positions to thestrengthen pipeline to consider diversity at the board toand senior management consider diversity to board and executive roles. executive and to board banks still have work to do to foster a diverse and inclusive background, as well as their approaches to diversity. The banks boardrooms, Deloitte and the 30% Ireland Club are workplace, particularly at the board and senior management particularly workplace, levels with respect to respect gender, levels with age, and educational nationality, 3. 4.
30% Club, Women in Management – the Leadership Pipeline, 2018 Sir John Parker, The Parker ACommittee, intoReview Report the Ethnic 3 2
changes to the UK Corporate Governance Code require listed of Corporate in Governance. Consequently, the events United boards to state appointments that to require continues are now required to consider but also not only board diversity and Directive are and requiredDirective topromoting a policy establish senior management and the development of a diverse pipeline boards Additionally, inprogress disclose their annual reports. undertakings mandate transparency on diversity. on diversity. mandate transparency undertakings Companies listed Companies on listed the main market of the Irish Stock and insurance for Requirements credit institutions Governance promote diversity, including gender,promote diversity, and companies must Exchange are still required to comply or explain their for succession. institutions subject to the Capital Requirements Regulation Regulation to Requirements the subject Capital institutions 250 board to do the same by 2024. Percentage of women on boards on women of Percentage boards the on serving Women cultural ondiversity publicly listed boards, recommending the ethnic background and cognitive and personal strengths. Irish strengths. and personal and cognitive ethnic background of members of the board and key function holders, as well holders, of and ofboard keythe function members Although there are no formal board-level initiatives in thereplace are toinitiatives Although no formal board-level appointment at least one director from an ethnic minority atonefrom director anleast appointment ethnic minority as the Parker Review, there isof another address diversity, components increasing as the UK Code of Corporate Governance 2018, which has revised diversity provisions to include diversity of social and and social of diversity include to provisions diversity revised of and aof recognition range the importance of diversity European and Authority Markets and Securities European by increasing regulatory suchexpectations as the joint inclusion inclusion measures other than gender. isThis being driven beyond gender 1 4 which focused on which focused ethnic improving and 16.4% 20.9% Percentage 2.5% (2018) (2018)2.8% % change
“The boardroom diversity agenda continues to gain momentum in Ireland. It is a key area “The boardroomdiversityagendacontinuestogainmomentuminIreland.Itisakeyarea are seeing an increased focus from regulators. While levels of board and executive diversity on Irishboardsandthepaceofchangeistooslow.Weneedmorepracticalinitiativesto “Although somecompanieshavemadegoodprogress,womenremainunderrepresented Leader, Centre for Corporate Governance, Deloitte Ireland Deloitte Leader, Governance, Centre for Corporate continue to progress, there is still much to do. Diversity is essential at this level to avoid continue toprogress,thereisstillmuchdo.Diversityessentialatthislevelavoid group-think, drivebetterdecisions,andfosterhealthydynamicschallenge.” Colm McDonnell Head ofand RiskLeader, Advisory Centre for Corporate Governance, IrelandDeloitte
117 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Ireland 19.9% 6.3 6.3 14.4% 16.5% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.5 4.6 Women Women THAT ARE WOMEN ARE THAT 2016 6.1% 4.3% 0.0% 2014
59.6 63.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 7.8% 6.7%
60.0 57.5 Women Women ARE WOMEN ARE 6.5% 1.07 2014
STRETCH FACTOR STRETCH 1.04 1.05 WOMEN MEN 2018 2016 93 51 1.03 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 21.9% 12.0%
16.4% 18.5% 19.9% 20.0% 20.4% 21.5% 21.7% 22.5% 22.0% 22.7% 21.4% 23.8% 19.0% 25.9% 29.8% 30.6% AND HEALTHCARE AND 21.3% 18.0% 16.4% Compensation Governance Nominating Audit
Risk 8.3% 8.9% 9.1% 11.5% CONSUMER CONSUMER 12.0% 17.8% 17.0% 15.4% 15.9% 17.8% 20.0%
21.7% 22.2% 25.0% 25.0% 26.3% 2018 2018 2016 2016 2014 2014 119 EUROPE Women in the boardroom | A global perspective 1. Italy companies. As of October 2019,of October As companies. the bill had not yet passed. and the board of statutory auditors after August 2011. August auditors after and the board of statutory of As and will expire in 2022. quota legislation forquota legislation an three additional renewals for listed seats be reserved for the represented less be gender,reserved seats increasing Gender quota legislation for legislation Gender onquota companies listed regulated December 2018, the quota legislation had either expired, or auditors statutory of board and board of a third least at to hold the less represented gender are required to be carried out in bill (n. 1095) presented to the Senate tothe proposed extend In addition toIn a addition the gender2012 legislation, quota regulation in August 2011.in August introduced measures for state-owned companies introduced measures for state-owned
1 The law requires the less represented gender gender represented less the requires law The 2 requiring requiring
1 million euros in the case of the board and 20,000 to 200,000 200,000 to 20,000 and board the of case the in euros 1 million 2. companies have received sanctions of this sort. companies have received sanctions compliance the lawwith for public So companies. far, no or the auditors boardbeing of replaced. statutory The prime The auditors. euros in of the case the board of statutory 3. auditor composition. The code also recommends a one-third diversity criteria, including gender, criteria, fordiversity both board and statutory gender diversity. The code states that issuers should apply should apply that issuers codeThe states gender diversity. Continued noncompliance can result in the board of directors directors of board the in result can noncompliance Continued Other initiatives place beyond the expiration of the gender quota legislation. with line gender, in underrepresented the of representation oversee andminister the forminister equal opportunities Listed companies that are not in compliance are given a four- the quota legislation. This recommendation will recommendation This remain the legislation. quota in has been toamended include regardingrecommendations
Decree of Republic President 251/ 2012 Corporate Governance Committee, Corporate Governance Code, Code, Governance Corporate Committee, Governance Corporate July 2018
3
boards the on Women 4.
companies in Italy, September 2018 September in Italy, companies European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 4 36.4% Percentage 6.0% (2016) % change
“The presence of women on corporate boards has more than quintupled since the “The presenceofwomenoncorporateboardshasmorethanquintupledsincethe align and support gender equality on their boards and in decision-making positions. align andsupportgenderequalityontheirboardsindecision-makingpositions. In the future, the representation of women on boards is likely to increase, even In thefuture,representationofwomenonboardsislikelytoincrease,even pay gap. The adoption of regulatory requirements further ensures that corporations pay gap.Theadoptionofregulatoryrequirementsfurtherensuresthatcorporations momentum inthepastfewyears,anddiscussionshaveevenextendedtogender introduction of gender quota legislation, increasing from under 7 percent in 2010 introduction ofgenderquotalegislation,increasingfromunder7percentin2010 to nearly 34 percent now. percent to nearly34 5 The public debate on gender equality in Italy has gained gained has Italy in equality gender on debate public The
121 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Italy 29.3% 22.3% 28.1% 6.9 8.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.3 4.8 Women Women THAT ARE WOMEN ARE THAT 2016 18.2% 22.2% 8.5% 2014
62.6 60.6 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 5.6% 3.5%
53.9 54.7 Women Women ARE WOMEN ARE 5.4% 1.13 2014
STRETCH FACTOR STRETCH 1.07 1.19 WOMEN MEN 2018 2016 333 110 1.15 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk RESOURCES ENERGY & ENERGY 29.8% 27.0% 27.9%
15.9% CONSUMER CONSUMER 29.3% 23.2% 26.0% 0.0% 24.9% 27.2% 28.8%
29.9% 35.7% 37.3% 37.5% 37.7% 39.4% 41.0% 41.6% 44.5% SERVICES 29.2% 29.0% 21.1% Compensation Governance Nominating
Audit Risk 6.9% 7.0% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 28.8% 13.3% 13.8% 16.7% 16.1% 18.8% 23.3% 29.3% 32.1% 2018 2018 34.2% 36.7% 28.8% 26.0% 21.6% 2016 2016 42.3% 44.9% 2014 2014 123 EUROPE Women in the boardroom | A global perspective The Latvian Diversity Charter There are no quotas in place for women serving on boards The Latvian Ministry of Welfare has several initiatives, of Welfare has initiatives, several Ministry Latvian The 1. 2. Latvia opportunities to advance to leadership positions. The to The to advance positions. leadership opportunities 3. diversity policies, practices, professional growth, and growth, professional practices, policies, diversity Other initiatives researches proposals to improve that balance. that improve to proposals researches between men and women on company boards and internationally. to dedicated sharing including committee a gender equality leading practices from organizations in the country and in from the organizations country leading practices
Think Diversity, Latvian Diversity Charter, 2019 European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Latvian Journal, On the Roadmap for Equal Rights and Opportunities for Women and Men 2018-2020, July 2018 2 The committee analyzes the balance analyzes committee The 1 created the Latvian Equality Equality Latvian the created
The 2009 Act of Equal Treatment ensures individual protection boards the on Women color, religion or belief, age,or orientation. sexual disability, against discrimination based on nationality, ethnicity, race, ethnicity, on based nationality, discrimination against beyond gender 3 29.0% Percentage 1.3% (2016) 1.3% % change “Statistics show a positive increase of “Statistics showapositiveincreaseof Apart from government-led initiatives, there Apart fromgovernment-ledinitiatives,there along withotherstoarriveatsolutions.” addition of several mentoring programs addition ofseveralmentoringprograms are also private initiatives to combat gender are alsoprivateinitiativestocombatgender and ingovernment–thecurrentparliament support of boardroom diversity and the support ofboardroomdiversityandthe more to be done, and we are actively working more tobedone,andweareactivelyworking public overall–weshouldexpectanincrease many prominent women in Latvia have joined many prominentwomeninLatviahavejoined the topicitselfbecomingapriorityfor that arebeingorganized–nottomention includes a record-breaking number of women. Kristine Jarve
Technologies, and Global Shapers – the youth network of of network youth the – Shapers Global and Technologies, There are currently no national measures to improve the There are no quotas in place for women serving on boards 1. 2. Lithuania experienced women professionals. 3. are to encourage women to in careers pursue technology and board inpositions with the public andsectors private gender balance have on boards initiatives inalthough Lithuania, Other initiatives Women Go Tech Go Women for technology professionals. The program was Initiated was Initiated program The professionals. for technology goals the president of primary the Republic ofIts Lithuania. the National Association of Information and Communication the the goal of adeveloping mentorship program for aspiring to create gender about awareness imbalance in management balanced leadership and to provide a networking platform for been been introduced to promote women in positions. leadership women leaders. The association also aims to association The women leaders. increase public CEOs and with of board members largecompanies Lithuanian
Women Go Tech, Empowering Talents to Discover Tech, 2019 Tech, Discover to Talents Empowering Tech, Go Women October 1992 Republic ofof Constitution Lithuania, the Republic of Lithuania, 2 is a women-only mentorship program mentorship program is a women-only 1 It works works It
The Constitution of the Republic of Constitution The Lithuania boards the on Women origin, origin, or religion. ethnic disability, age, ororientation, sexual views, convictions 4. gender, race, nationality, language, origin, social status, belief, belief, status, social origin, language, nationality, gender, race, for all people and prohibits discrimination onfor the discrimination basis all of and people prohibits beyond gender
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 4 10.8% Percentage 3 ensures equality ensures equality -2.2% % change “The representation of women in Lithuanian “The representationofwomeninLithuanian awareness oftheeconomicandsocial stereotypes in leadership positions and stereotypes inleadershippositionsand company boardroomsisnotonlystilllagging received strongpublicsupport,so behind theEUaveragebuthasdecreased women in the boards of large companies. women intheboardsoflargecompanies. in recentyears.Menstillgreatlyoutnumber leadership positions needs to be increased. leadership positionsneedstobeincreased. Kristine Jarve 125 EUROPE Women in the boardroom | A global perspective The Ministry of Equality between Women and between Menof encourages Equality Ministry The There are no quotas in place for women serving on boards The EquilibreThe 1. 2. Luxembourg companies and industry bodies have signed this pledge. this signed have bodies industry and companies economic, political, and professional level of decision-making and professional level of political, decision-making economic, an on equality gender to promote measures concrete 3. diversity at public events and at conferences. public events It is toaligned diversity the global #NoWomenNoPanel campaign and seeks to#NoWomenNoPanelglobal and createseeks campaign Other initiatives representation on public decision-making bodies. The target target The bodies. on public representation decision-making and company listed boards by on state-owned representation more women role models in Luxembourg. Many Luxembourg Pool initiative provides companies with access tocompanies with provides ofa Pool database initiative in both the private and public sectors. inand public both sectors. the private is free, subsidized by the Luxembourg government. was achieved by state-owned company boards in 2018. was by achieved state-owned
Equilibre, Promoting Gender Complementarity, May 2019 Equilibre, Complementarity, Gender Promoting initiative is aimed at initiative ensuring gender
2 1 3
The Diversity Charter Lëtzebuerg is an initiative by the private byis Lëtzebuerg the anprivate Charter initiative Diversity The The X Principles of Corporate Governance of the Luxembourg Stock Exchange, in2017,updated December guidance provide 4. appointments and reappointments to and the reappointments board, including appointments and regulatory obligations andand guarantee regulatory and the respect Luxembourg ofare the IMSpart (Inspiring More Sustainability) that and administrations and associations, public companies, skills-based criteria. skills-based diversity through concrete actions that through goconcrete legal beyond actions diversity One One of a is the formal principles that companies establish Charter Lëtzebuerg to Lëtzebuerg their to commitment express Charter promoting 5. professional experience, geographical origin, gender, origin, geographical professional experience, and for criteria recommends that companies consider diversity procedure for appointing board members. The exchange promotion of diversity at all levels in promotion oftheir organizations. diversity Companies are encouraged tonetwork. sign the Diversity 6. beyond gender
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Luxembourg Stock Exchange, X Principles of Corporate Governance of CharterDiversity Luxembourg, CharterDiversity Luxembourg, May 2019 the Luxembourg Stock Exchange, December 2017 5 4
boards the on Women 6 13.3% Percentage 0.4% (2016) % change “Embedding diversity into organizational culture is an important focus area for organizations. “Embedding diversityintoorganizationalcultureisanimportantfocusareafororganizations. Various initiatives were launched in Luxembourg to further improve boardroom gender Various initiativeswerelaunchedinLuxembourgtofurtherimproveboardroomgender Women Challenge, with the objective of gathering fresh perspectives on the topic of gender Women Challenge,withtheobjectiveofgatheringfreshperspectivesontopicgender and under all conditions. Together, let us make diversity and inclusion an even stronger and underallconditions.Together,letusmakediversityinclusionanevenstronger schools and universities across Europe to bring together bright young talent for our Young schools anduniversitiesacrossEuropetobringtogetherbrightyoungtalentforourYoung boards to ensure equality between women and men at all stages of their working lives, boards toensureequalitybetweenwomenandmenatallstagesoftheirworkinglives, hold boardseatsinthefuture.Wealsowanttohearandsharetheirideasencourage diversity. Each year, Deloitte Luxembourg extends an invitation to a number of business diversity. Eachyear,DeloitteLuxembourgextendsaninvitationtoanumberofbusiness Christian van Dartel Diversity and Diversity Inclusion Leader, Deloitte Luxembourg
127 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Luxembourg 12.0% 14.9% 11.5% 6.8 8.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.9 1.6 Women Women THAT ARE WOMEN ARE THAT 2016 3.2% 4.8% 0.0% 2014
58.2 61.0 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS 0.0% 0.0% CHAIR
54.2 55.0 Women Women ARE WOMEN ARE 3.2% 1.00 2014
STRETCH FACTOR STRETCH 1.03 1.04 WOMEN MEN 2018 2016 36 33 1.00 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk 17.5% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 14.3% 11.8% 13.0% 14.9% 15.7% 16.1% 16.4% 16.3% 19.0% 21.6% 22.2% SERVICES 6.0% Compensation Nominating
Audit Risk 0.0% 0.0% 5.6% 13.3% 13.6% 15.4% 2018 2018 18.8% 2016 23.1% 2014 129 EUROPE Women in the boardroom | A global perspective The 2013 Dutch Management and Supervisory Act The Dutch Minister of Education, Culture, and Science warned There are no quotas in place for women serving on boards 1. 2. Netherlands evaluate in 2019. gender enforceable that quota the will minister mandatory 3. diversity is too low diversity until January 1, until January 2020, under the terms. same Other initiatives management and supervisory boards. The Dutch Parliament The boards. management and supervisory that onrecommends, largebasis, a comply-or-explain that the current rate of change for gender and cultural has extended the act, which would have expired in the 2016,act, has extended be considered. in the Netherlands. legal entities have at least 30 percent men and women on
SER, Kabinet vraagt SER advies over diversiteit in de top over van diversiteit het SER advies vraagt SER, Kabinet Evaluatie van de Wet bestuur en toezicht, Oktober 2017 bedrijfsleven, June 2018 2 The committee monitoring the monitoring 30 percent committee The 3 1 and that mandatory gender may andquotas that mandatory 4
The Dutch Corporate Governance Code states that diversity Dutch CorporateThe that Codediversity Governance states The Dutch Corporate Governance Code, or provide explanations for their noncompliance. The code large most companies companies, are compliant fully either boards. supervisory and management both on considered Although the code is not mandatory and applies only to listed diverse board. diverse goes beyond goes gender beyond to such include criteria as age, cultural policy policy in place. The code states that diversity must be in revised 2016, requires companies tolisted have a diversity background, and education, all ofand toeducation, which contribute a background, will will be updated in late 2019. beyond gender 4. 5.
Staatsblad van het Wetder Koninkrijk Staatsblad Nederlanden, van 10 februari Monitoring Commissie Corporate Governance Code, Revised Dutch Corporate Governance Code 2016, December 2016 December 2016, Code Governance Corporate van grote naamloze en besloten vennootschappen, March 2017 verdeling van de zetels van het bestuur en de raad van commissarissen verband met hetvan voortzetten het streefcijfer voor een evenwichtige 5 which was last which was last
directors New female executive directors New female non-executive exchange stock Euronext the on listed companies boards of the 90 Dutch executive on serving Women executive boards of the non- on serving Women boards the on Women 7. 6.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 7 7 6
7 7 11.4% 27.9% 5.7% 25.1% 31.7% Percentage 3.1% (2017) 2.9% (2017) -0.5% (2017) 0.5% (2017) 0.6% (2017) % change “We see some progress in the percentage of women serving on supervisory boards, as well “We seesomeprogressinthepercentageofwomenservingonsupervisoryboards,aswell a check-the-boxexercise.” are still far away from the 30 percent guideline, and we need to strive to become more are stillfarawayfromthe30percentguideline,andweneedtostrivebecomemore as the steps being taken to promote diversity. The board chair has an extremely important results by creating an open and collaborative culture. At the management board level, we results bycreatinganopenandcollaborativeculture.Atthemanagementboardlevel,we diverse and inclusive. At the supervisory board level, we are slowly approaching diversity in diverse andinclusive.Atthesupervisoryboardlevel,weareslowlyapproachingdiversity in Corporate Governance Leader, Deloitte Netherlands Deloitte Leader, Governance Corporate Caroline Zegers 131 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Netherlands 23.0% 21.4% 4.3 17.3% 6.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.3 3.3 Women Women THAT ARE WOMEN ARE THAT 2016 4.3% 4.9% 0.0% 2014
64.2 61.3 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 5.5% 5.0%
62.3 57.1 Women Women ARE WOMEN ARE 10.0% 1.04 2014
STRETCH FACTOR STRETCH 1.09 1.08 WOMEN MEN 2018 2016 152 92 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 28.0% 23.0% 12.8%
14.1% 17.1% 17.7% 20.2% RESOURCES ENERGY & ENERGY 22.6% 22.7% 22.1% 25.0% 23.0% 25.3% 26.8% 27.2% 28.2% 28.4%
29.3% CONSUMER CONSUMER 24.7% 20.2% 20.0% Compensation Governance Nominating
Audit Risk 0.0% 4.2% 7.4% 9.6% 10.2% 10.7% 11.1% 12.5% 22.9% 13.0% 21.0% 14.9% 15.1% 18.5% 20.0% 27.6% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 2018 2018 16.9% 21.0% 19.4% 2016 2016 2014 2014 133 EUROPE Women in the boardroom | A global perspective 1. 2. Norway a 40 percent representation of both sexes on the board and and board the on sexes both of representation percent a 40 setting the following provisions: gender quota legislation genderfor legislation quota public requiring limited companies, Women 42.5comprise percent of public limited company to comply with the quota legislation cited above. cited legislation quota the with to comply areowned that municipally arerequired more than two-thirds board seats in Norway in 2019. intermunicipal companies, large cooperatives, and companies large companies, intermunicipal cooperatives,
• • • • •
Act, Act, June 1997 March 2019 Norwegian Parliament, Norwegian Public Limited Liability Companies of deputy board members. board of deputy three directors by be represented at least must each sex each sex must be represented by at least two directors two by be represented at least must each sex more than nine members, each sex must be represented by at least 40 percent of the directors be represented by at least four directors, and if there are If the board hasofeach nine sex must directors members, both sexes must be represented If the board of directors has six to eight members, If the board of directors has two or three members, 1 2 State-owned enterprises, enterprises, State-owned 3
Government proposals approved in December 2016 set goals Other initiatives provisions include: for increased gender diversity in management positions at at in positions management gender for diversity increased the executive and middle-management levels. and middle-management the executive 3. 4. • • • • •
companies, 2014 companies, NRK, TarNRK, det med knusende ro, April 2016 Norwegian government, Gender balance at boards in public limited The government should report to should annually government The report parliament The government should systematically recruit women The government should work toward having at least The government should set goals and work toward having The government should set goals and work toward having 40 percent40 women forchairs companies in which the executive management positions in the state. formanagement companies positions in executive which as middle managers. state has a stake. managers in enterprises the Royal Ministry of Children, managers inthe Royal Ministry enterprises Equality and Social Inclusion is responsible for must be be for must is responsible Inclusion Social and Equality the state has an interest and at government agencies. both genders represented by at least 40 percent in both genders represented by at least 40 percent in included inincluded the report. percentage The ofin women executive all sectors. 5
4 Some of the the of Some
boards the on Women 5. 6.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European Norwegian government, Gender equality in practice, 2015-2016 6 2 2 11.1% 42.5% 41.2% Percentage 4.1% (2016) 0.5% (2016) -0.9% (2016) % change “Although there is a high percentage of women serving on boards in Norway, at 41 percent committee level, which suggests that, in reality, males have stronger control in boardrooms committee level,whichsuggeststhat,inreality,maleshavestrongercontrolboardrooms the auditcommitteelevel,withnearly50percentofseats.” in positionsofleadership.Womenareunderrepresentedasboardchairsandatthe in our sample, there are still challenges when it comes to diversity in other areas, especially Corporate Governance Leader, Deloitte Norway Deloitte Leader, Governance Corporate
135 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Norway 41.0% 42.0% 36.7% 6.3 6.2 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.9 5.4 Women Women THAT ARE WOMEN ARE THAT 2016 18.2% 9.8% 7.0% 2014
61.0 57.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 1.9%
53.5 60.6 Women Women ARE WOMEN ARE 13.5% 1.15 2014
STRETCH FACTOR STRETCH 1.05 1.09 WOMEN MEN 2018 2016 170 50 1.04 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 43.3% 40.0%
CONSUMER CONSUMER 23.5% 40.7% 29.4%
32.9% 33.0% 35.8% 40.0% 40.7% 41.7% 43.9% 45.0% 45.9% RESOURCES ENERGY & ENERGY 40.2% 39.8% Compensation Nominating
Audit Risk 9.3% 20.7% 21.7% 27.3% 30.0% 30.4% 30.8% 30.8% 2018 2018 2016 2016 40.0% 41.0% 2014 2014 137 EUROPE Women in the boardroom | A global perspective The Ministry of the State Treasury Ministry The recommended in 2013 that There are no quotas in place for women serving on boards 1. 2. Poland corporate governing bodies and key management roles on their their on roles management key and bodies governing corporate on boards. on boards. Support for diversity is growing in Poland. forThere are diversity many Support and events andin events Poland calling for a stronger presence of women subject toCode its ofsubject Practice Good Companies listed on the Warsaw Stock Exchange have been been have Exchange Stock Warsaw the on listed Companies Other initiatives partially state-owned companies consider gender balance requires companies to publish their diversity policy for requirespolicy companies to publish their diversity boards. There are also ongoing public debates, conferences, initiatives at the organizational level toat the organizational promote initiatives women on when selecting supervisory board members. websites. There are no formalfor sanctions noncompliance.
2016,Practice 2015 October 1 since 2016. This code code 2016. since This 2 each year. and the professional personal clubThe supports Another initiative is the ofChampions initiative Change Another Club and board positions. development of inbusinesswomen managerial, executive, One such initiative is the Deloitte SheXO Club, is One the suchDeloitte initiative to increase the number of women on boards are among the the among are boards on women of number the to increase to bring together ofchairs 10 large companies to promote in Poland in 2011 and now inoperates eight Central European 3. 4. 5.
Deloitte SheXO Club, September 2019 European Commission, Company Reporting, October 2019 October Reporting, Company Commission, European October 2019 3 which launched launched which 4 founded founded
The D&I performance of companies will D&Ibe The based performance evaluated on four areas related andto inclusion, diversity taking into intoand the to commits workplace nondiscrimination the A 2017 directive EU account global standards and guidelines, and will be audited nearly nearly 250 Polish businesses. progress onand diversity inclusion and allow comparison provide an and objective transparent assessment of corporate policies. Compliance is on a comply-or-explain basis. the objectives, implementation, and results of their diversity ofand results their diversity implementation, the objectives, the diversity policies applied to and supervisory other bodies the Diversity Charter initiative, background. The directive also requires companies todirective The explain background. between companies. between including the boardroom. The charter has including been the signed by boardroom. charter The at allof tolevels, policies promoteintroduction diversity with respect to respect gender,with andage, professional education, beyond gender launch the Diversity & Inclusion Rating in & Poland Rating inInclusion 2019. launch the Diversity 7. 6. 8.
WIG 20: The 20 largest companies on the Warsaw Stock Exchange Deloitte Poland research of data collected from the webpages of 5 required public-interest entities to disclose disclose to entities public-interest required 6 boards boards of WIG20 companies Women chairing supervisory Women CEOs of WIG20 companies WIG20 companies of boards management on Women Women CEOs of all companies listed of all companies listed boards management on Women of WIG20 boards supervisory on Women boards of all companies listed Women chairing supervisory of all companies listed boards supervisory on Women Management boards 8 companies 7 7
29.0% 23.0% 8.7% 15.8% Percentage
0.0% 12.6% 6.0% 13.0% (2017) -1.0% 4.0% (2017) 0.9% (2017) 0.6% (2017) Percentage % change “Supporting gender equality and inclusion is not only the right thing to do – there is “Supporting genderequalityandinclusionisnotonlytherightthingtodo–there “Supervisory boards of Polish public companies still do not perform well when it comes “Supervisory boardsofPolishpubliccompanies stilldonotperformwellwhenitcomes The recommendation to publish diversity policies is one of the provisions most often The recommendation to publishdiversitypoliciesisoneoftheprovisions mostoften and systemic changes that will translate into more women serving on boards. I believe and systemicchangesthatwilltranslateintomorewomenservingonboards.Ibelieve a strongbusinesscaseforhavingtalentedanddiverseteams.AtDeloitte,webelieve founded in Poland four years ago by a number of female leaders. The program supports everyone has a responsibility to take an active role in promoting gender equality and everyone hasaresponsibilitytotakeanactiveroleinpromotinggenderequalityand the professionaldevelopmentofwomenthroughmentorshipswithcorporateleaders.” diversity. A great example of this approach is the LeadersIN cross-mentoring program diversity. AgreatexampleofthisapproachistheLeadersINcross-mentoringprogram diversity helpsusinnovateandserveourincreasinglydiverseclientgroupmore or explain their reasons for excluding select provisions to investors and the public. or explaintheirreasonsforexcludingselect provisions toinvestorsandthepublic. case withcorporategovernancecodes,companies cancomplywiththeprovisions policies regarding the composition of supervisory and management boards and key triggering anexplanation ofnoncompliance.” to gender diversity. Only one-fourth of listed companies have implemented diversity
139 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Poland 15.6% 13.3% 4.8 16.1% 5.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.4 3.1 Women Women THAT ARE WOMEN ARE THAT 2016 17.9% 14.8% 23.1% 2014
59.6 57.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0%
57.5 Women Women - ARE WOMEN ARE 7.1% 1.18 2014
STRETCH FACTOR STRETCH 1.03 1.11 WOMEN MEN 2018 2016 28 37 1.03 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 18.6% 12.7% 17.0%
11.9% 13.5% 13.8% 14.3% 17.7% 20.9% 21.9% 23.3% 28.9% Compensation Nominating Audit Risk 5.9% 15.8% 15.8% 16.7% 18.8% 18.8% 19.2% 21.1% 23.1% 2018 2018 2016 2016 2014 2014 141 EUROPE Women in the boardroom | A global perspective 1. 2. 33.3 percent representation of by women 2020. 33.3 percent traded representation Publicly Portugal of new ones. of new ones. representation 20 percent to reach required were companies Sanctions for noncompliance are built Sanctions into the legislation. Equality, the Commission for Equality in Labor and Employment, Equality, the inCommission and forEmployment, Labor Equality companies that traded doPublicly not will comply be on listed for noncompliance that exceeds that days. for360 noncompliance the the websites of the Commission for Citizenship and Gender the annulment of thebodies supervisory and the election that theboards supervisory of state-owned enterprises have
Portuguese Institute of Corporate Governance, Corporate Governance Governance Corporate Governance, of Corporate Institute Portuguese Code 2018, 2018 2018, Code 1
The Portuguese Institute for Corporate Governance partnered (PSI 20) (PSI 20) of companies listed the largest sample a on boards on Women on gender and on of otherboards. diversity types 3. 4. Other initiatives release a single national corporate governance code for publicly publicly for code governance corporate national a single release trends and leading practices, and it includes recommendations new The companies. codetraded international aligns with with the Portuguese Securities Market Commission in 2018Securities the Portuguese with to
Main of companies Stock Lisbon Market the Index Euronext 4 3
5.6% 18.7% Percentage 0.3% 0.3% (2017) 3.8% (2017) % change 2
“Over the past couple of years, there have been improvements in female representation in “Over thepastcoupleofyears,therehavebeenimprovementsinfemalerepresentation in and publicly listed companies by 2020. I predict a positive evolution toward compliance with and publiclylistedcompaniesby2020.Ipredictapositiveevolutiontowardcompliancewith were concentrated on achieving greater gender diversity in the leadership of state-owned were concentratedonachievinggreatergenderdiversityintheleadershipofstate-owned the quota legislation, and I expect that companies will express more concern for diversity in the quotalegislation,andIexpectthatcompanieswillexpressmoreconcernfordiversity in leadership positions.” Leader, Center for Corporate Governance, Deloitte Portugal Portugal Deloitte Leader, Governance, Center for Corporate Pedro Pedro Mendes 143 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Portugal 17.0% 14.9% 6.9 6.6 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.2 5.7 Women Women THAT ARE WOMEN ARE THAT 2016 4.4% 0%
59.7 63.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0%
52.2 47.0 Women Women ARE WOMEN ARE 0% 2014 -
STRETCH FACTOR STRETCH 1.06 1.07 WOMEN MEN 2018 2016 35 15 1.03 2018 Compensation COMMITTEES Audit 11.6% 31.6% Compensation Audit 15.4% 20.0% 2018 145 EUROPE Women in the boardroom | A global perspective 2012 with the purpose of strengthening, supporting, and building There are no quotas in place for women serving on boards The Romanian government has adopted its national strategy Romanian The strategy national hasgovernment adopted its 1. 2. Romania compared to the EU average of 27 percent. Romanian The other SheXO chapters in Central and Europe.Eastern According to information published by Eurostat, and committees seats in the largest publicly listed companies ininlisted publicly the seats Romania, largest Other initiatives percentage has remained relatively stable sincepercentage 2014. hasstable remained relatively must comply with the comply must with code or explain why they do not. men, and an operational plan to implement it. Among other for 2018-2021 onequal for chances and promoting women the female business community in Romania while working with in the Romaniawith female community while working business things, the strategy promotes equal access to the labor market, including management positions forincluding management women positions and men.
1 need to have gender balance. Companies 3 the statistical the statistical
2
and independence in toaddition gender diversity. Women on the boards boards the on Women nondiscrimination, inclusion, andinclusion, equal chances in nondiscrimination, Charter,to promotewhich seeks diversity, the Diversity boards boards should have a mix knowledge, ofexperience, skills, beyond gender 3. 4. 5.
less EU ais of 3woman…even in the out 1 manager Only Eurostat, European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European in senior managementMarch positions, 2019 5 4 11.0% Percentage -1.0% (2016) -1.0% % change % change
“Diversity in the workplace remains an area of focus in Romania. Although there are “Diversity intheworkplaceremainsanareaoffocusRomania.Althoughthereare As an active organization promoting diversity and equal chances in the Romanian labor As anactiveorganizationpromotingdiversityandequalchancesintheRomanianlabor a proportionately low number of women on supervisory boards for public companies. a proportionatelylownumberofwomenonsupervisoryboardsforpubliccompanies. giving women more opportunities to show their unique abilities and skillsets. giving womenmoreopportunitiestoshowtheiruniqueabilitiesandskillsets. past seven years. The club has helped create an inspiring business community for women past sevenyears.Theclubhashelpedcreateaninspiringbusinesscommunityforwomen who aspiretocareersinmanagement,entrepreneurship,andboardservice.” Diversity Partner, Audit, Deloitte Romania Partner,Deloitte Audit, Diversity Madeline Alexander
147 EUROPE Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. 2. Russia community, facilitated by publications and events on and the topic. events by publications community, facilitated Other initiatives positions are being discussed in the Russian business In menRussia, and women are and granted equal rights which prohibits discrimination based on based gender. discrimination which prohibits
December 1993 1
management boards on women of Percentage boards of directors on women of Percentage 2
13.0% 7.8% Percentage N/A -0.3% (2017) % change continues togrow,butwilllikelyleadonlyagradualincreaseintheshareofwomen of RussiancompanieshavenofemaleboardmembersandthereareveryfewwomenCEOs of thelaborforceinsomeindustries.However,Russiahasachievedverylimitedprogress in of allwomenaged16to55yearsoldareemployed.Womenrepresentmorethan60percent regarding gender diversity in Russia, but the business community has become focused regarding genderdiversityinRussia,butthebusinesscommunityhasbecomefocused Partner, Corporate Governance Leader, Deloitte CIS and Russia and CIS Leader, Deloitte Governance Corporate Partner, 149 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Russia 8.5% 5.7 5.8% 5.7% 7.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.6 3.0 Women Women THAT ARE WOMEN ARE THAT 2016 8.8% 3.3% 0.0% 2014
54.6 58.6 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0% 0.0%
56.5 52.0 Women Women ARE WOMEN ARE 24.4% 1.10 2014
STRETCH FACTOR STRETCH 1.00 1.16 WOMEN MEN 2018 2016 42 47 1.07 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 14.3%
4.6% 5.5% 6.0% 6.7% 7.0% 7.5% 8.1% 8.5% 11.0% 10.8% 12.5% RESOURCES ENERGY & ENERGY 5.4% 4.8% 2.0% Compensation Nominating
Audit Risk 0.0% 0.0% 0.0% 0.0% 4.2% 7.3% 7.7% 8.3% 2018 2018 2016 2016 2014 2014 151 EUROPE Women in the boardroom | A global perspective The Corporate The CodeGovernance does fornot Slovakia There are no quotas in place for women serving on boards 1. 2. Slovakia outlines reducing gender inequality in decision-making in reducing decision-making outlines gender inequality onmeasures, anti-discrimination the National for Strategy Slovakia is aSlovakia member of the European Union and a party and several other legislative acts (the Act on Employment, on(the Act Employment, and acts several other legislative Women.against National measures that gender address diversity include the Constitution of the Republic Slovak include the Constitution diversity Gender Equality in the Republic Slovak Gender Equality (2014-2019) clearly Other initiatives While the focus of gender equality legislation While has the focus been legislation mainly of gender equality positions as apositions main objective. the code notes that board members should have the the European Convention on Human Rights, and the UN the International Covenant on Civil and Political Rights, including: treaties right human international to several the Labor Code, and the Anti-Discrimination Act). Code, the Labor and the Anti-Discrimination in Slovakia.
Governance Code for Slovakia, January 2018 Corporate Association, Governance Corporate European Central 2 1
boards the on Women 3.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 3 24.1% Percentage 9.8% (2016) 9.8% % change Audit Leader, Deloitte Slovakia of businesses. In order to enable more women to reach management and supervisory board roles, In ordertoenablemorewomenreachmanagementandsupervisoryboardroles,
153 EUROPE Women in the boardroom | A global perspective 2020, onbasis. a comply-or-explain 2018 The Good Governance Code Governance Good The ofCompanies recommends Listed The act also requires annual corporate governance reports The Corporate Enterprises Act of 2014 required both listed There are no quotas in place for women serving on boards 1. 2. Spain on remuneration to at female companies that comply directors on their boards. equal representation of both genders on boards. 3. At the time of publication, approval of the amendment A 2007 law approved by the Spanish parliament recommends recommends parliament Spanish the by approved law A 2007 a proposed amendment to provide a 10 percent tax deduction deduction tax a10 percent provide to amendment a proposed and non-listed companies to for andset minimumnon-listed women targets assigning certain public contracts. Amendments to in the act Amendments public contracts. certain assigning Code of Listed Companies recommendation noted above. above. noted recommendation Companies Listed of Code Other initiatives to describe the procedures. the to describe boards. their of composition gender a balanced to achieve having ahaving 30 percent of representation women on boards by but but the compliancewill government review as when a factor in Spain. was uncertain. was uncertain. the minimumnotedwith composition in the Governance Good
Corporate Enterprises Act, July 2010 July Act, Enterprises Corporate improvement of corporate governance of corporate improvement 3,4 require companies to design recruitment procedures procedures recruitment design to companies require 2 Noncompliance is not met with sanctions, sanctions, with met not is Noncompliance 5
6 for 2019 contained 1
2018 amendments to the Spanish Code of Commerce of Code Spanish the to 2018amendments The Spanish Code of Commerce on diversity of thought and skills, age, sex, disability, training, oftraining, age, and thought skills, disability, sex, on diversity of each gender on the board. The proposal was not approved, was not approved, of proposal each gender onThe board. the representation percent 40 least at have not did that companies An important parliamentary initiative was introduced in initiative parliamentary important An and professional experience. and men on the board, as well as indicators key performance diversity published by companies should listed include policies diversity Companies highlights the importance of diversity of expertise expertise of diversity of importance the highlights Companies measures for taken towomen promote equal opportunities for evaluating the success of those measures. ofmeasures. the success those for evaluating that the annual corporate governance reports on boardroom the future. but similar initiatives are toexpected be introduced in In addition toIn addition gender, Code the Governance Good of Listed in board composition. beyond gender 4. 5. 6.
December 2018 the Corporate Enterprises Act, and the Account Auditing Act, 4 was amended in December December in amended was
4 suggest suggest
sample of 139 national listed directors proprietary in a women of Percentage sample of 139 national listed in a directors independent women of Percentage companies listed national boards of a sample of 139 the on women of Percentage boards the on Women the on women of Percentage 7. 8.
Admitted to Trading on Regulated Markets, 2017 European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European CNMV, Corporate Governance Report of Entities with Securities 7 8
8 8 8 15.7% 28.2% 22.8% 23.1% 18.9% Percentage 2.4% (2016) 3.4% (2016) 3.1% (2016) 3.4% (2016) 2.3% 2.3% (2016) % change in 2018. It is with hope that progress will continue with this regulation – combined with in 2018.Itiswithhopethatprogresswillcontinuethisregulation–combined local initiatives to promote greater diversity on boards of Spanish companies.” local initiativestopromotegreaterdiversityonboardsofSpanishcompanies.” Leader, Center of Excellence Spain for Corporate Deloitte Governance, Xavier Angrill
155 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Spain 10.4 19.2% 16.3% 12.5% 8.4 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 11.4 5.0 Women Women THAT ARE WOMEN ARE THAT 2016 5.3% 4.2% 6.5% 2014
64.9 62.7 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 1.3% 1.8%
52.0 56.7 Women Women ARE WOMEN ARE 12.3% 1.11 2014
STRETCH FACTOR STRETCH 1.06 1.12 WOMEN MEN 2018 2016 183 75 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 20.6% 13.8% 16.0%
10.6% 11.8% 12.9% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 18.2% 20.0% 20.2% 20.5% 23.1% 22.4% 22.6% 20.2% 26.9% 27.4% 19.8% 13.0% Compensation Governance Nominating Audit Risk 5.6% 6.0% 10.6% CONSUMER CONSUMER 17.5% 20.0% 16.2% 18.8%
21.0% 23.3% 24.3% 25.0% 26.8% 28.4% 29.2% 2018 2018 RESOURCES ENERGY & ENERGY 16.2% 16.0% 0.0% 2016 2016
2014 2014 157 EUROPE Women in the boardroom | A global perspective There are no quotas in place for women serving on boards in 1. 2. Sweden owned owned company boards, but the legislation was not approved on the agenda for and Swedish the government, companies, Sweden, but achieving an Sweden, but achieving equal gender balance has been high among state-owned companies, women hold companies, 47 percent of among state-owned as a means of accelerating change. A 2016 law draft called for self-regulation. Although progress hasprogress been made, government Although self-regulation. regulators. Thus far, the issue has been addressed through through addressed been has issue far, the Thus regulators. board seats and the majority of at percent. 54 chair andpositions, board the majority seats by the parliament. Recent government show statistics that initiatives, including binding legislation, have including been binding considered legislation, initiatives,
chairmanship of thecompany state-owned Mayportfolio, 2019 Governance Code, December 2016 1 The Swedish Corporate Governance Code companies each year (see “The numbers” section). numbers” “The (see year each companies comply-or-explain basis. The Swedish Corporate Governance Governance Corporate Swedish The basis. comply-or-explain a on boards their on balance gender for to strive companies Other initiatives boardroom gender balance for statistics Swedish listed balance goals for listed company boards: 3. 4. • • •
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European each gender following the 2017 each gender following annual general meetings. of each gender following the 2017the of each gender following annual general meetings general meetings general representation of each gender following the 2020 annual 2020 annual the following gender each of representation Large cap companies: Small and mid cap companies: At least a 35 percent representation representation a35 percent least At At least a At percentleast 40 At least a 30 percent of 2 requires listed The Swedish Corporate Governance Code requires board of larger companies boards the on serving Women state-owned companies Women chairing boards of companies of state-owned boards the on serving Women of smaller companies boards the on serving Women of all Swedish companies listed boards the on serving Women boards the on Women and background. and background. phase of development, and other relevant circumstances. beyond gender 3 4 4 1 1 4
34.5% 54.0% 47.0% 32.3% 39.2% 36.1% Percentage 0.2% 0.2% (2018) – – 0.4% (2018) 0.2% (2018) (2016) 1.0% % change
“Gender equality in the boardroom is an important factor for shareholders “Gender equalityintheboardroomisanimportantfactorforshareholders competitiveness andshareholdervaluecreation.” to considerindiscussionsaboutboardcomposition.Overthepastfewyears, Corporate Governance Leader, Deloitte Sweden Deloitte Leader, Governance Corporate
159 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Sweden 33.3% 24.4% 31.7% 7.9 7.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.7 5.1 Women Women THAT ARE WOMEN ARE THAT 2016 9.9% 6.5% 4.7% 2014
58.2 61.2 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS 10.3% CHAIR 3.4%
54.2 59.6 Women Women ARE WOMEN ARE 24.4% 1.30 2014
STRETCH FACTOR STRETCH 1.28 1.15 WOMEN MEN 2018 2016 490 218 1.23 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 37.7% 22.0% 36.0%
13.6% 13.8% 14.2% 18.7% CONSUMER CONSUMER 34.6% 30.8% 32.0% 25.4% 26.2%
32.9% 34.6% 38.5% 39.7% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 41.9% 34.0% 30.0% Compensation Nominating Audit Risk AND HEALTHCARE AND 9.8% 33.9% 33.0% 15.8% 16.0% 16.2% 18.5% 18.9%
27.8% 2018 2018 35.1% 29% 2016 2016 42.8% 42.4% 45.7% 2014 2014 161 EUROPE Women in the boardroom | A global perspective 2019. has been toreturned project The the commission stage There are no quotas in place for women serving on boards 1. 2. Switzerland composition. The code states that both genders should be be should genders both that states code The composition. Although the National CouncilSwiss approved in the proposal Although A parliamentary proposal was launched in 2016 to establish 2016 in establish to launched was proposal A parliamentary and management boards, respectively. Any failureAny toand management comply respectively. boards, a diversity disclosure requirement for companies. listed a diversity gender balance. gender Other initiatives represented on the board with the goal of achieving a good agood achieving of goal the with board the on represented for revision. for revision. targets of 30 percent and 20 percent for boards of directors
Article 734f (draft proposal) of the Code of Obligations (Company (Company of Code of the Obligations proposal) (draft 734f Article Law). If enacted, this will apply to listed companies and companies Governance, 2016 2
1 This This A 2018 survey boards company of Market Swiss Index Percentage of women chairs Index companies boards of Swiss Market on women of Percentage proportion proportion of women on boards of directors. agreater see to wish did percent 64 but quota a gender 91Interestingly, did percentnot favor of surveyed those 16 percent of the at board companies. members these arewell doing boards their that 20 reported than percent Less to high orincreasing medium overall importance diversity. (78 percent) attached that moreindicated than three-quarters 3. 4.
Deloitte Switzerland analysis 3 of 448 of board members in Switzerland Switzerland in members board of 448 of 4
5.0% 24.0% Percentage 0.0% 0.0% (2017) (2017)2.0% % change “The discussions aimed at increasing gender diversity continue to gain momentum in Switzerland. “The discussionsaimedatincreasinggenderdiversitycontinuetogainmomentuminSwitzerland. There have been attempts to propose a gender quota for listed and larger companies. These There havebeenattemptstoproposeagenderquotaforlistedandlargercompanies.These similar ratioofuniversitygraduates.Thesamepipelineleaksdramaticallyasitprogresses toward on boards has increased approximately 4 percent since the last publication. on boardshasincreasedapproximately4percentsincethelastpublication. In most companies, the talent pipeline starts with near 50 percent gender equality, mirroring a In mostcompanies,thetalentpipelinestartswithnear50percentgenderequality,mirroring a were recently sent back to the drawing board by parliament, suggesting alternative measures were recentlysentbacktothedrawingboardbyparliament,suggestingalternativemeasures to strengthen the environment and encourage a more inclusive culture, as well as initiatives to strengthentheenvironmentandencourageamoreinclusiveculture,aswellinitiatives the boardroom.Asaresult,mostcorporateshavetakenmultifacetedapproachintended Liza Liza Engel 163 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Switzerland 18.4% 14.8% 10.0% 6.3 8.0 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.7 3.7 Women Women THAT ARE WOMEN ARE THAT 2016 2.7% 1.4% 1.6% 2014
60.3 61.8 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 2.0% 2.9%
62.3 54.3 Women Women ARE WOMEN ARE 5.6% 1.08 2014
STRETCH FACTOR STRETCH 1.09 1.05 WOMEN MEN 2018 2016 215 147 1.08 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 23.2% 15.0% 0.0%
AND HEALTHCARE AND 10.3% 11.1% 21.1% 13.0% 9.9% 12.9% 14.1% 14.5% 14.9%
16.0% 16.4% 17.1% 17.1% 18.7% 18.6% 20.6% 21.3% SERVICES 17.7% 18.0% 11.8% Compensation Governance Nominating
Audit Risk TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 5.3% 16.8% 6.8% 16.0% 7.4% 7.6% 8.1% 9.0% 9.2% 9.6% 11.1% 12.5% 13.0% 13.2% 13.8% 14.3% 2018 2018 14.3% 10.2% 12.0% 2016 2016 2014 2014 165 EUROPE Women in the boardroom | A global perspective The Davies Review, Davies The There are no quotas in place for women serving on boards 1. 2. United Kingdom on boards, on was by boards, commissioned the UK ingovernment 2011. cognitive and personal strengths. The codeThe also calls for strengths. and personal cognitive commencing on or after 1 January 2019. 1 January after or on commencing appointments and successionappointments plans. Criteria noted include including the pipeline tocommittee, and the promoteexecutive boards on women of representation percent 33 of a target a 25 percent representation of women on boards by 2015. by boards on women of representation percent a 25 diversity policies, objectives, and outcomes to be featured in objectives, policies, diversity of gender, and diversity social and ethnic backgrounds, tocandidates positions. those suitable directors, executive to the respect chairperson, with diversity Code was updated in 2018, and it now promotes diversity in in diversity promotes now it and 2018, in updated was Code Other initiatives the annual board evaluation and reported on annually. the Hampton-Alexander Review, by the end of 2020. The annual study also focuses on gender in the United Kingdom.
October 2015 1 an independent analysis of gender diversity of angender analysis independent diversity 2 was launched in 2016 with 2016 in with launched was 3 The The
chance to sit on the board of a major company for a year the women executive senior It gives talent. of non-executive to anddedicated diversity increasingorganization the quantity Association has urged companies not to Association ignore the topic, as asset managers are increasingly likely to take if action Voluntary Code of Conduct, signed by more than 40 UK UK 40 than more by signed Conduct, of Code Voluntary Many investment groups continue to focus on gender diversity. to on diversity. gender continue focus groups Many investment they do not see enough progress on gender diversity. that 42 percent of asset managers have made a voting decision to gain boardroom valuable experience. between government andgovernment inbusiness a between range of initiatives in response to the Hampton-Alexander inReview. response to the Hampton-Alexander 3. 4.
Code, July 2018 July Code, 2 4
6 5 found found
boards the on Women a non-executive director position at a UK-listed company. company. aUK-listed at position director a non-executive for experienced initiative and annetworking educational succession, and enhancing transparency and disclosure. and succession, enhancing transparency is the Another ethnic talent. black developing and minority October 2017,October which made onrecommendations increasing Code, to report annually on their diversity and inclusion inclusion and diversity their on annually report to Code, Governance Corporate UK the under required, are Companies policies. more than 200 women. particularly ethnic diversity, are also a focus area. Parker Review on diversity in the released boardroom, in Parkeron diversity Review Launched in 2011, the program has been completed by the ethnic diversity of for UKcandidates developing boards, the ethnic diversity independent review independent women with the ability and ambition toand ambition be the considered ability women with for beyond gender 5. 6.
The Investment Association, Stewardship in Practice – A Stewardship Survey, Survey, November 2018 gender diversity, November 2018 November diversity, gender 3 Components of diversity beyond gender, and gender, and beyond diversity of Components 9 7 of faced in issues by businesses 29.9% Percentage 2.8% (2016)2.8% % change
8 Number Number of 33%+ companies women with on board Number of women CEOs Number of women chairing boards Number of all-male boards boards on directors non-executive women of Percentage boards company on women of Percentage FTSE 250 Number of 33%+ companies women with on boards Number of women CEOs Number of women chairing boards Number of all-male boards boards on directors non-executive women of Percentage boards company on women of Percentage FTSE 100 8.
Sir John Parker, The Parker Committee: AReview into Report the Ethnic 2 s 66 6 15 5 30.5% 24.9% 38 6 7 0 36.5% 30.2% 2018 9.
European Institute of Gender Equality, Gender statistics database: database: statistics Gender Equality, of Gender Institute European 54 9 11 8 27.8% 22.8% 28 6 6 0 33.3% 27.7% 2017 44 12 10 13 26.2% 21.1% 23 6 4 0 31.6% 26.6% 2016 “The United Kingdom has undoubtedly made consistent progress in addressing the “The UnitedKingdomhasundoubtedlymadeconsistentprogressinaddressingthe Governance Code and the recommendations of the 2017 Parker Review on the Governance Codeandtherecommendationsof2017 ParkerReviewonthe challenges still to be overcome. challenges stilltobeovercome. gender to other aspects of diversity. Examples include the introduction of annual gender tootheraspectsofdiversity.Examplesinclude theintroductionofannual Other initiatives have also done much to broaden the conversation beyond Other initiativeshavealsodonemuchtobroadenthe conversationbeyond ethnic andculturaldiversityofboards.” In addition to improving gender diversity on boards and in senior executive roles, In additiontoimprovinggenderdiversityonboardsandinseniorexecutiveroles, have just one woman on their board – and ensure there are enough women around have justonewomanontheirboard–andensurethereareenoughwomenaround reporting requirements on boardroom diversity policies in the 2018 UK Corporate reporting requirementsonboardroomdiversitypolicies inthe2018UKCorporate has certainlyhelpedshinealightontheissue,progress made,andthe indicating thatdespitetherebeingpocketsofprogress,isstillalongwaytogo. the boardroom table to be heard. Of considerable concern at the executive level, the boardroomtabletobeheard.Ofconsiderableconcernatexecutivelevel, the work of the Hampton-Alexander Review complements the initiatives the UK the workofHampton-AlexanderReviewcomplementsinitiativesUK
2 167 EUROPE Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL United Kingdom 22.7% 20.3% 15.6% 5.3 6.4 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.3 4.1 Women Women THAT ARE WOMEN ARE THAT 2016 4.2% 3.8% 3.1% 2014
63.8 59.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 5.1% 4.8%
58.5 56.8 Women Women ARE WOMEN ARE 11.9% 5.4% 1.32 2014
STRETCH FACTOR STRETCH 1.13 1.24 WOMEN MEN 2018 2016 810 516 1.22 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk CONSUMER CONSUMER 25.2% 23.0% 17.5%
13.4% 19.0% AND HEALTHCARE AND 22.5% 23.8% 23.6% 19.0% 0.0%
24.5% 25.9% 27.9% 28.3% 27.9% 28.5% 29.2%
32.4% 32.8% 32.5% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 23.1% 13.9% 19.0% Compensation Governance Nominating Audit Risk 3.6% 4.0% 5.9% 7.3% 11.8% SERVICES 12.4% 22.9% 20.0% 17.0% 17.5% 17.9% 19.4% 19.6%
23.5% 23.1% 2018 2018 35.7% 22.0% 14.6% 19.0% 2016 2016 41.6% 2014 2014 169 EUROPE Women in the boardroom | A global perspective 6.8 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 4.9 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 7.5 11.3% 9.5% Men MIDDLE EAST CHAIR
8.7 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD Regional overview 4.5% 5.4% WOMEN ON BOARDS ON WOMEN 2018
2016 ON BOARDS ON 131 WOMEN WOMEN 59.7 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES ANALYZED 160 57.0 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 61.5 Men CHAIR 58.4 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance Nominating TOP INDUSTRIES WITH THE HIGHEST PERCENTAGE THE HIGHEST WITH OF TOP WOMEN INDUSTRIES ON BOARDS Members (2018) Members RESOURCES 2018 ENERGY & ENERGY 13.5% 15.3% Audit Risk 2016
Members (2016) Members MANUFACTURING 10.8% 11.1% 5.9% 7.1% 7.9% 7.9% 8.6% 8.6% 9.1% 9.3% 9.9% Chairs (2018) Chairs 10.4% 10.9% 10.9% 11.0% 11.1% 11.8% 11.9% 12.5% CONSUMER CONSUMER BUSINESS 9.6% 11.7% 14.4% 14.6% 16.0% Chairs (2016) Chairs CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH 7.9% 2018 2018 2018 1.8% 1.06 Men 2016 2016 1.08 2.5% Women 1.05 171 MIDDLE EAST Women in the boardroom | A global perspective The resolution cited directly above also stated that the 1. 2. Israel 3. All government-owned companies are government-owned All required to have proper director appointments. director members of the other gender in any new non-executive representation of Arab, Ethiopian, ultra-Orthodox, of Ethiopian, representation ultra-Orthodox, Arab, representation of each gender on their boards. their on gender each of representation Law, boards consisting of only one gender must add to the Israeli Supreme Court ruling, proper representation representation proper ruling, Court Supreme Israeli to the Under the 16 boards of entitiesstate-owned should have proper Proper representation directors. and disabled immigrant, beyond gender
16 Israeli Supreme RulingCourt 453/94 Governmental Companies Law, Section 18A th Amendment to the Israeli Corporate Law Corporate Israeli the to Amendment th Amendment to Amendment the Israeli Companies 1 3 2
According
entities (updatedentities as of July 2019) (updatedentities as of July 2019) August 2019) companies (285 as companies, of November 2018) companies as (460 companies, of 4. 5.
Government Companies Authority, Directors List as of July 9th 2019: Deloitte Israel analysis of 285 companies, August 2019 4 4 5 5
5.0% 43.0% 6.7% 20.0% Percentage Having said that, the initiatives of the State-Owned Entities Authority are setting the bar for Having saidthat,theinitiativesofState-OwnedEntitiesAuthorityaresettingbar for seat, in reality we are yet to witness a balanced representation of women in the boardrooms of public companies. Given that board diversity is linked to better business performance, both of publiccompanies.Giventhatboarddiversityislinkedtobetterbusinessperformance, both to theIsraelilaw,nominateatleastonerepresentativeofeachgenderforanopen board board diversity much higher. Because state-owned entities represent a large percentage board diversitymuchhigher.Becausestate-ownedentitiesrepresentalargepercentage in Israel and worldwide, it is clear that boards should continuously strive for proportionate in Israelandworldwide,itisclearthatboardsshouldcontinuouslystriveforproportionate diverse opinions in the decision-making process, a greater variety of skills and expertise at Leader, Israeli Center of Corporate Governance, Deloitte Israel Deloitte Leader, Governance, Center of Israeli Corporate Irena Ben Yakar th Amendment 173 MIDDLE EAST Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Israel 21.0% 20.8% 16.2% 7.8 8.1 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 6.3 7.1 Women Women THAT ARE WOMEN ARE THAT 2016 14.7% 10.0% 5.1% 2014
62.6 65.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 8.1% 7.1%
58.8 57.1 Women Women ARE WOMEN ARE 17.1% 1.20 2014
STRETCH FACTOR STRETCH 1.04 1.10 WOMEN MEN 2018 2016 66 36 1.03 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit SERVICES 20.7% 20.0% 20.4%
18.8% 19.3% 22.9%
23.3% 24.6% 24.5%
24.8% 25.0% 26.0% 30.0% Compensation Nominating Audit 9.5% 10.0% 13.0% 16.7% 18.8% 20.0% 20.0% 30.0% 2018 2018 2016 2016 2014 2014 175 MIDDLE EAST Women in the boardroom | A global perspective There are no quotas in place for women serving on boards The boards The of to public companies are evaluate and expected 1. 2. Turkey of no less than 25 percent women directors, as well as a target of 25 than no percent directors, less women ruling requires companies comply-or-explain tolisted set a goal on the boards companies. oflisted publicly 3. and implement requiredchanges faster,policy inclusive of and recommended the inclusion of at one least woman director date and policy for achieving it. dateforit. achieving and policy Other initiatives report on the progress made toward the target each year. The year. The each target the toward made progress the on report to the Independent Women Directors project. The revised revised The project. Directors Women Independent to the women directors. women directors.
30% Club, Turkey, March 2017 1 aims to monitor compliance boards the on Women boards company 100 company boards company Action Action Plan, 4. 5.
European Commission, Eurostat, 2019 Eurostat, Commission, European database: statistics Gender Equality, of Gender Institute European 2 which sets a voluntary target oftarget athaving least a voluntary which sets 1 4 1 15.3% 14.2% 15.2% Percentage 3 launched in 2017, in launched continues 3.3% (2016) 2.5% (2016) (2016) 1.0% % change The Corporate Governance Forum of Turkey will continue its advocacy for more diversity in Turkey’s boardrooms, not only to make achieved ahigherratioofwomandirectors, at16.7percent,comparedtotheBISTaverageof15.2percent. various social initiatives to increase women’s involvement on boards are a good start and raise awareness, but there is more they work better in countries where the gender gap is smaller, and where investors are better monitors. We also know that the been seeninsomecountries.In2018,thepercentageofwomen18EuropeanUnion countriesaveragedabove25percent. work to be done to increase women’s representation on company boards. At Deloitte Turkey, we commit to a lead-by-example Leader, Center Turkeyfor Corporate Deloitte Governance, Melsa Ararat 1
5
177 MIDDLE EAST Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Turkey 13.2% 6.5 5.6 10.0% 11.5% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 12.6 3.8 Women Women THAT ARE WOMEN ARE THAT 2016 4.7% 6.9% 7.4% 2014
59.0 61.0 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0% 0.0%
56.6 57.5 Women Women ARE WOMEN ARE 4.9% 1.18 2014
STRETCH FACTOR STRETCH 1.06 1.11 WOMEN MEN 2018 2016 43 53 1.09 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk 15.5% 9.0% 4.9% 5.8% 7.0% 7.4% 9.0% 8.5% 10.1% SERVICES 12.9% 16.0% 13.6% 11.7% 12.5% 12.6%
14.1% 15.1% 16.2% CONSUMER CONSUMER 9.4% Compensation Governance Nominating
Audit Risk 0% 0% 3.7% 4.0% 5.6% 8.3% 11.1% 14.8% 2018 2018 17.6% 18.5% 19.1% 2016 2016 21.7% 2014 2014 179 MIDDLE EAST Women in the boardroom | A global perspective 15 percent of the workforce in Jordan and Algeria, Although Although Algeria, and Jordan in workforce the of percent 15 The Code of Corporate Governance adopted by the Egyptian The Cabinet ofCabinet The the Emirates United Arab aissued 2012 rule The Middle East and North Africa (MENA) region (MENA) has limited Africa and Middle The North East 1. 2. Middle East Country Spotlight Saudi Arabia, and TunisiaArabia, Saudi women account for 58 percent. 3. 4. and Algeria they make 15up between and 23 percent of the standards for promoting diversity. providing equal opportunities and attracting talent. and attracting equalproviding opportunities fromin 22 the toworkforce 30 percentparticipation by requiring all corporations and government agencies to include include to agencies government and corporations all requiring represent nearly representhalf of accountthey nearly the population, for just remain controversial. Some MENA countries have started remain Some MENAcontroversial. have countries started there is a scarcity of research on this topic. Institute of Directors of the Ministry of Investment sets sets of Investment of of the Ministry Directors Institute in decision-making positions through political quotas. through political positions in decision-making women on their boards of directors. women represent nearly half of the population, in Jordan
2018 MENA-OECD Working Group on Corporate Governance Corporate on Group Working 2018 MENA-OECD Kingdom of Saudi Arabia, Vision 2030, 2016 Establishment, May 2015 5 3 1 Although women women Although 4
6
2
7. Other initiatives 5. 6.
• • • •
Hawkamah, The Institute for Governance Corporate The Institute Hawkamah, andfor Assistance, Electoral International Institute Democracy Egyptian Institute of Directors, The Egyptian Corporate Governance Code, August 2016 August Code, The 30% Club seeks to increase the presence of women enhancing practices in enhancingthe MENApractices region, has a Women expertise, and competitiveness in the business community. empowering women professionals and entrepreneurs. board chairs, regional leaders, with working countries, on the boards of companies in CouncilGulf Cooperation CEOs, and member organizations. primary objective is objective primary to produce a new generation of female Directors Program to prepare women to onserve boards. on focused institute governance a corporate Hawkamah, for the Middle for East. the Middle helping young professionals unlock their potential through Its mentorship program helps women Its enhance their skills, includes exposure toincludes from board aroundmembers the globe. leaders – and perhaps future board members – from and 8
7 9 11. 10. 9. Lebanon 8. • •
National Commission forCommission National Women, Lebanese NCLW Reach empower empower women andin foster gender the social, equality and in public institutions. The commission established the the commission established The and in public institutions. network, and skills training. network, political, economic, and legal spheres. for Women in which aimsLebanon, strategy national to businesswomen with a platform to share experiences, boards by 2025. Lebanese also provides organization The with the presidency of the the CouncilThe presidency with of Ministries. 10 11
Jordan • • •
July 2019 Young Saudi entrepreneurs formed Glowork, a a Glowork, formed entrepreneurs Saudi Young empowerment of women, and inclusive economic growth. of empowerment andwomen, economic growth. inclusive Saudi authorities, is working to close the gap, particularly Amman is a business association of women professionals. guidance to professional women and advocates for recruitment agency that assists women in building that assists agency recruitment regulation in support of women in the public arena. public the in women of support in regulation Development Goals, it seeks to genderachieve it seeks Goals, equality, Development the workforce, and Glowork, with the backing of the their careers and increasing gender diversity. As of women candidates for future board roles in the region.
13
12
181 MIDDLE EAST Women in the boardroom | A global perspective Talent & Communications Partner, Deloitte Middle East East Middle Deloitte Partner, Communications & Talent When you sponsor women to reach boardroom and leadership positions, you change the Morocco Saudi Arabia UAE Egypt Jordan Middle East Country Spotlight to haveacareer,youchangeherlife. workplace.When you change the workforce, you change the economy and well-being of your workplace.When youchangetheworkforce, youchangetheeconomyandwell-beingofyour Competitiveness and Growth, 2019 Growth, and Competitiveness 14 MACI 20 TASI 30 TASI ADX 20 EGX 30 EGX ASE Index 11.4% 0.7% 1.2% 3.9% 4.5% 8.1% members board Women 18.0% 0.0% 4.0% 7.0% 3.0% 12.0% committee
0.0% 0.0% 0.0% 6.0% 10.0% 15.0% committee Nominating 0.0% 0.0% 0.0% 8.0% 8.0% 15.0% committee Compensation OVERALL NUMBERS OVERALL Morocco 5.5% 6.7 9.0 4.3% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.0 Women Women - THAT ARE WOMEN ARE THAT 2016 0.0% 0.0%
58.5 56.8 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0%
Women Women - - ARE WOMEN ARE 30.0% 2014 -
STRETCH FACTOR STRETCH 1.00 1.12 WOMEN MEN 2018 2016 12 6 1.00 2018 183 MIDDLE EAST Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 0.6% 8.1 7.9 1.5% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 8.0 Women Women - THAT ARE WOMEN ARE THAT 2016 0.0% 0.0%
53.9 51.4 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0%
Women Women - - ARE WOMEN ARE 0.0% 2014 -
STRETCH FACTOR STRETCH 1.03 WOMEN MEN 2018 2016 - 19 1 1.00 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 0.0% 0.0% 0.0% 0.0% 0.0% 1.9%
3.6% Compensation Nominating Audit Risk 0.0% 0.0% 0.0% 0.0% 0.0% 2018 2018 2016 2016 185 MIDDLE EAST Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Saudi Arabia 0.7% 5.8 8.6 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.7 Women Women - THAT ARE WOMEN ARE THAT 0.0%
58.7 67.3 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 3.3%
Women Women - - ARE WOMEN ARE 3.7% 2014 -
STRETCH FACTOR STRETCH 1.01 WOMEN MEN 2018 2016 - 30 2 1.00 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk 2.4% 0.0% 1.2% 1.3% 2.7% SERVICES 0.0%
Compensation Nominating Audit 0.0% 0.0% 0.0% 2018 2018 187 MIDDLE EAST Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL UAE 3.8% 8.1 7.1 2.1% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 2.3 Women Women - THAT ARE WOMEN ARE THAT 2016 0.0% 0.0%
54.5 56.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.0% 0.0%
65.0 Women Women - ARE WOMEN ARE 8.0% 2014 -
STRETCH FACTOR STRETCH 1.08 1.00 WOMEN MEN 2018 2016 31 9 1.00 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk SERVICES 2.4% 1.0% 1.7% 1.8%
4.5% 5.6% 7.5% 8.1% 8.2% 8.2% Compensation Nominating Audit Risk 0.0% 0.0% 5.0% 5.6% 5.6% 5.9% 8.3% 11.1% 2018 2018 2016 2016 189 MIDDLE EAST Women in the boardroom | A global perspective 7.2 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 5.6 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 7.6 9.3% Men 7.8% CHAIR
8.0 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD Regional overview 4.2% 2.6% WOMEN ON BOARDS ON WOMEN ASIA 2018
2016 1,777 ON BOARDS ON WOMEN WOMEN 60.6 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES 2,399 ANALYZED 57.0 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 63.3 Men CHAIR 57.1 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CEO FEMALE Members (2018) Members 2018 21.6% 22.2% Audit Risk 2016 Members (2016) Members MALE CEO MALE 8.8% 7.2% 7.4% 6.5% 6.8% 8.3% 8.4% 8.9% 9.3% 9.5% 9.5% 9.6% 10.6% 10.2% 10.6% Chairs (2018) Chairs 10.7% 11.2% 11.4% 11.5% FEMALE CHAIR FEMALE 12.4% 11.7% 12.8% 19.2% 17.8% Chairs (2016) Chairs MALE CHAIR MALE 9.9% 8.1% CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP LIFE SCIENCE & SCIENCE LIFE 16.0% HEALTH CARE HEALTH 2018 2018 2018 2.9% 1.09 11.3% 9.3% Men 2016 2016
1.14 3.4% RESOURCES ENERGY & ENERGY 10.6% 7.6% Women
1.12
FINANCIAL 2018 SERVICES 10.5% 9.0% 2016
191 ASIA Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. China Other initiatives requirements regarding boardroom gender diversity. diversity. gender boardroom regarding requirements Existing regulatory requirements encouragerequirements companies regulatory Existing Mainland China has no gender orquotas regulatory to choose directors with certain professional backgrounds professional backgrounds certain with to directors choose
companies in Mainland China and Women chairing boards (220 listed and Hong Kong) companies inlisted Mainland China 1
9.6% 10.7% 10.9% Percentage Our research shows that board-level committees are generally more gender-diverse Our researchshowsthatboard-levelcommitteesaregenerallymoregender-diverse Mainland China to improve its boardroom gender diversity with relevant policies and Mainland Chinatoimproveitsboardroomgenderdiversitywithrelevantpoliciesand Mainland China. We also see that more and more enterprises are willing to publicize Mainland China.Wealsoseethatmoreandenterprisesarewillingtopublicize can bring to company performance. can bringtocompanyperformance. initiatives infuture.” times morediversethanboardsingeneral.Thisisapositivedevelopment.Weexpect than boardsinMainlandChina,andthatcommitteeschairedbywomenarenearlythree Deloitte China National Audit Market & Network Leader
193 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL China 10.6% 10.7% 7.2 6.1 8.5% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 6.0 5.1 Women Women THAT ARE WOMEN ARE THAT 2016 6.4% 3.5% 1.9% 2014
54.3 54.5 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 5.8% 2.3%
50.5 50.9 Women Women ARE WOMEN ARE 24.3% 1.07 2014
STRETCH FACTOR STRETCH 1.04 1.07 WOMEN MEN 2018 2016 167 176 1.02 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating & HEALTH CARE & HEALTH Audit Risk 14.6% 12.0%
8.0% 8.4% 8.5% 8.6% 8.6% 8.7% 8.7% 9.0% 9.1% 9.3% 9.5% 9.9% CONSUMER CONSUMER 11.4% 13.9% 10.0% 9.0% 12.5%
SERVICES 11.4% 11.0% 9.9% Compensation Governance Nominating
Audit Risk 0.0% 3.1% 5.1% 6.6% 6.7% 10.6% 6.7% 6.8% 13.0% 6.9% 8.4% 8.5% 9.1% 10.3% 10.3% 11.1% 11.1% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 2018 2018 7.0% 2016 2016 2014 2014 195 ASIA Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. 2. Hong Kong comply-or-explain basis. The Hong Kong Stock Exchange issued issued Exchange Stock Kong Hong The basis. comply-or-explain explain requirement. a comply-or- is This boards. their of diversity to the contribute or notices relating to suchhow elections those nominees can amendments to the amendments Hong Rules Kongand Corporate Listing do not include any requirement forpolicies the diversity Governance Code in July 2018 Other initiatives We note that the original rules and the related amendments amendments related the and rules original the that note We are directors nominated, non-executive When independent policy policy and disclose the policy, or provide a summary thereof, for the implementation of the policy and the progress made made and the progress of the policy for the implementation to disclose whether they had adopted a diversity policy on a a on policy a diversity adopted had they whether to disclose to arule. Now,listing all have companies must alisted diversity towards achieving those objectives. towardsobjectives. those achieving In the past, listed companies inlisted InHong Kong the past, were requiredonly in their annual reports, together with measurable objectives measurable objectives together with in their annual reports, listed companies must now articulate in their now circulars companies and/ must articulate listed
July 2018 July Review of the Corporate Governance Code and Related Rules, Listing Hong Kong Exchanges and Clearing Limited, Consultation Conclusions: 1 that upgraded this requirement requirement this upgraded that
The measuresThe introduced by the Hong Kong Stock Exchange cultural and educational background, and experience. Each such can as be through of consideration achieved age, factors of members board and diversity company that each listed achieve board achieve diversity. needs and disclose the rationale for the it factors uses to into addition gender. ExchangeThe holds that the view in 2018July relate to aissues broad range of board diversity beyond gender
with all-male boards on the Hang Seng Index Percentage of companies on the Hang Seng Index the boards of companies on women of Percentage 2
19.6% 13.8% Percentage -12.4% (2016) -12.4% 2.7% (2016) % change “While absolute levels of gender diversity on boards in Hong Kong are still low compared “While absolutelevelsofgenderdiversityonboardsinHongKongarestilllowcompared As mentioned in our 2017 report, listed companies in Hong Kong seem to prioritize As mentionedinour2017report,listedcompaniesHongKongseemtoprioritize systems. Thevastmajorityoflistedcompanieshavenotyetadoptedformalprocessesand environment, andchallengessuchastechnological change.” evidence ofsomeprogressinthisjurisdiction.ThesechangesprecedetheJuly2018initiatives measures to promote gender diversity on the board and at other levels of their organizations. measures topromotegenderdiversityontheboardandatotherlevelsoftheirorganizations. number ofleadinglistedcompaniesthatalreadyhavemoredevelopedcorporategovernance understood and that related changes in corporate culture have yet to take place. understood andthatrelatedchangesincorporateculturehaveyettotakeplace. in thepercentageofwomenonboardsHangSengIndexcompaniessince2016is to other mature markets, the reduction in the number of all-male boards and the increase to othermaturemarkets,thereductioninnumberofall-maleboardsandincrease Leader, Center for Corporate Governance, Deloitte Hong Kong Kong Hong Deloitte Leader, Governance, Center for Corporate
197 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Hong Kong 11.4% 8.4 9.0 8.4% 9.6% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 8.7 7.7 Women Women THAT ARE WOMEN ARE THAT 2016 7.0% 5.0% 5.4% 2014
58.0 57.8 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.3% 4.2%
52.6 55.2 Women Women ARE WOMEN ARE 15.6% 1.10 2014
STRETCH FACTOR STRETCH 1.11 1.14 WOMEN MEN 2018 2016 298 282 1.07 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit HEALTH CARE HEALTH Risk 16.8% 5.8% 5.9% 6.6% 7.1% 7.5% 8.5% 8.9% 9.0% 9.5% 10.1% 10.5% 10.7% 10.9% CONSUMER CONSUMER 14.2% 10.3% 11.0% 14.8%
SERVICES 11.8% 8.4% 9.0% Compensation Governance Nominating
Audit Risk 1.5% 3.2% 4.1% RESOURCES 5.9% ENERGY & ENERGY 6.5% 6.5% 10.7% 6.9% 7.0% 7.0% 7.6% 7.9% 7.9%
10.0% 10.2% 13.8% 14.0% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 2018 2018 9.3% 11.0% 2016 2016 2014 2014 199 ASIA Women in the boardroom | A global perspective 2020 to comply. 2020to 1. 2. India or by other three females the ofmonths within the vacancy companies, as ranked by market cap, were required to have to have required were cap, market by ranked as companies, one female board member. broadens This the scope of the act 3. at least one female independent director by April 2019. The addressing gender diversity. guidelines Other initiatives remainder of the top 1,000 companies have listed until April Listed companies and other Listed large public limited companies follow the Companies Act follow of the Companies 2013Act requirement to have at least to insuranceinclude for unlisted companies, which the IRDA boards boards under of the Companies 2013.Act introduced a provision under its listing requirements requirements listing introduced a under provision its is the primary regulatory body. regulatory is the primary in India are required to oneappoint or more women to their
of Directors Rules, 2014Rules, of Directors Disclosure Requirement (Amendment) Regulations 2018, May 2018 4 reinforce that insurance company boards should should boards company insurance that reinforce 3 1 Vacant board seats seats board Vacant 2
listed company listed boards NSE on serving Women skills, expertise, and competencies of the board in expertise, their skills, annual of MarchAs 2019,reports. companies were also required to requirement for companies to athe detailing disclose matrix for these needed skills, expertise, and is This competencies. expertise, for skills, needed these to in name the the directors disclosure in the Report Annual beyond gender list the skills, expertise, and arecompetencies believe they expertise, the skills, list 4. 5.
Insurance Regulatory and Development Authority of India, and Insurance Corporate Authority Development Regulatory Governance Guidelines for Insurers in India, May 2016 5 16.7% Percentage 4.1% (2015) % change “Diversity in the boardroom has become increasingly important in India and globally. While we “Diversity intheboardroomhasbecomeincreasinglyimportantIndiaandglobally.While we Striking gender balance in the boardroom is a way in which organizations can truly embrace Striking genderbalanceintheboardroomisawaywhichorganizationscantrulyembrace are discussing the statistics behind it, I strongly believe that it is much more than just numbers. are discussingthestatisticsbehindit,Istronglybelievethatitismuchmorethanjustnumbers. Recently, government and regulators have taken needed steps to ensure boards have a more Recently, governmentandregulatorshavetakenneededstepstoensureboardsamore female independentdirector. upward shift from the requirement of having one woman serving on the board to having one upward shiftfromtherequirementofhavingonewomanservingonboardto one the idea of perspective and collaboration. the ideaofperspectiveandcollaboration. Leader, Corporate Governance, Deloitte India Deloitte Leader, Governance, Corporate 201 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL India 13.8% 12.4% 8.0 9.5 7.7% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.0 8.1 Women Women THAT ARE WOMEN ARE THAT 2016 4.5% 3.2% 2.7% 2014
63.0 61.8 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.6% 3.4%
59.7 57.5 Women Women ARE WOMEN ARE 2.5% 1.21 2014
STRETCH FACTOR STRETCH 1.22 1.15 WOMEN MEN 2018 2016 277 245 1.22 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 16.0% 16.0% 9.9% 4.0% 4.7% 5.1% 6.0% 6.3% 7.6% 9.5% & HEALTH CARE & HEALTH 10.4% 10.4% 10.7% 10.7% 15.8% 15.0% 7.1% 13.3% 13.6% 13.8%
CONSUMER CONSUMER 14.2% 15.0% 9.0% Compensation Governance Nominating
Audit Risk 0.0% 0.0% 2.2% 2.5% 5.6% 5.8% 6.6% 13.5% 6.9% 11.0% 6.7% 8.3% 12.3% 12.6% 14.2% 14.3% 17.4% 2018 2018 SERVICES 13.2% 2016 2016 2014 2014 203 ASIA Women in the boardroom | A global perspective 7 of 1984 7 of There are no quotas in place for women serving on boards There There are no references to boardroom gender diversity 1. 2. Indonesia currently at its highest level, atlevel, 20.5 highest at percent. its currently governmental bodies atbodies the and/ornational governmental regional level governance guidelines set forth by Indonesian regulatory regulatory Indonesian by forth set guidelines governance Other initiatives regulatory board. regulatory national development agenda, and is supported and assisted agenda, national development and and assisted is supported parliamentary elections. Presidential Instruction is an instruction to and all ministries is an instruction Presidential Instruction to support gender equality in development. national gender toequality support through through the ofMinister State for Women Empowerment. the of aspects all in perspective equality a gender to place third of candidates from each political be party women in in There Indonesia. is, however, a requirement that one- increase in women serving in parliament, though not though at inthe parliament, increase in women serving
Tinggi, July 2019 Indonesia Indonesia No. 8/2012: for DPR, Election Legislative DPRD, and DPD Kompas, Keterwakilan Perempuan di DPR 2019-2024 Perempuan Paling Diprediksi Keterwakilan Kompas, General Elections Commission (Indonesia), Laws of Republic of 3 and issued Presidential Instruction No. 9 in 2000 and Presidential issued Instruction 1 As the result, there has been an an been has there result, the As 2 4 The The Percentage of boards chaired by women women are that members board of Percentage 3. 4.
Dalam Nasional, Pembangunan 2000 No.Gender 9 ,Pengarusutamaan 2000, Instruction Presidential Law No. 7 year 1984, Pengesahan Konvensi Mengenai Penghapusan 5 11.7% 14.9% Percentage
5.
in ASEAN, 2019in ASEAN,
“Despite a population exceeding 260 million, half of which consists of women, Indonesia still faces a large gap in the percentage of women serving on boards and in leadership positions faces alargegapinthepercentageofwomenservingonboardsandleadershippositions often, intoleadershiprolesthroughoutIndonesia,especiallyinboardroomsandtheC-suite.” compared tomen.Itisuptheorganizationencourageandactivelydevelopretain top female talent. Such initiatives can help promote change and advance more women, more top femaletalent.Suchinitiativescanhelppromotechangeandadvancemorewomen, Corporate Governance Leader, Deloitte Indonesia Deloitte Leader, Governance Corporate 205 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Indonesia 9.3% 6.4 6.7 3.7% 7.9% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 7.8 7.1 Women Women THAT ARE WOMEN ARE THAT 2016 7.6% 6.2% 2.9% 2014
63.2 60.2 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 2.6%
62.8 57.5 Women Women ARE WOMEN ARE 10.8% 1.25 2014
STRETCH FACTOR STRETCH 1.05 1.08 WOMEN MEN 2018 2016 44 77 1.00 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 15.2% 1.9% 4.0% 5.4% 6.1% 8.5% 9.8% 11.1% SERVICES SERVICES 11.2% 11.7% 13.0% 9.9% 4.7% 12.1% 12.6% 15.2% 20.7% RESOURCES ENERGY & ENERGY 8.9% 3.5% Compensation Governance Nominating
Audit Risk 0.0% 0.0% 3.7% CONSUMER CONSUMER 6.7% 8.7% 6.9% 4.3% 7.0% 7.0% 9.1% 8.8%
12.2% 12.5% 13.8% 2018 2018 5.3% 2016 2016 2014 2014 207 ASIA Women in the boardroom | A global perspective There are no quotas in place for women serving on boards 1. The 30% by 2020 target: 2. Japan and to collect entities government and businesses certain Advancement in the Advancement Workplace, inissued 2015, aims to analyze gender-relatedanalyze suchdata, as the percentage of Other initiatives provide opportunities to hire and promoteopportunities provide andwomen, to reemphasized his totarget have 30 percent of all leadership Equality. Japan promotes various policies for gender equality, including: forincluding: genderpolicies equality, Japan promotes various female managers. There were updates towere updates law There the in 2019June managers. female Law to promote women’s participation in the workplace: that expanded upon arriving at action plans, strengthening strengthening plans, at action upon arriving that expanded better balance andtheir life.better careers family It also requires improve working environments so that women and men environments can improve working
20 May 201620 May The Prime Minister of Japan and his cabinet, 2016 Priority Policies for Gender 25Equality, December 2015 for Accelerating the Promotion of Active Participation by Women, for the Participation Accelerating Promotion of Active 1 In 2014, Prime ShinzoMinister Abe
The prime minister ofminister prime The set Japan aformally goal of athaving least of diverse boardrooms and the need to appoint women, to women, and need the appoint boardrooms of diverse one female director Japaneseat company.every In March 2018, enhancing training programs for candidates. leadership an impact onan the impact number of boardheld seats by women pipeline, which should have the executive and strengthen and Company Engagement, which recommendations outlines announcing an amendment of the Corporate Governance directors and the establishment of the forGuidelines and the Investor establishment directors Code to include measures for increasing the number of female female of number the increasing for measures include to Code the emphasizedminister prime Committee, the importance policies arepolicies intended where to women can play afoster society the development of infrastructure, such as child support and such as child support of the development infrastructure, by participation active accelerating for policies Priority for women toinclude policies training opportunities expand in 2016 for accelerating active participation inby women. 2016The participation for accelerating active long working hours, promoting and various working styles, women: 3. 4.
Nikkei newspaper morning edition, March 2, 2018 The government established the priority policies policies priority the established government The 3 2
Tokyo Stock Exchange (TSE) have partnered on the Nadeshiko have Tokyopartnered Stock Exchange (TSE) of Economy, and the Ministry TradeThe (METI) and Industry experience, highlighting that diversity is a for precondition that diversity highlighting experience, should be diverse in terms of both gender and international in ofterms gender and international both be should diverse stated that boards of directors and boards of auditors Companies listed on the TSE are still required to disclose in in disclose to required still are TSE the on listed Companies need need to explain why. presence of at least one woman director is ofpart the criteria. required since 2015. since required toRevisions the Corporate CodeGovernance in June 2018 to appoint women to Japanese company boards has been been has boards company to Japanese women to appoint their corporate governance reports the number/percentage of women serving womenon serving the board, as required by the amendments 4 “Recent revisions to the Corporate Governance Code, together with other disclosure requirements and more active engagement The goodnewsisthatexternalfactorsarehelpingtoacceleratediversityoncorporateboards: oneistheglobaltrendofplac The Japanese Corporate Governance Code was revised in 2018 to emphasize the importance of diversity on boards, and the The JapaneseCorporateGovernanceCodewasrevisedin2018toemphasizetheimportance ofdiversityonboards,andthe Yoriko Goto Yoriko female board members are outside directors. Japanese corporations are working on building the pipeline of female executive female boardmembers areoutsidedirectors.Japanesecorporations areworkingonbuildingthepipelineoffemale executive Senior Manager, Social Impact, Deloitte Japan candidates, butittakes time.Strongcommitmentoftopmanagement willbekeyforacceleration.” global standardfordiversityintheworkplace. be achievedwithoutinclusionofwomenand addresstheissueasatopbusinesspriority.” more emphasisonESGinvestmentinclusiveofsustainabledevelopmentgoals.However, themostimportantchangeweneed prime ministeralsoadvisedthatalllistedcompaniesneedtoappointatleastonewoman to theirboards.Thesearenot,howeve published in2018,Japanranked117theconomicparticipationandopportunity,falling three spotsfromthepreviousyear. Vice Vice Chair, 30% Club Japan is inthemindsetofseniorcorporateleaders.Itimportantforthemtorealizethatsustainable growthoftheircompaniesc the kindofhardlawprovisions,likequotas,thatareseeninotherpartsworld. W20 Japan Member Steering Committee
annot annot ing
r, r, 209 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Japan 5.2% 6.3 5.0 2.4% 4.1% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 3.7 3.1 Women Women THAT ARE WOMEN ARE THAT 2016 0.9% 0.8% 0.6% 2014
69.2 62.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 0.6% 0.4%
63.5 58.8 Women Women ARE WOMEN ARE 0.0% 1.24 2014
STRETCH FACTOR STRETCH 1.05 1.22 WOMEN MEN 2018 2016 366 753 1.17 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating & HEALTH CARE & HEALTH Audit 6.8% 5.0% 3.4%
5.0% 7.8% 9.8% 9.8% 10.4% 10.6% CONSUMER CONSUMER 11.4% 6.1% 5.0% 3.6% 12.0% 12.1%
SERVICES 5.8% 4.0% 2.4% Compensation Nominating
Audit 0.0% 0.0% 3.7% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 4.4% 4.8% 5.8% 5.3% 6.9% 2.0% 3.0% 9.8% 15.9% 2018 2018 RESOURCES ENERGY & ENERGY 4.4% 4.0% 3.0% 2016 2016
2014 2014 211 ASIA Women in the boardroom | A global perspective The government of Kazakhstan stresses the importance There are no quotas in place for women serving on boards 1. 2. Kazakhstan expected to increase the number expected of women holding leadership calls for the active involvement of women in government and example, its Kazakhstan – 2050 strategy Summit Summit in 2015. Goal is Development to Sustainable The Other initiatives roles, including board positions. board including roles, the ofprevention gender public discrimination, administration, reach gender equality and empower women and girls. and women empower and equality gender reach Kazakhstan took part in the UN Sustainable Development inDevelopment tookthe UN part Sustainable Kazakhstan
of the established state, December 14,December state, of the 2012established A Nation, N.Nazarbayev, Strategy Kazakhstan-2050: New political course New political Kazakhstan-2050: Strategy N.Nazarbayev, Nation, Un ddress by the President of the Republic ofLeader Kazakhstan, of the ited Nations in Kazakhstan, Sustainable Development Goals 1 , developed in 2012, in , developed 2
Esta r oe 7.8% 22 64 CEOs that are women Women on boards Total companies analyzed Energy & Energy 3.
Source: https://kase.kz/en/issuers/ D the Kazakhstan Stock Exchange (ranked by capitalization), May 2019. eloitte analysis eloitte from a sample of the 64 largest companies listed on R
esources 3 8.1% 7.2% serving serving on boards 7.4% 4.7% Statistics “Although women represent almost half of the workforce in Kazakhstan, the percentage of boards or “Although womenrepresentalmosthalfoftheworkforceinKazakhstan,percentage boardsor further theinclusionofwomeninallaspectsbusiness,includingboardroom.” emphasis should be put on the importance of fair gender distribution, leadership development programs for women, and diversity disclosure requirements for public entities. These moves can programs forwomen,anddiversitydisclosurerequirementspublicentities.Thesemoves can positions inthesamesample. by marketcapitalizationlistedontheKazakhstanStockExchange,onlythreearechaired by women. Caspian Risk Leader, Deloitte Kazakhstan Olga Belonogova 213 ASIA Women in the boardroom | A global perspective 100 listed company board seats. board company listed 100 This board target is also outlined in the Malaysian Code 1. 2. Malaysia end of 2018 expected to have at least 30 percent women directors on their on Corporate Governance released in 2017 by the Securities 3. Although the 30 percent target has yet to be reached, and organizations. and organizations. discussions of greater gender diversity on boards ofand indiscussions greater the gender diversity government also called for 30 percent representation of of representation percent 30 for called also government Commission Malaysia. Commission Under Malaysia. that code, large companies are Malaysia Malaysia adopted a 30 percent fortarget women in company for the top 100 by toboards the companies have no all-male board by 2020. In addition, the Securities Commission set a own oftarget the InSecurities its addition, workforce workforce continue to be at the forefront among regulators women on boards by 2020. leadership and decision-making positions in positions 2011. and leadership decision-making
Securities Commission Malaysia, Malaysian Code on Corporate Governance, April 2017 4 3
2 5
1 The The
These initiatives are expected to allow female employees There are local training programs, seminars, andThere arementorship seminars, training local programs, can help to build a stronger pipeline of women candidates coaching, conferences, andcoaching, a program tosix-month global 4. arrangements, the government has also taken steps to attract the hasgovernment also taken tosteps arrangements, attract diversity and inclusion in the workforce. Initiatives like and inclusion this inInitiatives the workforce. diversity government buildings to support working mothers. working tobuildings government support granted an individual tax exemption of up to 12 months. Other initiatives 5. needed to needed reach top initiative The management positions. returning to the workforce after areturning tocareer breakafter the areworkforce also national budgetnational toin building childcare facilities 50 additional programs established by organizations and associations to LeadWomen brings female candidates and corporations corporations and candidates female brings LeadWomen for leadership positions, including board-level roles. board-level including positions, for leadership to to balance improve their commitments work and personal together to the placement offacilitate women in senior help prepare women for board service. Initiative to the provide skills training Initiative and encouragement includes allocating RM10 allocating includes million (~USD 2.5 million) of the 2019 increase the number of women serving on increase boards the in number ofMalaysia. women serving women back into the workforce after they havethey women children. back intoafter This the workforce leadership and leadership board positions.
on Gender Diversity, January 2018 Securities Commission Malaysia, Corporate Governance Monitor 2019, April 2019 Mondovisione, Securities Commission Malaysia: Positive Progress Made 6 LeadWomen also provides provides also LeadWomen 7
2 Women Women
9
8 7. Two years ago, Deloitte Southeast Asia established Women Women established Asia Southeast Deloitte ago, years Two The Malaysian Code on Corporate Governance notes that The 30% Club Malaysia Chapter, established in 2015, on clubcorporate The boards. has launched a mentorship more than 50 percent in large companies. program where participants are paired with experienced are experienced paired with program where participants Leading with Impact, a mentorship program to encourage to encourage program a mentorship Impact, with Leading from diverse backgrounds, with knowledge and experience that half the board consist of independent directors and 6. should that board come members and stated industry independence toindependence avoid “groupthink.” 8. beyond gender publicly listed companies on boards of the top 100 women of Percentage on boards women of Percentage
Capabilities in Corporate Sector, November 2018 13
14 23.7% 15.4% Percentage 11 3 The code also requires requires also code The 12 7.0% (2016) 7.0% 4.7% (2015) % change 10
10 “Some Malaysianorganizationsstillmaintaincertainbiases,suchasassumingmenandwomen havethesame 10. Yee Wing Peng Wing Yee a higher fallout rate for women in business and the talent pool is more concentrated of men. We have to make a higherfalloutrateforwomeninbusinessandthetalentpoolismoreconcentratedofmen. Wehavetomake sure womenbecomeandstayconnectedtothebusinesscommunity.” career trajectoriesandopportunities.Inthepast,womeninMalaysiawereexpectedtofocus ontheirfamilies, not on being a member of the business community. Therefore, when considering the talent pipeline, there is not onbeingamemberofthebusinesscommunity.Therefore,whenconsideringtalent pipeline,thereis when diversity is not just a quota or a requirement, but a phenomenon where both women and men thrive when diversityisnotjustaquotaorrequirement, butaphenomenonwherebothwomenandmenthrive in acommonworkplace,enablingorganizations topropelintothefuture.” that target,itisevidentthecountryprioritizes creatingmoreinclusiveboardrooms. driven forward by the government and supported by corporations. The 30 percent quota showcases the driven forwardbythegovernmentandsupportedcorporations.The30percentquota showcasesthe Governance Leader, Deloitte Malaysia Operational Risk Leader, Deloitte APAC and South East Asia Cheryl Khor Cheryl Managing Partner, Deloitte Malaysia Partner, Deloitte Managing Risk Advisory Leader, Malaysia and Indochina Risk Deloitte Advisory 9.
September 2018 ACCA, How Malaysia is improving gender diversity in the boardroom, in boardroom, the diversity gender is improving How Malaysia ACCA, March 2018
12. 11.
18 October 2018 October 18 TalentCorp, Mid-term Review of the Eleventh Malaysia Plan, Plan, Malaysia Eleventh the of Review Mid-term TalentCorp, New Straits Times, Enhancing boardroom diversity, independence,
14. 13.
Securities Commission Malaysia, Corporate Governance Monitor 2019, The Malaysian Reserve, Malaysia sees highest number of women in April 2019 Asean boardrooms, December 2018
215 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Malaysia 20.6% 10.4% 13.7% 8.0 8.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.4 6.1 Women Women THAT ARE WOMEN ARE THAT 2016 3.9% 2.7% 0% 2014
60.4 67.0 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 3.2% 5.6%
69.2 57.0 Women Women ARE WOMEN ARE 34.2% 1.07 2014
STRETCH FACTOR STRETCH 1.07 1.13 WOMEN MEN 2018 2016 213 130 1.08 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk RESOURCES ENERGY & ENERGY 22.9% 16.0% 10.3%
7.7% 7.6% 10.2% 11.9% 13.2% 14.4% 15.0% 16.7% 20.7% SERVICES 22.5% 20.7% 14.0% 24.6% 0.0% 24.8% 25.1% 26.7% 20.5% 13.0% Compensation Governance Nominating Audit Risk 0.0% 3.0% 7.5% 9.3% 10.8% CONSUMER CONSUMER 11.9% 11.9% 11.9% 19.7% 15.1% 16.0% 16.2% 18.9%
25.0% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 2018 2018 19.3% 16.0% 38.9% 2016 2016 2014 2014 217 ASIA Women in the boardroom | A global perspective The Philippine The Code of Corporate recommends Governance There are no quotas in place for women serving on boards The Expanded Maternity Leave Law extends maternity maternity Leave extends Law Maternity Expanded The The Institute of Corporate Directors (ICD) 1. 2. Philippines organization dedicated to dedicated enhancing organization corporate directorship establishing a board diversity policy, which should policy, include a board diversity establishing Additional government initiatives to improve initiatives gender government Additional and the possible factors behind their underrepresentation. and factors the possible gender, among other criteria. other gender, among Committee in Committee 2018 toof champions toadevelop network Other initiatives paid paid leave for single parents. Employment, and Human toResources Employment, a Development pass bill strengthening anti-discrimination safeguards forsafeguards women. anti-discrimination bill strengthening initiate studies onIn boardroom initiate studies 2017,gender diversity. the leave from 60 days to 105 days, with an additional 15 days
Securities and Exchange Commission Philippines, SEC Memorandum Institute of Institute CorporatePhilippines Directors: Companies, November 2016 November Companies, Circular No. 19: Code of Corporate Governance for Publicly-Listed 4 1 2
3
competence, and knowledge. and competence, publicly listed companies Women on boards of 252 Philippine recommendations include recommendations age,culture, skills, ethnicity, beyond gender 3. 4.
Women on Account of Sex, July 2016 July Sex, of Account on Women 5 1
13.5% Percentage 5.
“Even though the Philippines is seen as a leader in gender equality, especially in the region, “Even thoughthePhilippinesisseenasaleaderingenderequality,especiallyregion, and to prepare them for leadership positions are commendable and needed, the support of men is also critical. It cannot be done alone, and we will all be better for creating genuinely women remain underrepresented in leadership circles, including the boardroom. And while women remainunderrepresentedinleadershipcircles,includingtheboardroom.Andwhile diverse boards.” Country Managing Partner and Philippines CEO,Managing Partner Deloitte Country Eric Landicho
219 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Philippines 11.6 10.1 13.9% 10.4% 7.4% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 10.3 9.5 Women Women THAT ARE WOMEN ARE THAT 2016 4.8% 5.3% 5.0% 2014
65.1 65.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 2.4% 2.9%
64.5 70.0 Women Women ARE WOMEN ARE 22.0% 1.23 2014
STRETCH FACTOR STRETCH 1.37 1.15 WOMEN MEN 2018 2016 42 47 1.26 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 14.8% 12.0% 3.5% 4.8% 5.7% 6.8% 6.9% 7.2% 8.4% 9.1% 9.8% 9.9% 9.2% 10.7% RESOURCES 11.0% ENERGY & ENERGY 13.3% 13.0%
Compensation Governance Nominating Audit Risk 0.0% 0.0% 0.0% 3.0% 3.3% 4.4% 4.8% 5.3% 5.9% 6.3% 7.3% 8.3% 10.5% 13.9% 2018 2018 2016 2016 2014 221 ASIA Women in the boardroom | A global perspective 2020, 25 percent by 2025, and 30 percent by 2030. The DAC DAC The 2030. by percent 30 and 2025, by percent 25 2020, There are no quotas in place for women serving on boards 2014, informed (DAC), August Committee Action Diversity The 1. 2. Singapore of skills and experience, including diversity of gender and of skills and including diversity experience, called on the top 100 listed companies to take the lead and age. Companies must also have a diversity policy. The policy, policy, The policy. age. also have Companies amust diversity seeks seeks to increase the number of women appointed to the generate momentum for all listed companies. listed all for momentum generate Other initiatives policies and programs. for directorship appointments in2017: April appointments for directorship women should to include charities and the public sector in its diversity todiversity andin the public its include charities sector board-ready women, and working with the government on hold 20 percent companies ofby allat board SGX-listed seats target It companies. released aboards of triple-tier SGX-listed its objectives, and progress on its implementation are all and implementation onprogress its objectives, its in 2018, company boards are required to have mix a suitable
August 2018 of Authority Monetary Singapore, Code of Corporate Governance, 3 1 2 top 100 primary for the directors women of Percentage among directors women of Percentage 3. 4.
appointments ofappointments women across leading listed companies, statutory boards and IPCs in 1H 2019, September 2019 4
15.7% 24.5% Percentage 0.5% (2018) (2018) 1.2% % change “I have personally witnessed the strength that comes from having the best of male and “I havepersonallywitnessedthestrengththatcomesfromhavingbestofmaleand The Singapore Code of Corporate Governance has been revised, and although diversity Our hope is that companies will regard diversity as an important aspect when considering female representatives on the board and how diversity enhances debates and provides female representativesontheboardandhowdiversityenhancesdebatesprovides Southeast Asia and Singapore Leader, Deloitte Center for Corporate Governance candidates forboardpositions.” reduce long-serving directors with tenures of 9 years or more and during this transition. reduce long-servingdirectorswithtenuresof9yearsormoreandduringthistransition. was not directly addressed, there was a shift in the need for boards to be made up of at women holdseniorleadershiproles,butfarfewerserveonboards.Thisiswhywecontinue to strive for improvement. to striveforimprovement. insightful andvariedopinionsontopicsthatmattertobusinesses.InSingapore,several least one-third independent directors. Such changes will see companies taking steps to Seah Gek Choo
223 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Singapore 13.7% 10.7% 7.3 7.4 9.0% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 5.0 6.7 Women Women THAT ARE WOMEN ARE THAT 2016 5.8% 5.4% 7.0% 2014
64.4 60.3 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 9.9% 11.6%
61.5 57.5 Women Women ARE WOMEN ARE 35.3% 1.33 2014
STRETCH FACTOR STRETCH 1.09 1.16 WOMEN MEN 2018 2016 108 103 1.07 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 21.6% 16.0% 6.7% 8.6% 6.9% 8.1% 9.3% 9.3% 9.4% 9.3% SERVICES 15.0% 12.0% 10.5% 12.3% 12.4% 12.6% 12.9% 14.4% 15.1% RESOURCES ENERGY & ENERGY 13.7% Compensation Governance Nominating
Audit Risk 0.0% 0.0% 0.0% 3.3% 3.9% 4.9% CONSUMER CONSUMER 11.1% 6.0% 0.0% 7.3% 9.1%
11.1% 11.4% 11.5% 11.5% 12.2% 13.8% 2018 2018 9.2% 2016 2016 2014 2014 225 ASIA Women in the boardroom | A global perspective There are no quotas in place for women serving on boards The South Korean chapter of World Corporate Directors 1. 2. South Korea of board positions held by women at public institutions by atheld institutions women public of positions board of women in decision-making positions in sector.public the positions of in women decision-making A target was established in 2018 to increase the number number the 2018 in increase to established was A target a better employment environment for women, including including women, for environment employment a better also submitted a billalso submitted onPromotion on Employment the Act devoted to enhancing ingender KoreanSouth diversity Other initiatives maternity leave provisions. Sinceleave provisions. the then, has government maternity for Equal Employment in forlate Equal 2017Employment the goal of creating with to 20 percent by 2022. 2022. by to 20 percent to expand employment opportunities for women. This act for women. act This opportunities to employment expand boardrooms. in South inKorea. South will will also implement career-break options. launched in2016. launched September
Youth Policies in 2018, January 2018 January 2018, in Policies Youth Ministry of Employment and Labor, 2018 Employment and Labor Policy Policy Labor, and Labor and 2018 of Employment Employment Ministry in Korea, November 2018 4
3 Similarly, WIN is an association 2
1
(KOSPI-listed companies) 3. 4.
Source: http://www.womennews.co.kr/news/97257 5
2.9% Percentage of changewillincrease.” In March2019,theGlassCeilingIndex,releasedbyEconomist,highlightedthatSouth Korea that women hold less than one percent of board chair roles in our sample. However, gender that womenholdlessthanonepercentofboardchairrolesinoursample.However,gender Chairman, Deloitte South Korea South Deloitte Chairman,
227 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL South Korea 2.4% 3.6 5.0 2.5% 1.7% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 14.9 2.6 Women Women THAT ARE WOMEN ARE THAT 2016 0.8% 3.8% 1.1% 2014
59.7 61.1 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 1.0% 0.9%
54.2 47.0 Women Women ARE WOMEN ARE 0.0% 1.42 2014
STRETCH FACTOR STRETCH 1.04 1.14 WOMEN MEN 2018 2016 150 25 1.04 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 5.0% 2.0% 1.0% 0.7% 0.9% 1.2% 1.3% 1.7% 2.0% 2.3% 2.3% 2.4% 2.4% 2.5% 4.0% 4.0% 6.3% RESOURCES ENERGY & ENERGY 4.8% 4.0%
& HEALTH CARE & HEALTH 2.9% Compensation Governance Nominating Audit
Risk 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.7% 2.1% 3.0% 3.1% CONSUMER 2.0% 4.0% 2.0% 7.1% 9.1%
2018 2018 SERVICES 1.3% 2.0% 3.0% 2016 2016 2014 2014 229 ASIA Women in the boardroom | A global perspective 2018 on, to push companies to have women hold over one- over hold women have to companies push 2018to on, The TWSE/TPEx revised the board evaluation self-assessment self-assessment the board revised evaluation TWSE/TPEx The Taiwan Stock Exchange (TWSE)/Taipei Exchange (TPEx)-listed Exchange (TPEx)-listed Taiwan Stock Exchange (TWSE)/Taipei 1. 2. Taiwan equality and to increase the number of women onserving of women serving on the board is greater than one-fourth. on isboard the greater one-fourth. than of serving women companies companies require companies to work toward gender equality a key metric in its corporate governance evaluation. The TWSE TWSE The evaluation. governance corporate its in metric a key and to ensure that the boardskills and members possess selection process. in December questionnaire 2018 to on include a question development funds infunds development Taiwan. Other initiatives placed a greater from weight on evaluations inthis metric its fourth of seats. board fourth the extent to which diversity is considered during to the board the extent which diversity boards, the TWSE uses the number of women directors as have a woman director, improves if the percentage and further knowledge noted in the principles. board seats of enterprisesstate-owned and national
Executive Yuan General of Personnel Administration, Action plan for CEDAW 2019-2022, December 2018 for TWSE/TPEx Listed Companies, December 2018Companies, Listed for TWSE/TPEx 4 3 1 2
companies companies in Taiwan public of directors Women 3. 4.
Taiwan Stock Exchange, Sample Template of Self-Evaluation or Peer Peer or Self-Evaluation of Template Sample Exchange, Stock Evaluation Taiwan Governance Corporate 5th Exchange, Stock Taiwan 5 13.7% Percentage 0.2 0.2 % (2017) % change 5.
Directors of Public Companies in Taiwan in 2017–2018, April 2019 “Taiwan is still a leading country in Asia in terms of supporting gender equality. “Taiwan isstillaleadingcountryinAsiatermsofsupportinggenderequality. Most large domestic enterprises acknowledge the value of diversity on boards Most largedomesticenterprisesacknowledgethevalueofdiversityonboards of directors, both in terms of background and gender. In time, there will be of directors,bothintermsbackgroundandgender.Intime,therewillbe Chief Chief Talent Leader, Taiwan Deloitte 231 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Taiwan 13.2 9.3% 9.4 8.3% 4.9% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 16.4 8.2 Women Women THAT ARE WOMEN ARE THAT 2016 5.1% 3.8% 3.1% 2014
65.3 63.8 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 6.6% 4.2%
63.0 61.0 Women Women ARE WOMEN ARE 29.2% 1.14 2014
STRETCH FACTOR STRETCH 1.08 1.08 WOMEN MEN 2018 2016 128 116 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Audit SERVICES 14.2% 16.0% 10.0% 2.7% 4.9% 6.1% 6.6% 7.4% 7.8% CONSUMER CONSUMER 11.2% 9.0% 7.0%
8.2% 6.0% 9.0% Compensation Audit 2.9% 3.0% 3.6% 3.7% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 4.5% 6.3% 5.3% 2018 2018 2016 2016 2014 2014 233 ASIA Women in the boardroom | A global perspective Thailand worked with the Embassy of Canada the and Embassy worked 24with Thailand other There are no quotas in place for women serving on boards The Women Enterprise Incubation Center supports female 1. 2. Thailand opportunities for women. province Each received local opportunities equality in the workplace. organizations to the organizations sponsor Women in Leadership seminar opportunities for businessopportunities advice and career development, careers. The center also gives women access to networking entrepreneurs in their expanding skills business and as well ason support ofmatters intellectual property. discrimination, develop moredevelop femaleincrease discrimination, entrepreneurs, developing thegeneration next of women leaders. CanCham success ofgeneration of businesswomen, the next Other initiatives is fund andtoan develop career investment support in 2019. on event focused The women in and leadership, which has among its goals to use policy to combat gender
1
1
1
senior management roles in and boards on Women 2
20.4% Percentage “Thailand has seen recent progress in appointing more women to board and leadership “Thailand hasseenrecentprogressinappointingmorewomentoboardandleadership stretches beyond to other leadership roles in business and in society. Diversity in leadership stretches beyondtootherleadershiprolesinbusinessandsociety.Diversity equal opportunity to all will allow companies to unleash their full potential by bringing in equal opportunitytoallwillallowcompaniesunleashtheirfullpotentialbybringingin Managing Partner, Deloitte Thailand Managing Thailand Partner, Deloitte
235 ASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Thailand 11.3 14.2% 11.7% 9.7 9.7% Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 0.8 7.7 Women Women THAT ARE WOMEN ARE THAT 2016 2.8% 0.0% 0.0% 2014
68.6 61.9 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 9.7% 6.2%
50.0 59.9 Women Women ARE WOMEN ARE 37.1% 1.09 2014
STRETCH FACTOR STRETCH 1.05 1.11 WOMEN MEN 2018 2016 118 73 1.06 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, Audit Risk 18.8% 16.0% 7.8% 9.7% 10.2% 10.3% RESOURCES ENERGY & ENERGY 16.4% 10.0% 0.0% 12.1% 12.4% 12.8% 12.8% 13.2% 13.3%
15.3% 16.2% 17.4% 20.4% SERVICES 13.5% 13.0% 12.7% Compensation Governance Nominating Audit Risk 2.6% 6.5% 7.5% 7.5% 7.6% 9.2% 10.0% 13.0% 11.6% 14.3% 14.6% 15.4% 16.1% 18.8% 27.3% 2018 2018 CONSUMER CONSUMER 10.5% 0.0% 9.0% 2016 2016
2014 2014 237 ASIA Women in the boardroom | A global perspective The Vietnam constitution, the Law on Gender Equality, and There are no quotas in place for women serving on boards This initiative promotes gender diversity starting at the starting promotes gender diversity initiative This 1. 2. Vietnam composition to be balanced in terms of gender.of terms in balanced to be composition of and leadership the board. employment, advancement in advancement wageand remuneration. grades, employment, a Politburo resolution set various governmental and business business and governmental various set resolution a Politburo Companies, issued in June 2017, requires company board board company 2017, June requires in issued Companies, Public for Governance Corporate on regulation Current Other initiatives ratio of female entrepreneurs to reach 35 percent by 2020. recruitment process, eventually reaching eventually higher levels process, recruitment for Vietnamese public companies recommends that boards boards that recommends companies public for Vietnamese focused policy dialogue on the new Labor Code in Vietnam. Code onin the new Labor Vietnam. dialogue policy focused targets for women by 2020. One such target calls for the initiatives in It the workplace. has initiatives sincea gender-endorsed in the coming isyears to implement women empowerment
Practices, Version 1.0, 2019Practices, August Decree 71/2017/ND-CP - Corporate Governance Regulations for Public Companies, June 2017 June Companies, 2
4 states that one of its objectives objectives its of one that states 1
3
5
Vietnamese companies Vietnamese CEOs in a sample of 50 female of Percentage companies Vietnamese inchairs a ofsample 50 female of Percentage companies Vietnamese members in a sample of 50 board female of Percentage empowerment in Vietnam. Its founding inareIts members empowerment Vietnam. large addressing corporate governance issues and gender equality addressing corporate governance and issues gender equality strategies in the context of sustainable business development. business in of the context sustainable strategies businesses that areto genderbusinesses committed workplace equality. 3. 4.
Socialist Republic of Vietnam Government Portal, National Gender Equality Strategy 2011–2020 Strategy Equality 7
16.0% 20.0% 16.6% 2018 Percentage 10.0% 16.0% 16.4% 2017 Percentage 6
7. 5. 6.
Analysis conducted by Deloitte Vietnam AmCham Vietnam, Labour Code (Amended), May 2019 years. However, we should all continue to raise awareness of gender equality by continuing years. However,weshouldallcontinuetoraiseawarenessofgenderequalitybycontinuing of the top 50 listed companies shows that women held 16.4 percent of board roles and of thetop50listedcompaniesshowsthatwomenheld16.4percentboardrolesand employee satisfaction,andcontinueattractingretainingtalent.Ouranalysisofasample equality initiativesandcreatinganequalopportunityofdevelopmentformenwomen in the workplace. As a result, businesses will create a sustainable corporate culture, increase in theworkplace.Asaresult,businesseswillcreatesustainablecorporateculture,increase Chair, Vietnam Deloitte 239 ASIA Women in the boardroom | A global perspective 7.5 Men BOARD MEMBER BOARD AVERAGE TENURE (YEARS) TENURE AVERAGE 4.3 Women 2018 HELD BY WOMEN BY HELD BOARD SEATS SEATS BOARD 6.1 26.1% 20.8% Men AUSTRALASIA CHAIR
4.3 THAT ARE WOMEN ARE THAT Women BOARD CHAIRS CHAIRS BOARD Regional overview 7.1% 5.1% WOMEN ON BOARDS ON WOMEN 2018
2016 ON BOARDS ON 360 WOMEN WOMEN 61.6 Men
BOARD MEMBER BOARD TOTAL COMPANIES TOTAL COMPANIES ANALYZED 254 57.0 Women AVERAGE AGE (YEARS) AGE AVERAGE 2018 63.9 Men CHAIR 62.8 Women Compensation WOMEN BOARD COMMITTEE PRESENCE COMMITTEE BOARD WOMEN Governance WOMEN ON BOARDS WITH BOARDS ON WOMEN Nominating FEMALE CEO FEMALE Members (2018) Members 2018 34.7% 28.7% Audit Risk 2016 Members (2016) Members MALE CEO MALE 25.7% 21.4% 15.0% 15.6% 19.5% Chairs (2018) Chairs FEMALE CHAIR FEMALE 23.0% 23.3% 23.9% 24.6% 25.4% 35.8% 31.7% 26.9% 27.2% 28.3% 29.0% 29.6% 31.1% 31.4% 32.5% 33.7% Chairs (2016) Chairs 33.8% 33.5% 33.9% MALE CHAIR MALE 25.4% 21.6% CFOS THAT ARE WOMEN THAT ARE CFOS WOMEN THAT ARE CEOS FACTORS STRETCH PERCENTAGE OF WOMEN ON BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP 12.0% FINANCIAL 2018 2018 2018 SERVICES 5.4% 28.0% 1.16 22.8% Men 2016 2016
1.40 4.8% CONSUMER CONSUMER BUSINESS 27.6% 21.7% Women 1.39
MEDIA &TELECOMM. MEDIA TECHNOLOGY, 2018 25.3% 19.3% 2016
241 AUSTRALASIA Women in the boardroom | A global perspective The ASX recommends that listed companies establish and recommends companies that establish listed ASX The There are no quotas in place for women serving on boards The Australian Institute of Company Directors has a voluntary ofhas Companya Directors Institute voluntary Australian The 1. 2. Australia organizations, including senior executive and board including positions. senior executive organizations, compulsory measures. measures. compulsory of women onwere their Improvements boards. achieved 3. disclose a board diversity policy that includes establishment, that establishment, includes policy adisclose board diversity goal was announced. was goal Other initiatives review, and reporting of measurable objectives that apply across across apply that objectives measurable of reporting and review, that year, women accounted for 29.7 percent of all 200ASX the was target set in 2015, also that ASX indicated the institute target of 30 percent for women serving on all boards. When board positions, marking an increase of 10 percent since the without regulatory intervention or quotas, making Australia were required toof the submit report anumber monthly
ASX Corporate Governance Council, Corporate Governance Principles Australian Institute of Company Directors, Gender ProgressDiversity Australian Stock Exchange, Key to Disclosures – Corporate Governance Report, 2018Report, Council Principles and Recommendations, August 2019 August Recommendations, and Principles Council 2 To 200 companies ASX progress, track 1 7. The ASX Corporate Governance Council, established to Corporate Council,Governance established ASX The The Australian Council of Superannuation Investors published on boards and in that argue gender roles. leadership They on these goals by calling for a percent40 target for women 200on companiesASX that have not reached the 30 percent 4. at the end of each accounting period. a revised diversity policy in March 2019 stating that pension pension that 2019 March in stating policy diversity a revised senior executive positions, and across the whole organization and across the organization whole positions, senior executive perspective, perspective, and experience, but also open the door to other 5. report the proportion of men and women on the board, in in board, the on women and men of proportion the report in governance corporate good of importance the recognize reaching 30 percent of300 representation women on ASX forms of diversity, such as ethnicity and regionality. such as ethnicity offorms diversity, funds will vote against the nominating committee chairs at chairs will funds vote the nominating committee against target stated in their 2015stated target 200 companies. for ASX objective those ASX 300 companies with only one only femalecompanies with 300 director. ASX those balance will not only improve board diversity in terms balance ofwill not improveskills, only board diversity boards by the end of 2021. 6.
– Gender Diversity in the ASX300, March 2019 March ASX300, the in Diversity – Gender 30% Club, Australia, May 2019 Australian Council of Superannuation Investors, ACSI Voting Policy Australian Government, Workplace Gender Equality Agency, June 2019 5 The 30% Club continues to focus focus to continues Club 30% The 3 6
4 11. 10. each year to the Workplace Gender Equality Agency. Agency. each year Equality to Gender Workplace the on theof importance gender balance, removing the barriers All organizations in Australia with more with in than 100 Australia organizations All employees Australian business and government. CEW also provides are required to on indicators genderreport various equality Companies can apply to be named an Employer of Choice Choice of Employer an named be to apply can Companies recognition program, which promotes active commitment commitment which promotesprogram, recognition active in 2010, of of consists established Change, Male Champions female CEOs, board members, and executives. It fosters It fosters and executives. members, board CEOs, female to step up alongside women and accelerate gender equity. gender accelerate and women alongside up to step 9. 8. leaders spanning many sectors, regions, and organizations. and regions, organizations. spanning leaders many sectors, leadership opportunities for women by education providing opportunities leadership
Diversity CouncilDiversity Australia, June About DCA, 2019 May 2019 Male of the Champions Maleof Change, About Champions Change, Chief Executive Women, About Us, May 2019 January 2019January 7
9
8 ASX 200 company boards on directors Women ASX 100 company boards on directors Women ASX 50 company boards on directors Women ASX 20 company boards on directors Women on boards women of Percentage extended its scope to other aspects of inclusion and diversity of scope inclusion andto diversity its other aspects extended for women and has tocommitment equal opportunity in the workplace. beyond gender 11 10
2 2 2 11 29.6% 31.5% 31.6% 35.4% 24.6% Percentage 4.5% (2017) 4.5% 5.8% (2017) 4.2% (2017) 6.3% (2017) 4.5 % (2017) % change
and we can impact societal change. and wecanimpactsocietalchange. safe, respectful, and inclusive environment where everyone has equal opportunity to safe, respectful,andinclusiveenvironmentwhereeveryonehasequalopportunityto grow, develop, and succeed. This helps create a culture where our people can develop grow, develop,andsucceed.Thishelpscreateaculturewhereourpeoplecandevelop will enhance the boardrooms of the future. Without doubt, as more women join boards, will enhancetheboardroomsoffuture.Withoutdoubt,asmorewomenjoinboards, is notjustnicetohave,butvitalstrongandsuccessfulgovernanceleadershipof Clare Harding Director and Treasurer, Chief Executive Women
243 AUSTRALASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL Australia 25.4% 20.4% 15.1% 6.1 7.6 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.3 4.4 Women Women THAT ARE WOMEN ARE THAT 2016 6.7% 4.6% 5.6% 2014
64.0 61.7 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 4.5% 5.7%
62.8 57.2 Women Women ARE WOMEN ARE 11.6% 1.44 2014
STRETCH FACTOR STRETCH 1.15 1.41 WOMEN MEN 2018 2016 223 313 1.40 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Governance Nominating Audit Risk SERVICES 28.6% 22.0% 19.3% 14.6% 17.8% 18.7% 19.0% CONSUMER CONSUMER 22.9% 23.1% 26.2% 21.0% 17.6% 24.2% 25.0% 26.6% 29.4%
31.2% 31.7% 31.8% 32.1% & HEALTH CARE & HEALTH 23.6% 19.0% 0.0% Compensation Governance Nominating
Audit Risk 6.0% TELECOMMUNICATIONS TECHNOLOGY, MEDIA & MEDIA TECHNOLOGY, 7.4% 23.4% 17.0% 17.0% 14.1% 14.5% 16.8% 16.7% 17.5% 20.8% 25.0% 25.8% 28.0% 31.7% 32.8% 32.7% 2018 2018 RESOURCES ENERGY & ENERGY 23.3% 18.0% 0.0% 2016 2016
2014 2014 245 AUSTRALASIA Women in the boardroom | A global perspective There has been intense debate in the media and government The government has, however,has, government The increased their commitment 1. 2. composition of their boards, and to evaluate their performance performance their to evaluate and boards, their of composition 3. 4. against any formal diversity policies they havethey policies adopted. any formal against diversity government is not looking to implement gender quota quota gender to implement looking not is government Other initiatives 5. reached a record high of nearly 46 percent in 2018. in Women percent 46 nearly of high arecord reached boards and committees on state-sector representation Despite strong support from the Ministry for Women, the from the Ministry support strong Despite for companies to establish a diversity policy and report and report policy for acompanies to diversity establish for state-sector boards and committees, setting a lofty a lofty setting boards and committees, for state-sector board-level gender gap. legislation at this legislation time.
for Women,Ministry Women in Governance: Increasing on Participation 2 3 The code now sets expectations expectations sets now code The 4 1
The report showed that with greater participation of women on their boards. 50 percent of the roles by 2019. The gender pay gap stands at 9.2 percent as of June 2018, level which is the second-smallest Conference, which brings female leaders and aspiring women women aspiring and leaders female brings which Conference, professionals together to discuss the issues they face and hear for gender-balanced inleadership which women hold at least to support other women in furthering their careers. other women toin furthering support the perspectives of local directors. by 2020, the Ministry by for2020, Women laid the Ministry out a plan comprehensive 7. in 2018.July 10. 9. 6. 8.
Ministry for Women,Ministry Gender pay gap, 2018August December 2017Report, 6 Important aspects of this strategy include a call of this strategy aspects Important 5 7 9 8 As As
company boards company women of Percentage state-sector board and female of Percentage students in the corporate and professional sectors. the population, they are under-represented in the leadership beyond gender 13. 12. 11.
TupuToa, Who We Are, May 2019 May Are, We Who TupuToa, 13 2 10 In response, TupuToa response, In launched 45.7% 22.0% Percentage 0.4% (2016) 3.0% (2017) % change 11 Through Through 12
growth of around $881 million, which is equivalent to 0.33 percent of GDP. At Deloitte growth ofaround$881million,whichisequivalentto0.33percentGDP.AtDeloitte many listedcompanieswithnowomenontheirboards.Addressingthisimbalanceiscritical Joanne McCrae 247 AUSTRALASIA Women in the boardroom | A global perspective OVERALL NUMBERS OVERALL 31.5% 27.5% 17.5% 6.4 6.7 Men Men AVERAGE TENURE (YEARS) TENURE AVERAGE
CHAIR 2018 4.5 3.5 Women Women THAT ARE WOMEN ARE THAT 2016 10.3% 11.1% 5.6% 2014
62.8 59.6 Men Men AVERAGE AGE (YEARS) AGE AVERAGE ARE WOMEN ARE CEOS THAT THAT CEOS CHAIR 7.4% 0.0%
53.0 Women Women - ARE WOMEN ARE 14.8% 1.32 2014
STRETCH FACTOR STRETCH 1.16 1.19 WOMEN MEN 2018 2016 50 30 1.28 2018 Compensation COMMITTEES BOARDS ON WOMEN OF PERCENTAGE HIGHEST THE WITH INDUSTRIES TOP Nominating Audit Risk CONSUMER CONSUMER 37.7%
14.9% 16.4% 20.0% 25.8% 28.1% 30.8% 31.1% 31.4% 33.3% 34.6% 35.9% Compensation Nominating Audit Risk 16.7% 20.0% 23.1% 28.6% 31.3% 2018 2018 2016 41.4% 42.3% 42.9% 46.4% 46.7% 47.1% 2014 249 AUSTRALASIA Women in the boardroom | A global perspective Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Appendices Appendix A Percentage % Change (2016) Percentage % Change (2016) Argentina 4.7 N/A Mexico 6.5 0.5
Australia 25.4 5.0 Morocco 5.5 1.2
The tables summarize select data for each country Austria 19.7 3.3 Netherlands 23.0 1.6 analyzed in alphabetical order and provides the 30.5 2.9 31.5 4.0 percentage change as compared to the 5th edition 15.6 N/A Nigeria 20.0 -1.2 on page 4 for additional information. All statistics are 8.6 0.9 Norway 41.0 -1.0
listed in alphabetical order, and corresponds to each Canada 21.4 3.7 Philippines 13.9 3.5 Cayman Islands 8.4 N/A Poland 15.6 -0.5
Chile 7.7 1.2 Portugal 17.0 2.1
China 10.6 -0.1 0.6 -0.9
Colombia 13.9 -0.6 Russia 8.5 2.7
Denmark 25.4 1.2 Saudi Arabia 0.7 N/A
31.9 7.2 Singapore 13.7 3.0
37.2 3.9 South Africa 26.4 6.9
Germany 26.2 6.7 South Korea 2.4 -0.1
Greece 9.5 -5.9 Spain 19.2 2.9
Hong Kong 11.4 1.8 Sweden 33.3 1.6
India 13.8 1.4 Switzerland 18.4 3.6
Indonesia 9.3 1.4 Taiwan 9.3 1.0
Ireland 19.9 3.4 Thailand 14.2 2.5
Israel 21.0 0.2 Turkey 13.2 1.7
Italy 29.3 1.2 United Arab Emirates 3.8 1.7
Japan 5.2 1.1 United Kingdom 22.7 2.4
Luxembourg 12.0 -2.9 United States of America 17.6 3.4
Malaysia 20.6 6.9
251 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Appendix A (continued)
Percentage % Change (2016) Percentage % Change (2016) Factor Factor
Argentina 0.0 N/A Mexico 1.8 -0.4 Argentina 1.00 Mexico 1.05
Australia 6.7 2.1 Morocco 0.0 0.0 Australia 1.40 Morocco 1.00
Austria 9.1 3.2 Netherlands 4.3 -0.6 Austria 1.06 Netherlands 1.06
4.4 -4.8 10.3 -0.8 1.09 1.28
2.1 N/A Nigeria 21.4 15.1 1.03 Nigeria 1.07
6.5 5.0 Norway 9.8 2.8 1.04 Norway 1.04
Canada 5.7 0.7 Philippines 4.8 -0.2 Canada 1.23 Philippines 1.26
Cayman Islands 0.0 N/A Poland 17.9 -5.2 Cayman Islands 1.00 Poland 1.03
Chile 0.0 0.0 Portugal 4.4 4.4 Chile 1.06 Portugal 1.03
China 6.4 4.5 0.0 0.0 China 1.02 1.00
Colombia 21.4 8.9 Russia 8.8 5.5 Colombia 1.00 Russia 1.07
Denmark 2.2 2.2 Saudi Arabia 0.0 N/A Denmark 1.09 Saudi Arabia 1.00
6.1 1.3 Singapore 5.8 0.4 1.06 Singapore 1.07
5.5 1.8 South Africa 12.2 3.2 1.19 South Africa 1.35
Germany 4.2 2.0 South Korea 0.8 -0.3 Germany 1.08 South Korea 1.04
Greece 0.0 -18.2 Spain 5.3 1.1 Greece 1.00 Spain 1.06
Hong Kong 7.0 2.0 Sweden 9.9 3.4 Hong Kong 1.07 Sweden 1.23
India 4.5 1.3 Switzerland 2.7 1.1 India 1.22 Switzerland 1.08
Indonesia 7.6 1.4 Taiwan 5.1 1.3 Indonesia 1.00 Taiwan 1.06
Ireland 6.1 1.8 Thailand 2.8 2.8 Ireland 1.03 Thailand 1.06
Israel 14.7 4.7 Turkey 4.7 -2.3 Israel 1.03 Turkey 1.09
Italy 18.2 9.7 United Arab Emirates 0.0 0.0 Italy 1.15 United Arab Emirates 1.00
Japan 0.9 0.3 United Kingdom 4.2 1.1 Japan 1.17 United Kingdom 1.22
Luxembourg 3.2 -1.6 United States of America 4.4 0.7 Luxembourg 1.00 United States of America 1.28
Malaysia 3.9 1.2 Malaysia 1.08
253 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Analysis sample size
Analysis sample sizes per country, by data point, are found within this appendix.
Board Board Stretch CEOs that CFOs that Average age Average age Average Average Compensation Compensation Governing Governing Nominating Nominating Risk Risk seats held chairs that board chair committee committee committee committee committee committee committee committee committee committee CB ER FSI LSHC MFG TMT board chair member chair member chair member chair member chair member chair
Argentina 16 16 16 30 16 16 16 16 16 11 3 6 2 Argentina 3 2 6 2 5 3 1 7 5 N/A N/A 2
223 216 223 218 216 223 216 223 216 220 210 214 201 34 30 195 178 203 192 54 31 60 16 35 27
33 31 33 32 26 33 31 33 31 30 29 29 27 N/A N/A 27 24 25 24 2 3 12 N/A 10 5
46 46 46 46 44 46 46 46 46 46 45 45 43 8 7 42 40 36 34 7 4 13 7 7 8
49 47 49 49 47 49 47 49 47 43 40 38 34 32 28 39 34 18 16 6 19 21 N/A N/A 3
Brazil 131 128 131 131 125 131 128 131 128 88 57 81 45 Brazil 38 25 44 25 61 36 55 20 27 4 19 6
Canada 325 307 325 320 320 325 307 325 307 321 303 309 273 Canada 303 270 279 248 85 75 49 113 70 13 56 24
Cayman Cayman 10 10 10 7 9 10 10 10 10 8 7 8 8 8 6 8 6 2 1 1 4 3 1 N/A 1 Islands Islands
Chile 26 26 26 25 24 26 26 26 26 26 18 18 14 Chile 3 2 3 3 10 7 6 10 5 N/A 3 2
China 176 168 176 168 147 176 168 176 168 174 171 170 164 China 30 29 161 159 46 45 34 19 50 10 27 36
Colombia 14 14 14 14 12 14 14 14 14 14 9 10 6 Colombia 11 6 8 6 12 9 1 4 6 N/A 2 1
Denmark 45 45 45 44 39 45 45 45 45 43 41 39 35 Denmark 2 2 36 32 24 24 11 4 10 11 7 2
Finland 47 47 47 47 45 47 47 47 47 42 40 42 36 Finland 5 5 42 37 32 31 7 5 12 2 15 6
France 175 174 175 174 152 175 174 175 174 160 148 148 140 France 50 46 140 129 140 127 49 16 33 15 35 24
Germany 191 185 191 186 177 191 185 191 185 155 138 124 106 Germany 10 9 141 114 111 100 28 12 44 14 51 35
Greece 13 13 13 13 13 13 13 13 13 13 12 12 12 Greece 4 4 9 9 10 10 3 2 5 N/A 2 1
255 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
(continued)
Board Board Stretch CEOs that CFOs that Average age Average age Average Average Compensation Compensation Governing Governing Nominating Nominating Risk Risk seats held chairs that board chair committee committee committee committee committee committee committee committee committee committee CB ER FSI LSHC MFG TMT board chair member chair member chair member chair member chair member chair
Hong Kong 282 276 282 262 216 282 276 282 276 281 273 274 271 Hong Kong 51 50 254 252 127 124 57 38 94 16 41 35
India 245 241 245 242 236 245 241 245 241 244 241 244 240 India 24 23 241 237 191 173 38 34 52 21 74 26
Indonesia 77 77 77 76 65 77 77 77 77 77 74 63 60 Indonesia 18 16 60 57 49 44 24 14 18 1 11 8
Ireland 51 49 51 49 46 51 49 51 49 48 44 47 46 Ireland 27 25 47 44 30 28 14 2 9 11 10 5
Israel 36 34 36 36 35 36 34 36 34 36 23 36 20 Israel 10 8 14 10 9 6 3 4 16 1 4 7
Italy 110 110 110 108 91 110 110 110 110 81 78 103 98 Italy 19 18 81 78 103 98 27 14 32 4 22 11
Japan 753 432 753 712 151 753 432 753 432 183 104 110 82 Japan 9 8 108 82 5 5 205 32 170 45 214 84
36 31 36 33 31 36 31 36 31 27 22 24 16 9 8 19 13 17 13 5 2 9 1 10 9
Malaysia 130 128 130 125 117 130 128 130 128 130 130 122 119 Malaysia 13 12 127 127 107 104 30 18 36 6 25 15
Mexico 55 54 55 54 51 55 54 55 54 53 48 31 28 Mexico 30 26 12 8 17 16 20 5 13 N/A 11 6
Morocco 12 12 12 12 10 12 12 12 12 8 6 6 4 Morocco 2 2 6 4 7 6 2 2 4 1 2 1
Netherlands 92 91 92 88 86 92 91 92 91 84 75 83 76 Netherlands 26 24 78 67 58 53 18 9 27 5 15 16
30 29 30 27 27 30 29 30 29 31 29 29 28 8 7 25 21 26 25 8 7 4 4 2 5
Nigeria 12 12 12 12 10 12 12 12 12 11 11 10 9 Nigeria 7 6 8 7 9 8 3 1 7 N/A 1 N/A
50 50 50 51 51 50 50 50 50 44 39 36 29 2 2 46 43 29 26 8 12 18 1 5 5
Philippines 42 42 42 41 41 42 42 42 42 42 41 41 38 Philippines 37 36 42 41 39 38 7 10 16 N/A 6 3
257 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
(continued)
Board Board Stretch CEOs that CFOs that Average age Average age Average Average Compensation Compensation Governing Governing Nominating Nominating Risk Risk seats held chairs that board chair committee committee committee committee committee committee committee committee committee committee CB ER FSI LSHC MFG TMT board chair member chair member chair member chair member chair member chair
Poland 28 28 28 28 28 28 28 28 28 27 26 20 19 Poland 2 2 13 13 17 16 4 7 8 N/A 5 4
15 15 15 15 11 15 15 15 15 10 10 14 13 8 6 6 6 9 8 2 4 1 N/A 7 1
Qatar 19 19 19 19 12 19 19 19 19 18 15 17 14 Qatar 7 7 15 14 12 10 1 4 11 N/A 1 2
47 47 47 47 41 47 47 47 47 43 41 42 39 6 6 39 36 24 24 4 20 8 N/A 12 3
30 30 30 10 27 30 30 30 30 26 20 24 21 4 2 24 21 12 9 4 2 13 N/A 9 2
Singapore 103 102 103 89 85 103 102 103 102 102 99 92 87 Singapore 25 25 89 86 76 74 21 12 45 4 10 10
108 105 108 107 107 108 105 108 105 108 101 108 103 33 32 102 96 107 100 36 14 36 5 11 6
150 123 150 150 104 150 123 150 123 127 94 53 33 68 32 107 57 23 14 36 16 32 11 37 17
Spain 75 75 75 75 64 75 75 75 75 74 74 74 74 Spain 16 16 74 73 56 56 12 8 26 3 15 10
218 218 218 218 213 218 218 218 218 184 152 178 144 5 5 203 189 103 92 49 4 47 27 56 34
147 146 147 146 142 147 146 147 146 137 129 141 131 33 29 111 99 82 73 30 5 40 16 40 15
116 115 116 115 86 116 115 116 115 110 55 115 101 3 3 7 4 5 3 19 4 21 2 24 46
Thailand 73 71 73 72 70 73 71 73 71 73 69 67 66 Thailand 57 55 68 67 62 56 11 16 19 2 13 12
43 43 43 42 41 43 43 43 43 33 27 34 18 39 27 31 20 38 23 9 5 15 N/A 12 2
United Arab United Arab 31 30 31 29 25 31 30 31 30 22 20 22 18 5 4 22 18 20 18 3 6 21 N/A N/A 1 Emirates Emirates
United United 516 496 516 481 472 516 496 516 496 488 464 477 456 104 97 465 427 361 339 135 61 147 32 70 61 Kingdom Kingdom
United States United States 2987 2858 2987 2970 2901 2987 2858 2987 2858 2925 2804 2891 2737 2666 2500 2726 2538 351 329 549 357 769 457 387 463
259 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Contacts
Global Costa Rica Japan Singapore Finland Ireland Middle East Dan Konigsburg Argentina William Carvajal Masahiko Kitazume Gek Choo Seah Merja Itaniemi Colm McDonnell Pedro Miguel Mendes Itir Sogancilar [email protected] [email protected] masahiko.kitazume@ [email protected] [email protected] [email protected] [email protected] [email protected] Maria Mercedes Domenech Paul Rehder tohmatsu.co.jp Michael Rossen [email protected] Mauricio Solano [email protected] Guido Eperjesi France Melissa Scully Romania United Kingdom [email protected] [email protected] Masahiko Sugiyama [email protected] [email protected] [email protected] Brazil China Mike Chang Carol Lambert Tracy Gordon masahiko.sugiyama@ Mexico [email protected] [email protected] Israel Netherlands [email protected] [email protected] North America Camila Araujo David Lung tohmatsu.co.jp [email protected] Daniel Aguinaga [email protected] Thailand Rik Neckebroeck Germany Wim Eysink William Touche Canada Korea [email protected] [email protected] [email protected] [email protected] [email protected] Chile Hong Kong Subhasakdi Krishnamra Johan Erasmus Jonathan Goodman Jun Cheol Kim Trinidad and Tobago [email protected] [email protected] Kenya Arjan ten Cate [email protected] [email protected] Hugh Gozzard [email protected] [email protected] [email protected] Rikhi Rampersad [email protected] Vietnam Arno Probst Julie Nyangaya Nina le Riche Jacklyn Mercer Malaysia [email protected] [email protected] [email protected] [email protected] [email protected] Eric Tong Ivan Pham Cheryl Khor [email protected] [email protected] [email protected] [email protected] Croatia Ghana Spain United States [email protected] Nigeria Arturo Platt India Vedrana Jelusic Joe Ohemeng Xavier Angrill [email protected] [email protected] [email protected] [email protected] Tony Olukoju [email protected] [email protected] Abhay Gupte [email protected] [email protected] Greece Deborah DeHaas [email protected] [email protected] Jorge Hernandez Sachin Paranjape Panicos Papamichael Alithia Diakatos Peter Gulliver [email protected] [email protected] [email protected] [email protected] [email protected] Kine Kjaernet [email protected] Tonie Leatherberry [email protected] [email protected] [email protected] Maria Cristina Pineros Indonesia George Trivizas Philippines [email protected] [email protected] Poland Debbie McCormack Antonius Augusta Jan Spacil [email protected] [email protected] [email protected] Malta [email protected] [email protected] [email protected] Denmark Gabor Molnar Lisa Watson [email protected] [email protected] Dorota Snarska-Kuman [email protected] [email protected] [email protected]
261 Women in the boardroom | A global perspective Women in the boardroom | A global perspective
Acknowledgements
The Deloitte Global Center for Corporate Governance would like to thank all of its professionals in our governance centers around the world who assisted with drafting, editing, and reviewing this publication.
Michael Petrillo and Andrew Kenton.
Our technical editor: Nancy Wareham (US).
The Deloitte Australia Non-Executive Director Program team and their design studio for all
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