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US News Study: Quota of women on executive boards hits almost 30 large companies

08:55  27 november  2020
08:55  27 november  2020 Source:   finanzen.net

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European-listed firms could face fines if fewer than 40% of their non- executive board seats are taken by women .

Companies with a woman board chair were more likely to have a larger share of women board members (28.3%) compared to companies with Among companies located in jurisdictions with no elective or compulsory gender quota requirements, only 20.3% of boards reached the 30 % women

The plans for a binding quota of women on executive boards affect almost a third of the 100 largest listed companies in Germany.

MIKE CLARKE/AFP/Getty Images © Provided by Finanz.net MIKE CLARKE / AFP / Getty Images

29 of these companies have more than three members on the board of directors, but no position is occupied by a woman, according to an analysis by the Boston Consulting Group (BCG). Accordingly, the federal government's proposal for a law would mean that, according to the current situation, 29 women would join the executive boards. "In order to catch up with the male colleagues, it would have to be 175. The change is rather marginal", said Nicole Voigt, partner at BCG.

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Germany's biggest companies have been ordered to ensure that 30 % of supervisory board positions are held by women from 2016 under a law agreed late on Tuesday by the governing coalition. Firms that have not implemented a quota of female directors will have to leave some vacancies unoccupied.

Quotas also don't seem to give women a boost up the corporate ladder. In France, Germany and the Netherlands (who all have implemented some type of quota system), the percentage of senior management jobs that are held by women has barely changed in recent years.

The grand coalition has basically agreed on a binding quota for women on board members. According to this, a member of the executive boards of listed and equally co-determined companies with more than three members must be a woman at the latest from a new appointment. This is aimed at corporations, for example from the DAX , which have large management bodies. But no law has yet been passed.

The planned quota of women does not mean changes for all large companies, shows the BCG study, which is available to the German Press Agency. 27 companies in the top 100 by market value, i.e. almost a third, could therefore continue to lead a purely male executive board, as they have fewer than three members. In 44 corporations, however, there is already at least one woman on the board.

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i. Women are under-represented on the Boards of Directors of major companies in most The present study investigates the effect of gender diversity on the impact of board members' gender, such as quota policies to increase the number of women on corporate boards in Norway and in

The proportion of women in senior leadership differs by role: Women are over-represented in support functions like administration, while men tend to be concentrated in operations, profit and loss, and research and development—all viewed as critical experiences for CEO and board -level positions.4.

The quota of women will raise the proportion of women board members in the top 100 companies by six percentage points to 16 percent if the plans of the federal government are implemented by all companies concerned by 2022 and the layout of their board members remains the same. This would mean that Germany would move up to the middle field in terms of the proportion of women on executive boards compared to other EU countries. "In two years we would be where Spain and Portugal are today. The quota is a step in the right direction," said BCG expert Voigt. But it is also conceivable that companies expand their board members to include new posts with women.

After a long struggle, the SPD and the Union had agreed on the plans for a binding women's quota. According to a report commissioned by the federal government, voluntary self-specifications by companies had hardly any consequences for the proportion of women on executive boards.

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Companies with more female executives make more money—here's why. While researchers are still trying to figure out exactly why companies with more women at the top make more "A profitable firm at which 30 percent of leaders are women could expect to add more than 1 percentage point to

The report, which examined the boards of the 600 largest listed European companies between 2011 and 2015, found that the percentage of women on boards also Although Norway has a board gender quota , Sweden and Finland, where more than 30 % of director roles are held by women , do not.

There are enough potential candidates for board posts, contrary to some criticism, the BCG states. In the 100 largest listed companies, the proportion of women on the first and second levels below the executive board is on average 22 percent, according to the study. The share is particularly high at 31 percent in the pharmaceutical and medical sectors, followed by financial service providers (25 percent). The fewest female candidates are therefore in the classic male domains of the IT industry (14 percent) and in mechanical engineering (11).

"The quota alone does not get us any further, we need a whole range of supportive measures," says BCG partner Marcus van der Vegte. "If, for example, companies have to publish the proportion of women not only for the board of directors, but also for the first and second levels below that, transparency increases." FRANKFURT (dpa-AFX)

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This is interesting!