AP2 Female Index 2016: women now comprise more than 30 percent of boards in quoted companies
The Second AP Fund’s 2016 Female Representation Index (Female Index) reveals that the percentage of women on the boards of companies quoted on Nasdaq Stockholm continues to rise, currently amounting to 30.7 percent compared to 27.9 percent for the preceding year. The proportion of women on executive managements has also noted a steady increase, rising to 20.9 (19.5) percent for the year.
“It is highly pleasing that the proportion of women represented on corporate boards now exceeds 30 percent, as well as the fact that the proportion of women on executive managements has for the first time exceeded 20 percent. No less than 44.9 percent of newly elected board members are women. I believe this clearly demonstrates that stakeholders and nomination committees have become better at utilizing the full range of competence available – and that the pace of this change-process is accelerating,” states Eva Halvarsson, CEO of the Second Swedish National Pension Fund/AP2.
“If the pace of change noted over the past twelve years remains unchanged, it will be another 25 years before women fill 50 percent of the seats on corporate boards. The corresponding forecast for achieving 50 percent representation on executive managements is no less than 37 years. However, with a pace of change similar to the past three years, it will take ‘only’ 10 years before corporate boards and 23 years before executive managements achieve 50-percent female representation,” notes Eva Halvarsson.
The proportion of female directors on the boards of companies with a primary listing on Nasdaq Stockholm is now 31.9 (29.1) percent. The proportion of women on the executive managements of these companies is 21.2 (19.8) percent.
The proportion of female directors on the boards of all listed companies, excluding CEOs, totals 32.4 (29.5) percent, while the figure for primary listed companies is 33.6 (30.7) percent.
Of the 286 companies in the survey, 202 companies feature at least 25-percent female representation on their boards, compared with 170 companies in 2015. The boards of 27 companies lack any female members, while 80 companies have not a single woman on their executive managements. The proportion of female Chairs and CEOs also remains at a low level, although there has been a slight rise since last year, to 6.3 (5.2) and 5.2 (4.5) percent respectively.
The greatest overall increase in female representation at board and executive management level, at 34.8 and 22.8 percent respectively, has been achieved by the large-cap companies.
The Financial Services and Consumer sectors boast the highest number of women on their boards, at 37.5 and 33 percent respectively, while the highest percentage of women on executive managements is found in the Financial Services sector, at 30.4 percent. The Commodities sector distinguishes itself by featuring the lowest proportion of female board members. Nevertheless, all sectors increased the percentage of female representation on their boards.
Background to the AP2 Female Index
Since 2003, AP2 has conducted an annual survey together with Nordic Investor Services to measure the number of women in middle management roles, in company management positions and on the boards of companies listed on the stock exchange. The 2016 survey comprised 286 primary and standard-listed companies on Nasdaq Stockholm. In addition, the number of women graduating from degree programmes that have traditionally served as a basis for recruitment to company management and boards has also been measured.
For further information, please contact:
Eva Halvarsson, CEO AP2, +46 (0)31 704 29 00
Ulrika Danielson, Communications Manager, +46 (0)709 50 16 13
The figures refer exclusively to companies quoted on Nasdaq Stockholm, unless otherwise stated.