Despite the impending EU mandate of a 40% quota for women on corporate boards by June 2026, a survey by EY consultancy revealed that more men than women were appointed to the boards of large financial services firms in Europe in 2023. The survey, part of the European Financial Services Boardroom Monitor, indicated that 44% of non-executive appointments in 2023 were women, down from 51% the previous year.
Approximately 31% of listed financial services firms were found to be lagging behind the upcoming EU targets for gender diversity. The legally binding quota is set to enforce a minimum of 40% women on corporate boards. The EY survey warned against undermining the progress made in recent years, emphasizing the proven correlation between boardroom diversity and better performance.
C-suite experience, particularly roles like CEO or CFO, was identified as the top criteria for recruiters in 2023. The survey highlighted that female directors were less likely than their male counterparts to have such experience or hold senior board positions. While acknowledging the demand for C-suite experience, EY's Omar Ali stressed the need to balance gender representation in financial boardrooms, emphasizing that achieving a 40% level of female representation should be the minimum goal.
The European Institute for Gender Equality reported that, in 2022, women held 32.2% of boardroom positions across the EU. However, this figure varied significantly among member states, with Italy, the Netherlands, and Denmark meeting or exceeding the 40% target, while others, such as Hungary, Estonia, and Cyprus, had lower female representation.
