By Mijntje Lückerath | September 6, 2024
Nearly one-third (32%) of the 25 new executive appointments at listed companies this year were women, the highest percentage ever recorded. In 2023, this figure was only 13%. Meanwhile, vacancies for supervisory board members—51 this year—have been relatively evenly distributed between men and women for some time, with male members still holding a slight majority in 2024 (53%).
The annual Female Board Index tracks the percentages of female executives and supervisory board members at 82 Dutch listed companies. The 2024 Index was compiled for the 18th time by Professor of Corporate Governance Mijntje Lückerath at TIAS School for Business and Society (Tilburg University), with data as of August 31, 2024.
Supervisory Boards: Quota Law
Since 2022, a legal quota requires at least 33% of supervisory board (SB) positions at listed companies to be held by women and 33% by men. Appointments that violate this quota are invalid. Currently, 73 companies meet the one-third female requirement in their SB. The nine smaller local companies that do not meet the quota must collectively appoint 11 women. However, they are not in violation since they have made no new appointments this year. One company, CTP (AMX-listed), does not meet the minimum 33% male requirement.
The average percentage of female supervisory board members has stabilized at 40% (up from 39% in 2023), well above the desired 33%. At 18 companies, SBs are equally divided between men and women. Lückerath-Rovers states, “For these companies, the quota is not the driving factor; they are intrinsically motivated for an equal distribution.”
Executives: A Breakthrough Year
Due to disappointing progress in recent years, there have been calls for a quota for female executives. This year, nearly 33% of new executive appointments were women (8 of 25), compared to only 13% in 2023 (4 of 30). Six female executives also stepped down, limiting the overall increase of female executives to 16%. Lückerath-Rovers notes, “This year finally marks a breakthrough in female executive appointments; if this trend continues, the percentage of female executives will naturally rise.”
Fifty-seven companies have no women on their executive boards, and 14 new male executives were appointed this year, often long-serving employees promoted internally.
Top-Performing Companies
Nineteen companies have met the minimum 33% quota for both SB and executive board positions. Arcadis leads the Female Board Index with 56% female representation across both boards (50% SB, 57% executive). Wolters Kluwer, NSI, and Hydratec share second place with a 50/50 gender split in both boards. As in previous years, the lowest ranks are occupied by seven smaller companies, including IEX, Value8, and Almunda, with no female representation on either board.
Read the full Female Board Index 2024 report here.https://www.tias.edu/kennis/dossiers/detail/female-board-index
