April 10, 2021

Only four Ibex companies meet the objective of 40% of female directors set by the CNMV for 2022

Only four Ibex 35 companies (Red Eléctrica, Caixabank, IAG and Santander) meet the objective of 40% of female directors set by the National Securities Market Commission (CNMV) for 2022, according to data from the IX report “Women in the Advice from listed companies ”, prepared by IESE and the consulting firm Atrevia and presented this Tuesday at a telematic press conference.

The CNMV will recommend that listed companies have "at least" 40% of female directors

The CNMV will recommend that listed companies have “at least” 40% of female directors

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The report, which analyzes 127 companies with data as of December 2020, reflects that at that date the Ibex achieved the goal of 30% of female directors set by the CNMV for that year: there was an average of 31.2% female directors (139 administrators, 15 more than a year earlier) and 21 of the 35 companies met that objective.

But the selective is very far from the new goal raised a year ago by the stock market regulator, what postponed the date to get it (initially, raised for the close of 2020) due to complaints from companies. According to the report presented this Tuesday, 40 women would have to enter the highest management bodies of the selective to reach that 40%.

The company with the most Ibex administrators (half of the board) is Red Eléctrica, whose largest shareholder is the State (20%), followed by Caixabank (43%), IAG (42%) and Santander (40%). In total, 14 listed companies reach this new horizon of 40%: the four already mentioned from the Ibex and Adolfo Domínguez (57%), Realia (50%), Ezentis and Prim (44%), Nicolás Correa, Reno de Médici and Soltec ( 43%), Unicaja Banco y Logista (42%) and Euskaltel (40%).

On the contrary, ten listed companies (none from the Ibex) do not have female directors, two less than a year earlier. These are NH Hoteles, Nextil, Borges, Codere, Urbas, Deoleo, Nueva Pescanova, Amper, Audax Renovables and Berkeley Energía. In the last three years, the percentage of those with one or no female directors has dropped from 40% to 27.6%.

The report includes that if the companies in the General Index of the Madrid Stock Exchange (which includes the Ibex) are taken into account, in December there were 25.78% of female directors (330 out of a total of 1,280), 2.6 points more than in 2019, but more than four points below the 30% target recommended by the CNMV for 2020. In the Continuous Market, discounting the Ibex, the percentage remains at 22.9% of female directors.

Another study also published this Tuesday, in this case from the Barcelona School of Management, collects that “in the middle of 2021, the boards of directors of the Ibex-35 companies are made up, on average, by 32% of women”, value which “is reduced to less than half in the management committees, where only 19% of the members are women”.

“If we also look at the fact that only two companies (5.7%)”, Santander and Red Eléctrica, “are chaired by women”, Ana Botín and Beatriz Corredor, respectively, “and that only four (11.4%) they have vice presidents, directors or CEOs, we realize that the situation is worrying “, according to this other report.

The vision of the IESE and Atrevia study is more optimistic: it highlights that female representation continues to “advance, but it is time to accelerate”, especially outside the Ibex, in which the “historic milestone” of 30% for 2020 has been reached, after a decade in which the selective councils have gone from having 66 women in 2011 to 139, more than double, despite the fact that the number of seats has been reduced by almost a tenth.

And, while the female presence in the Ibex grew last year at the highest rate in the historical series, according to the IESE report, companies in the continuum outside the selective “take off after three years of stagnation”, but their growth continues to be “meager ”, Of only two percentage points, up to the aforementioned 22.9%.

The positive part is that the relative weight of women in the management bodies of listed companies has doubled in a decade: from 12.1% in 2011 to 25.78% today. And among the companies outside the Ibex that are the “engine of change” are GAM, Ence, Bodegas Riojanas, Grupo Logista, Applus Service and Faes Farma.

IESE professor Nuria Chinchilla, author of the report, has shown, as usual, against imposing quotas. In his opinion, it is worth considering whether “they have to impose us from outside with sanctions” or is it about “proposing”. According to Chinchilla, women’s access to advice “is unstoppable, but it will end up being what the market wants.” “Let’s do it well instead of running,” he defended.


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