September 20, 2020

The Ibex 35 ceases to be the locomotive of parity in the boards | Economy

The Ibex 35 ceases to be the locomotive of parity in the boards | Economy

One more year that passes without penalty or glory for equality in the main decision-making bodies of large companies listed on the Spanish stock exchange. In 2018 the Ibex 35 companies have raised the presence of women on their boards of directors by 1.9%, where 23.7% of their representatives are female, that is, 108 of the total of 455 administrators. Some figures that relegate to Spain in the race of parity. "Spain is staying far away from Europe: the three points of difference with the average of the 28 member countries of the European Union, of 26.7%, are a clear warning", indicates the report Women in the councils of companies quoted, prepared by the consultant Atrevia and IESE Business School and presented this Wednesday in Madrid.

And that is the average, because our country is separated by 20 percentage points from France, 13 from Italy and nine from Germany. In these countries listed companies must comply with quota laws, which are what made them take the big leap in the last seven or eight years.

Reach the percentage of 30% of women in the decision-making bodies of the Ibex 35 companies in 2020, as provided for in the Code of Good Governance, it seems practically impossible, according to the study, because the relative weight of the counselors would have to grow six points in two years, when it has taken five years to increase those same six points.

However, Nuria Chinchilla, professor of IESE holder of the chair Women and Leadership, says it is feasible to achieve if there is political will within the organizations. Yes, he believes that the National Securities Market Commission (CNMV) should do more to make visible the companies that are compliant and non-compliant, as in the United Kingdom.

In 2018 the Ibex 35 companies have ceased to be the parity locomotive. They have become tired and, as a consequence, there has been a stagnation in progress. However, the rest of the Spanish companies listed on the continuous market (94) have taken over for the first time. Although there are still 15 firms that do not have a female presence in their decision-making bodies (Amper, Amrest, Arima, Audax, Berkeley, Borges, Codere, Coemac, Deoleo, Fluidra, Netex, Service Point, Solaria and Urbas), the truth is that the rest have increased female participation by 5.3% to 18.50% of the total. If all the listed companies are added, 129, the councilors represent 20.30%.

But in the continuous market are also the most egalitarian organizations. Realia leads the ranking, with 57% of women on her board. He is followed by Adolfo Domínguez, with 50%. Solapark, Reno de Medici, Nicolás Correa, Unicaja Banco, Ezentis and Ercros exceed 40%.

In the case of the Ibex 35, there is no listed company without a female presence. But there are two, Naturgy and Técnicas Reunidas with only one counselor. In the case of the energy company, there has been a significant decline in terms of equality with the new governing body after the change of ownership. And the most balanced boards are ArcelorMittal, Bankinter, Cellnex, IAG, Iberdrola (whose shareholders' meeting will soon approve the appointment of Sara de la Rica), Inditex, Grifols, Mediaset, Merlin Properties, Santander and Siemens Gamesa, with 30 % and 40% of administrators. They will also join Caixabank when next month approves the reduction of its decision-making body and the appointment of Cristina Garmendia as independent).

The study by Atrevia and IESE, closed on January 31, has not taken into account the two appointments that were subsequently made at Iberdrola and CaixaBank. Accounting for them, the female presence in the Ibex would rise to 24%. It is a minimum advancement, said the heads of the consultancy and the business school, who are aware, however, that the weight that the councilors are acquiring in the direction of the appointments committees is serving to lower salaries of the boards of administration.


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