Gender Gap on European Financial Boards Widened in 2023: EY Poll

According to a recent poll performed by the consulting firm EY, more males than women were appointed to the boards of major financial services organizations in Europe last year. According to the European Financial Services Boardroom Monitor, women will make up 44% of non-executive positions in 2023, down from 51% the previous year.

As the European Union (EU) prepares to impose mandatory quotas for women on corporate boards, 31% of publicly traded financial services businesses now fall short of the upcoming gender diversity objectives. By June 2026, the EU intends to impose a legally enforceable 40% quota for women on corporate boards, marking a huge step toward gender equality in the business sector.

Omar Ali, EY's managing partner for EMEIA financial services, warned against risking recent success, underlining that boardroom diversity is a driver of outperformance. According to the poll, C-suite experience will continue to be a key consideration for recruiters in 2023, likely adding to the gender imbalance. Ali acknowledged the value of C-suite experience, but cautioned companies not to sacrifice woman representation on finance boards.

According to the European Institute for Gender Equality, women occupied 32.2% of boardroom posts in the EU as of 2022. While some member countries, such as Italy, the Netherlands, and Denmark, reached or exceeded the benchmark, others, such as Hungary, Estonia, and Cyprus, trailed behind, with women constituting just one in every ten board members. As Europe works for more inclusion in corporate leadership, the push for increased female representation remains a focus point.