The number of women on the boards of listed companies has been monitored for several years by the Central Chamber of Commerce, based on the composition of boards appointed at the general meetings of shareholders. Half of the companies that are listed have met the target of gender equality when looking at the data for 2022 and all listed companies.
Out of the 130 listed companies surveyed, only 16 would have been outside the scope of the EU's quota directive, which will take effect in 2026. Over half of the companies that fall under the directive already meet the goal of equal representation of men and women in boards and supervisory boards, as proposed in the directive.
Women's leadership has been promoted successfully through self-regulation in Finland. A climate must be created that encourages women to advance in their careers. It is important for companies to pay attention to women's career paths so that they lead more often to business leadership positions and CEO positions instead of support functions, said Ville Kajala, the Central Chamber of Commerce's leading expert.
The increase in the proportion of women on boards is due to the recommendation of the Corporate Governance Code, which specifies that the board of a listed company should include both genders. If a listed company doesn't follow this recommendation, it must justify the deviation publicly.
The gender balance of the body responsible for preparing the proposal for the board's composition also matters, according to the Central Chamber of Commerce's report.
The survey showed that there were clear differences. Women accounted for 40% of the board's composition in companies where the proposal was prepared by a shareholder's committee, and the committee included at least one woman. The proportion of women on the boards was 31% when the nomination committee consisted only of men, according to Kajala.
In around 30% of the listed companies, gender distribution is achieved by balanced gender distribution in executive management teams. When the less represented gender accounts for 40% of the team, equal representation of men and women is said to be achieved.
The findings show that progress has been made, but there is still a long way to go to achieve gender equality in leadership positions. There should be more attention to diversity in selecting board members and recruiting executive team members. A supportive environment for women is crucial for women's advancement in their careers, as stated by Ville Kajala on International Women's Day.