The good news first: the proportion of women on the executive boards of listed companies in Germany has reached a new high. However, the growth rates are slowing, following the introduction of statutory quotas for listed companies with parity co-determination (ie employee representation).

The May 2024 Women on Board Index of the organisation Frauen in die Aufsichtsräte (Fidar), shows that the proportion of women on the supervisory boards of the 180 companies from the DAX family and the regulated market that are subject to parity co-determination has increased by two percentage points to 37.3% within a year. At 19.3% (2023: 18.3%), the figure on the management boards is approaching the 20% threshold. According to Fidar, it is also positive to note that only three of the 65 companies that have to fulfil the statutory minimum shareholding requirement for management boards do not have a woman on their board. These are Koenig & Bauer, Südzucker and Wüstenrot & Württembergische.

Since the beginning of 2023, 31 women have been appointed to the management boards of listed companies in Germany. In June and July of this year, six more women – Limor Beermann (Aroundtown), Grazia Vittadini (Lufthansa), Stefanie Hirsch (Drägerwerk), Nadia Jakobi (Eon), Aurélie Dalbiez (Evotec) and Nadine Despineux (Jungheinrich) – moved up to the boardroom.

However, although Federal Minister for Women Lisa Paus concludes from this development that „the legal requirements are successful“, Fidar believes that there is still a great need for action. At 21.7%, the proportion of women on the management boards of the 104 companies subject to the supervisory board quota is significantly higher than in the 76 companies that do not have to fulfil a quota. There, the proportion stagnated at 14.9%, Fidar found. In addition, 65 (2023: 71) of the 180 companies analysed, that is more than 36%, do not have a woman on their board.

The number of companies that have set their target for women on the operational management board at zero also fell by only 3 to 23. 17 of these companies are among those that are not subject to the supervisory board quota. „Those who plan with zero are denying equal participation,“ concludes Fidar Founding President Monika Schulz-Strelow. Although not all of the companies analysed have to meet fixed quotas, they are still obliged to publish targets for the proportion of women on the supervisory board, executive board and first and second management levels.

Since the introduction of the sanctioned obligation to provide reasons for a target of zero, the number of companies without a woman on their board of directors has halved to 23. „Nevertheless, it is incomprehensible that so many companies continue to plan without women,“ says Schulz-Strelow, criticising the lack of credible diversity concepts. In her opinion, an expansion of the binding regulations is important in order to extend the successful effect of the fixed quotas. „Voluntary commitments don't work in the German economy,“ Schulz-Strelow is convinced.

Fidar President Anja Seng believes that equal representation on management bodies will not be achieved at the current rate. The EU Leadership Directive shows ways in which binding requirements could apply to a larger number of companies.