Thirteen months. That is the time available to Ibex 35 companies to have 40% women on their boards of directors. The law of equal representation approved this Tuesday in the council of ministers establishes until June 30, 2024 for the 35 values that make up the reference index of the Spanish stock market to adapt to the requirements of the standard. Although many already meet this condition, more than a third are still below.
A report published by the National Securities Market Commission concludes that this proportion was lower in up to 16 companies at the end of 2022, a classification that excludes Acciona’s subsidiary, Acciona Energía. After a few months, the x-ray is not very different, since only two of them have managed to exceed the aforementioned threshold of 40%. One of them is ACS, which saw the departure of two historical directors to give entry to two women, in such a way that the female representation rises to six members of the 15 that make up this body. The other is Solaria, which of the five that make up the board of directors, two are women: Elena Pisonero as independent, and María Dolores Larrañaga Horna (proprietary).
Although there are no significant changes in the remaining 14, there are efforts to increase the share of female presence in some of them. In this sense, Fluidra stands out, which recently incorporated Aedhmar Hynes as director after increasing its number of seats from 12 to 13. The pool manufacturer has resorted to an increasingly widespread formula to allow women to join the board and leaves from being the least equal Ibex company with a share of 16.67% to 23.07%.
This allows it to overtake Naturgy, which remains unchanged with a 25% share, and Sacyr, which will go from 23% to 29% if the appointment of Elena Monreal Alfageme and Adriana Hoyos is ratified at the June shareholders’ meeting. vega. One of them will replace Isabel Martín Castella. The three are the Ibex companies that have made the least progress in this regard. In parallel, it is noteworthy that those that are closer to 40%, such as Colonial (36.6% each) and Meliá (3.33%), the percentage may vary after the board of directors is held. shareholders, since it is planned to analyze the number of people that form part of the body.
The new law, which will be submitted to the Congress of Deputies, seeks to promote “balanced participation” within this corporate governance body, in such a way that the representation of each sex does not exceed 60% either. Something that Cellnex Telecom does not currently comply with either. 63% women.
Among those that already exceed the 40% barrier, Redeia stands out, which reaches absolute parity with 50%, as well as Amadeus (45%), whose percentage may change after the meeting, although it is foreseeable that it will remain above 40%. From the one led by Rodrigo Buenaventura considering that the evolution in recent years in this aspect has been positive, but believes that it is still insufficient and focuses on executive positions and senior management, where the disparity is higher.
During 2022, the proportion of women on the boards of listed Spanish companies as a whole will exceed 30% for the first time in their history, despite the fact that more than 40 companies have not yet exceeded this level. In this regard, the Executive has established a maximum period of 25 months, that is, until June 2025, for listed companies with a capitalization of more than 500 million that are not part of the Ibex to adapt to the regulations, a date that will be extends until 2026 for those whose stock market value is lower.