Although the European Commission and member states began to address board gender diversity since 2012, progress towards the suggested 40% target has been mixed. From an investors’ perspective, although high-level legislative steps have been taken to improve board diversity, due to the way each country has chosen to implement the recommendations, there is considerable variety in disclosures, which can make voting decisions and analysis complex.

In this regulatory briefing of Board Gender Diversity in Europe, Minerva’s analysts take a look at the gender diversity requirements and recommendations on a country-by-country basis across the main European markets and identify key areas for action next AGM season.

Minerva’s research shows that, on average, women now account for just under a quarter (24.48%) of board roles in Europe. France, Sweden, Norway, Italy, and Finland are notable as being the only markets in which women account for over 30% of board roles. Elsewhere, progress has been very slow with Greece and Poland stuck at representation below 10%.

Although the diversity leaders have made good progress in non-executive roles, the progress is not mirrored in executive roles. Only Belgium and the Netherlands have managed to get above 10% female executive representation with just 13.6% and 10.21% respectively.

Board Gender Diversity in Europe regulatory briefing is available to purchase now!


£ 55.00 for non-subscribers

£00.00 for subscribers (to download it here)

Telephone: +44 (0)1376 503500 | Email:

Minerva’s regulatory briefings look at new and emerging issues from the UK and Continental European perspective.  Available from Minerva’s shop:

• UK Regulatory Roundup 2018 (Governance Reforms)
• Board Gender Diversity 2018
• Investment Association Remuneration Guidelines
• Employee Board Representation in Europe

Coming Soon

• Board evaluation practices
• Board independence
• Cyber-security
• Climate-change disclosures

Last Updated: 31 October 2018