MADRID – Of the IBEX 35 Spanish companies listed on the stock exchange, fourteen do not meet the established quota of women in high positions. However, that is an improvement compared to the previous year’s figure of nineteen.
From the total of 445 top positions within the Spanish listed companies, women held 138 (31%) of the posts last year. This is the first time the target of 30% women at the top of the business community has been reached. In 2019, this number was slightly lower at 136 women.
21 Ibex 35 companies now meet the established female quota of 30%. However, this means that fourteen companies still fail to comply. Furthermore, the Spanish National Commission of Market Values (CNMV) increased this target percentage to 40% by 2022.
Fourteen companies with under 30% women
Telefónica just missed the 30%, and Acciona, Colonial, Meliá, Viscofán and Banco Sabadell are also 3% short. The percentage of women in board positions at Enagás, Naturgy, Amadeus and Bankia varies between 23-25%. Cie Automotive, ACS, Ferrovial and Solaria score worst with rates between 17-21%.
Red Eléctrica run by as many women as men
Only at Red Eléctrica is the number of men and women at the top equal after the appointment of Beatriz Corredor as an advisory and supervisory director. Caixabank and Banco Santander, both with new 40% women’s quota, follow Red Eléctrica. Not far below that are Indra, Bankinter, Cellnex, Inditex, PharmaMar, Iberdrola and Merlin Properties.
Fourteen listed companies hired more women in board positions in the past year, including energy company Naturgy, which was at the bottom of the list in previous years. One of them, Isabel Estapé, believes the percentage of women could have been higher if not for the pandemic. After all, the pandemic forced companies to set other strategic priorities.
Selection criteria are changing
According to Krista Walochik of HR consultancy Talengo, the selection criteria for filling top positions are changing. This as a result of the greater importance attached to a responsible social and environmentally friendly policy. Whereas previously the preference was often for academics, ex-politicians, lawyers and business women, now the focus is mainly on female specialists in the fields of Finance, Accountancy, ICT and Research and Development.
