Gender parity on the boards of directors of Spanish banks stagnates at 40%, according to EY

MADRID, 15 Ene.

Gender parity on the boards of directors of Spanish banks stagnates at 40%, according to EY


The gender proportion on the boards of directors of the five main financial institutions in Spain remained practically constant during 2023, with a slight decrease from 40% in 2022 to 39.4% last year, according to the EY European Financial Services Boardroom report. Monitor.

This study analyzes 84 European financial institutions and aims to trace the profile, experience and qualifications of the members of the boards of directors of the MSCI European Financials index, to observe how they are updated and adapted to the demands of investors.

Regarding Spain, the total number of members in the five councils included in the study registers an increase of one person, reaching 71. The new appointments, however, continue to tip the balance towards the male side, since in 2023 two of every three new councilors are men. If the analysis is extended to the last two years, five of the eight incorporated directors are also men.

At the European level, men continue to be the majority on the boards of the financial entities monitored, with a percentage of 57% male and 43% female.

Furthermore, 31% of listed European banks still report less than 40% female representation on their board, a level that is below that required by June 2026, when Directive 2022/2381/EU on the gender balance on company boards, requiring all companies in EU member states to achieve a female representation target of 40% for non-executive boards or 33% for all board members.

The partner responsible for EY Financial Services in Spain, Pedro Pérez Iruela, maintains that diversity within the boards of directors "drives improved results."

"Despite the complexity that the composition of this body may entail and the difficulty in finding profiles that include all the necessary skills and experience, this cannot imply gender imbalance," he explains. And he adds that "40% female representation on boards of directors is a minimum on which to build, not a goal to achieve."

The sustainability section reflects a "moderate" growth in terms of the inclusion of directors with experience in this field. The study indicates that throughout 2023 the percentage of board members who have ESG competencies reached 11.3%, which represents a slight increase compared to the 10% registered in 2022.

In this area, women are a more frequent profile and represent 62.5% of directors with this type of capabilities. The number of directors with senior management experience remained on the same upward line, rising 2% throughout 2023 and reaching 57.7%.

Regarding the average time that members remain on the council, the report also reflects a notable difference based on gender. In 2023, female directors held their positions for an average of 73 months, slightly less than the 75.3 months of the previous year. For their part, directors averaged 87 months in their positions, an increase compared to 85.6 months in 2022.

Finally, in terms of average age, male directors (65.9) are noticeably older than female directors (60.3). These figures mark a slight increase compared to 2022, when the average age of men was 64.4 years and that of women was 58.6 years.