Andra AP-fonden (AP2) has for 20 years measured the proportion of women on boards and in executive management teams and published AP2’s Female Representation Index. The Index for 2022 shows that the proportion of women on the boards of companies listed on NASDAQ Stockholm continue to increase and is now 35,4 (34.5) percent. This is the highest level measured since the survey started in 2002. Compared with the relatively small changes that have been in recent years, the increase is relatively large, as the share of women has grown by almost one percentage point.

The proportion of women in executive management teams in listed companies also continues to increase and this year’s increase, from 26.0 to 27.2 per cent, is the largest measured in percentage points. Over time, the trend for women in executive positions has shown much greater stability compared to the trend for boards, particularly in the last decade. However, the long-term trend is also clearly positive with regard to boards of directors.

Despite the increase in the proportion of female board members, the proportion of chairwomen of the board remains largely unchanged with 30 chairwomen in 2022 (up from 29 in the last two years). The number of women who are CEOs this year remains at 43.

“I am pleased that our Female’s Index shows that the proportion of women on boards and management team continues to increase. It shows that neither the companies nor we owners have settled down but continue to work to create a greater diversity,” says Eva Halvarsson, CEO of AP2.

“The proportion of women on nomination committees increases sharply to 22 per cent from last year’s 16.3. It is interesting to note once again that nominating committees with women correlate favourably with boards that have a higher proportion of women. Boards without nominating committees have a lower proportion of female board members than other companies,” she says.

The proportion of women on the boards of all listed companies, if the CEO is excluded from the board, amounts to 36.3 per cent. On the boards of primary listed large-cap companies, the proportion of women amounts to 40.4 (40.7) percent if the CEO is excluded from the board.

Of the 356 companies in the survey, 296 have at least 25 per cent women on the board (83.1), which is an increase of 3.2 percentage points from 79.9 last year. The share has increased from 90.5 to 93.2 per cent in large cap (+2.7%) and in small cap the increase is from 63.4 to 65.8 per cent (+2.4%). Mid cap, on the other hand, has declined by 0.8 percentage points.

Female board members have, on average, more board assignments than male directors, which could indicate a willingness on the part of companies to have more female directors, but that the number of women considered to be available and suitable board candidates constitutes a bottleneck. The pattern that women have more board assignments than men is unchanged from previous years. It should also be mentioned that the age difference between newly elected men and women has basically blurred this year from the fact that women were previously younger.

Background to AP2’s Female Representation Index
AP2 has since 2003 conducted an annual survey with ISS Nordic Investor Services to determine the proportion of women at middle management level, in executive positions and on the boards of listed companies. The survey for 2022 covered 356 primary and secondary listed companies on NASDAQ OMX Stockholm. In addition, the survey records the proportion of women who have graduated from study programmes that constitute the traditional recruitment base for management groups and boards.

For more information, please contact:
Eva Halvarsson, CEO of AP2, phone +46 (0)31 704 29 00
Ulrika Danielson, Head of Communications, phone +46 (0)709 50 16 13

The figures refer to the 356 companies included in the survey listed on NASDAQ OMX Stockholm, unless otherwise specified.