The proportion of women on the boards of Swedish listed companies has levelled off below the threshold for gender-balanced representation, while the proportion of women among newly elected board members has fallen significantly. At the same time, women’s representation in executive management teams continues to increase. This is shown by AP2’s Female Representation Index 2026.

The 2026 index shows that women account for 35.8 per cent of board members of listed companies, a slight decrease compared with the previous year. By contrast, women’s representation in executive management teams has increased to 29.6 per cent, the highest level recorded to date in AP2’s Female Representation Index.

“Developments on boards have, in practice, stalled. At the same time, executive management teams continue to become more gender balanced. This shows that the competence exists, but that it is not yet fully reflected in boardrooms,” says Eva Halvarsson, CEO of AP2.

AP2’s Female Representation Index 2026 also shows that fewer companies meet the threshold for gender-balanced representation, defined as neither gender accounting for less than 40 per cent. In this year’s index, 44.0 per cent of companies meet this threshold, a decrease of two percentage points compared with the previous year.

The decline is particularly clear among newly elected board members. Of a total of 252 newly elected board members, 27.4 per cent are women, representing a marked decrease compared with recent years.

“If the proportion of women among newly elected board members remains at this level, it will be difficult to achieve gender-balanced representation on boards. This underlines the decisive role played by nomination committees in driving progress,” says Eva Halvarsson.

The results point to the central role of nomination committees. As in previous years, the 2026 index shows a clear correlation between female representation on nomination committees and more gender-balanced boards. Companies with at least one woman on the nomination committee have, on average, 39.5 per cent women on their boards, compared with 32.8 per cent in companies with all-male nomination committees.

Despite this, female representation on nomination committees remains low. Women account for 16.8 per cent of nomination committee members, and more than half of nomination committees have no female members at all.

About AP2’s Female Representation Index
AP2’s Female Representation Index has been published annually since 2003 and tracks the development of women’s representation on boards and in executive management teams in Swedish listed companies. The index covers 364 companies listed on Nasdaq Stockholm and is based on data from the ownership data service Holdings. The data was collected after the conclusion of the annual general meeting season in spring 2026.

Read the full report at www.ap2.se

For further information, please contact:
Eva Halvarsson, CEO of AP2, eva.halvarsson@ap2.se
Åsa Norman, Head of Communications and Sustainability, asa.norman@ap2.se