For just over 20 years, AP2 has measured the proportion of women on boards and in executive management teams and published the Female Representation Index. For 2023, the proportion of female board members in companies listed on Nasdaq Stockholm continues to increase and now amounts to 36.1 (35.4) per cent. This is the highest level measured since the survey started.

For the first time, the percentage of women on the boards of listed companies is now over 36 per cent, increasing from 35.4 per cent to 36.1 per cent. The stated goal of 40 per cent women on boards has still not been reached, but 43 per cent of the companies reach the target and as many as 85 per cent of the companies have a share of over 25 per cent of each gender.

For the first time since 2010, the percentage of women in listed companies’ management teams has decreased from 27.2 per cent to 26.4 per cent.

The number of female board chairpersons also increases slightly and is now 32 (30) and the number of women who are CEOs increases to 45 (43). For primary listed companies, the number of female board chairpersons has increased from 29 to 32 and from 41 to 44 female CEOs. The percentage of female CEOs this year amounts to 12.5 per cent, which is an increase from 12.1 per cent last year.

“I find it gratifying that our Female Index shows that the proportion of women on boards continues to increase, and that 38.6 per cent of newly elected members are women, which is higher than among the total number of female members. But it is worrying that the trend regarding the increase of women in management is broken”, says Eva Halvarsson, CEO of AP2.

“It is once again interesting to note that nomination committees with women are positively correlated with boards with a higher proportion of women. Companies without a nomination committee have a lower proportion of women on the board than other companies”, says Eva Halvarsson.

Within all market capitalization groups, the proportion of women on the board is increasing. The highest share is found in large cap, where the share amounts to 39.0 (37.7) per cent. This is followed by mid cap with 35.4 per cent (34.8) and small cap with 31.2 (30.6) per cent.

The percentage of women on boards in all listed companies, if the CEO is excluded from the board, amounts to 37.6 per cent. On the boards of primary listed large cap companies, the percentage of women amounts to 39.3 (40.4) per cent if the CEO is excluded from the board.

Background to AP2’s Female Representation Index
AP2 has since 2003 conducted an annual survey to determine the proportion of women at middle management level, in executive positions and on the boards of listed companies. This year is the first time AP2 compiles the Female Representation Index internally, based on data from the ownership service Holdings. The survey for 2023 included 360 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 Female index – Andra AP-fonden (

Read the entire Swedish report.

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 360 companies included in the survey listed on NASDAQ OMX Stockholm, unless otherwise specified.