The proportion of women on the boards and in executive positions at listed companies continues to increase and Large Caps are leading the way

AP2’s Female Representation Index for 2018 shows that the proportion of women represented on the boards of companies listed on NASDAQ Stockholm continues to increase and is now at 33.9 (32.2) percent. The proportion of women in executive positions is also increasing and in this year’s survey it was 23.2 (21.7) percent. Large-cap companies account for the largest proportion of women on boards and in executive positions with 37.7 percent and 25.8 percent respectively.

“Large-cap companies are really leading the way and the proportion of women on boards and in executive positions are 37.7 percent and 25.8 percent respectively. Excluding CEOs, the proportion of women on the boards is 39.8 percent and 41.2 percent for primary listed,” says Eva Halvarsson, CEO of AP2.

“It is gratifying to note that 44.9 percent of newly elected board members today are women. At the same pace of change as the last five years, it will take 12 years for boards to comprise 50 percent women, and 24 years for 50 percent of executive positions to be filled by women. I think it shows that nominating committees and companies are well on the way to achieving gender equality on boards and management groups, irrespective of legislation,” says Eva Halvarsson.

The proportion of women on the boards of all listed companies on NASDAQ Stockholm, excluding CEOs, is 35.5 (33.8) percent while for primary listed companies it is 36.3 (35.2) percent.

The number of companies with a female Chairman of the Board increased during the year from 19 to 28. The proportion of companies with a woman as Chairman is 8.8 (6.2) percent. The proportion of female CEOs has increased significantly during the year, from 15 to 27, representing an increase of 80 percent. However, as a proportion of all CEOs, it is still a low level of 8.4 (4.9) percent.
Since 2002, the proportion of women in listed companies has increased from 6.1 percent to 33.9 percent (+ 27.8 percent) while the proportion of women in executive positions increased from 11.1 percent to 23.2 percent (+ 12.1 percent).

Of the 320 companies in the survey, 243 have at least 25 percent women on the board compared with 224 companies in 2017.

The sectors Financial Services and Consumer Goods have the highest proportion of women in their boards, 38.6 percent and 36 percent respectively. Financial Services and Healthcare have the highest proportion of women in management, 33.3 percent and 29.4 percent respectively. The sector Utilities have the lowest proportion of women in boards and boards, 11.1 percent and 0.0 percent, followed by Oil & Gas, where the proportion of women is 22.5 percent in boards and 10 percent in management. 

Background to AP2’s Female Representation Index
AP2 has since 2003 conducted an annual survey with 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 2018 covered 320 primary and secondary listed companies on NASDAQ 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.
AP2 Female Index 2018. (PDF document, 2,5 MB)

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

The figures refer to all companies listed on NASDAQ Stockholm, unless otherwise specified.