DAX firms surpass the female quota but with a caveat.
Female representation in supervisory boards of the top 40 most valuable German companies has risen to over 40% this year, which is a significant improvement. However, the majority of chairmanships remain anchored in men. An assessment by the HR consultancy Russell Reynolds demonstrates that women in these supervisory boards tend to handle subjects that are conventionally regarded as "soft" in both business and politics.
The study suggests that the number of women on DAX (Deutscher Aktienindex) supervisory boards has seen a surge, surpassing the 38.6% figure from the previous year. DAX companies are now fulfilling the 30% gender quota requirement for supervisory boards, a legislation that came into effect in 2016 for listed companies with parity representation. Germany stands at seventh position, with France leading the pack at around 46% female supervisory board members.
Interestingly, Russell Reynolds' latest report states that more women were elected to the role of supervisory board members than men, for the second consecutive year. Four DAX companies have women account for the majority of their supervisory boards - Vonovia, Beiersdorf, Hannover Re and Zalando. Additionally, women constitute more than 50% of the members on the supervisory boards of Bayer, Commerzbank, and Covestro. In total, 24 out of the 40 companies have women holding more than 40% of their board positions.
Taking on "soft" subjects with women
Surprisingly, only two of the DAX companies have a woman in a supervisory board position, while only a fifth of the supervisory board committees have female chairpersons. However, the study reveals that when it comes to considering topics that are deemed "soft" in corporate and political frameworks, the proportion of women far exceeds the average. The report states that half of the DAX supervisory boards feature sustainability experts, with three-quarters of these roles being held by women.
In terms of monetary rewards, being a part of a DAX supervisory board is financially lucrative both for men and women. The average remuneration for the 2023 fiscal year was recorded at €200,000, a 7% increase when compared to the previous year. Russell Reynolds is a global executive search and consulting firm headquartered in the United States, with offices in 47 countries.
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Despite DAX firms surpassing the female quota in supervisory boards, women continue to primarily handle subjects categorized as "soft" in both business and politics. Furthermore, a significant number of DAX companies have women leading in the area of sustainability, with more than half of these roles being held by women.
Source: www.ntv.de
