In Europe, Italy is second only to France in terms of female representation on boards.
According to data from the EY European Financial Services Boardroom Monitor, in fact, 43.5% of Italian boards of directors of players in the financial and insurance sector are women.On French boards, the percentage is 46.6%.
This is followed by the Netherlands (42.2%), Germany (39.7%) and Spain (39.4%). In 2023, however, new female appointments to the boards of European financial institutions decreased compared to the previous year, and 44% of new directors are women, down from 51% in 2022. Companies in the financial services industry have used the new appointments to integrate technology and sustainability expertise into their boards. Also according to the study, in fact, of the directors appointed in Italy in 2023, 36% have experience in technology, compared to 19% last year, while 24% brought expertise in the ESG/sustainability field.
"The lower growth rate of women on European boards compared to last year must be read in the light of the increase that has occurred in previous years and the gradual achievement of the threshold of 40% of non-executive director positions occupied by women, as provided for by the Women on Boards Directive to be implemented by 2026", comments Stefano Battista, Italy Financial Services Market Leader at EY. "In Italy," he adds, "the current regulations already provide for compliance with this threshold and therefore the real challenge for our country will be to obtain similar percentages for top management figures as well."
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