We have researched the largest and most traded companies in
Norway, Sweden, Finland and Denmark and took a close look at the gender balance.
Let’s start with the results from 2020.
At Sustainify we have looked at the largest and most traded companies on the stock exchanges in the following indexes; Finland H25, Norway O25, Sweden S30 and Denmark C25. These indexes are defined by the exchanges in each country and the capital of the country is represented by their first letter.
We check the decision-making layers such as the companies’ board of directors and their executive management.
Gender balance is often assumed to be less women, most men – but in some cases it is the other way around. That’s why you will hear us talk about the underrepresented gender – which is more accurate.
We’ll tell you later why gender balance is important from an investors point of view. But first – as promised the results.
In H25 we found 25 Finnish companies, in Norway we found 25 Norwegian companies and in Sweden we found 29 companies and in Denmark 24 companies. So eventhough the indexes in Sweden and Denmark are called S30 and C25, we only have 29 and 24 companies - this is because some companies have both A and B shares in the same index. We have only analyzed the same company once, but adding the Nordic companies all together we reach 103 different companies.
We see that in Norway O25 the underrepresented gender is about 33% women in the top 25 listed companies and their decision-making layers put together. Later we’ll break it down in board rooms and executive management. Norway are at the top of the Nordic countries, second is Sweden S30 with a total of 31% in 2020 and again the underrepresented gender is women. Third is both Denmark C25 and Finland H25 with a total of 29% women in the decision-making layers. But let's break down the numbers and get a closer look.
In the board rooms we are seeing a total of 11% female chairmen of the board in the top 103 listed companies in the Nordics in 2020. This is Norway, Sweden, Finland and Denmark combined.
When it comes to CEOs in the Nordic companies combined, we found 12% female CEOs.
Individually – for each country, the results are a little bit different. Again, Finland and Denmark C25 have the same results and have 4% female chairmen.
In Finland H25 they have 24 male chairmen and 1 female chairman and in Denmark a total of 23 male and 1 female chairman.
In Sweden S30 they have 4 female and 25 male chairmen a total of 16%. Norway O25 also have 4 female chairmen but 21 male chairmen and ends with the highest percentage of 19%.
You can see the individual results for 2020 in the info graphics below. We will compare with the results from previous years later.
Out of 103 companies - 92 of them are led by men - leaving 11 companies with a female CEO in charge of the daily operations.
Out of the 4 countries Norway O25 has the highest number of female CEOs at 19% in 2020. Sweden S30 has the second highest number of female CEOs with 12%.
Both Finland H25 and Denmark C25 has 9% and are at the bottom of the 4 Nordic countries.
In Executive management in the Nordic companies we found 24% women all combined.
If we look at the countries individually Norway O25 has 26% female representation in executive management, followed by the second highest out of the 4 countries - Sweden S30 with 23 %.
Denmark C25 and Finland H25 has both reached 20% and 14% of female representation in their executive management.
In the board of Directors in the Nordic companies combined we found that the underrepresented gender is women and fill up 37% in the Nordic board rooms.
If we look at the countries individually we see that Denmark C25 and Finland H25 are both at the bottom with 36% women in the board rooms. Sweden S30 companies have 38% women and Norway O25 have 39% women in the board rooms.
Sustainify have made this research since 2018 and we compare the results over time. If you would like to see the results for each of the 105 companies you can check that out as well.
As an investor we want the companies that can set the best team - they are diverse.
Have closer look here.
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