Gender (in)Equality Act and large Spanish Corporations

This policy paper presents an analysis of the current situation of female representation on the boards of Directors of the 35 largest publicly listed Spanish companies. Whenever possible, it compares the situation in 2013 to that of 2007, the year in which the “Gender Equality Act” was passed. The law stated that in 2015 it would assess progress and decide whether or not to introduce more drastic measures or implement further actions if necessary. The paper finds there is still a long way to go until gender equalityis reached. Female representation on the boards is still below the EU-28 average and more importantly well below the 40% objective the Spanish Government set in 2007 to be met in 2015. Moreover, even though female board members are paid on average less than male board members (even when comparing in the same job position and the same company), they are younger and more educated than their male colleagues. An analysis of the Spanish situation and of the EU context suggests that the only way forward is through binding legislation (i.e. gender quotas with sanctions for non-complying companies).