The Spanish Securities Commission (CNMV) has published its latest analysis of gender representation in Spanish listed companies, based on annual corporate governance reports. At end-2024, women held 36.58% of board seats across all listed companies, up around two percentage points year on year, while IBEX 35 companies reached 41.27%, placing them above the 40% benchmark. Fifty-five of 114 listed companies met or exceeded 40% female representation on boards, 13 more than in 2023, and around one in ten reported boards with a female majority. The CNMV estimates that reaching the 40% level across the remaining 31 companies would require appointing 41 additional female directors. By director category, women represented 54.11% of independent directors, 27.10% of shareholder-appointed directors and 8.55% of executive directors. In senior management, women accounted for 24.83% of roles (26.31% in the IBEX 35), and 27 listed companies achieved 40% or more; senior management is defined as roles reporting directly to the board or the company’s chief executive and includes the internal auditor. Organic Law 2/2024 will require listed companies with the largest market capitalisation to have at least 40% representation of the less represented sex on boards from 30 June 2026, with the requirement extending to all other listed companies from 30 June 2027.

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