The magical date is about to arrive without having achieved the goal. The Spanish companies listed on a Stock exchange are more peer-to-peer from a year ago, but not enough. To the 35 that fluctuate in the Ibex, which are the most advanced in the area of corporate governance, it has to appoint eleven advisers for the whole of their boards of directors have a 30% of women, as indicated in the Code of Good Governance, approved in 2015. Currently, of the 456 managers that guide the strategy of these organizations, 126 are women, which leaves the percentage at the close of 2019 in the 27,63%; near, although below the recommended threshold. And with some companies, such as Naturgy, with a huge red light lit.
But as the reports of corporate governance that have analysed the evolution of the companies have a time lag of a year, corresponding to 2020 will not be delivered to the National Commission of the Market of Values (CNMV) until the beginning of 2021. The regulator stock market give you some oxygen during the coming months for the quota is met and that final photo is satisfactory. In fact, so expect the experts consulted. “While the numbers achieved in 2019 are depressing, there are several processes in motion and there are going to be appointments of female directors in the Ibex 35 during the first quarter of 2020,” says Loreto González, a partner of the firm of selection of senior management Korn Ferry. Its competitor Talengo also has contracts in hand.
Naturgy is the only large company that is left with a single administrator
Both scouts indicate that the majority of listed companies are taking seriously the goal of gender. “Nobody likes to go bad in the photo. Both those that believe in equality as those who believe less, they all want to meet and are working hard,” continues Gonzalez. An opinion shared by the three administrators consulted. “My perception -indicates Ana García Fau, adviser, independent of Merlin Properties – is that all the companies are more aware and doing more to increase the presence of women in their decision-making bodies. But I see no reason for the 30% target has not been reached, as there are women, very valid”. “It is very important that you think that there is a lot of talent to fill the vacancies”, supports Maite Aranzábal, manager, Adolfo Dominguez.
Women on boards of Ibex 35
No women
% female
2019
Goal 2020:
30%
Iberdrola
6
42,9
mains
5
41,7
Santander
6
40,0
CaixaBank
6
37,5
– Inditex
4
in 36.4
ArcelorMittal
3
33,3
Bankinter
4
33,3
Cellnex
4
33,3
IAG
4
33,3
Mapfre
5
33,3
Merlin Properties
4
33,3
Repsol
5
33,3
Enagas
4
30,8
Grifols
4
30,8
Indra
4
30,8
Mediaset
4
30,8
Telephone
5
29,4
Ence
4
28,6
Acciona
3
27,3
Meliá Hotels
3
27,3
BBVA
4
26,7
Aena
4
26,7
25,0
Másmóvil
3
Acerinox
3
23,1
23,1
Colonial
3
23,1
Siemens Gamesa
3
20,0
Banco Sabadell
3
20,0
Viscofán
2
18,2
Endesa
2
17,6
ACS
3
16,7
Ferrovial
2
Bankia
2
16,7
15,3
Amadeus
2
CIE Automotive
2
15,3
Naturgy
1
8,3
Total
126
27,6
Meet objective
16
Not met
19
Source: own elaboration with data from CNMV.
THE COUNTRY
Women on boards of Ibex 35
No women
% women
2019
Target 2020:
30%
Iberdrola
6
42,9
mains
5
41,7
Santander
6
40,0
CaixaBank
6
37,5
– Inditex
4
in 36.4
ArcelorMittal
3
33,3
Bankinter
4
33,3
Cellnex
4
33,3
IAG
4
33,3
Mapfre
5
33,3
Merlin Properties
4
33,3
Repsol
5
33,3
Enagas
4
30,8
Grifols
4
30,8
Indra
4
30,8
Mediaset
4
30,8
Telephone
5
29,4
Ence
4
28,6
Acciona
3
27,3
Meliá Hotels
3
27,3
BBVA
4
26,7
Aena
4
26,7
25,0
Másmóvil
3
Acerinox
3
23,1
23,1
Colonial
3
23,1
Siemens Gamesa
3
20,0
Banco Sabadell
3
20,0
Viscofán
2
18,2
Endesa
2
17,6
ACS
3
16,7
Ferrovial
2
Bankia
2
16,7
15,3
Amadeus
2
CIE Automotive
2
15,3
Naturgy
1
8,3
Total
126
27,6
Meet objective
16
Not met
19
Source: own elaboration with data from CNMV.
THE COUNTRY
Women on boards of Ibex 35
No women
No people
in the council
management
% female
Target 2020:
30%
2018
2019
Iberdrola
5
6
14
42,9
Electrical network
5
5
12
41,7
Santander
5
6
15
40,0
CaixaBank
5
6
16
37,5
– Inditex
3
4
11
in 36.4
ArcelorMittal
3
3
9
33,3
Bankinter
3
4
12
33,3
Cellnex
4
4
12
33,3
IAG
4
4
12
33,3
Mapfre
4
5
15
33,3
Merlin Properties
4
4
12
33,3
Repsol
3
5
15
33,3
Enagas
3
4
13
30,8
Grifols
4
4
13
30,8
Indra
3
4
13
30,8
Mediaset
4
4
13
30,8
Telephone
3
5
17
29,4
Ence
2
4
14
28,6
Acciona
3
3
11
27,3
Meliá Hotels
2
3
11
27,3
BBVA
4
4
15
26,7
Aena
3
4
15
26,7
Másmóvil
2
3
12
25,0
Acerinox
3
3
13
23,1
Colonial
1
3
13
23,1
Siemens Gamesa
6
3
13
23,1
20,0
Banco Sabadell
3
3
15
Viscofán
2
2
10
20,0
18,2
Endesa
2
2
11
17,6
ACS
3
3
17
Ferrovial
2
2
12
16,7
Bankia
2
2
12
16,7
15,3
Amadeus
2
2
13
CIE Automotive
2
2
13
15,3
Naturgy
1
1
12
8,3
Total
110
126
456
27,6
Meet objective
16
Not met
19
Source: own elaboration with data from CNMV.
THE COUNTRY
What is certain is that during 2019, the big companies have printed speedily to the recruitment of female directors. And has been noted in the percentage female reached at the Ibex, which has gone from nearly 24% in 2018, to exceed 27%. 16 managers have been sitting on new chairs of the governing bodies of these companies. And 16 are going to finish the year in compliance with the recommendation of gender equality. Iberdrola, Red Eléctrica, Santander, CaixaBank and Inditex are the most advanced of the class, with between 6 and 4 administrators. Except the manager of the electrical system, the other four have signed on to a woman in 2019.
Telephone has been the last to complete two contracts. Only ten days ago announced the entry into the council of Veronica Pascual, and Claudia Sender, from three to five administrators, the stroke of a pen and adding a new profile advisory younger and focused in the digital realm, José Ignacio Jiménez, partner of Talengo, you think that is going to blow now. Despite these signings, Telefónica does not comply with the recommendations of the CNMV. Stays at 29.4%, with what is, or incorporates another woman or reduces its council of 17 members (two more than those recommended by the regulator and the more bulky of the Ibex next to ACS, after the crop of this year in the construction company and CaixaBank) and kill two birds with one stone.
The failure of the operator has nothing to do with the starring Naturgy (a single woman among the 12 members of its council); Cie Automotive, which despite adding only two says that “considered sufficient the number of counselors”; Amadeus, Bankia), Ferrovial, ACS, Endesa, Banco Sabadell and Viscofán, with two or three and quotas among the 8% of the company headed by Francisco Reynés, and the 20% of the last two organizations mentioned. For the 19 disobedient to achieve the goal of gender would have to incorporate to 29 managers in total. Or cut back on the number of components of their councils.
Laura González Molero she is independent in three of the companies in the Ibex 35 that have some way to get to 30% of females in their organs of decision: Bankia, Viscofán and Acerinox. In his view, organizations have a firm commitment to achieve that goal and also achieve it by closing the gap of each board of directors through new profiles complementary. The president of the APD (Association for Progress in management) argues that the companies that represents “we are going to be very close to the goal. We still have time until the general meetings of shareholders, which will be when there is the addition of new female directors”, advances González Molero.
new Names
In the course of 2019, in addition to the companies mentioned above, many others have signed to counselors to begin by 2020 overtaking the recommendations of the CNMV. Are Repsol, with two hires; Bankinter, Enagas, Indra and Mapfre, with one each. Others have incorporated women without reaching the goal: the Colonial (which has given rise to three-and-low-a), Ence, to the other two; Aena, Meliá and Másmóvil (last Friday), each and every one. In total 15 firms in the Ibex have signed advisory, while only Siemens Gamesa has lost administrators, despite the fact that in its corporate governance report, 2018 boasted exceed the percentage, with 46%, “with two years in advance”. It is clear that in November of that year came the president of the company. Acciona, which usually boasts good governance, has noted a high and a low and does not reach the 30%.
The scout appreciate the improvement. In fact, they claim that many companies claim to only female candidates to fill vacancies on their governing bodies. About 70% of the mandates of Korn Ferry have been as well. There is a pressure to meet. And, in some cases, even by excel. Santander bank says in its corporate governance report in 2018, your goal is to reach the parity (between 40% and 60% of the members of the council) in 2021. Although it is the only one of the 35 it has been written. In 2019 has already exceeded 40%.
To encourage the rest, Talengo and Korn Ferry believe more than likely that the new Government give a return of nut to the regulations in order to accelerate the progress of women in the direction. It is possible that introduction of quotas of gender also in the steering committees of listed companies, where the presence of female talent is much more scarce. According to the data of the CNMV, was 16% of the total in the conjnto of the companies fluctuate on the Stock exchange in 2018, with barely any distinction between the Ibex and the rest. Be that as it may, 2020 will be an intense year in signings of women.
Many repeaters and a few executive
In the boards of directors of the largest Spanish companies to conquer the administrators independent. The executive remain five, as in 2018: Ana Botín (Santander), Dolores Dancausa (Bankinter), Vanisha Mittal (ArcelorMittal), María José García Beato (Sabadell) and Cristina Ruiz (Indra). There are four that are counselors, coordinators of the governing body and more than twenty preside over 30 commissions of audit, nomination, sustainability, remuneration…
Among the administrators 12 names max 25 positions on the boards of the Ibex: Laura González Molero (Acerinox, Bankia and Viscofán), Ana Cristina Peralta (BBVA and Colonial), Isabel Bacon (Enagás and Ence), Cristina Garmendia (CaixaBank and Mediaset), Helena Revoredo (Endesa and Mediaset), Carina Szpilka (Grifols and Meliá), María Luisa Jordá (Bankinter and Merlin), Catalina Miñarro (ACS and Mapfre), María José García Beato (Sabadell and REE), Rosa García Piñero (Acerinox and Ence), Isabel Torremocha (Indra and Repsol), and Teresa García-Milá (Repsol and banco Sabadell).
José Ignacio Jiménez, partner of Talengo, argues that increasingly companies are asking the talent managers that “they are not burned” by sitting on multiple chairs decision. “The market continues to be macho,” he says, “because it does not eliminate directors for being a part of other boards”.
Faith of errors
In a first version, it was not there the councilor appointed last Friday by MásMóvil: Cristina Aldámiz-Echevarría.
