The Mexican Institute for Competitiveness (IMCO) analyzed 184 companies to find out what progress there is in positions for women on boards of directors, and estimated that It will not be until 2052 when parity is achieved in companies for senior management positions.
In Mexican companies, it is still a challenge to place women in board positions, according to a study by IMCO, published on its official website.
It indicates that progress to achieve gender equality in the labor market continues to be slow, since women “They continue to be underrepresented in companies, especially in senior positions.”
Likewise, according to the Organization for Economic Cooperation and Development (OECD), Mexico is the third country with the lowest presence of women on boards of directors, only after Estonia and Hungary.
The IMCO, in collaboration with Kiik Consultores, analyzed 184 companies listed in the capital and debt markets listed on the Mexican stock exchanges in 2022.
In its third edition, they deduced that there is progress, although not significant, in female participation in higher-ranking positions. “These are slow, because if we continue with the current trend, parity will be achieved in the boards of directors within 30 years.”
Advances in representation of women in the business sector
Boards of directors. The representation of women on boards in the business sector is still low. On average, Only 13% of seats on boards of directors are occupied by women, one percentage point more than in 2021.
3.7% of them are independent directors, which indicates the low possibility of accessing a board without having a direct relationship with the company or being a shareholder.
7% of boards of directors are chaired by a woman.
24% of companies have a board made up exclusively of men, three percentage points less compared to the previous year.
Few women hold management positions in companies
Relevant addresses. General management is the top management level with the fewest women. In Mexico, 4% of general management positions are occupied by a woman, a phenomenon that occurs even in countries with greater gender equality.
Women represent 13% of the total relevant management, that is, the general management, finance and legal areas.
Compared to 2021, there is a greater presence of women in the management of legal areas (25%) and finance (11%).
Only 1% of companies have women in the three relevant directorates, compared to 69% companies that have only male leadership at this management level.
Which sector has the most female presence?
The study showed that the economic sectors that have the most female participation in relevant directions are: health and public services (33%). By contrast, In the telecommunications sector, women do not have participation.
Something similar occurs on boards of directors: the public services sector has the highest female participation (24%), followed by energy (22%) and health (16%), while the telecommunications sector has the lowest participation of women on their boards (10%).
Companies, agents of change to add more women to management positions
The IMCO stated that companies have the potential to be agents of change to add more women to senior positions. “The three inclusion policies most frequently reported by companies listed on the stock exchanges are: providing continuous training (74%) – on different topics such as leadership or gender awareness –have protocols against workplace violence and harassment (73%) and implement a diversity policy in work teams (57%)”.
To accelerate change and add more women to the labor market, especially in senior management and boards of directors, IMCO proposes:
Measure and identify the hierarchical level where women’s talent is lost, but above all understand the causes behind it. Improve the reporting of information with a gender perspective, both in the guidelines established by the National Banking and Securities Commission and what the broadcasters report. Institutionalize the corporate governance of family and public companies including gender metrics. Implement good practices for the inclusion of women, for example, labor flexibility or have leadership commitment to gender equality.
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