SELECTIO Index 2026

Will the new EU Directive drive the growth in the share of women on boards?

For more than 20 years, the SELECTIO Index has measured the share of women on the management boards of companies included in the CROBEX stock index. In 2026, the Index rose to 23.8%, compared to 22.5% in the same period last year. This year’s results come at a pivotal moment, as companies prepare for the EU Gender Balance on Corporate Boards Directive. Under the Directive, the underrepresented gender, most often women, must account for at least 40% of supervisory board members or at least 33% of all members of management and supervisory board. Some companies will need to introduce significant changes to meet the Directive’s targets before it comes into force in June.

Croatian companies still below European averages

Although Croatia is gradually approaching the European average in the share of women on corporate boards, the gap remains significant. According to the FTSE Women Leaders Review 2026, women hold 44.4% of board positions among the 100 most significant companies listed on the London Stock Exchange. Meanwhile, the European Institute for Gender Equality (EIGE) for 2025 reported that women account for 35.8% of board members in the largest publicly listed companies across the EU.

The number of companies within the CROBEX index led by woman as CEO remains at four, unchanged from last year. These companies are: AD Plastik d.d. where the President of the management board is a woman and also its sole member, Brodogradilište Viktor Lenac d.d. where the President, a woman, accounts for 33% of the management board, Podravka d.d. where women make up 40% of the management board and Hrvatski Telekom d.d. where women represent 29% of the management board.

The percentage of CROBEX companies with no women on their management boards, the so-called “zero companies”, decreased by 7 p.p. compared to last year and now stands at 35%. In contrast, during 2025 all 100 leading companies listed on the London Stock Exchange had at least one woman on their board.

“Data from the SELECTIO Index clearly show that progress is too slow and that share of women in management and supervisory bodies is still not a standard of corporate governance in Croatia. The coming months provide organizations with an opportunity to prepare systematically before pay gap and gender representation data at management levels become subject to regular reporting, and, in cases of non-compliance, a source of business and reputational risk,” said Aleksandar Zemunić, Director of SELECTIO Group.  

Only 13% of women in science

Equal representation of women and men is not only a challenge in the private sector but also in the public sector. In politics, the current composition of the Croatian Parliament shows a decline in the share of women, now at 32%, comparable to the EU (33.2%). The share of women in science, measured by their share of full members of the Croatian Academy of Sciences and Arts (HAZU), has also slightly decreased compared to last year and now stands at just 13.95%.

Pay Transparency Directive

In addition to the EU Gender Balance on Corporate Boards Directive, Croatian employers will also face the implementation of the EU Pay Transparency Directive in June. Under this Directive, the pay gap between women and men for equal work or work of equal value must not exceed 5%. Data collected in 2026 will serve as the basis for public reporting on pay gaps beginning next year. Based on the current state of transposition of the Pay Transparency Directive in EU Member States, most countries that have drafted legislation are currently planning partial transposition, while Croatia has not yet begun preparing its own legislative framework.

Organizations investing in equality achieve better business results

A clear indicator of progress toward meeting the Directive’s requirements is visible among companies holding the Employer Partner certificate, which has been awarded for 20 years for excellence in human resource management. These companies have, on average, 25.7% women on their management boards. Board structures among these companies vary. In some, such as Pliva Hrvatska d.o.o. and Fresenius Kabi, management boards consist entirely of women. Nexi Croatia has 83% women on its board and is led by a woman CEO, GRAWE Hrvatska d.d. and Jadran Galenski laboratorij d.d. each have 66.7% women on their boards, also led by a woman CEO, while Zagrebačka pivovara d.d. reports 66.7% women on its management board. According to McKinsey, companies with more than 30% women are significantly more likely to outperform those with lower share of women. The main challenge continues to be increasing the number of women in leadership positions, although in some industries dominated by women, the underrepresentation of men is the primary concern.

“It is important to emphasize that the path toward meeting the Directive’s criteria is long and requires a systematic, strategic approach rather than merely fulfilling quotas. Fundamental requirements include well-structured HR processes and measurable KPIs that ensure equal opportunities and remove potential barriers. This includes equal opportunities for development and advancement, a balanced approach to talent and succession pool management, and the deliberate building of gender balance at managerial levels from which future board and supervisory board members are recruited. Equal Pay Champion holders systematically and continuously develop inclusive work environments where eliminating the gender pay gap for work of equal value, along with gender balance, contributes to governance quality, sustainability, and competitiveness,” said Lara Šubić Šuša, Head of HR Consulting at SELECTIO Group.

A further indicator of growing organizational investment in equality and fairness is the increasing number of Equal Pay Champion certificate holders. For the third year, SELECTIO has recognized organizations with remuneration systems aligned with the principle of equal pay for equal work. Last year, 22 companies received the certificate, including A1 Hrvatska, Addiko Hrvatska, Atlantic Grupa, CEMEX Croatia, Coca-Cola HBC Croatia, Fresenius Kabi Ltd, Generali osiguranje d.d., HEINEKEN Croatia, Croatian Telecom Inc., JGL d.d, JT International Zagreb Ltd, Kaufland Croatia, KONČAR, METRO Cash & Carry Ltd, Nestlé Adriatic, Nexe d.d., Nova TV d.d., PLIVA, Podravka Inc., Porsche Croatia, Privredna banka Zagreb d.d., and Sandoz d.o.o. These companies systematically monitor equality indicators, from gender representation to pay gaps, and some were among the first in Croatia to analyse pay gap data and develop action plans to reduce disparities. The number of Equal Pay Champion certificate holders is expected to increase this year, with the official announcement to follow at the award ceremony on 13 March 2026.