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SELECTIO Index: The share of women on management boards is increasing, but we are still falling behind the European trends
The SELECTIO Index has been measuring the share of women on management boards of companies listed in the CROBEX index for 20 years. In 2025, this share stands at 22.5%, marking a slight increase from 19.4% in the same period in 2024.
According to The Female FTSE Board Report for 2024, the representation of women on the boards of the 100 most significant companies on the London Stock Exchange is 43.4%. Data from the European Institute for Gender Equality (EIGE) for 2024 shows that the share of women on the boards of the most significant publicly listed companies in the European Union is 34.7%.
Almost half of companies have no women on their management boards
The percentage of CROBEX-listed companies that do not have any women on their management boards has decreased by 3 p.p. compared to last year. Currently, 42% of CROBEX companies have no women on their boards. By comparison, all 100 of the most significant companies on the London Stock Exchange have at least one woman on their management board.
“This year marks a turning point for introducing transparent pay systems in many organizations in Croatia. To achieve gender equality, companies must foster humane working environments and ensure equal pay, and equal opportunities for promotion, recruitment, and rewards,” emphasized Aleksandar Zemunić, CEO of SELECTIO Group. According to the Directive for Gender Balance on Corporate Boards, which will be implemented into Croatian law as early as next year, one-third of all board positions should be held by women. The directive mandates that women should account for at least 40% of appointments to supervisory boards or 33% of all positions in supervisory or executive boards.
Companies recognized for HR excellence see an increase in women on boards
Around 100 companies with the Employer Partner certificate already have an average of 43.3% women in management positions. The share of women in their management boards has increased, reaching 30.5% this year. An indicator of increasing investment in gender equality is the rising number of companies receiving the Equal Pay Champion certificate in 2025, up from sixteen last year.
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