Published July 2026. Legal and statistical references current as of the date of publication. This article is general information, not legal advice.
Two decades of board gender legislation have worked. Across Europe’s major markets, women now hold between 34% and 44% of listed company board seats: 43.8% in Italy, 44% on Dutch supervisory boards, 42.7% in the UK, around 36% on German supervisory boards. The all-male board, standard in 2010, is close to extinct.
One floor down, almost nothing has changed. Women hold 19.7% of German executive board seats, 17% of Dutch management board seats, roughly 15% of UK executive director roles. Female CEOs remain below 10% in most markets, and in Italy their number actually fell in 2025. The same companies that comfortably meet a 40% board quota run executive committees that are 80% male.
This is the executive gap, and in 2026 it has become the central question of leadership governance: regulators are starting to legislate it, investors are starting to measure it, and the supply of executive-ready women is becoming the constraint everyone competes over.
The numbers, market by market
The pattern is remarkably consistent across regulatory models.
Germany: supervisory boards of the 160 DAX, MDAX and SDAX companies average around 36% women, but executive boards stand at 19.7%, unchanged for 18 months, and the share of women among new Vorstand appointments fell to 15% (AllBright Stiftung, March 2026).
Netherlands: supervisory boards average 44% women, well above the legal one-third, while management boards sit at 17%. Only 27% of new executive board appointments in 2025 went to women, down from 33% the year before (Female Board Index 2025).
United Kingdom: 42.7% of FTSE 350 board positions are held by women, and non-executive roles are close to parity. Executive director roles are around 15% female, 9 FTSE 100 chief executives are women, and roughly six in ten leadership team appointments still go to men (FTSE Women Leaders Review, February 2026).
Italy: women hold 43.8% of board seats in listed companies, yet female board chairs fell from 24 to 21 and female CEOs from 18 to 17 in 2025 (CONSOB corporate governance report).
France: the only country that legislated the executive level. Executive committees of SBF 120 companies average 30% women, exactly the new legal floor under the Rixain law, and early declarations suggest a substantial share of companies missed it. Female CEOs stagnate around 10% (IFA-Ethics & Boards barometer, February 2026).
Belgium: boards exceed 37% women and all-male boards have nearly disappeared, but BEL 20 executive committees hover around 16%.
Boards: solved. Executive suites: stalled. Why?
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Why quotas fixed one and not the other
Non-executive seats were the easy target. Board quotas regulate roles that are, by design, appointable from outside: part-time, portfolio-compatible, filled through formal nomination processes. A qualified woman can hold several mandates at once, which is exactly what happened in the early quota years; Norway’s experience even produced a name for it, the so-called “golden skirts” phenomenon of a small group of women holding many board seats. Executive roles offer no such shortcut. They are full-time, singular, and overwhelmingly filled by internal succession from operational pipelines.
The pipeline narrows where it matters. Executive appointments reward long P&L track records, and this is where the funnel constricts. Women who do reach executive boards arrive disproportionately through functional routes: in Austria and Germany, roughly 40% of newly appointed female executive board members took finance positions (AK Frauen.Management.Report and AllBright, 2026). CFO seats are opening; CEO and COO seats, which require general management and line experience accumulated over 15 to 20 years, are not. A company that never staffed women into P&L roles in 2010 has few internal candidates for its 2026 executive committee, whatever its board looks like.
Executive selection escapes the transparency machinery. Board nominations respond to disclosure: nomination committees publish policies, proxy advisors score outcomes, and quota laws attach sanctions to the result. CEO and executive committee succession is the least transparent appointment process in the company, run internally, with no equivalent of the structured longlist, published criteria or external benchmark that board searches now routinely include. Where there is no measurement, there is no pressure.
Regulation, until now, stopped at the boardroom door. The EU Women on Boards Directive counts executive directors only in its 33% variant, and executive committees below the board are outside it entirely. Every national quota except France’s targets the board or supervisory organ. The gap is not an accident of corporate behaviour; it is the exact shape of the space the rules left open.
The rules are now moving into that space
Anyone assuming the executive layer will stay unregulated should look at the last eighteen months.
France’s Rixain law made 30% of each sex mandatory among senior executives and executive committee members of 1,000+ employee companies from March 2026, rising to 40% in 2029; persistent non-compliance can ultimately trigger a penalty of up to 1% of payroll, after a statutory period to adopt corrective measures. In December 2025, Belgium’s federal government approved draft legislation imposing a 33% quota on the executive committees of its autonomous public enterprises — parliamentary adoption is pending, with proposals to extend to listed companies under discussion. Spain’s 2024 parity law requires 40% in senior management on a comply-or-explain basis. Austria debated a binding management board rule in its 2026 reform before dropping it from the final text, over the objections of its own justice minister. And in the UK, the FTSE Women Leaders Review’s 40% target has always covered leadership teams, which is precisely where the remaining scrutiny is concentrated.
The direction of travel is unambiguous. Executive-level requirements follow board-level requirements with a lag of roughly a decade, and the decade is up.
What companies can do before the deadline finds them
The practical lesson from the board quota era is that companies which prepared early appointed from strength, while late movers competed for the same shortlist under time pressure. Applied to the executive layer, preparation means four things.
Run executive succession like a board nomination. Written role criteria, a structured longlist, and a documented comparison of candidates. This is what the EU directive already requires for board appointments; applying the same discipline one level down costs little and surfaces candidates internal habit overlooks.
Insist on genuinely mixed longlists for line roles, not just staff roles. The functional concentration data is the warning: if women only enter the executive committee through finance, legal and HR, the CEO pipeline stays closed. The test of a search is whether it produces credible female candidates for the P&L roles.
Use external hiring to break the internal arithmetic. A company whose internal pipeline reflects its 2010 staffing decisions cannot promote its way to balance by 2029. External appointments are how the Vorstand, Comex and executive committee numbers actually move within a legal or investor deadline.
Measure the sub-top and publish the number. Germany’s target-setting duty, the Dutch SER reporting and France’s Rixain declarations all point the same way: what gets disclosed gets managed. Companies outside those regimes can adopt the discipline voluntarily and own the narrative before a regulator writes it for them.
The supply side is the real constraint
Here is the uncomfortable arithmetic behind all of this: every market’s regulation and investor expectation now converges on the same, limited pool of executive-ready women, at the same time. Norway alone needs an estimated 13,000 new board members by 2028. France needs a substantial share of its large companies to rebuild their executive committees by 2029. German and Dutch companies need to reverse a declining share of female executive appointments. The companies that identify, engage and hire these leaders early will simply have more choice than the ones that start when the deadline is visible.
That is the problem CEO Worldwide and our specialist brand Female Executive Search were built for. We maintain a vetted community of more than 28,000 international executives across 183 countries and deliver a shortlist of qualified, interested candidates within 7 to 10 days, on a transparent milestone-based fee with a 6-month replacement guarantee. For female board, C-level and executive committee searches, including country-specific quota situations in France, Germany, Italy, Belgium, the Netherlands, Norway, the UK and the USA, Female Executive Search provides dedicated expertise and a deep bench of vetted women leaders.
Frequently asked questions
What is the executive gap? The gap between female representation on boards and in executive leadership. Across major markets in 2026, women hold 34% to 44% of listed company board seats but only roughly 15% to 20% of executive board and executive director positions, with female CEOs below 10% in most countries.
Why did gender quotas work for boards but not executive teams? Board quotas regulate non-executive seats, which are part-time, appointable from outside and filled through formal nomination processes. Executive roles are full-time, filled mainly by internal succession, and require long operational track records, so they depend on pipelines built over decades. In addition, almost all quota laws stop at the board: only France currently imposes a binding executive-level quota economy-wide.
Which countries regulate executive teams, not just boards? France requires 30% of each sex among senior executives and executive committee members of 1,000+ employee companies since March 2026, rising to 40% in 2029. Belgium’s federal government approved a draft 33% executive committee quota for autonomous public enterprises in December 2025, with parliamentary adoption pending. Spain requires 40% in senior management of listed companies on a comply-or-explain basis, and the UK’s voluntary 40% target covers leadership teams as well as boards.
How can companies close the executive gap? Four practical measures: apply board-style nomination discipline (criteria, structured longlists, documented comparison) to executive succession; require genuinely mixed candidate slates for P&L and line roles rather than only functional roles; use external hiring where internal pipelines cannot deliver within regulatory timelines; and measure and disclose gender balance in senior management, not just on the board.
Sources: AllBright Stiftung, March 2026; Female Board Index 2025; FTSE Women Leaders Review, February 2026; CONSOB Report on Corporate Governance 2025; IFA-Ethics & Boards barometer, February 2026; AK Frauen.Management.Report 2026; Legifrance (loi 2021-1774); Belgian federal government, December 2025; BOE (Ley Orgánica 2/2024); Austrian Parliament, Gesellschaftsrechtliches Leitungspositionengesetz (March 2026); Norwegian government estimates.
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