Literature Review Women on boards and in TMTS and firm performance 57 quota still today Instead the industry has been in favor of voluntary measures In 2001 the German federal government and leading associations of the German industry made an Agreement on the promotion of equal opportunities for women and men in the private business sector known as the industry s self obligation Industry associations assured to improve women s education perspecti ves and professional opportunities as well as the reconciliation of work and family life for both mo thers and fathers through active incentive mea sures German Federal Government and German industry July 2 2011 p 2 The objective was a strong increase in the rate of employment content of women also in areas where women had been underrepresented management positions and professions of the future In this respect income disparities between men and women should be reduced Realization of the agreement was to be evaluated every two years by a joint committee composed by an equal number of members from both parties Provided that the agreement was rea lized successfully the Federal Government pledged that it would not take any legislative initiatives to ensure equal opportunities German Federal Go vernment and German industry July 2 2011 p 5 Pressure on the German industry increased when recommendations concerning female participation in leadership were added to the German Corporate Governance Code in the years 2009 and 2010 The Corporate Governance Code submitted by the Go vernment Commission and most recently updated on May 5 2015 constitutes key statutory provisi ons and contains international and national stan dards for prudent and responsible corporate ma nagement According to section 5 1 2 para 5 the supervisory board Aufsichtsrat when appoin ting executive board members should also respect diversity and in particular ensure an appropriate consideration of women Government Commission 2015 In accordance with section 5 4 1 this also applies when proposing candidates for the super visory board Likewise the executive board should pay attention to diversity again concretized by an appropriate consideration of women when filling managerial positions in the enterprise Govern ment Commission section 4 1 5 para 4 However previous research has elucidated that corporations hardly meet the self obligation and only reluctantly comply with the recommenda tions As an analysis of DAX30 annual reports 2010 yields 73 percent contain quantitative statements about female representation in the enlarged ma nagement group although management levels are not defined consistently Heidemann Land herr Müller 2013 However 30 percent do not name concrete targets for an appropriate female representation on the supervisory board Only four firms do this by stating a specific quota 23 out of 30 DAX listed companies report on women on their supervisory boards whose share is within the interval 0 to 30 percent Almost two thirds 60 7 percent of enterprises indicate for female super visory board members a proportion of more than ten percent With regard to the executive board the percentage of women is 2 2 percent in 2010 Similar evidence is provided for MDAX companies in 2012 Eggers 2014 Only every seventh su pervisory board member and no more than every fiftieth executive board member in the MDAX is female 62 percent of the 50 MDAX companies make statements on the subject of women in top management positions half of these in quantita tive form Solely eight enterprises set quantitative targets for increasing the percentage of women on executive levels Compared to the rest of Europe Germany in 2012 was slightly above the 16 percent aver Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 57
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