Literature Review Women on boards and in TMTS and firm performance58 age for the EU 27 with an 18 percent share of women in top executive positions in its largest listed firms European Commission 2012 Scandi navia was clearly leading the field Finland came first with a percentage of 29 percent followed by Latvia 28 percent and Sweden 26 percent Least women are found on executive boards in Hungary Portugal 7 percent each and Malta 4 percent However positions on supervisory and execu tive boards seem to have been added up As FidAR Frauen in die Aufsichtsräte an association promoting an increase of women on supervisory boards shows in its periodical surveys the share of female executive board members in Germany s 160 listed DAX companies4 has slightly increased from 3 7 percent in 2012 to 5 2 percent in 2015 The percentage of female supervisory boards has developed significantly better during the same period Female representation increased by 50 percent from 14 2 percent in 2012 to 21 4 percent in 2015 FidAR 2012 2015 Very small growth rates of women in top manage ment positions and low speed of realization re kindled the debate on a statutory quota The grand coalition of CDU CSU and SPD in power since 2013 had agreed on the introduction of a women s quo ta for supervisory boards in its coalition negotia tions in 2014 On March 6 2015 the German par liament Bundestag voted for the introduction of a women s quota by a large majority On March 27 2015 the German Federal Council Bundesrat approved the act on the introduction of a quota The women s quota is actually a gender quota intended to enable equal participation of women and men in executive positions in business and public administration The act obligates employers to consider the under represented gender in most cases women to a greater degree The act which took effect on January 1 2016 consists of three pillars Bundestag 2015 First listed companies which are subject to full co de termination must meet a gender quota of 30 percent when filling a vacant post on the Super visory Board In the case of failure to meet the quota the post must remain unfilled At the time of the act s approval 108 listed stock corpora tions Aktiengesellschaft AG and partnerships limited by shares Kommanditgesellschaft auf Aktien KgaA were affected by this regulati on Second supervisory and executive boards of companies that are listed or subject to co deter mination are obligated to set targets and time frames for increasing the ratio of women in ma nagement positions Supervisory boards have the duty to set targets for their own supervisory and the executive board Executive boards are obli ged to set targets for the top two management levels In all cases timeframes for achievement must not exceed five years The group of firms affected consists of 3 500 companies of diffe rent legal forms Besides AG KgaA and Socie tas Europea Europäische AG SE these legal forms also include limited liability companies Gesellschaft mit beschraenkter Haftung GmbH or registered cooperatives eingetragene Genossenschaft eG As stated in the ex planatory memorandum of the act pressure on firms to set ambitious targets with short time frames is created by introducing reporting requirements in parallel Bundestag 2015 Companies concerned are obligated to disclose targets and timeframes and to report trans parently and regularly on progress respecti vely reasons for non achievement within the framework of their Declarat ion of Corpo rate Governance Third regulation also applies on public service The Federal Administration 4 Four major indizes together comprise 160 German listed companies that trade on the Frankfurt Stock exchange In terms of market capitalization and order book volume DAX30 comprises the 30 largest German listed companies followed by the 50 next lar gest firms listed in MDAX followed by further 50 firms listed in SDAX Index TecDAX comprises the 30 largest German technology stocks Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 58
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