Women’s Representation on Nordic OMX Boards: 2020-2024

Gender diversity in corporate leadership is increasingly recognized as a key driver of innovation and improved performance. Research shows that firms with more women in senior positions are more profitable, more socially responsible, and provide safer, higher-quality customer experiences. And RRA’s own research shows that women leaders perform alongside (or, on coaching & development measures, even outperform) their male counterparts.

The Nordic region is renowned for its progressive stance on gender equality. To better understand women’s representation on Nordic OMX company boards over the past five years, Russell Reynolds Associates analyzed the OMX’s current board compositions and historical trends, with the goal of contributing to the ongoing dialogue on inclusive leadership and offering evidence-based recommendations to ensure that Nordic OMX companies continue to set a global example in corporate governance.

Since 2020, RRA has conducted the Nordic Board Study, collecting data from main four indices—OMX Copenhagen (COP 25), OMX Helsinki (HEL 25), OBX Oslo (OSLO 25), and OMX Stockholm 30 (STO 30). While there have been some fluctuation over the past five years, our analysis revealed distinct patterns regarding the presence of women on boards across the four Nordic countries:

1. Nordic boards have consistently ensured that approximately 40% of their directors are women.
2. Women board members tend to be younger and have shorter tenures compared to their male counterparts.
3. There has been little progress in women attaining key leadership positions such as committee chairs, deputy chairs, or board chairs.
4. Women are less likely to be over boarded or to serve on multiple boards simultaneously than men.

Nordic boards have consistently ensured that approximately 40% of board members are women

For several years, Nordic boards have aligned with EU Gender Equality requirements, with women comprising 40% of OMX boards in 2024 (Figure 1). In 2022, the EU mandated that by 2026, companies should aim for 40% representation of the underrepresented sex among non-executive directors—and Nordic boards have successfully complied.

The slight annual variations are primarily due to fluctuations in company compositions within the OMX. For instance, in 2024, our analysis of 98 OMX companies revealed that only three companies had no women on their boards, while 28 companies had either a 50/50 gender split or a majority of women on their boards.

Figure 1: Share of total women board members in the Nordic OMX (2020-2024)

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members.}

A detailed examination of country-specific data reveals a consistent annual increase in the representation of women on boards. Notably, Denmark and Finland have shown significant progress from 2016 to 2024, with Denmark's women representation rising from 28.0% to 40.1% and Finland's from 31.2% to 37.7% (Figure 2).

The recent slight declines from 2023 to 2024 in the share of women on OMX Helsinki (from 38.6% to 37.7%) and OBX Oslo (from 41.4% to 39.1%) can be attributed to the retirement of several prominent female board members.

Figure 2: A country-specific view of women board members’ representation in the Nordics (2016 – 2024)

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members .}

Overall, Nordic boards have maintained a balanced representation of both sexes, well in advance of any legislative mandates. However, a closer examination of women’s board careers reveals notable differences when compared to their male counterparts.

Women on boards tend to be younger and have shorter tenures compared to their male counterparts

Over the past five years, women on Nordic OMX boards have been younger than their male counterparts, with an average age difference of 3.7 years (women at 56.7 years versus men at 60.4 years). Additionally, the average board tenure for women is 3.8 years, compared to 5.3 years for men (Figure 3).

A country-specific analysis shows similar and consistent patterns in every country in both age and tenure. Denmark, Norway, and Sweden exhibit the most significant differences in age and tenure of women, while Finland has progressively narrowed the gap over recent years.

Norway has, by average, the youngest women board members (55 years), while Finland is the only Nordic country in which the average men board member is under age 60. In comparison to other three Nordic OMXs, Denmark has the oldest women directors (57.7), while Sweden has the oldest and longest serving board members across genders.

Figure 3: A country-specific view of board members’ average age and tenure by gender in the Nordics (2020-2024 averages)

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members.}

There has been little progress in women attaining key leadership positions such as committee chairs, deputy chairs, or board chairs

Despite the male-to-female ratio on boards stabilizing at approximately 60/40 over recent years, the underrepresentation of women in key leadership roles remains a concern. Although women are well-represented as committee members, and have steadily gained committee chair appointments and representation in Denmark, Finland, and Norway, significant disparities still persist.

Overall, women directors in the OMX still rarely achieve the board chair role. In Denmark and Norway, women constitute barely 10% of board chairs, while in Finland and Sweden, their representation is below 5% (Figure 4).

In 2024, women directors in Norway held 55% of deputy positions, and women directors in Finland held 39% of these roles. This is significantly higher than their counterparts in Denmark and Sweden, who hold only 17% and 11% of deputy chair roles, respectively.

Sweden remains an anomaly among the four indices. Despite having the highest amount of women board members across all Nordic countries (42%), women find it harder to reach committee, deputy chair, or chair positions, suggesting minimal upward mobility for women board directors.

Figure 4: Average share of Nordic women directors in “positions of power” (chairs, deputy chairs, committee chairs)

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members.}

Much of this disparity can be explained by men’s continued higher likelihood of holding CEO positions. Across the Nordics, an average of 45.8% of men board directors hail from CEO backgrounds, compared to 18.3% of women directors (Figure 5).

Especially in Finland, Norway, and Sweden, board chairs predominantly come from former or current CEO careers, whereas Danish boards are more flexible in this regard. Given that women are still significantly underrepresented in the CEO role, this is also impacting their underrepresentation in chair positions.

Figure 5: Men vs women OMX director backgrounds across indices (2024)

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members.}

However, there’s one exception to this underrepresentation: the audit chair. Across indices, an average 15% of women directors have CFO experience, compared to 9% of male CFOs. This has translated into women directors holding 52% of the audit chair roles across the Nordic boards, making this the only board “position of power” in which women hold more roles than men (Figure 6).

Figure 6: Nordic audit chairs by gender

^{Source: RRA Nordic Board Study, 2024, n= 90 audit chairs.}

While women’s overall representation on Nordic boards remains positive, women directors need to attain board leadership roles for the region to achieve true parity. One way to achieve this is to improve women’s representation in the CEO role. Of course, this will take time—in the interim, organizations should also consider broadening their requirements to allow for a more diverse slate of board directors.

Women are less likely to be over boarded or serve on multiple boards simultaneously than men

We found that male board directors in the OMX are more likely to be over boarded* and serve on more boards than women.

Over the past five years, data from all four indices indicate that approximately one in five men are over boarded, compared to only one in ten women (Figure 7). Conversely, approximately 70% of women board members maintain a healthy workload, compared to less than 60% of men board members.

This discrepancy is partly attributed to the higher number of men serving as chairs, but it is not the sole factor. Generally, women tend to concentrate their efforts on fewer boards, rather than overextending themselves. However, it remains unclear whether this is a matter of personal choice or a consequence of not being selected for multiple boards.

On a country-specific level over a five-year span, Denmark has the busiest board members compared to the other three indices. Denmark has more over-boarded women directors (13% in 2024) than Finland, Norway, and Sweden (7-8% in 2024).

In Sweden, the busiest male board members have gradually reduced their workloads, dropping from 28% in 2020 to 17% of the male board director population in 2024. Conversely, over boarded Swedish women’s workloads have remained consistently low over the years, never going above 8%. Whether this indicates that Swedish women directors are less willing to over board themselves, or if organizations are more open to bringing on a newer male director (instead of a more established woman) warrants further study.

Figure 7: Average workload of board members by gender across the four Nordic indices

^{Source: RRA Nordic Board Study, 2020-2024, n =731 board members.}

What’s next for Nordic OMX boards?

As stakeholders (including investors, customers, and employees) increasingly recognize the contribution and capabilities of women on boards, the growing presence of women leaders on Nordic boards is likely to positively impact an organization’s performance and reputation.

And while OMX Nordic boards are doing well on their journey towards gender parity, there is room to further improve. Women directors need more access to and representation on committees, as committee chairs, deputy chairs, or board chair positions. To achieve this, organizations need to be more open to non-CEO background board members, and be stricter about large board portfolios. As women not only tend to serve shorter terms, but men tend to hold more board seats than women, re-evaluating these parameters will very likely improve the gender balance.

Achieving parity in the boardroom offers considerable knock-on benefits. Women directors’ influence can extend beyond their organizations, driving cultural shifts across industries and markets. Though progress to this point has taken some time, the stage has now been set for exponential change across Nordic organizations—and beyond.

Author

Dr. Tommi Lankila is a member of Russell Reynolds Associates Board and CEO practice. He is based in Helsinki.