The latest study on the composition of listed company boards in Finland 2023 offers interesting insights into the current landscape of boardroom diversity. You can download the complete study here and watch the event recording.
Demographics of Board Members
A notable finding from the study is that the average board member is a 56-year-old man from Finland. This demographic highlights the prevailing trends and areas needing improvement in board diversity.
- Women constitute 30% of board members.
- 9.7% of chairpersons are women.
- A significant majority, 77%, of board members are Finnish citizens.
- Change is happening faster than in previous years
An example of progressive gender representation is the Fondia legal firm, which boasts a 50% female composition on its board despite operating in a male-dominated industry. Discover more about Fondia’s approach here and how they have made it.
Why is Board Diversity Important?
Evidence strongly suggests that diverse boards make better decisions and perform more effectively. Additional insights on this topic can be found here by Jonna Louvrier, Includia Leadership.
Areas for Improvement:
Increasing female representation: Despite 30% of board members being women, this figure falls short of the ideal. With 38% of new board positions filled by women, there’s a positive trend, yet 6.5% of companies still have no female representation.
More female chairs are needed: The number of female chairpersons (currently 9.7%) has been growing, but there is still room for growth.
International talent: Finnish companies should aim to include more international professionals on their boards to understand global markets and customers better. Currently, 78%, of board members are Finnish citizens.
Taking Action to Enhance Board Diversity:
Enhancing diversity in boardrooms requires a collective effort, whether it’s in selecting board members or applying for positions. If you are interested in working on building a diverse board, you should read an article written by Jonna Louvrier about the topic.
At Prönö, our commitment is to facilitate this change. We strive to offer equal access to board positions for all professionals, regardless of their background or connections. Our goal is to support the development of more diverse and inclusive boards, breaking barriers and creating opportunities for individuals of all genders, ages, and races.
If you are a professional looking for board positions, you can sign up to our platform for free here and be found by companies.
If you are a company looking for board members from various backgrounds, you can sign up to Prönö for free here.