Women on Boards: No More Excuses

This white paper draws on the perspectives of 130 senior women leaders, the majority of whom hold C‑suite or board-level positions. Their collective experience offers a rare and authoritative lens on why women remain underrepresented at the highest levels of business leadership in Europe and why the status quo is no longer defensible.

Key findings

• This is a demand problem, not a supply problem. On a scale from 0 (pure supply issue) to 100 (pure demand issue), respondents rated the cause of underrepresentation at an average of 76, firmly on the demand side.
• The excuses have run out. Eighty percent believe all the building blocks for female representation are already in place, and 78% say organizations hide behind claims of “not finding qualified women” rather than making a genuine effort to look.
• Board appointment processes lack transparency. More than 60% view the process as opaque, with just 8% describing it as fully transparent.
• Perceptions at the top shape the pipeline. When senior women believe the system is biased, it discourages aspiring leaders and risks becoming a self-fulfilling prophecy.
• Quotas and diversity work. Strong majorities support board quotas, report that women change boardroom dynamics, and link diverse boards to better decision-making.

Practical options for progress

There are clear grounds for optimism. Regulatory pressure, notably the EU’s Women on Boards directive, is driving change, and the ethical and commercial case for gender-balanced leadership is unequivocal. What remains is the will to act—by recognizing the powerful women already in place and by removing the structural and cultural barriers that still deter others from advancing. The evidence presented here points to practical options for progress, not only for today’s leaders but for the generations to come.

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