Management boards and supervisory boards of Polish listed companies remain male-dominated and closed to diversity, according to data from 30% Club Poland. However, gender diversity is becoming increasingly important to investors and will soon become a legal requirement. Work is currently underway to implement the EU’s Women on Boards directive into Polish law. Multiple studies show that companies embracing gender diversity enjoy a range of benefits.
“Many studies show that the best-performing teams are those that are diverse. Companies lacking such diversity risk being less effective. People are a company’s most valuable asset, and to attract top talent, companies must open up to diversity—because the most talented individuals can come from diverse backgrounds and may not want to work in a monolithic environment,”
says Małgorzata Kloka, member of the steering committee of 30% Club Poland, in an interview with Newseria.
According to a McKinsey & Company report, global studies conducted over the past decade show that a higher number of women in senior leadership correlates with better financial performance. Companies with greater gender balance at the top are 26% more likely to outperform financially than those with few or no women in leadership.
“Companies that excel in diversity also deliver higher returns on investment, while the least diverse companies perform significantly worse,”
Kloka adds.
“Companies need to understand that spending on diversity is actually an investment in future efficiency and profitability.”
Investors and Regulations Are Driving Change
The lack of diversity in corporate leadership can also negatively impact investor perception. While still not a top criterion for all investors, more and more market players are paying attention to diversity metrics.
“Some pension funds on the Warsaw Stock Exchange are placing increasing importance on supporting diversity during board nominations. More brokerage houses now use ESG metrics when valuing companies, which include measures related to diversity,”
notes Kloka.
“Banks and financial institutions are the key groups pushing for ESG compliance, including diversity. They often rely on surveys and scoring systems and are eager to fund projects that support social and environmental goals, such as issuing green bonds or sustainability-linked debt.”
This growing pressure from investors and lenders may drive internal change within companies. A second major driver is upcoming regulation. Poland is currently preparing to implement the EU Women on Boards directive. Starting January 2026, the largest listed companies with State Treasury involvement, and six months later, other large listed firms (with over 250 employees and meeting certain financial thresholds), will be required to meet gender quotas on management and supervisory boards.
“For the first time, we’ll have a legal framework regulating gender diversity in corporate governance. While it seems the Polish implementation will focus more on reporting obligations and compliance with diversity policies rather than harsh penalties, this will still significantly change the playing field,”
Kloka says.
“For many companies, this directive will be a strong incentive to rethink their approach to diversity and implement relevant policies. Even companies not legally bound by the directive may feel the pressure to improve. It could also affect how firms communicate with shareholders and financial institutions.”
Government Guidelines and Monitoring
In early March, Poland’s Ministry of State Assets (MAP) issued guidelines to support women’s career development and facilitate the directive’s implementation in state-owned companies. These guidelines target GPW-listed firms and large enterprises, but the ministry hopes they will inspire broader adoption.
According to the document, companies should focus on three main areas:
- Data collection and setting KPIs for boards
- Transforming HR’s role
- Creating family-friendly workplaces
The guidelines also recommend that management boards submit a gender balance policy for approval at the general meeting. MAP plans to monitor progress, and compliance will be one of the criteria used to assess management performance.
How Companies Can Prepare
“Companies must prepare for the implementation of the Women on Boards directive and can take various actions now. When it comes to supervisory boards, they should start engaging with shareholders and begin adapting over the next two appointment seasons,”
says Kloka.
“It’s also worth reviewing senior management structures, recruitment plans, and vacancies—and planning ahead with diversity requirements in mind when hiring for top leadership positions.”
The draft law also grants the right to compensation for individuals who are unfairly excluded due to discriminatory selection criteria. It also gives the Polish Financial Supervision Authority (KNF) the right to impose fines of up to 10% of a company’s annual revenue for failing to comply.
“At 30% Club Poland, we prefer positive incentives and advocate for showing companies that diversity has real business value. In the UK, for example, female board representation grew from 12% in 2010 to over 40% today, without hard legislation—just voluntary action and advocacy.
But in Poland, despite strong support from many organizations, educational and mentoring projects, and committed diversity leaders, progress has stalled. Over the last five years, women’s representation in corporate leadership has increased by only 3 percentage points. That suggests stronger regulatory measures may be necessary here,”
concludes Kloka.
Gender Diversity by the Numbers
According to 30% Club Poland:
- In WIG20 companies, women’s representation fell by 0.8 percentage points last year, down to 22.1%
- In mWIG40 companies, the figure was 22%, with a notable 3.5 percentage point increase
- In sWIG80 companies, female representation fell by 0.9 percentage points, down to a symbolic 14.9%
These numbers reflect the ongoing challenges in achieving gender parity at the highest levels of Polish business leadership.
