As many as 107 of the largest companies listed on the Warsaw Stock Exchange will have to adjust the composition of their corporate bodies to comply with the EU Women on Boards Directive Only 13.6% of all WSE-listed companies had women on their management boards, and 18.7% had women on supervisory boards A clear majority (75%) of WIG20 companies had at least one woman on the management board
In its latest study, “Women in the Management and Supervisory Boards of Listed Companies in Poland: Where Are We After 10 Years?”, the Foundation for Women Leadership (Fundacja Liderek Biznesu) analyzed the representation of women in the governing bodies of all companies listed on the main market of the Warsaw Stock Exchange (WSE) between 2022 and 2024.
The EU directive adopted in 2022, aimed at improving gender balance among directors of listed companies (the “Women on Boards Directive”), applies to companies headquartered in an EU member state whose shares are listed on at least one EU stock exchange. In addition, companies must employ more than 250 people, generate annual revenue exceeding EUR 50 million, or have a balance sheet total higher than EUR 43 million.
Within the WSE’s largest indices (WIG140), as many as 107 companies fall under the directive’s requirements. This includes all companies from the WIG20 index, 34 from mWIG40, and 53 from sWIG80.
Only two companies in the WIG20 index currently meet the requirements of the Polish draft law implementing the Women on Boards Directive — which mandates a minimum 33% share of the underrepresented gender (i.e., women) across both the management board and supervisory board. These companies are KRUK S.A. and Orange Polska S.A.
In the mWIG40 index, 10 companies meet the criteria, including the top five: Bank Handlowy w Warszawie S.A., ING Bank Śląski S.A., Text S.A., BNP Paribas Bank Polska S.A., and the Warsaw Stock Exchange (GPW) S.A.
No company in the sWIG80 index meets the directive’s requirements.
“Europe and Poland face challenges that demand bold decisions and concrete action. The Women on Boards Directive is a milestone in maximizing the use of available talent. The goal is to increase the representation of women in the governing bodies of listed companies. This will allow organizations to achieve better financial results and strengthen their competitive position,”
said Iwona Kozera, founder of the Foundation for Women Leadership.
For over 10 years, the Foundation has monitored the presence of women in management and supervisory boards of listed companies. Its first study in 2014 showed that women occupied seats in the management boards of only 11.5% of listed companies, and 13% of supervisory boards.
Ten years later, women were represented in the management boards of only 13.6% of companies and 18.7% of supervisory boards.
In 2024, 61.1% of WSE-listed companies had no women at all on their management board, and 32.1% had no women on their supervisory board. The share of women on management boards increased by just 2.3 percentage points compared with 2022, and only 2.5 percentage points since 2017.
The representation of women on WSE-listed companies’ management boards in 2010, 2014, and 2017–2024
Source: Foundation for Women Leadership, 2025
For supervisory boards, the share of women reached 18.7%, which is 1.1 p.p. higher than in 2022 and 3.6 p.p. higher than in 2017.
The representation of women on supervisory boards of WSE-listed companies in 2010, 2014, and 2017–2024
Source: Foundation for Women Leadership, 2025
Once again, the Foundation analyzed the three main WSE indices: WIG20, mWIG40, and sWIG80. In 2022, 55% of WIG20 companies had at least one woman on the management board; in 2024, the figure rose to 75%.
The fastest progress was recorded in mWIG40, which increased the share of women in governing bodies by 10.2 p.p. over seven years.
Representation of women in governing bodies of WSE-listed companies by index
Source: Foundation for Women Leadership, 2025
Among sectors, consumer goods led with the highest share of women on management boards in 2024 (19.9%), followed by finance (16.9%) and trade & services (15.2%).
Healthcare had the highest representation of women on supervisory boards (28.8% of all supervisory board members in the sector).
Foundation for Women Leadership Index – Progress Still Too Slow
To better assess the impact of women on corporate governance, the Foundation developed the FLB Index in 2023.
The optimal FLB score is 100 (equal gender representation), and the maximum is 200 (full representation of women).
- 2017: FLB Index = 26
- 2022: FLB Index = 28
- 2024: FLB Index = 33
“This year’s FLB Index shows that although more women are attaining top leadership roles, their representation is still insufficient. The FLB Index is not just a number — it is a barometer of change. It highlights how far we have come in building gender balance in corporate boards, and how much still lies ahead,”
said Anna Sirocka, President of the Foundation.
When ranking diversity leaders and laggards, the Foundation calculated FLB scores for WIG20 and mWIG40 companies. For the second time, Bank Handlowy w Warszawie S.A. ranked first.
FLB Index – Diversity Leaders (2024)
| Company | Sector | FLB Index | WSE Index |
|---|---|---|---|
| Bank Handlowy w Warszawie S.A. | Finance | 126 | mWIG40 |
| Orange Polska S.A. | Technology | 110 | WIG20 |
| ING Bank Śląski S.A. | Finance | 107 | mWIG40 |
| BNP Paribas Bank Polska S.A. | Finance | 100 | mWIG40 |
| Comarch S.A. | Technology | 92 | mWIG40 |
Source: Foundation for Women Leadership, 2025
Among the “laggards,” with FLB scores of zero, were companies from the automotive, technology, fuel, and energy sectors — and even some from finance.
“The Foundation’s latest report is another step toward a future where diversity becomes a foundation for success. But equality is not just about numbers. It is a culture that gives everyone the opportunity for influence and development — regardless of gender or age. Diversity is at the core of organizational success, and collaboration between women and men is the engine of the future,”
said Mateusz Pociask, Chair of the Foundation’s Program Council.
About the Study
The report was prepared using data obtained directly from the National Court Register (KRS). Only in cases where data was unavailable (e.g., foreign entities or identification of supervisory board chairs) did analysts use other publicly accessible sources.
EY – Supporting Information
EY (formerly Ernst & Young) is a global advisory, audit, tax, legal, and management consulting firm, and a member of the “Big Four” alongside Deloitte, KPMG, and PwC.
EY operates in over 150 countries and employs several hundred thousand specialists.
Headquartered in London, the firm was formed through the 1989 merger of Ernst & Whinney and Arthur Young. Since 2013, it has been known simply as EY.
EY has been present in Poland since the early 1990s and is one of the largest consulting firms on the market, offering services such as financial audit, tax advisory, transaction support, and business and technology consulting.
Source: CEO.com.pl
