Number of new non-executive board members on listed companies doubles – more women and overseas citizens
The number of new inexperienced non-executive board members at companies listed on Portugal’s stock market Euronext has doubled to 80% of the total compared to a European average of 39%.
This is the surprising conclusion from Board Monitor Europe 2023 – a study from Heidrick & Struggles.
“Portugal is now the European country with the greatest number of non-executive board members”, says Stefano Salvatore, the Iberian market director for the US consultancy in an interview with the business daily Negócios.
“This shows that administrative boards are appointing new blood and that the new faces sitting on boards are increasingly from more diverse (backgrounds), not just in terms of sex, but also in terms of age, experience, nationality, and skills”.
All of the 14 countries analysed reveal these trends with 12 more acting board members on Portuguese boards (75%) than the European average (63%) and the least number of retirees (25%) in Europe.
“It also came as a pleasant surprise to see the large increase (in Portugal) of non-executive board appointments this year on companies listed on the Euronext PSI-20.”
Portugal appointed the most women to boards (67% of the total), unlike Poland which was at the other end of the table with 25% with the European average at 49%.
“This is a good sign of the progress made by company equal opportunities policies at Portuguese listed companies”, adds Salvatore.
The other interesting fact was that the number of foreign board members has grown considerably to 42% of appointments compared to 28% in 2022 “again reinforcing a diversity of know-how and experience that company boards are seeking at the moment and who are meeting the needs and ambitions not only of companies but society as a whole”, he adds.