MÜNCHEN (dpa-AFX) - In the executive suites of the ninety largest companies listed on the Frankfurt Stock Exchange, gender equality suffered setbacks last year. Contrary to the long-standing trend, the proportion of women on the executive boards of companies listed in the Dax and MDax indices slightly declined in 2025, according to findings by the consulting firm Russell Reynolds.
Significant Differences Between Companies
In the Dax, 25.5 percent of executive board members are currently women, 0.2 percentage points less than a year ago. Four Dax companies stand out as exceptions, each with a female board representation of over 50 percent: Beiersdorf, Merck, MTU, and Siemens Healthineers. Porsche and Brenntag are at the bottom of the table, with no women sitting on their executive boards.
Decade-Long Trend Ends
In the MDax, the proportion of top female managers fell by 0.4 points to 19.5 percent. According to Russell Reynolds, this marks the end of a ten-year trend during which more women joined the executive boards of major listed companies each year. The analysis also found that female board members are disproportionately likely to head human resources departments—without leading operational business units.
Study Author: Equality Not Achieved
Aside from that, Germany and Sweden are, according to the study, the only two nations among nine European countries where progress for top female managers has reversed. Norway leads the way, with women making up well over a third of executive boards. In terms of female representation, the Dax ranks sixth, while the MDax is second to last, just ahead of Italy at the bottom.
"The international comparison, the distribution of power on executive boards, and the shorter tenure of women clearly show that structural equality in German executive suites has still not been achieved," said study author Jens-Thomas Pietralla./cho/DP/zb
