The proportion of women on boards in Sweden has decreased, the Second Swedish National Pension Fund (AP2)’s Female Representation Index 2024 shows.

The index covers Swedish companies listed on the Nasdaq, with the percentage of women on boards dropping to 35.5 per cent, from 36.1 per cent in 2023 and on par with 2022 at 35.4. However, the proportion of women in listed companies' management teams, on the other hand, increased from 26.4 per cent to 28.8 per cent, which is the highest level measured since the survey started in 2003.

During the past 10-year period, the proportion of women, both on the boards of listed companies and in the management teams, has increased by approximately one percentage point per year. During the period, the proportion of women on boards increased by 10.8 percentage points, but the trend levelled off during the second half of the period. The proportion of women in management teams has increased by 10.4 percentage points, and it continues to increase at a steady pace even in the later years of the survey.

Of the 356 companies examined in AP2’s Female Representation Index 2024, the number of female board chairpersons decreased from 34 to 32, which corresponds to 9 per cent of the companies. The number of women CEOs is also decreasing, 42, down from 45. The proportion of companies with a female CEO thus amounts to 11.8 per cent.

"We have seen steady growth in the proportion of female board members since we introduced the Female Index in 2003. Unfortunately, the increase has levelled off in recent years and this year it is decreasing somewhat. The companies have some way to go to reach the goal of 40 per cent women on the boards," AP2 CEO, Eva Halvarsson, said – referring to the goal set out by the Swedish Corporate Governance Board of having 40 per cent combined board representation for the least represented gender.

"It is gratifying that our Female Index shows that the proportion of women in management continues to increase, which is an important factor for there to be a good recruitment base for female board members in the future," Halvarsson added.

"Diversity is an important issue for the fund and is one of five focus areas within sustainability. The fund's starting point is that companies that work with diversity, equity and inclusion not only take sustainability issues very seriously but are also more competitive and thus create better value.”

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