WOMEN in executive functions and in the board of directors of publicly-listed companies have increased between 2020 and 2022, though still underrepresented, according to a study by the Philippine Women’s Economic Network (PhilWEN) and Philippine Business Coalition for Women Empowerment (PBCWE).
The study, conducted in August last year, showed women occupying the C-Suite in the management of listed companies now account to 40 percent of functions in a company’s executive leadership teams.
Women chief executive officers (CEO) now number 32 as of 2022 compared to just 24 in 2020, with many of them found mostly in the services, industrial and property sectors.
Women, meanwhile, comprise 21 percent of listed companies’ board of directors as of 2022, the survey showed, when two years prior women board of directors are just at 18 percent.
PhilWEN and PBCWE, however, said most women in executive positions only occupy functional or support roles, as women CEOs remain underrepresented in the board and stand at just 13 percent.
The survey showed only 2 percent of large firms and none of the small and medium-sized firms have a balanced number of male and female board members.
Eight in 10 women CEOs were recruited from within the company and mostly came from line roles, the study noted.
The census is part of PBCWE’s ongoing advocacy for gender equality, diversity and women’s economic empowerment, which it said provides a “compelling evidence that increased representation of women in key leadership positions leads to improved business performance and sustainability.”
Aurora Geotina-Garcia, PCBWE chairman, said the survey calls on stakeholders to embrace gender equality as a driver of sustainable growth.
