The Spanish Securities Commission has published 2025 corporate governance data showing that women held 37.52% of board seats across listed companies at year-end, up one percentage point from 2024. Sixty-four of 112 listed companies, including 27 Ibex 35 members, had reached or exceeded the 40% board representation target introduced by Organic Law 2/2024, and 16 companies had boards that were at least 50% women. Board representation remained uneven by company size. The Ibex 35 average was 42.19%, compared with 37.82% at companies with market capitalisation above EUR 500 million and 31.74% at the rest. The 40% requirement applies from 30 June 2026 to the 35 largest listed companies by market capitalisation and from 30 June 2027 to all other listed companies. The Commission said only three of the largest companies remain below the 2026 threshold and each would need one additional woman director to comply. In senior management, excluding directors who also hold executive roles, women held 25.18% of positions, only slightly above 2024, while women accounted for 9.87% of executive directors. Twenty-three listed companies had no women in senior management.
Spanish Securities Commission (CNMV)2026-05-18
Spanish Securities Commission reports women hold 37.52% of listed company board seats in 2025 with 64 firms at or above 40%
The Spanish Securities Commission’s 2025 corporate governance data show women held 37.52% of board seats across listed companies, with 64 of 112 issuers, including 27 Ibex 35 members, meeting or exceeding the 40% representation target under Organic Law 2/2024. Only three of the largest companies remain below the 2026 threshold and each needs one additional woman director to comply. Women held 25.18% of senior management roles (excluding director-executives) and 9.87% of executive directorships, while 23 listed companies had no women in senior management.