The latest report entitled “Gender diversity in the Argentine capital market” prepared by the National Securities Commission revealed that although the measurements begin to close the gender gaps in the labor market, many of them still persist. As to participation in directories of companies under the Public Offering Regime, women only held 14.3% of the positions in 2021, but they represented 40% of the personnel with certified suitability.
Perhaps the most promising finding in the report was that 41% of people with certified suitability in the capital market in 2021 were women of the total of 11,774 people registered with that denomination and of the 18,534 jobs held. However, other data shows that the gap is still wide.
As to participation in directories of companies under the Public Offering Regime, women held only 14.3% of positions in 2021 against 85.7% of men. Although the data is not encouraging, it is gradually beginning to shrink. In 2020 the participation was 12.4%, in 2019 it was 12%, and in 2018 it was 11.6%.
graphic 1 women’s day.png
“The trend for the inclusion of women in the board of directors that is taking place in Argentina is not only a local phenomenon, but is in line with a behavior that occurs in a good part of the world,” the CNV stated. In this sense, the Principles of Corporate Governance established by the OECD and the G20 recognize the importance of including these debates in the boards and in the senior management of companies.
For its part, the International Labor Organization highlighted that gender policies allow “…companies to access talent, improve their reputation, take advantage of diversity of thought for better decision-making and innovation, and have greater penetration in markets where female management is increasing”.
In turn, the ILO, echoing the data from the company McKinsey Global Institute, stated that if women had the same participation as men in the economy, the potential boost to the global economy could be $28 trillion, or 26% of global GDP per year. In the case of Latin America, the potential boost to GDP could be $2.6 trillion, or a 34% increase in annual regional GDP.
In addition, the European Institute for Gender Equality, estimated that the member states of the European Union could increase GDP per capita by up to 10% implementing measures that tend to gender equality both in the economy and in society.
At the regional level, the international consulting firm McKinsey & Company carried out a study in 2013 on 345 companies in 6 countries in Latin America, Argentina, Brazil, Chile, Colombia, Mexico and Peru. Those companies whose boards included at least one woman obtained better results compared to those composed only of men.. In particular, the study showed that the former had a 44% higher return on capital and that its profit margin, before interest and taxes, was 47% higher.
companies with women on their boards
As to companies that have women on their boardsthe gap is still wide with respect to men but, as happened with other measurements, it begins to narrow over the years. In 2019, 62.3% had a female presence through including them in the directories, in 2020 it was 63.5% and in 2021 it was 68.8% of 205 companies in total.
positions women
About, the CNV clarified in its report that “taking into account that between 2020 and 2021 the number of companies analyzed fell by 7.7%, it stands out the 15% increase in the number of women who hold positions on the board of directors with respect to the previous year, which denotes that In companies there are more and more women on the board of directors”. In nominal numbers, this meant an increase from 241 to 273 women, out of a total of 1,915 people with managerial positions.
It should be noted that in the world ranking of the World Economic Forum (WEF) Gender Parity Index, which measures parity between men and women in key areas such as health, education, economy and politics, Argentina managed to go from position 41 in 2006 to position 34 in 2017, out of a total of 144 countries. The latest WEF12 report, from March 2021, places Argentina almost unchanged in 35th place, but out of a total of 156 countries.
age range
In this regard, the CNV clarified that “on the one hand, the percentage of women under the age of 35 who hold a managerial position continues to be low, representing only 3.5%, even being 1.5% lower than the previous year. For other side, in the middle age ranges, that is, between 35-45 and 45-55, there was a percentage growth of 2.6% and 2.2% respectively, with the 45-55 age range being the most representative (34.6% )“.
Source: Ambito
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