Zagreb, March 7, 2025 - The Zagreb Stock Exchange, for the eighth consecutive year, is among over 100 global stock exchanges where the symbolic ringing of the bell marked the start of trading in honor of International Women's Day.
The event was organized in collaboration with the Global Compact Network Croatia, the local network of the global UN initiative for corporate sustainability, the UN Global Compact. The global theme of this year’s event is “Ring the Bell for ALL Women and Girls: Rights. Equality. Empowerment.”
The bell was rung by Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange; Tereza Rogić Lugarić, State Secretary of the Ministry of Finance; and Ana Pašiček, Executive Director of the Global Compact Network Croatia, in the presence of the presidents and members of management, as well as other participants representing organizations and institutions from the capital markets.
Statistics are still not in favor of women: globally, women hold only 23% of board seats, 12% hold CFO positions, and only 5% hold CEO positions in G20 countries. Meanwhile, studies show that companies with higher diversity at the executive level perform better in terms of profitability and long-term value creation.
A new report from the World Economic Forum (WEF) estimates that women will not achieve equality with men for another 152 years, a less favorable estimate compared to last year’s report. Additionally, despite significant efforts by companies to improve gender equality, progress has stagnated, with positive indicators growing by only 1% since 2022.
From 2015 to 2023, there has been a slight increase in the share of women in the management and supervisory boards of companies listed on the Stock Exchange, but the average remains low (15% for management boards and 22% for supervisory boards). The proportion of issuers with no female board members during this period is very high, showing an upward trend (71%).
Gender equality is one of the core values of the EU, and a significant milestone is the adoption of the Directive on Women on Boards, which aims to improve gender balance in the management boards of the largest publicly listed companies in the EU. The directive mandates that by mid-2026, EU member states increase the proportion of women in executive positions, requiring companies to have at least 40% women on their supervisory boards and 33% of all executive positions filled by women.
Investors are increasingly sensitive to ESG elements in investments, and gender equality is an important issue in this context. Unfortunately, 70% of companies on the Zagreb Stock Exchange have no female board members, even though the Zagreb Stock Exchange and HANFA Code require issuers to set targets for the percentage of women in management and supervisory boards to be achieved within the next five years. Each target must be disclosed in the annual report, along with an explanation of why it was chosen and a plan to achieve it. The good news is that 89% of companies have set a target percentage of female board members, but only 34% have achieved it, indicating room for progress, said Ivana Gažić.
Gender equality is crucial for a more resilient and successful economy. While progress is being made, women remain underrepresented in leadership positions, and the gender pay gap and access to capital remain challenges. It is time to accelerate change - through concrete measures, we can ensure equal opportunities for all women in the financial sector and beyond, added Ana Pašiček.
The OECD strongly supports gender equality - economies are more resilient, productive, and inclusive when gender inequalities are reduced, and women’s equal participation in all areas of life is actively promoted. Therefore, the OECD promotes gender equality as one of the themes that should represent a strategic interest for member countries.
UN member states have agreed on 17 Sustainable Development Goals to be achieved by 2030, with Goal 5.5 specifically related to gender equality: Ensure full and effective participation of women and equal opportunities for leadership at all levels of decision-making in political, economic, and public life.
Ring the Bell for Gender Equality is a global event held at many stock exchanges worldwide to raise awareness of the important role the business sector plays in improving gender equality, with the aim of achieving the Sustainable Development Goals and promoting the empowerment of women. The event is organized by the UN Global Compact in collaboration with UN Women, the Sustainable Stock Exchanges Initiative (UN SSE), the International Finance Corporation (IFC), and the World Federation of Exchanges (WFE).
The Zagreb Stock Exchange is a member of the UN Sustainable Stock Exchanges initiative (UN SSE) and is committed to the global sustainable development goals within capital market services.
