The Ethos Foundation, which represents pension funds in Switzerland, is strengthening its demands regarding the representation of women on boards of directors, with many Swiss companies still far from the target of 30% women set by law for 2026 .
This foundation, which regularly intervenes in the general meetings of companies listed on the stock exchange, now intends to oppose “the re-election of the president of the nomination committee (or of the board of directors if such a committee does not exist ) when there are not at least 30% women on a board of directors,” she said in a press release on Wednesday.
“This tightening responds to a worrying situation,” adds this foundation which has updated the guidelines for its voting instructions for the 2025 general meetings.
Swiss companies had, by law, five years to reach a quota of 30% women on their boards of directors by January 1, 2026, recalls this foundation. But many are “still far from the mark,” she warns.
At the end of the 2024 general meetings, the companies in the SMI index, which brings together the 20 large capitalizations of the Swiss Stock Exchange, had on average 36% women on their boards of directors, according to a study carried out by this foundation. .
On the other hand, this figure stood at 28.8% on average for companies in the SPI, the broad index of the Swiss Stock Exchange, according to this study which highlights that with only one year to go before the deadline the majority of these companies has still not reached this 30% target.
“Even more worrying, 36 SPI boards of directors do not include any women,” notes this study.
In the European Union, a directive adopted in 2022 requires that at least 40% of non-executive director positions or 33% of all director positions be held by women by July 2026 in large listed companies on the stock market with more than 250 employees.
Based in Geneva, the Ethos foundation brings together more than 250 Swiss pension funds and institutions. In particular, it offers them voting recommendations for general meetings.
This foundation, which updates the guidelines for its voting instructions each year, also intends to tighten its requirements regarding the accumulation of mandates. It will now oppose the election or re-election of an administrator without executive activity as soon as he or she holds more than four mandates, compared to five previously.
