Gender Diversity On Danish Boards Is Moving Too Slowly

New data from Erhvervslivets Tænketank shows that Danish boards have become more gender-balanced since 2018.

On the surface, the trend looks positive.

Yet, the same report reveals a reality that is harder to swallow:
Denmark remains last in the Nordics when it comes to gender diversity in boardrooms - and progress is uneven, especially outside the listed company sector.

The report bestyrelser-i-forandring-2025 analyzes developments from 2018–2024 across both listed companies and large non-listed companies. Through quantitative data and interviews with leading Danish board professionals, it identifies four key barriers that still shape access to the boardroom.

Progress - but not for everyone

The numbers show clear improvement:‍

In non-listed companies (100+ employees), the share of women increased from 15% → 19%. Boards with no women decreased from 49% → 39%

In listed companies, the share of women increased from 17% → 25%, and boards with no women decreased from 34% → 19%

But despite these improvements four out of ten large non-listed companies still still have exclusively male boards.

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What's Holding Back Gender Diversity On Danish Boards?

Barrier 1: Lack of formal frameworks

Companies with targets, reporting structures, and transparency have significantly higher female representation.

In non-listed companies — where such frameworks are often absent — women have a 22% lower likelihood of being appointed to a board role compared to men.

Regulation and visibility matter. If neither exists, progress slows down.

Barrier 2: The expectation of CxO experience

CxO roles, especially CEO experience, act as a de facto entry ticket to many board positions.

But if in 2025 only 18% of CEOs in Denmark are women and only 25% of C-suite roles are held by women - how can women gain enough experience?

When companies define “board-ready” strictly through past executive titles, the candidate pool becomes structurally skewed  even before recruitment begins.

Barrier 3: Network-based recruitment

Board appointments in Denmark are still heavily driven by personal networks, not open processes.

The stats are in here as well : men currently have an average of 4.3 prior board connections, while women have 2.8

Networks reproduce themselves. Homogeneous boards tend to appoint new members who look like the existing ones, often unintentionally, but they still do.

Barrier 4: A skewed leadership pipeline

Gender disparities begin early in careers and compound over time.

For every 100 men who receive their first promotion, only 81 women advance.
By the time companies look for executives with senior leadership experience, the female talent pool has already thinned.

This is a systemic issue that no single board can solve alone — but boards play a critical role in encouraging change.

Diversity strengthens boards - but only if activated

Interviewed board chairs and directors are consistently clear:

Diversity improves decision quality - but only when managed intentionally.

Mixed boards benefit from: broader perspectives, fewer blind spots, as well as richer strategic discussions

But diversity also requires structured processes and conscious facilitation.
Representation alone is not enough. This is exactly what Jørgen Vig Knudstorp was telling us on Board Summit in August 2025.

What boards can do now

The report highlights four practical levers for change:‍

✅Set clear goals, and follow up

Visibility drives accountability. This applies equally to non-listed companies.

✅Broaden the definition of “relevant experience”

Competencies like digital transformation, sustainability, commercial strategy, and organizational development are increasingly critical — and not limited to former CEOs.

✅Professionalize and structure recruitment

Ask headhunters for gender-balanced shortlists, transparent search criteria, candidates beyond traditional networks. Make diversity an explicit expectation, not an afterthought.

✅Strengthen the leadership pipeline

Boards can track diversity at management levels, request more inclusive talent development programs, and later monitor internal promotions and succession planning.

Talent is built, not born. Boards can significantly influence how it’s cultivated.

Conclusion: Progress will not happen by accident

Denmark is moving, but not fast enough.
Boards hold enormous influence over the future of Danish business, and their composition is not just about fairness - it’s about performance.

If companies want to compete stronger strategically, innovate faster, and govern better, the next step is clear:

Gender diversity must be a deliberate, structured, and strategic priority - not simply an intention

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