Celebrating the Women who Smash the Glass Ceiling

In Greece, it was recently announced that, following extensive consultation, legislation is to be introduced to ensure mandatory participation of at least 33% of women on the Boards of Directors. Written by Christina Georgaki(pictured), Founder and Managing Partner at Georgaki and Partners Law Firm”.

Specifically, this will be a requirement of large listed companies, unlisted public limited companies and public enterprises that meet specific financial criteria. 

This follows the introduction of a directive from the European Parliament in 2022, known as the ‘Women on Boards Directive’, requiring listed companies to implement quotas to increase gender diversity on corporate boards throughout the European Union by 2026. 

Similarly to in Greece, the new rules will require publicly listed companies to disclose the status of their board’s gender balance figures.

Whilst some may sneer at the public conversation around this, the statistics speak for themselves – having women on company boards is good for business.

A report from Forbes in 2018 suggested that data has shown a strong correlation between gender diversity on boards and higher financial performance, with one study concluding, “Clearly, financial measures excel where women serve on corporate boards.”  

Likewise, the Financier has stated that “research by credible organisations like Credit Suisse, McKinsey and Catalyst have demonstrated higher levels of gender diversity in leadership result in stronger financial performance”. 

Indeed, McKinsey’s study showed that companies in the top quartile for gender diversity on executive teams were 25% more profitable than their counterparts, and companies with more than 30% women executives were more likely to outperform companies with those with fewer female executives.

Yet, whilst progress is being made, the number of men on boards still greatly outweighs the number of women.

Last year, men held nearly three-quarters of total board seats at large- and mid-cap companies throughout the world, down roughly a percentage point from 2022. 

But the world of business should be heartened by recent news that FTSE 350 companies have met target of 40% Women on Boards three years ahead of 2025 deadline. 

Meanwhile, in January 2025, 42.8% of FTSE100 and 42.6% of FTSE350 directorships were occupied by women and just over half of all new FSTSE100 board appointments were women (53%).

The progress made in the move to ensure wider female representation at board level was hard-fought by women who experienced lower pay and fewer job opportunities than their male counterparts.

The work they have done as trailblazers has created the conditions for other women who work hard to aspire to a seat at the top table. 

In the month of International Women’s Day, let’s use the opportunity to celebrate the women who smashed that glass ceiling in male-dominated industries and rose to the top with the odds stacked against them. They are the heroines of our time.