Gender diversity on corporate boards: an empirical investigation of Italian listed companies

In Italy, Law n. 120/2011 required that from 2012 corporate boards comprise at least one-fifth women, rising to one-third from 2015, against a backdrop of slow progress on gender diversity on corporate boards despite growing consensus on its benefits for economic and social performance.

To analyse the proportion and progression of female directors on Italian company boards over 2009–2014 among a sample of 60 companies listed on the Milan Stock Exchange, and to characterise the typical profile of women on these boards, including board composition, number of female directors, their power on the board, and levels of education.

Italian law was found to have produced significant effects on the composition of corporate boards. Female directors were generally of Italian ethnic origin with high levels of education (typically a master's, sometimes post-master's, degree), and were increasingly likely to be professional figures with experience — the percentage of female directors with professional qualifications, and the percentage sitting on boards of other companies, both increased consistently over the period.

The study provides a descriptive picture of gender equality in Italian corporate boards for 2009–2014, addressing questions on whether women's board participation predates the 2012 law, whether female directors hold real power, whether they represent major shareholders or external parties, and their educational profile.