The presence of women in executive leadership and supervisory boards of companies listed on the Warsaw Stock Exchange (WSE) is on the rise. However, with the 2026 EU gender balance directive looming, urgent action is needed to accelerate progress. Could the growing emphasis on ESG and regulatory changes be the game-changer?
ESG and Regulations: A Pathway to Gender Equality
The role of women in decision-making positions is evolving as businesses increasingly recognize the importance of diversity, equity, and inclusion (DEI). While more WSE-listed companies now include women on their boards, only one in four currently meets the EU’s regulatory requirements aimed at improving gender balance. By 2026, EU directives mandate that at least 33% of board seats be filled by individuals from the underrepresented gender. In 2023, according to Deloitte’s “Women in the Boardroom” report, only 17% of Polish listed companies met this target.
The Numbers: Where We Stand
Deloitte’s report, based on 2023 data from 408 WSE-listed companies across various stock indices, highlights the growing but still insufficient female representation. Leading the way is the financial sector, with women holding board seats in 23% of companies, followed by biomedical sciences and healthcare at 22%. The consumer goods industry stands at 18%, real estate and construction at 17%, and energy, raw materials, and industrial sectors at 16%. The lowest female representation—14%—is found in technology, media, and telecommunications.
Encouragingly, progress has been noted across most sectors. Between 2021 and 2023, female representation increased in five out of six industries, with the biomedical sciences and healthcare sector leading the growth at six percentage points. The financial, real estate, and construction sectors each saw a four-percentage-point rise, while consumer goods and technology sectors posted smaller gains.
Regulations: The Driving Force Behind Change
Regulatory measures play a key role in fostering gender balance. The financial sector, subject to stricter gender equality obligations, including quotas and pay gap reporting, serves as a prime example of the impact regulations can have. Currently, nearly 25% of financial firms on the WSE have women on their supervisory boards, highlighting the effectiveness of legislative frameworks.
Despite positive trends, experts warn that without more decisive actions, progress may stagnate. “To meet the 2026 requirements, we need both regulatory support and proactive efforts from businesses. Implementing mandatory quotas and integrating diversity into management strategies are crucial next steps,” says Joanna Świerzyńska, President of Deloitte Poland.
ESG: A Catalyst for Women’s Leadership
The rising importance of Environmental, Social, and Governance (ESG) principles presents another opportunity to boost women’s leadership. Sectors such as energy and heavy industry, which have seen slower progress in gender diversity, could benefit from the increasing emphasis on sustainability reporting and ESG strategies.
Experts note that ESG initiatives often align with greater gender inclusivity, as sustainability departments tend to have higher female representation. The growing trend of appointing Chief Sustainability Officers (CSOs) to executive boards further supports this shift. “ESG is not just a compliance requirement but a strategic business driver that can create more opportunities for women in leadership roles,” says Malwina Choińska, Partner at Deloitte’s Audit and Assurance Department.
Looking Ahead: A Call to Action
To achieve the EU-mandated gender targets, Poland’s corporate sector must embrace systemic change. Companies should embed DEI principles into their core strategies, support gender equality initiatives, and enhance transparency in reporting.
“DEI is not a passing trend but a critical component of sustainable business growth and competitiveness,” emphasizes Iva Georgijew, Chair of the Board of Directors at Deloitte Central Europe.
The road ahead requires collaboration between regulatory bodies and businesses to ensure meaningful progress. With ESG at the forefront of corporate strategy, the hope is that more women will find their place in boardrooms, shaping the future of Poland’s business landscape.
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