The share of women in the management of CROBEX companies increased to 23.8 percent

SELECTIO Women’s Index has measured the share of women in the management of companies within the CROBEX stock index for over 20 years, and in 2026, it increased to 23.81 percent, compared to 22.54 percent from the same period last year. The results of this year’s Index come during the preparation for the implementation of the Directive on Gender Equality in Leadership Positions, which states that the underrepresented gender, most often women, should make up at least 40 percent of the members of supervisory boards or at least 33 percent of all members of management and supervisory bodies. Some companies will need to implement significant changes to achieve the Directive’s goals before it comes into effect in June.

Companies in Croatia still below European averages

Although Croatia is gradually approaching European averages for women’s representation in company management, the gap remains significant. According to The FTSE Women Leaders Review for 2026, the share of women in the management of the 100 most significant companies on the London Stock Exchange is 44.4 percent, while the European Institute for Gender Equality (EIGE) from 2025 records 35.8 percent of women in the management of the most significant companies listed on stock exchanges in the European Union.

The number of companies with a female CEO within the CROBEX index has remained unchanged from last year, totaling four. These companies are: AD Plastik, where the CEO is the only member of the management, Shipyard Viktor Lenac, where the CEO constitutes 33 percent of the management, Podravka, where 40 percent of the management are women, and Hrvatski Telekom, where women make up 29 percent of the management.

The percentage of companies within the CROBEX index that have no women in management, known as zero companies, has decreased by seven percent compared to last year and currently stands at 35 percent, while all 100 most significant companies on the London Stock Exchange had at least one woman in management during 2025.

– The data from the SELECTIO Women’s Index clearly shows that progress is too slow and that equal representation of women in management and supervisory bodies is still not a standard of corporate governance in Croatia. We have a few months ahead of us in which organizations can systematically prepare before data on pay disparities and the representation of women in management positions become a subject of regular reporting and, in case of shortcomings, present a business and reputational risk – emphasized Aleksandar Zemunić, director of SELECTIO Group.

We record only 13 percent of women in science

Gender equality in representation is not only a challenge in the private sector but also in the public sector. In politics, according to the current composition of the Parliament, the representation of women has decreased to 32 percent, which is comparable to the share of women in the politics of European Union countries (33.2 percent). The representation of women in science, measured by the share in the regular membership of the Croatian Academy of Sciences and Arts (HAZU), also shows a slight decline compared to last year, standing at only 13.95 percent.

Directive on Pay Transparency

In addition to the implementation of the Directive on Gender Equality in Leadership Positions, Croatian employers are also expecting the implementation of the Directive on Pay Transparency in June. According to this directive, the pay gap between women and men for equal work or work of equal value must not exceed five percent. Data collected in 2026 will serve as the basis for public reporting on pay disparities that will begin next year. According to the current state of transposing the Pay Transparency Directive in EU member states, most countries that have drafted laws currently plan partial transposition of the Directive, while Croatia has not yet begun preparing its own legal framework.

Organizations investing in equality also record better business results

A good indicator of progress towards meeting the requirements of the directive is companies that have the recognized Employer Partner certificate, awarded for excellence in human resource management for 20 years, which on average have 25.7 percent of women in management. The management structures among these companies vary: in some, such as Pliva Hrvatska d.o.o. and Fresenius Kabi, the management consists exclusively of women, while Nexi Croatia has 83 percent representation of women and a female CEO, GRAWE Hrvatska and Jadran Galenski laboratorij have 66.7 percent representation of women and a female CEO, and Zagrebačka pivovara records 66.7 percent of women in management. According to McKinsey, companies where the representation of women exceeds 30 percent are significantly more likely to financially outperform companies with a lower share of women. The primary challenge remains increasing the representation of women in management positions, while in rare cases, in industries with a predominantly female workforce, there is a challenge of underrepresentation of men.

– It is important to emphasize that the path to achieving the desired criteria of the directive is long and requires a systematic, strategic approach, not just mere quota fulfillment. Key prerequisites are well-structured HR processes and measurable KPIs that ensure equal opportunities and the removal of potential barriers, which implies equal opportunities for development and advancement, a balanced approach to talent management and succession planning, and a conscious effort to build gender balance at managerial levels, from which future members of management and supervisory boards are recruited. Equal Pay Champion holders systematically and long-term develop an inclusive work environment, where, along with eliminating gender pay gaps for jobs of equal value, gender balance contributes to the quality of governance, sustainability, and competitiveness – stated Lara Šubić Šuša, Head of HR Consulting at SELECTIO Group.