The Netherlands has more women in councils of supervisory directors. At the same time, the number of listed companies that achieves the women’s quota is decreasing. “The law is different and therefore confusing,” says professor Mijntje Lückerath.
Of the 82 listed companies that the Netherlands has, 85 percent have enough women at the top this year. Last year that was 89 percent. This is evident from the Female Index Board 2025 , an annual study by the Tilburg professor Lückerath.
The total share of women in the Supervisory Board (Supervisory Board) has increased to 44 percent this year. That increase can be seen in the graph below.
“For many companies, the quota does not seem leading, but a lower limit,” says Lückerath. ABN AMRO, Wolters Kluwer, data company Hydratec and technology company Nedap even have more female than male commissioners.
Companies deal strategically with quota
But there have also been three companies that no longer reach the quota. These are Aalberts, OCI and Vopak. The total number of companies that do not adhere to the quota is twelve. “Aalberts and Vopak both have a vacancy because of the departure of a female commissioner and therefore probably only temporarily do not pay,” says Lückerath.
Furthermore, a male commissioner stepped in just before the shareholders’ meeting. There are also examples of women who boarded just after the shareholders’ meeting. During such a meeting, shareholders can vote on new appointments. The moment a sitting commissioner boards, this has consequences for the percentage of women at the meeting.
For example, at bus company Ebusco the share of women rose from 25 percent one month for the shareholders’ meeting to the required 33 percent. This was due to the resignation of a male commissioner. The minutes of that meeting state that thanks to that retirement there was no more obstacle to the appointment of a man, Chen Li, according to Lückerath’s research.
Ebusco further indicated that there was a compelling strategic interest, since Li was put forward by lender Gotion. According to the law, a company can make an exception to the quota if there are compelling reasons.
The law does not provide clarity about when the number of men and women should be turded. “With that you force companies to take strategic steps,” says Lückerath. The authors of the law probably assumed that companies would no longer fall under the norm once they had enough women on board, the professor suspects.
Board of directors is much more masculine
There is no quota for the board of directors. The number of female members is growing a lot slower there, up to 17 percent this year. This year, 57 companies have no woman on the board, while together they have hired 21 men.
“A director is often at the end of the career ladder and comes from the company itself,” says Lückerath. “When choosing a new driver, much more aspects play than the desire for more diversity, such as the size of the pond to fish.” Commissioners are sought outside the company, so there is more choice.
Lückerath does not think that the quota from 2021 is the cause of a more equal man-female ratio in the Supervisory Board. “We were almost there. It is a bit of symbol legislation.”
Although fewer companies adhere to the quota, the professor remains positive about emancipation within companies. “It is no longer of this time to all have the same types of people at the top. I all see intrinsically motivated companies that want more diversity.”
The Netherlands Has More Women on Supervisory Boards. At the same time, the number of listed companies Meeting the Women’s quota is decreasing. “The Law can be interpreted differently and is therefore confusing,” Says Professor Mijntje Lückerath.
Of the 82 listed companies in the Netherlands, 85 percent Have Enough Women at the Top This Year. Last year that was 89 percent. This is accordance to the female index board 2025 , An Annual Study by Tilburg Professor Lückerath.
The Total Share of Women on the Supervisory Board (RVC) has been Increased to 44 percent this year. That increase can be seen in the graph below.
“For many companies, the quota does not seem to be leading, but a lower limit,” Says lückerath. ABN AMRO, Wolters Kluwer, Data Company Hydratec and Technology Company Nedap Even Have More Female Than Male Commissioners.
Companies are strategically handling the quota
But there are also three companies that no longer meet the quota. These are Aalberts, Oci and Vopak. The Total Number of Companies that do not comply with the quota is Therefore Twelve. “Aalberts and Vopak Both Have a vacancy Due to the Departure of a Female Commissioner and are Therefore Probable only temporarily not complying,” Says Lückerath.
Furthermore, a male commissioner resigned just before the shareholders’ meeting. There are also examples of women who resigned shortly after the shareholders’ meeting. Duration Such A Meeting, Shareholders Can Vote on New Appointments. The moment a sitting commissioner resigns, this therefore has consequences for the percentage of women at the meeting.
For example, at bus company ebusco, the share of women increased from 25 percent to the claimed 33 percent One month before the shareholders’ meeting. This was due to the resignation of a male commissioner. The minutes of that meeting state that thanks to that resignation there was no longer an obstacle to the appointment of a man, chen li, accordance to Lückerath’s research.
Ebusco Further Indicated that a significant strategic interest was Involved, as Li was Put Forward by Financier Gotion. Accordance to the law, a company may make an exception to the quota if there are compelling reasons.
The law does not provide clarity about when the number of men and women must be counted. “This Forces Companies to Take Strategic Steps,” Says Lückerath. The Drafters of the Law Probable Assumed That Companies would No Longer Fall Below The Standard Once They had Enough Women on Board, The Professor Suspects.
Board of Directors is Much More Male
There is no quota for the board of directors. There, The Number of Female Members is Growing Much More Slowly, to 17 percent this year. This year, 57 companies do not have a single woman on the board, while together they have hired 21 men.
“A director is of at the end of the career ladder and comes from the company itself,” Says Lückerath. “When chosing a new director, many more aspects play a role than the desire for more diversity, such as the size of the pool to fish from.” Commissioners are Sought Outside the Company, Giving More Choice.
Lückerath does not think that the 2021 quota is the cause of a more equal male-female ratio in the supervisory board. “We were almost there already. It’s a bit of symbolic legislation.”
AltheHe Fewer Companies Are Adhering To The Quota, The Professor Remains Positive About Emancipation Within Companies. “It is no longer appropriate to have all the same types of people at the top. I see all intrinsically motivated companies that want more diversity.”