By: Haseena Shaheed-Jackson
The landscape of global corporate governance experienced a transformative shift from 2003 to 2024. Countries worldwide implemented bold initiatives to advance board diversity and break the glass ceiling that were keeping women from leadership roles. Globally from the period 2018 to 2024, the number of companies that have a woman on the board rose from 84.9% to 96% (Egon Zehnder, Global Board Diversity Tracker 2024). This percentage looks high, but in reality, this often looks like on a board of 10 men, there may be one woman.
In 2025, statistics show a shift with progress plateauing or regressing. I conducted research to understand this shifting landscape. Let’s review the findings.
“The “glass ceiling” endures, but the response cannot be complacency or retreating.”
Leading the Charge: Europe’s Regulatory Revolution
Europe sets the gold standard for board diversity mandates. In 2003, Norway passed the Norwegian Public Limited Liability Act and France enacted the Cope-Zimmermann Law. Both laws in Norway and France, resulted in a compliance rate of over 45% by 2024. Germany implemented two pieces of legislation: The Act of Equal Participation of Women in 2015 and Men in Leadership Positions and the Second Leadership Positions Act in 2021, resulting in compliance rates of about 37% for supervisory boards and about 20% for executive boards.
Asia-Pacific: Voluntary Adoption
Asian markets through Corporate Governance Principles drove voluntary adoption, with Malaysia and Singapore achieving 23-28% female board representation (Deloitte’s 2024 Women in the Boardroom report; 2025 Board Diversity Index by Willis Towers Watson, Singapore Institute of Directors, and James Cook University). The overall rate for women on boards in Asia averages 20% with South Korea and Japan lagging further behind (CNBC, 2023).
America: Market-Driven
The United States relies on disclosure requirements and shareholder advocacy to promote gender diversity in corporate leadership. Further inroads for progression were accomplished with Nasdaq diversity rules, state-level mandates and institutional investor guidelines. California’s landmark legislation in 2018 and 2020 required gender diversity on public company boards sparking change. Both laws are no longer active since they were declared unconstitutional by California courts. In 2024, Catalyst reported in “Women CEOs” that women hold 33% of board seats in Fortune 500 companies. Recent political pressure by legislation like Executive Order 11246 signed on January 21, 2025 is dismantling and pressuring companies to curb or end their efforts to promote gender diversity in leadership.
Benefits of Gender Diversity
A 2020 McKinsey report found that companies in the top quartile for gender diversity on executive teams were 25% more likely to achieve aboveaverage profitability. Diverse boards introduce varied perspectives and experiences, which can prevent “groupthink”, foster more robust discussions, and promote thorough evaluations of alternative solutions that lead to more well-rounded and objective decisions.
Looking Forward
The progress achieved over two decades is now at risk. New female appointments have dropped from 17.2% in 2020 to 16.3% in 2022 and now 14.2% in 2024 (Egon Zehnder, Global Board Diversity Tracker 2024-2025). Despite women representing 41.2% of the global workforce (World Economic Forum, Global Gender Gap Report 2025) and the global labor force participation rate for women at 48.7%, significantly lower than the 73% rate for men (International Labour Organization 2023), systematic barriers persist. The “glass ceiling” endures, but the response cannot be complacency or retreating. Organizations must proactively champion diversity. The choice before us is simple – continue the transformation or risk falling behind.
As Founder and Executive Director of Ava’s Pathways, Haseena Shaheed-Jackson leads a nonprofit dedicated to strengthening families and communities through life coaching, health and wellness workshops, and purposeful community engagement. Her credentials include an MBA, MA, and the Distinguished Toastmaster designation. An accomplished author, Haseena has published four books: Journey to Sight, Created to Soar, Messages from the Spirit, and Reflections from Within, inspiring readers to unlock their potential and embrace personal transformation.
