AEX companies appoint strikingly few women
Just 28 per cent of new supervisory directors at AEX companies were women, according to a European analysis by Heidrick & Struggles.
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Dutch AEX companies appointed relatively few women to their supervisory boards last year. Of 29 new supervisory directors, eight were women, putting the Netherlands at the bottom of the comparison with 15 European countries.
The figures come from the new Board Monitor Europe by consultancy Heidrick & Struggles. The analysis examines new appointments at large listed companies and compares factors including gender, age, nationality and career background. In the Netherlands, 29 new supervisory directors at AEX companies were examined.
Women accounted for 28 per cent of those appointments. A year earlier, the share was still almost half, according to the analysis. In Belgium and France, more than half of new appointees were women. The full European comparison included 820 new appointments.
The Dutch appointments also stood out for their age and background. New supervisory directors were 61 years old on average, one of the highest averages among the countries studied. Almost three in four appointments involved someone from abroad. Companies also often chose candidates with previous experience as senior executives.
The figures say only something about new appointments during the period studied, not directly about the overall composition of all supervisory boards. A low share of newly appointed women can coincide with a board that is already relatively diverse as a result of earlier appointments. Heidrick & Struggles therefore warns that the development of the board as a whole is what matters most.
The outcome comes at a time when listed companies must renew their oversight amid digitalisation, geopolitical uncertainty and new regulation. In its report, the consultancy writes that European directors regularly see a gap between the skills organisations will need in the future and the knowledge their boards currently possess.
For companies, the issue therefore goes beyond representation. The choice of supervisory directors determines what experience, networks and perspectives are available for oversight of strategy, risks and executive succession. The new figures do not prove why the share of women fell. They do show that recent appointments in the Netherlands clearly differed from those in many other European markets.
One story, several perspectives
What is established
- During the period studied, 28 per cent of new Dutch AEX supervisory directors were women.
- The analysis concerns new appointments and does not automatically reflect the overall composition of boards.
- The sources give no reason for the Dutch decline.
Left
Arguments A decline in new appointments can point to structural barriers in networks, selection procedures and views of leadership. Companies should actively seek candidates beyond the familiar circle and treat diversity as part of good governance.
Values Equal opportunities, representation and preventing institutional exclusion.
Consequences More transparent selection and possibly binding targets could broaden the influx, but companies would have to adjust their procedures and succession planning.
Centre
Arguments The figures deserve attention, but one year of appointments does not tell us everything about the board as a whole. The institutional question is what combination of experience, independence and perspective is needed for effective oversight.
Values Carefulness, quality of governance and sustainable succession.
Consequences Companies can address the issue through long-term planning and broader candidate lists without selecting solely on the basis of one characteristic.
Right
Arguments Supervisory directors should primarily be chosen for expertise, independence and responsibility towards shareholders. A low share of women is not automatically evidence of discrimination.
Values Meritocracy, corporate freedom and board accountability.
Consequences Under this approach, strict quotas could limit freedom of choice; companies should chiefly be judged on the quality and performance of their oversight.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The key figures were checked against the ANP report on the analysis and Heidrick & Struggles’ report. The text avoids offering an explanation not provided by the sources and distinguishes between new appointments and boards as a whole.
- confirmed At AEX companies, 28 per cent of the 29 new supervisory directors were women. — This is stated in the ANP publication of 13 October 2026. source
- confirmed The Netherlands came last in the comparison of 15 European countries. — ANP summarises the Board Monitor Europe on this point. source
- confirmed A total of 820 new appointments were examined. — This figure is mentioned in ANP’s account of the report. source
- confirmed New Dutch supervisory directors were 61 years old on average. — The ANP publication gives this average. source
- confirmed The analysis does not prove why the share of women fell. — This is an editorial qualification: the cited sources give no reason for the decline. source
Editor's note
The percentages and figures come from the analysis published today. The source gives no causal explanation for the decline, and the figures concern new appointments, not the overall gender balance on all supervisory boards.Sources
More on this in Dutch media
- Trouw — „aex commissarissen”
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- FD — „aex commissarissen”