Board Diversity on the Warsaw Stock Exchange

The State of Board Diversity in Poland

Gender diversity on corporate boards has become a key governance metric across Europe. The EU's directive on gender balance on corporate boards, adopted in 2022, requires listed companies to have at least 40% of non-executive director positions held by the underrepresented gender by June 2026.

Poland's progress toward this target presents a mixed picture.

Management Boards vs. Supervisory Boards

A distinctive feature of the Polish corporate governance model is the two-tier board structure. The management board (zarząd) runs day-to-day operations, while the supervisory board (rada nadzorcza) provides oversight.

Gender representation differs significantly between these two bodies. Supervisory boards, which are closer in function to the non-executive directors covered by the EU directive, tend to have somewhat higher female representation. Management boards remain heavily male-dominated.

Sector Patterns

Financial services leads in female board representation, partly driven by regulatory expectations and the influence of international parent companies (notably in the cases of mBank/Commerzbank and Santander Bank Polska).

Heavy industry and energy — represented by KGHM and PKN Orlen — lag behind, reflecting broader sectoral patterns seen across Europe.

Retail and consumer companies like LPP, CCC, and Żabka show more varied results, with some making deliberate efforts to improve diversity.

Looking Ahead

As the EU directive's 2026 deadline approaches, Polish companies face increasing pressure to diversify their boards. Our governance scores track this metric alongside independence, committee structure, and CEO/Chair separation.

View the full diversity ranking on our Board Diversity page.