Spain has dropped out of the world’s top 10 countries for the proportion of women in senior management roles, according to the latest Women in Business report from Grant Thornton. This marks the second consecutive year of decline, pushing the country to 14th place globally. The fall comes despite Spain maintaining a robust infrastructure for Diversity, Equity, and Inclusion (DEI) policies, highlighting a growing paradox between corporate equality frameworks and actual representation in the highest echelons of power.
A Decade of Stagnation at the Top
The report paints a stark picture of a “lost decade” for women aspiring to the most influential corporate positions in Spain. After reaching a historic high of 40% of senior management roles held by women in 2024, the figure has steadily decreased. The current proportion stands at 37.3%, which, while still above the European Union (34.9%) and global (32.9%) averages, signals a worrying reversal of progress.
This stagnation is most acute in the very top roles. The percentage of female CEOs in Spain has plummeted to 18.5%, a dramatic ten-point drop from the 28.5% recorded just three years ago in 2023. Perhaps more telling is the comparison to a decade ago: in 2016, the figure was 18%, virtually identical to today’s level. The situation is even more extreme for board chairpersons, where representation remains stuck at a residual 3.4%.
The Widening Gap in Boardrooms
Compounding the issue is a significant increase in the number of Spanish companies with no women at all on their senior management teams. This figure has risen from 4.5% to 7.8% in a single year, moving Spain further away from European (4.8%) and global (5.7%) benchmarks. This trend suggests the problem is not merely one of slow progress but of active backsliding in a segment of the corporate sector.
A Global Backdrop of Widespread Decline
Spain’s challenges are set against a global context of regression. The year 2026 has marked a negative turning point worldwide, with nearly all regions recording decreases in the percentage of women in senior management. Africa and North America saw declines of more than two percentage points. South America, despite a slight dip, continues to lead global representation at 37%. In this landscape of widespread retreat, Europe stands as the sole exception, managing to avoid an overall decline with a marginal 0.1% increase.
Globally, the representation of women in senior roles has increased by just 13.4 percentage points over the last two decades, underscoring the glacial pace of change. Notably, the global trend for female CEOs contrasts sharply with Spain’s experience, having increased by 2.1 points to reach 23.8%.
Regional Disparities Within Spain
The national picture masks significant regional variations within Spain. The Canary Islands lead with 42.6% of senior management roles held by women, followed by Andalusia (42%), the Community of Madrid (40.8%), and Catalonia (40.5%). The Valencian Community (38.6%) and Galicia (38.5%) also perform above the national average. However, regions like Aragon (30.8%), the Basque Country (30.1%), and Navarre (24.4%) lag considerably behind, indicating that geographic location remains a key factor in career advancement for women.
The Functional Segregation of Female Leadership
An analysis of the roles women occupy within Spanish management reveals a pattern of functional segregation. Women are predominantly found in support and traditionally feminized areas rather than in strategic, future-oriented positions. The highest concentrations are in Human Resources Director roles (46.8%) and Financial Director positions (38.5%).
In stark contrast, women are severely underrepresented in the technology and information sectors that are increasingly defining corporate strategy. Only 11.5% of Chief Technology Officer (CTO) and 13.4% of Chief Information Officer (CIO) roles are held by women. Even in roles like Communications Director, often perceived as feminized, female representation sits at a surprisingly low 9%.
Strong DEI Infrastructure Amidst Leadership Decline
Paradoxically, this decline in female leadership is occurring alongside an exceptionally strong and legally reinforced commitment to DEI policies within Spanish companies. A resounding 97.1% of medium-sized enterprises in Spain have a defined diversity and inclusion strategy, a figure that far surpasses European and global counterparts. This is largely attributed to a legal mandate introduced in March 2022, requiring all companies with 50 or more employees to implement a formal Equality Plan.
Economic Imperatives Drive Policy
According to Isabel Perea, Audit Partner Director at Grant Thornton Spain, the strategic commitment to equality appears steadfast and largely insulated from external political noise, such as the reported backlash against DEI initiatives in other regions like the United States. “The drums of retreat, mainly coming from the United States, are therefore having a limited effect on the gender diversity plans and programs of our country,” Perea explains.
The report indicates that 69.5% of these companies reviewed their diversity policies in the past year, primarily as part of a standard evaluation process (50.2%). Crucially, Spanish executives now widely recognize tangible business benefits from diversity. 22.1% state it makes their company more innovative, 19.5% report improved decision-making, and 18.8% cite better financial performance.
Gender Parity as a Key to Capital
Perhaps the most significant shift is the financialization of gender parity. Diversity metrics have become a critical factor in investment decisions. 26.5% of companies report receiving requests from investors to disclose their level of gender parity before committing funds. Given that nearly half of medium-sized Spanish companies (47.6%) identify lack of funding as their primary growth constraint, highlighting equality initiatives has evolved from an ethical consideration to a core financial survival strategy.
The challenge for Spanish businesses in the coming years is therefore clear. It will not be about creating more policies or frameworks, which are already among the world’s most advanced. The fundamental task will be to ensure that this robust infrastructure for equality finally translates into equitable presence in the supreme decision-making bodies—the boardrooms, CEO offices, and executive committees—where a company’s future is truly defined. The data shows that having the right tools is no longer enough; the corporate will to use them to shatter the final glass ceilings must now become the absolute priority.
