We report the results of an empirical study that took place in Spain from the fall 2015 and to the spring 2016. Methods used were direct observations, interviews and a questionnaire survey. Observations from other countries and earlier research were inputs to the various studies. These observations are also presented in this report.

Based on the wider results of the survey, the debates in the organized panels, the interviews, the slow motion of the voluntary approach, the needs of the Spanish business society to reflect the social and consumer reality, the need of credibility, reliability, corporate governance recommendations and competitiveness, we conclude that:

• Quotas are faster and easier than just informal pressure. A flexible approach could be pursued, but a quota threat should be built in, in order to obtain results. For leading the change, a concrete strategy led by a political structure, with the eventual help of an ad-hoc committee or body, should be temporarily created, in case the quota approach is not retained.
• The business community needs to open its eyes and be aligned in seeing the advantages for getting women on boards from a wide and diverse talent pool, reflecting the social reality on today´s boards.
• There is a need for coordinated efforts of different stakeholders to achieve and follow up developments. This cannot be done through existing women organizations, but through cooperation between politicians, businesses and leaders (men and women).
• The motions for promoting women on boards should be supported by developing value creating boards and focused training for board members.

Key words: Women on boards, Spain, arguments, quota, training

Along the six months of this project we have appreciated that the Spanish society is better prepared to approach an eventual change in their boards. This is presented as a key business issue. Equality arguments, diversity or women´s issues are not always well perceived by many businesspeople and CEOs, and even by a small, but still a part of the women in high executive positions.

A business case for change, in the language Spanish business understands, has to be elaborated and proposed to some degree in consensus with male business leaders.

The business case for women on boards has to be elaborated from the initial point of departure of value creation and economic arguments. It pleads for boards in which the strategy tasks recover their most important role. This should be including all diverse perspectives of value creation and economic arguments based on talent inclusion and the modernization of Spanish businesses. Of course detractors will not consider the need for this modernization, but cases like “Pescanova” or “Abengoa” could prove the opposite.

The digital transformation impact and other global changes in consumer behavior and the economic panorama, plead also for the need of incorporating new talent and profiles to boards.
The business case is strong today when talking about strategic vision and corporate social responsibility, enriching the views in a board discussion and including a wider understanding of perspectives related to consumers, employees, customers and other stakeholders.
Through our project; through interviews, panels, meetings and the survey we have got several inputs to setting up a list of suggestions to progress in getting women on boards in listed companies in Spain, should a gender balance compulsory legislation be completely ruled out. These are the following:

• Se necesita la creación de un caso empresarial para España, concienciado con este debate, que reciba el respaldo y consenso de un grupo líder de la comunidad masculina empresarial, en particular.
• A catalyst body, platform, group or political instance should be created in order to make a national call for action, that voluntarily look for measures encouraging business and educate them, (considering the creation of a business case for Spain), in order to make a sustainable improvement in women´s representation on boards in the next four years. This may be a real need if all listed companies are to meet, the 30% requirements required in the CNMV Recommendation by 2020. It is important to include in this catalyst body a wide male business community and male role models. It should incorporate different businesses and executive’s associations, as well as federations as CEOE, CEDE, Círculo de Empresarios. .
• Institutional political compromise is a determinant factor to make the market move forward and take the CNMV Recommendation seriously. This is an absolute need if the Spanish society is to reach gender balance on a voluntary basis.
• The coordination and eventual adoption a code of conduct setting up the compromise between search firms, to include women extensively in board members search and even exercising certain “educational” tasks.
• All different stakeholder groups should work together to ensure success in appointing women as board members, particularly chairs and executive directors. The investors’ community should join these discussions.
• Political instances should surveil that listed companies assess the gender balance in their boards and take actions.
• Boards should consider incorporating broader sets of talents and profiles. The financial profile is today overrepresented in Spanish boards. Women entrepreneurs, academics, civil servants and senior women with professional service backgrounds could bring along very interesting expertise to the boards of a modern business society.
• Companies should also consider the efforts to be followed within their companies at corporate suite level. They should incorporate measures to include the full talent pool, and they should design career paths for women executives within their organization. They should change the present culture and give a positive message to women executives.