JUMP BEL20 Report: The Gaps Still to Close

Despite progress, the JUMP BEL20 Report 2023 highlights that gender balance in leadership remains a significant challenge in Belgium’s top companies. While board representation has improved, the executive level continues to lag.

• The leadership gap persists: While most BEL20 companies meet the 33% quota for women on boards, representation at the executive committee level remains significantly lower, with an average share of less than 25%.
• Women hold fewer strategic roles: Most women in leadership positions occupy support functions (HR, legal, communications) rather than P&L-driven operational roles— the main pathways to CEO and top leadership.
• Some companies have no women in executive leadership: Several BEL20 companies still have no women on their executive committees, highlighting the slow progress toward true gender balance.
• Quotas drive progress, but they have limits: While gender quotas have improved board representation, there is no legal requirement for gender balance at the executive level, creating a disconnect between governance and real decision-making power.