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Report: 22 years until Swedish management teams are gender equal

It's going to take 22 years before management teams in Swedish companies are gender equal, a new report from the non-profit, politically independent AllBright foundation showed on Monday, calling the results "worrying".

Report: 22 years until Swedish management teams are gender equal
According to the report, the slow progress means companies listed on the Swedish stock market won’t be gender equal until 2039. Photo: Henrik Trygg/imagebank.sweden.se

“This is the sixth time we do this report and it's the most worrying results we've seen. We'd hoped for more progress,” AllBright CEO Amanda Lundeteg said of the results which show that only one in five people in management positions at Swedish companies listed on the Swedish stock market is a woman.

AllBright, which promotes equality and diversity in senior positions in the business sector, said that compared to last year, the improvement was only very marginal, with women now representing 21 percent, from last year's 22 percent. “It's not worth noting as progress,” the group said in its report.

“Men are in other words still over-represented in the Swedish business sector.”

When it comes to CEO positions, the results are even worse, with women representing only six percent, or 17 out of Sweden's 289 CEOs.

READ MORE: How can Sweden achieve income equality?

There were some positive signs of development in this year's report, however, with newly listed companies tending to be more gender-equal than the average with 25 percent of the management teams being women.

“They pull up the average for gender equality overall and gives us hope of a more gender-equal stock market earlier than predicted.”

Swedish company boards also did fairly well, where 33 percent of board members in listed companies are now women.

“The boards are outclassing the management teams,” Lundeteg said.

“For the first time since AllBright's start, almost half of the companies with gender-equal management teams have gender-equal boards.”

The report shows that women in management positions also tend to recruit more women than their male counterparts.

According to the report, which also looked at diversity in general, people of foreign origin represented just 11 percent of management members in listed companies “which should be compared with 26 percent of the working age Swedish population having a foreign background”.

ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

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A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

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