Appendix to 2016 Egon Zehnder Global Board Diversity Analysis

Appendix to 2016 Egon Zehnder Global Board Diversity Analysis
february 2016

About this appendix This document presents detailed data and analytics from the 2016 Global Board Diversity Analysis, the seventh in a series of biennial studies initiated in The 2016 study profiles the boards of nearly 1500 of the largest companies across 44 countries around the world. Many charts and tables include comparisons with findings from our previous studies, which were conducted in 2004, 2006, 2008, 2010, 2012, and Download the full 2016 Egon Zehnder Global Board Diversity Analysis report: To customize the data based on region, country, sector and year, experience our online interactive Data Visualizer tool:

Table of Contents – 1/2 Page No. Key findings 5
Gender diversity: Global 12 Gender diversity of boards in 2016: Boards with women and board positions held by women 13 Trends in board diversity: Board positions held by women – data, chart, change since the first report (Europe 2004, Global 2012), change over four years 15 Trends in board diversity: Boards with women 22 Gender diversity of boards in 2016: New board appointments – data, chart 24 Trends in board diversity : Average board size and average number of women on board – data, change 29 Gender diversity of boards in 2016: Board portfolios – data , chart, data for new board members including women 31 Gender diversity of boards in 2016: Executive vs. non-executive roles 38 Gender diversity of CEOs and CFOs in 2016 40 Gender diversity of boards in 2016: Board chair positions 42 Gender diversity of boards in 2016: Committee positions – data , chart 44 Gender diversity of boards in 2016: Average age of board members including women, age diversity of CEOs and CFOs 49 Gender diversity of boards in 2016: Sectors leading gender diversity of boards – ranking 53

Table of Contents – 2/2 Page No. International diversity: Global 54
Trends in board diversity : Board positions held by non-nationals and non-national women 55 Trends in board diversity : Boards with non-nationals 57 International diversity of boards in 2016: Non-national members amongst new members/women joining boards 59 International diversity of CEOs in 2016 61 International diversity of CFOs in 2016 63 International diversity of boards in 2016: Sectors leading international diversity of boards – ranking 65 Survey design 66

Key findings

Key findings – Boards without women are in minority in all regions
% Boards with women Global Overall Highlights Gender Diversity Globally 84% of all large company boards in this 2016 report include at least one woman. Across the regional samples around the world it is more likely that a board has a woman than not. The developed world – Western Europe, US & Canada as well as Australia & New Zealand – are all very near to being able to report that every large company board has at least one woman on the board. The speed with which Western Europe has recently progressed on this metric – 68% in 2006 vs 96% in suggests there may be potential for similarly rapid gender diversity gains in other regions.

Key findings – Progress in board gender diversity continues globally
% Board positions held by women Global Overall Highlights Gender Diversity 18.5% of all directors in our large company board diversity study in this 2016 report are women. This represents an accelerating progress of board diversity in Western Europe and Australasia, consistent and steady progress in Eastern Europe, Asia and Other Americas and little change elsewhere. Only 6 out of the 44 countries covered in our report did not make progress from baseline on this metric.

Key findings – All but one of the top ten countries by progress were in Western Europe
4-year change in % of all board positions held by women, 2012 vs 2016 * The chart doesn’t include Columbia, Israel and Saudi Arabia as they were not part of this report before 2016

Key findings – While almost 1 in 4 of the board hires in 2016 was a woman, the main pipeline pools – CEOs and CFOs – remain very ‘shallow’ 2-year progress from 2016 baseline Global Overall Diversity of key board pools: CEO and CFO positions Global Overall

Key findings – Women’s representation on leadership roles on boards remains low
Highlights % Women Committee Chair positions Women have yet to reach the same representation in board leadership roles and presence in executive board seats (usually made up of CEOs and CFOs). Only 5% of executive board roles were held by women, versus 22% of non-executive roles. Yet, women are making progress in board contributions by holding an increasing share of Committee and Committee Chair positions (20% and 16%, respectively) Global Overall % Executive board positions held by women % Chair positions held by women Global Overall Global Overall

Key findings – International diversity of boards globally is lower than gender diversity
Highlights % Boards with Non-national board members International Diversity 70% of boards globally and 91% of boards in Western Europe now include at least one director from a country other than where the company is headquartered. This is equivalent to 25% of all directors globally, and 36% of all directors in Western Europe being non-nationals. 29% of all new board directors were non-nationals in Recent female board hirings are even more international, with 30% of the female board appointments made in the last year being non-nationals. Global Overall Non-national - All board members and Non-national - Women board members Non-national directors on Western European boards % Board members who are non-national % Women board members who are non-national Global Overall

Gender diversity

Gender diversity of boards in 2016: Boards with women and board positions held by women – 1/2
Region Country Companies Companies with women board members % Boards with women board members Board positions Women Men % Board positions held by women Western Europe Overall 376 362 96% 4931 1293 3638 26.2% Austria 6 100% 111 19 92 17.1% Belgium 9 122 34 88 27.9% Denmark 13 169 38 131 22.5% Finland 8 68 21 47 30.9% France 57 795 298 497 37.5% Germany 43 91% 983 218 765 22.2% Greece 5 83% 77 11 66 14.3% Italy 14 177 120 32.2% Luxembourg 4 67% 16.2% Netherlands 18 86% 223 53 170 23.8% Norway 7 27 41 39.7% Portugal 109 98 10.1% Republic Of Ireland 221 49 172 Spain 20 276 59 217 21.4% Sweden 231 87 144 37.7% Switzerland 33 31 94% 334 64 270 19.2% United Kingdom 83 82 99% 899 236 663 26.3% Eastern Europe 53% 482 441 8.5% Czech Republic 3 50% 81 76 6.2% Hungary 1 17% 63 4.5% Poland 95 15 80 15.8% Russia 10 240 222 7.5% US & Canada 581 554 95% 6344 1297 5047 20.4% Canada 54 51 661 165 496 25.0% United States 527 503 5683 1132 4551 19.9% Global Overall 2016 1493 1257 84% 17182 3177 14005 18.5% 2014 924 714 77% 11536 1758 9778 15.2%

Gender diversity of boards in 2016: Boards with women and board positions held by women – 2/2
Region Country Companies Companies with women board members % Boards with women board members Board positions Women Men % Board positions held by women Other Americas Overall 48 25 52% 510 41 469 8.0% Argentina 6 3 50% 59 4 55 6.8% Brazil 16 8 150 10 140 6.7% Chile 7 5 71% 65 9 56 13.8% Colombia 2 33% 46 42 8.7% Mexico 13 54% 190 14 176 7.4% Middle East & Africa 39 28 72% 447 60 387 13.4% Israel 100% 63 50 20.6% Saudi Arabia 29% 61 3.2% South Africa 11 159 33 126 20.8% Turkey 81 73 9.9% UAE 77 4.9% Asia 372 230 62% 4117 353 3764 8.6% China 67 47 70% 705 68 637 9.6% Hong Kong 57 713 84 629 11.8% India 40 37 93% 451 396 12.2% Indonesia 120 12 108 10.0% Japan 132 48% 1480 79 1401 5.3% Malaysia 15 87% 135 110 18.5% Singapore 75% 117 105 10.3% South Korea 20% 216 209 Taiwan 17 47% 180 169 6.1% Australasia 38 97% 351 92 259 26.2% Australia 32 299 80 219 26.8% New Zealand 52 23.1% Global Overall 2016 1493 1257 84% 17182 3177 14005 2014 924 714 77% 11536 1758 9778 15.2%

% Board positions held by women
Trends in board diversity : Board positions held by women * – data – 1/2 Region Country % Board positions held by women 2004 2006 2008 2010 2012 2014 2016 Western Europe Overall 8.0% 8.3% 9.7% 12.2% 15.6% 20.3% 26.2% Austria 7.0% 6.8% 9.2% 10.8% 10.7% 17.1% Belgium 3.0% 4.2% 11.6% 13.3% 20.2% 27.9% Denmark 4.0% 17.9% 18.1% 13.7% 17.0% 22.5% Finland 14.0% 20.0% 25.7% 28.8% 27.1% 32.1% 30.9% France 6.0% 7.6% 12.4% 20.5% 28.5% 37.5% Germany 10.0% 7.2% 7.8% 8.7% 12.3% 16.6% 22.2% Greece n/a 4.4% 9.5% 10.4% 9.9% 14.3% Italy 2.0% 1.6% 2.1% 5.0% 8.4% 32.2% Luxembourg 0.0% 6.2% 6.1% 8.9% 16.2% Netherlands 6.5% 14.6% 12.5% 19.5% 23.8% Norway 22.0% 44.2% 31.9% 36.4% 38.9% 39.7% Portugal 0.8% 3.5% 4.7% 5.2% 10.1% Republic Of Ireland 8.1% 12.9% 16.3% Spain 4.3% 6.6% 10.3% 11.8% 15.5% 21.4% Sweden 22.8% 26.9% 28.7% 24.6% 27.5% 37.7% Switzerland 9.0% 5.9% 13.9% 19.2% United Kingdom 11.4% 11.5% 18.2% 22.6% 26.3% Eastern Europe 7.9% 7.5% 8.5% Czech Republic 9.1% 3.9% Hungary 3.1% 9.3% 4.5% Poland 11.0% 14.7% 15.8% Russia 7.3% 5.6% US & Canada 18.7% 20.4% Canada 17.6% 18.3% 25.0% United States 19.3% 21.2% 19.9% Global Overall 13.6% 15.2% 18.5% * The samples for US, Japan and China are significantly bigger in 2016 compared to 2014 analysis which may influence the trend results for these countries, the regions they are part of as well as for the global overall trend where these three countries represent almost 50% of all companies. Also Colombia, Israel and Saudi Arabia where added to the report for the first time in 2016 which has a strong impact on the regional trend data for the regions they are part of.

Trends in board diversity : Board positions held by women* – data – 2/2 Region Country % Board positions held by women 2012 2014 2016 Other Americas Overall 6.0% 6.7% 8.0% Argentina 6.5% 8.2% 6.8% Brazil 5.9% 6.4% Chile 0.0% 4.4% 13.8% Colombia n/a 8.7% Mexico 7.8% 7.0% 7.4% Middle East and Africa 16.0% 13.9% 13.4% Israel 20.6% Saudi Arabia 3.2% South Africa 19.6% 17.9% 20.8% Turkey 13.2% 10.8% 9.9% UAE 2.2% 4.9% Asia 6.9% 8.6% China 9.2% 9.6% Hong Kong 8.8% 11.1% 11.8% India 8.4% 12.2% Indonesia 10.0% Japan 2.4% 3.3% 5.3% Malaysia 13.5% 12.8% 18.5% Singapore 10.3% South Korea 2.1% Taiwan 5.8% 6.1% Australasia 20.0% 21.9% 26.2% Australia 20.5% 22.6% 26.8% New Zealand 16.2% 17.8% 23.1% Global Overall 13.6% 15.2% * The samples for US, Japan and China are significantly bigger in 2016 compared to 2014 analysis which may influence the trend results for these countries, the regions they are part of as well as for the global overall trend where these three countries represent almost 50% of all companies. Also Colombia, Israel and Saudi Arabia where added to the report for the first time in 2016 which has a strong impact on the regional trend data for the regions they are part of.

Trends in board diversity 2004-2016: Board positions held by women – chart 1/2
Percentage of board positions held by women between 2004–2016 2016 Regional Average 26.2% regional average 20.4% regional average 8.6% regional average Global Overall Eastern Europe US & Canada Western Europe

Trends in board diversity 2012-2016: Board positions held by women – chart 2/2
Percentage of board positions held by women between 2012–2016 2016 Regional Average 26.2% regional average 13.4% regional average 8.6% regional average 8.0% regional average Global Overall Other Americas Middle East and Africa Asia Australasia

Trends in board diversity 2004-2016: Board positions held by women in Western Europe – chart
12-year change in % of all board positions held by women in Western Europe, 2004 vs. 2016 1) Western Europe have values from 2004 to 2016, but for others 2012 to Need to check with Katrin W-Europe Overall * For four countries (Greece, Luxembourg, Portugal and Rep of Ireland) ten-year-change is shown, , instead of 12-year change as they were not included in 2004 report.

Trends in board diversity 2012-2016: Board positions held by women over 4 year period – chart 1/2
Four-year change in % of all board positions held by women, 2012 vs. 2016 2016 Regional Average 10.6% regional average 1.8% regional average 0.6% regional average 1) Western Europe have values from 2004 to 2016, but for others 2012 to Need to check with Katrin Global Overall Western Europe Eastern Europe US & Canada

Trends in board diversity 2012-2016: Board positions held by women over 4 year period – chart 2/2
Four-year change in % of all board positions held by women, 2012 vs. 2016 2016 Regional Average 6.2% regional average 2.0% regional average (2.6)% regional average 1.7% regional average n/a n/a n/a Global Overall Other Americas Middle East and Africa Asia Australasia * Data is not available for Colombia, Israel and Saudi Arabia as they were added to the report for the first time in 2016.

Trends in board diversity 2006-2016: Boards with women – 1/2
Region Country % Boards with at least one woman Companies 2006 2008 2010 2012 2014 2016 Western Europe Overall 67.8% 72.0% 79.0% 86.4% 92.4% 96.3% 376 Austria 50.0% 71.0% 83.3% 100.0% 6 Belgium 42.9% 44.0% 70.0% 75.0% 87.5% 9 Denmark 83.0% 13 Finland 8 France 72.3% 73.0% 57 Germany 72.2% 82.0% 87.8% 93.2% 91.5% 47 Greece 57.1% 56.0% 66.7% Italy 21.7% 30.0% 78.9% 14 Luxembourg 0.0% Netherlands 76.0% 68.0% 90.9% 85.7% 21 Norway 7 Portugal 17.0% 67.0% Republic Of Ireland 80.0% 19 Spain 47.8% 86.7% 85.0% 20 Sweden Switzerland 57.9% 57.0% 76.5% 93.9% 33 United Kingdom 85.9% 81.0% 86.0% 94.6% 98.6% 98.8% 83 Eastern Europe 58.6% 60.6% 52.8% 38 Czech Republic Hungary 16.7% Poland Russia 42.1% US & Canada 94.0% 96.7% 95.4% 581 Canada 88.0% 92.0% 94.4% 54 United States 97.0% 99.0% 527 Global Overall 75.8% 77.3% 84.2% 1493

Trends in board diversity 2012-2016: Boards with women – 2/2
Region Country % Boards with at least one woman Companies 2012 2014 2016 Other Americas Overall 42.5% 48.9% 52.1% 48 Argentina 60.0% 50.0% 6 Brazil 45.0% 16 Chile 0.0% 20.0% 71.4% 7 Colombia n/a 33.3% Mexico 53.3% 53.8% 13 Middle East and Africa 70.0% 71.8% 39 Israel 100.0% Saudi Arabia 28.6% South Africa 93.3% 11 Turkey 62.5% UAE 8 Asia 49.7% 52.0% 61.8% 372 China 63.3% 66.7% 70.1% 67 Hong Kong 58.0% 72.0% 71.9% 57 India 76.7% 92.5% 40 Indonesia Japan 27.5% 36.0% 47.7% 132 Malaysia 80.0% 86.7% 15 Singapore 75.0% 12 South Korea 15.0% 25 Taiwan 26.7% 47.1% 17 Australasia 94.3% 97.1% 97.4% Australia 96.7% 97.0% 33 New Zealand Global Overall 75.8% 77.3% 84.2% 1493

% New hires of board positions held by women
Gender diversity of boards in 2016: New board appointments – data – 1/2 Region Country Companies Board positions New hires* % New hires Women Men Women % of new hires % New hires of board positions held by women Western Europe Overall 376 4931 689 14.0% 244 445 35.4% 18.9% Austria 6 111 13 11.7% 3 10 23.1% 15.8% Belgium 9 122 7.4% 4 5 44.4% 11.8% Denmark 169 17 10.1% 23.5% 10.5% Finland 8 68 1 7 12.5% 4.8% France 57 795 91 11.4% 52 39 57.1% 17.4% Germany 47 983 123 35 88 28.5% 16.1% Greece 77 10.4% 0.0% Italy 14 177 62 35.0% 24 38 38.7% 42.1% Luxembourg 14.7% 2 20.0% 18.2% Netherlands 21 223 31 13.9% 18 41.9% 24.5% Norway 20.6% 29.6% Portugal 109 5.5% 16.7% 9.1% Republic Of Ireland 19 221 27 12.2% 16.3% Spain 20 276 34 12.3% 25 26.5% 15.3% Sweden 231 45 19.5% 23 22 51.1% 26.4% Switzerland 33 334 46 13.8% 15 32.6% 23.4% United Kingdom 83 899 145 42 103 29.0% 17.8% Eastern Europe 482 108 22.4% 98 9.3% 24.4% Czech Republic 81 Hungary 66 1.5% Poland 95 41 43.2% 36 33.3% Russia 240 17.5% 37 11.9% 27.8% US & Canada 581 6344 686 10.8% 184 502 26.8% 14.2% Canada 54 661 32 49 39.5% 19.4% United States 527 5683 605 10.6% 152 453 25.1% 13.4% Global Overall 2016 1493 17182 2255 13.1% 544 1711 24.1% 17.1% 2014 924 11536 1414 330 1084 23.3% 18.8% * New hires include board members with tenures less than 12 months.

% New hires of board positions held by women
Gender diversity of boards in 2016: New board appointments – data – 2/2 Region Country Companies Board positions New hires* % New hires Women Men Women % of new hires % New hires of board positions held by women Other Americas Overall 48 510 75 14.7% 11 64 26.8% Argentina 6 59 14 23.7% 1 13 7.1% 25.0% Brazil 16 150 24 16.0% 2 22 8.3% 20.0% Chile 7 65 16.9% 9 18.2% 22.2% Colombia 46 30.4% 3 21.4% 75.0% Mexico 190 12 6.3% Middle East & Africa 39 447 10.3% 10 36 21.7% 16.7% Israel 63 4.8% 66.7% 15.4% Saudi Arabia 15.9% 10.0% 50.0% South Africa 159 10.1% 18.8% 9.1% Turkey 81 12.3% 8 UAE 8.6% 5 28.6% Asia 372 4117 599 14.5% 535 10.7% 18.1% China 67 705 116 16.5% 110 5.2% 8.8% Hong Kong 57 713 18 92 16.4% India 40 451 72 11.1% Indonesia 120 10.8% 7.7% Japan 132 1480 221 14.9% 21 200 9.5% 26.6% Malaysia 15 135 16.3% 27.3% 24.0% Singapore 117 9.4% South Korea 25 216 20 9.3% 0.0% Taiwan 17 180 7.8% 14.3% Australasia 351 52 14.8% 31 40.4% 22.8% Australia 33 299 45.7% 26.3% New Zealand 11.5% Global Overall 2016 1493 17182 2255 13.1% 544 1711 24.1% 17.1% 2014 924 11536 1414 330 1084 23.3% * New hires include board members with tenures less than 12 months.

Gender diversity of boards in 2016: New board appointments – chart 1/3
Percentage of board positions held by new board members, 2016* Woman Share Men Share Global Overall Western Europe Eastern Europe US & Canada *Board member is defined as new to the board if their tenure is under 12 months.

Percentage of board positions held by new board members, 2016* Woman Share Men Share Global Overall Other Americas Middle East and Africa Asia Australasia *Board member is defined as new to the board if their tenure is under 12 months.

Percentage of board positions held by new board members, 2016* Woman Share Men Share Global Overall *Board member is defined as new to the board if their tenure is under 12 months.

Trends in board diversity : Average board size and average number of women on board – data and change – 1/2 Region Country 2008 2010 2012 2014 2016 Change between 2012–2016 Avg. board size Women per board Avg. board size Western Europe Overall 15.1 1.5 14.3 1.7 13.5 2.1 2.7 13.1 3.4 (0.3) 1.3 Austria 16.3 19.9 18.7 17.2 1.8 18.5 3.2 (0.2) Belgium 15.8 1.1 14.7 13.6 2.8 3.8 0.4 2.0 Denmark 13.8 2.5 14.6 13.3 2.3 13.0 2.6 2.9 0.7 Finland 12.6 3.3 10.4 3.0 8.8 2.4 8.5 0.2 France 15.4 1.2 15.2 1.9 14.5 14.2 4.0 13.9 5.2 (0.5) Germany 23.2 23.1 22.1 21.3 3.5 20.9 4.6 (1.2) Greece 12.9 0.8 12.3 12.8 0.0 0.5 Italy 0.3 15.7 4.1 (0.8) Luxembourg 11.5 10.8 11.3 (0.9) Netherlands 11.9 11.1 1.6 10.9 1.4 10.7 10.6 Norway 7.0 12.0 9.4 10.3 9.7 3.9 Portugal 19.7 19.0 17.7 19.2 1.0 18.2 Republic Of Ireland 13.2 11.4 11.7 11.6 (0.0) Spain 14.1 2.2 Sweden 12.1 11.0 (1.0) Switzerland 0.9 12.4 10.1 United Kingdom 11.2 (0.4) Eastern Europe 12.7 Czech Republic 18.3 17.0 (4.8) Hungary 16.0 (5.0) Poland 15.0 Russia 12.2 US & Canada (1.1) Canada 12.5 3.1 United States (0.1) Global Overall

Trends in board diversity : Average board size and average number of women on board – data and change – 2/2 Region Country 2012 2014 2016 Change between 2012–2016 Avg. board size Women per board Avg. board size Other Americas Overall 12.4 0.8 11.6 10.6 0.9 (1.8) 0.1 Argentina 12.2 1.0 9.8 0.7 (2.6) (0.1) Brazil 11.1 0.6 9.4 (1.7) (0.0) Chile 9.6 0.0 9.0 0.4 9.3 1.3 (0.3) Columbia n/a 7.7 Mexico 16.6 15.2 1.1 14.6 (2.0) (0.2) Middle-East and Africa 12.1 1.9 12.0 1.7 11.5 1.5 (0.6) (0.4) Israel 10.5 2.2 Saudi Arabia 0.3 South Africa 14.9 2.9 14.1 2.5 14.5 3.0 (0.5) Turkey 9.5 10.2 2.1 UAE 7.6 0.2 10.1 0.5 Asia 11.8 11.7 (0.8) China (0.9) Hong Kong 12.3 12.9 1.4 12.5 India 12.8 11.3 (1.5) Indonesia 10.0 14.8 1.8 17.1 7.1 Japan 13.0 11.9 11.2 Malaysia 8.7 1.2 Singapore 9.9 South Korea 8.6 Taiwan 9.7 10.3 Australasia 2.4 Australia 2.0 9.1 New Zealand 7.4 1.6 Global Overall 12.6 (1.0)

Gender diversity of boards in 2016: Board portfolios – data – 1/2
Region Country Total board positions Men Women % Board members with multiple board seats * All Western Europe Overall 4931 3638 1293 8.0% 7.9% 8.1% Austria 111 92 19 0.9% 1.1% 0.0% Belgium 122 88 34 1.7% 6.3% Denmark 169 131 38 4.3% 5.6% Finland 68 47 21 9.3% 5.0% France 795 497 298 13.1% 11.2% 16.5% Germany 983 765 218 8.6% 9.5% 5.9% Greece 77 66 11 Italy 177 120 57 5.4% 7.5% Luxembourg Netherlands 223 170 53 6.2% 7.6% 1.9% Norway 41 27 1.5% 2.5% Portugal 109 98 2.8% 3.2% Rep. Of Ireland 221 172 49 1.4% 1.2% 2.1% Spain 276 217 59 9.2% 3.5% Sweden 231 144 87 11.4% 11.0% 12.0% Switzerland 334 270 64 7.1% 9.0% United Kingdom 899 663 236 9.9% 10.9% Eastern Europe 482 441 3.7% 4.1% Czech Republic 81 76 5 Hungary 63 3 3.1% 3.3% Poland 95 80 15 1.3% Russia 240 222 18 6.9% US & Canada 6344 5047 1297 17.6% 16.7% 21.2% Canada 661 496 165 13.3% 12.9% 14.2% United States 5683 4551 1132 18.1% 17.1% 22.3% Global Overall 2016 17182 14005 3177 10.7% 10.2% 2014 11536 9778 1758 8.3% 8.2% 8.9% * The director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Gender diversity of boards in 2016: Board portfolios – data – 2/2
Region Country Total board positions Men Women % Board members with multiple board seats * All Other Americas Overall 510 469 41 7.1% 7.5% 2.5% Argentina 59 55 4 0.0% Brazil 150 140 10 4.9% 5.3% Chile 65 56 9 Columbia 46 42 4.5% 5.0% Mexico 190 176 14 15.2% 15.9% 7.7% Middle-East and Africa 447 387 60 6.0% 6.6% 1.7% Israel 63 50 13 Saudi Arabia 61 2 8.8% 9.1% South Africa 159 126 33 4.6% 5.9% Turkey 81 73 8 8.0% 7.4% 14.3% UAE 77 9.6% 10.1% Asia 4117 3764 353 6.5% 6.2% 9.4% China 705 637 68 3.5% 3.7% 2.3% Hong Kong 713 629 84 12.5% 12.7% 11.4% India 451 396 9.8% Indonesia 120 108 12 1.9% Japan 1480 1401 79 5.6% 18.8% Malaysia 135 110 25 4.2% Singapore 117 105 9.3% 33.3% South Korea 216 209 7 2.9% 3.0% Taiwan 180 169 11 4.0% 4.3% Australasia 351 259 92 16.7% Australia 299 219 80 10.0% 17.9% New Zealand 52 40 2.6% Global Overall 2016 17182 14005 3177 10.7% 10.2% 13.1% 2014 11536 9778 1758 8.3% 8.2% 8.9% * The director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Gender diversity of boards in 2016: Board portfolios – chart 1/3
Percentage of board members with multiple board positions * Men Women Global Overall Western Europe Eastern Europe US & Canada * The director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Percentage of board members with multiple board positions * Men Women Global Overall Other Americas Middle East and Africa Asia Australasia * The director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Percentage of board members with multiple board positions * Men Women Global Overall * A director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Gender diversity of boards in 2016: Board portfolios of new board members including women – 1/2
Region Country Total new hires Women new hires New hires with multiple positions Women new hires with multiple positions New hires with multiple board positions as percentage of new hires Women new hires with multiple positions as percentage of women new hires Western Europe Overall 689 244 91 43 13.2% 17.6% Austria 13 3 0.0% Belgium 9 4 1 11.1% 25.0% Denmark 17 Finland 8 2 France 52 20 15 22.0% 28.8% Germany 123 35 7 12.2% 20.0% Greece n/a Italy 62 24 5 11.3% 20.8% Luxembourg 10 Netherlands 31 3.2% Norway 14 Portugal 6 Rep. Of Ireland 27 3.7% Spain 34 2.9% Sweden 45 23 11 24.4% 34.8% Switzerland 46 8.7% United Kingdom 145 42 28 19.3% 16.7% Eastern Europe 108 9.3% Czech Republic Hungary Poland 41 4.9% Russia 19.0% US & Canada 686 184 227 61 33.1% 33.2% Canada 81 32 22 27.2% 31.3% United States 605 152 205 51 33.9% 33.6% Global Overall 2016 2255 544 406 121 18.0% 22.2% 2014 1414 330 160 40 12.1% * A director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Gender diversity of boards in 2016: Board portfolios of new board members including women – 2/2
Region Country Total new hires Women new hires New hires with multiple positions Women new hires with multiple positions New hires with multiple board positions as percentage of new hires Women new hires with multiple positions as percentage of women new hires Other Americas Overall 75 11 3 4.0% 0.0% Argentina 14 1 Brazil 24 2 Chile Columbia Mexico 12 25.0% Middle-East and Africa 46 10 4.3% Israel Saudi Arabia 10.0% South Africa 16 Turkey UAE 7 14.3% Asia 599 64 59 9.8% 15.6% China 116 6 9 7.8% Hong Kong 110 18 20 18.2% 16.7% India 72 8 4 5.6% Indonesia 13 Japan 221 21 5 9.0% 23.8% Malaysia 22 4.5% Singapore 27.3% 50.0% South Korea n/a Taiwan Australasia 52 26.9% 33.3% Australia 30.4% New Zealand Global Overall 2016 2255 544 406 121 18.0% 22.2% 2014 1414 330 160 40 11.3% 12.1% * The director is viewed as one with multiple board positions as long as s/he has more than one of the board positions that were covered in this report.

Gender diversity of boards in 2016: Executive vs
Gender diversity of boards in 2016: Executive vs. non-executive roles – 1/2 Region Country Board member positions Executive Directors (EDs) Non-Executive Directors (NEDs) Women EDs Men EDs Total EDs % Women Women NEDs Men NEDs Total NEDs Western Europe Overall 4931 71 850 921 7.7% 1222 2788 4010 30.5% Austria 111 28 0.0% 19 64 83 22.9% Belgium 122 2 12 14 14.3% 32 76 108 29.6% Denmark 169 1 37 38 2.6% 94 131 28.2% Finland 68 21 46 67 31.3% France 795 4 93 97 4.1% 294 404 698 42.1% Germany 983 23 253 276 8.3% 195 512 707 27.6% Greece 77 15 16 6.3 10 51 61 16.4% Italy 177 25 8.0% 55 152 36.2% Luxembourg 6 7 Netherlands 223 45 11.8% 47 125 172 27.3% Norway 27 41 39.7% Portugal 109 31 33 6.1% 9 Rep. Of Ireland 221 34 2.9% 48 139 187 25.7% Spain 40 42 4.8% 57 234 24.4% Sweden 231 3 17 17.6% 84 130 214 39.3% Switzerland 334 24 4.2% 63 247 310 20.3% United Kingdom 899 22 196 218 10.1% 467 681 31.4% Eastern Europe 482 138 147 303 335 9.6% Czech Republic 81 5.9% 44 6.4% Hungary 66 54 5.6% Poland 95 13 53 24.5% Russia 240 5 59 8.5% 168 181 7.2% US & Canada 6344 747 787 5.1% 1257 4300 5557 22.6% Canada 661 72 74 2.7% 163 424 587 27.8% United States 5683 675 713 5.3% 1094 3876 4970 22.0% Global Overall 2016 17182 193 3683 5.0% 2984 10322 13306 22.4% 2014 11536 124 2676 2800 4.4% 1634 7102 8736 18.7%

Gender diversity of boards in 2016: Executive vs
Gender diversity of boards in 2016: Executive vs. non-executive roles – 2/2 Region Country Board member positions Executive Directors (EDs) Non-Executive Directors (NEDs) Women EDs Men EDs Total EDs % Women Women NEDs Men NEDs Total NEDs Other Americas Overall 510 50 0.0% 41 419 460 8.9% Argentina 59 8 4 47 51 7.8% Brazil 150 16 10 124 134 7.5% Chile 65 3 9 53 62 14.5% Colombia 46 42 8.7% Mexico 190 23 14 153 167 8.4% Middle-East and Africa 447 6 61 67 9.0% 54 326 380 14.2% Israel 63 7 13 43 56 23.2% Saudi Arabia 2 3.8% South Africa 159 5 29 34 14.7% 28 97 125 22.4% Turkey 81 1 12.5% 66 73 9.6% UAE 69 5.5% Asia 4117 1791 1857 3.6% 287 1973 2260 12.7% China 705 194 207 6.3% 55 443 498 11.0% Hong Kong 713 26 224 250 10.4% 58 405 463 India 451 133 6.8% 272 318 Indonesia 120 12.1% 7.4% Japan 1480 1034 1040 0.6% 367 440 16.6% Malaysia 135 20 25 90 115 21.7% Singapore 117 15 11 101 10.9% South Korea 216 75 76 1.3% 140 4.3% Taiwan 180 49 4.1% 122 131 6.9% Australasia 351 2.1% 91 213 304 29.9% Australia 299 44 2.3% 79 176 255 31.0% New Zealand 52 12 37 24.5% Global Overall 2016 17182 193 3683 3876 5.0% 2984 10322 13306 2014 11536 2676 2800 4.4% 1634 7102 8736 18.7%

Gender diversity of CEOs and CFOs in 2016 – 1/2
Region Country CEOs CFOs Women CEOs Men CEOs Total CEOs % Women Women CFOs Men CFOs Total CFOs Western Europe Overall 15 366 381 4.1% 36 339 375 10.6% Austria 6 0.0% Belgium 1 8 9 12.5% Denmark 13 12 8.3% Finland 7 14.3% France 57 58 1.8% 51 11.8% Germany 48 3 44 47 6.8% Greece Italy 14 7.1% 7.7% Luxembourg 16.7% Netherlands 19 20 5.3% 17 17.6% Norway Portugal Rep. Of Ireland 16 18.8% Spain 21 2 18 11.1% Sweden Switzerland 33 34 3.0% 32 3.1% United Kingdom 77 83 7.8% 10 73 13.7% Eastern Europe 37 Czech Republic Hungary Poland Russia US & Canada 25 564 589 4.4% 61 524 585 11.6% Canada 55 56 54 5.9% United States 24 509 533 4.7% 473 531 12.3% Global Overall 2016 1460 1515 3.8% 141 1346 1487 10.5%

Gender diversity of CEOs and CFOs in 2016 – 2/2
Region Country CEOs CFOs Women CEOs Men CEOs Total CEOs % Women Women CFOs Men CFOs Total CFOs Other Americas Overall 1 47 48 2.1% 2 46 4.3% Argentina 6 0.0% Brazil 16 Chile 7 Colombia 5 20.0% 4 50.0% Mexico 13 Middle-East and Africa 38 40 5.3% 37 39 5.4% Israel Saudi Arabia 16.7% South Africa 11 12 9.1% Turkey UAE 8 Asia 369 380 3.0% 325 364 12.0% China 3 64 67 4.7% 15 49 30.6% Hong Kong 55 57 3.6% 54 15.2% India 36 11.1% 41 5.1% Indonesia Japan 134 129 Malaysia 9 66.7% Singapore South Korea 30 25 Taiwan 17 18 5.9% 41.7% Australasia 2.6% Australia 33 34 New Zealand Global Overall 2016 1460 1515 3.8% 141 1346 1487 10.5%

Gender diversity of boards in 2016: Board chair positions* – 1/2
Region Country Non-Executive Chair positions Executive Chair positions Total Men Women % Women Western Europe Overall 301 282 19 6% 138 135 3 2% Austria 6 0% Belgium 8 1 Denmark 13 n/a Finland 7 13% France 30 28 2 7% 40 Germany 47 44 33 Greece 4 25% Italy 57% Luxembourg Netherlands 21 9 11% Norway 5 29% Portugal Republic Of Ireland 11 18% Spain 15 14 Sweden 18 5% 50% Switzerland 29 3% United Kingdom 77 76 1% Eastern Europe 35 12 Czech Republic Hungary Poland 20% Russia 20 US & Canada 238 229 4% 360 344 16 Canada 38 17 United States 198 191 343 328 Global Overall 2016 772 736 36 759 23 2014 571 551 414 402 *Companies may have more than one Chair, particularly in Germany where both Chief Executive Officers and Independent Chair positions carry the title of “Chair” in BoardEx data.

Gender diversity of boards in 2016: Board chair positions* – 2/2
Region Country Non-Executive Chair positions Executive Chair positions Total Men Women % Women Other Americas Overall 36 35 1 3% 9 0% Austria 3 Belgium 14 13 7% n/a Denmark 6 Finland 5 France 8 Middle-East and Africa 34 32 2 6% 17% Israel Saudi Arabia South Africa 10 20% Turkey 7 100% UAE Asia 92 90 2% 232 229 1% China 18 47 46 Hong Kong 12 44 43 India 17 23 22 4% Indonesia Japan 13% 93 Malaysia Singapore 11 South Korea Taiwan Australasia Australia 30 29 New Zealand Global Overall 2016 772 736 5% 759 2014 571 551 20 414 402 *Companies may have more than one Chair, particularly in Germany where both Chief Executive Officers and Independent Chair positions carry the title of “Chair” in BoardEx data.

Gender diversity of boards in 2016: Committee positions – data – 1/2
Region Country Companies* Committee positions Committee Chair positions Total Held by Women % Women Western Europe Overall 373 5777 1514 26.2% 1296 239 18.4% Austria 6 147 21 14.3% 2 9.5% Belgium 9 129 36 27.9% 30 5 16.7% Denmark 13 118 32 27.1% 35 4 11.4% Finland 8 72 18 25.0% 22.2% France 57 824 319 38.7% 179 53 29.6% Germany 46 886 159 17.9% 183 7.1% Greece 90 14.4% 19 3 15.8% Italy 14 180 31.7% 47 7 14.9% Luxembourg 17.4% 12 Netherlands 20 257 75 16.0% Norway 54 37.0% 15 26.7% Portugal 80 11.3% 0.0% Rep. Of Ireland 354 86 24.3% 76 19.7% Spain 394 79 20.1% 78 26.9% Sweden 171 52 30.4% 49 11 22.4% Switzerland 33 432 73 16.9% 107 10 9.3% United Kingdom 83 1543 475 30.8% 334 21.9% Eastern Europe 300 10.0% 70 2.9% Czech Republic 22 Hungary 29 Poland 39 33.3% Russia 210 17 8.1% US & Canada 581 10418 2236 21.5% 2298 425 18.5% Canada 1001 246 24.6% 204 22.5% United States 527 9417 1990 21.1% 2094 379 18.1% Global Overall 2016 1367 22208 4521 20.4% 4892 773 2014 829 13357 2268 17.0% 2848 348 12.2% * Not every company has board committees, which is why of 1491 companies in this report, only 1367 are referenced here.

Gender diversity of boards in 2016: Committee positions – data – 2/2
Region Country Companies* Committee positions Committee Chair positions Total Held by Women % Women Other Americas Overall 42 425 32 7.5% 67 1 1.5% Argentina 6 10 14.9% 8 0.0% Brazil 12 132 9 6.8% Chile 7 69 5 7.2% 18 5.6% Columbia 47 2 4.3% Mexico 110 5.5% 23 Middle-East and Africa 36 696 137 19.7% 153 20 13.1% Israel 151 40 26.5% 18.8% Saudi Arabia 53 1.9% 16 South Africa 11 282 72 25.5% 56 16.1% Turkey 100 17 17.0% 26 19.2% UAE 6.4% Asia 264 3976 404 10.2% 867 64 7.4% China 61 961 78 8.1% 215 4.2% Hong Kong 57 937 118 12.6% 206 19 9.2% India 885 86 9.7% 179 14 7.8% Indonesia 45 4 8.9% 7.1% Japan 35 382 10.5% 80 Malaysia 15 197 44 22.3% 48 25.0% Singapore 227 21 9.3% 55 3 South Korea 22 249 2.8% 49 Taiwan 93 6.5% Australasia 39 616 168 27.3% 141 15.6% Australia 33 523 27.0% 14.4% New Zealand 27 29.0% 21.7% Global Overall 2016 1367 22208 4521 20.4% 4892 773 15.8% 2014 829 13357 2268 2848 348 12.2% * Not every company has board committees, which is why of 1491 companies in this report, only 1367 are referenced here.

Gender diversity of boards in 2016: Committee positions – chart 1/3
Representation of women by type of board position, 2016 Women on boards Women on committees Women chairing committees Global Overall Western Europe Eastern Europe US & Canada

Representation of women by type of board position, 2016 Women on boards Women on committees Women chairing committees Global Overall Other Americas Middle East and Africa Asia Australasia

Representation of women by type of board position, 2016 Women on boards Women on committees Women chairing committees Global Overall

Average age of board members Men – Women age difference
Gender diversity of boards in 2016: Average age of board members including women – 1/2 Region Country Average age of board members Difference (M–W) Men – Women age difference Change Women Men Overall 2012 2014 2016 Western Europe 55. 59.1 58.1 3.6 4.5 4.2 (0.9) Austria 53.5 55.9 55.5 2.4 11.3 4.4 (8.9) Belgium 58.0 58.8 58.6 0.8 2.1 2.0 (1.3) Denmark 54.3 55.4 55.2 1.1 1.8 2.6 (0.7) Finland 58.7 57.8 2.8 1.2 1.7 France 55.3 60.0 58.2 4.7 5.1 0.1 Germany 53.7 57.2 56.4 3.5 5.0 4.3 (1.6) Greece 57.9 10.5 4.8 (11.1) Italy 54.5 57.6 56.6 3.1 6.3 4.9 (3.2) Luxembourg 48.3 61.5 59.3 13.2 15.0 16.2 (1.8) Netherlands 57.7 59.7 1.3 (1.1) Norway 3.8 1.4 Portugal 48.9 56.9 56.1 8.0 8.3 (2.8) (0.4) Rep. Of Ireland 59.0 61.3 60.8 2.3 0.7 Spain 56.8 62.7 61.6 5.9 9.9 6.5 (4.1) Sweden 54.9 58.5 57.1 (0.3) Switzerland 62.1 61.0 6.0 5.6 0.4 United Kingdom 56.3 58.4 Eastern Europe 50.0 54.6 54.2 4.6 0.0 Czech Republic 45.0 51.6 51.3 6.6 14.4 1.0 Hungary 51.7 61.8 10.1 15.5 6.2 (5.4) Poland 49.8 (2.2) 3.0 Russia 49.7 55.0 5.3 US & Canada 63.7 63.1 2.9 4.0 3.9 Canada 59.5 63.5 62.5 5.2 United States 60.9 2.7 3.3 (0.8) Global Overall 61.2 60.6 3.4 (0.6) 60.4 59.8

Average age of board members Men – Women age difference
Gender diversity of boards in 2016: Average age of board members including women – 2/2 Region Country Average age of board members Difference (M–W) Men – Women age difference Change Women Men Overall 2012 2014 2016 Other Americas 53.9 60.7 60.3 6.8 4.0 5.4 2.8 Argentina 50.3 58.7 58.1 8.4 8.1 0.3 Brazil 59.2 8.9 2.9 4.3 6.1 Chile 46.3 62.5 61.5 16.1 n/a 0.0 Colombia 56.0 59.8 59.4 3.8 Mexico 59.7 62.3 3.5 (0.7) Middle-East and Africa 54.4 58.9 58.2 4.5 4.7 6.2 (0.2) Israel 58.4 3.9 Saudi Arabia 52.0 59.0 58.6 7.0 South Africa 50.7 57.4 8.6 4.4 6.5 4.1 Turkey 65.6 59.3 59.9 (6.2) 5.0 (13.2) UAE 53.3 Asia 57.6 61.0 3.4 3.3 China 53.2 55.3 55.1 2.0 2.5 1.3 (0.5) Hong Kong 56.5 60.2 4.2 (0.9) India 57.3 61.9 5.3 2.2 5.8 3.0 Indonesia 53.7 56.3 (1.9) 0.8 Japan 63.3 63.2 1.4 0.4 0.9 1.0 Malaysia 60.4 0.6 Singapore 62.7 62.4 3.7 1.6 (1.2) South Korea 61.4 61.2 (0.3) (3.8) Taiwan 64.5 64.0 7.1 6.4 7.3 0.7 Australasia 56.4 61.7 6.3 4.9 (1.0) Australia 56.9 62.2 6.6 (1.3) New Zealand 53.6 58.5 57.2 5.9 Global Overall 57.8 60.6 (0.6)

Age diversity of CEOs and CFOs in 2016 – 1/2
Region Country Average age of CEOs Average age of CFOs Women* Men Overall Difference (M-W) Difference (M-W) Western Europe 51.7 55.4 55.3 3.7 49.6 51.9 51.6 2.3 Austria n/a 60.0 54.8 Belgium 51.0 54.9 4.4 49.0 55.1 54.4 6.1 Denmark 52.0 47.2 47.5 (4.8) Finland 54.1 48.0 52.6 4.6 France 57.1 56.9 8.1 51.5 52.3 52.2 0.8 Germany 55.5 47.3 5.0 Greece 57.3 Italy 68.0 57.2 57.9 (10.8) 53.0 49.2 49.4 (3.8) Luxembourg 58.8 58.0 5.8 Netherlands 57.0 54.7 (2.3) 46.7 51.4 50.7 4.7 Norway 54.6 52.7 Portugal 54.3 48.8 Rep. Of Ireland (0.8) Spain 52.5 52.8 0.3 Sweden 53.3 52.1 (1.2) 45.7 50.9 Switzerland 46.0 54.5 8.8 53.6 53.4 5.6 United Kingdom 48.7 54.2 6.0 49.7 2.2 Eastern Europe 52.9 Czech Republic 49.5 50.5 Hungary 51.2 Poland 55.2 44.5 Russia 45.9 US & Canada 57.5 (0.5) 53.1 (0.3) Canada (4.7) 50.3 United States 57.7 (0.1) 53.5 53.2 (0.4) Global Overall 2016 55.6 1.5 * Where the country sample had no women CEOs or CFOs “n/a” is shown.

Age diversity of CEOs and CFOs in 2016 – 2/2
Region Country Average age of CEOs Average age of CFOs Women* Men Overall Difference (M-W) Difference (M-W) Other Americas 64.0 55.9 56.1 (8.1) 48.0 49.1 1.1 Argentina n/a 53.2 46.0 Brazil 57.4 48.2 Chile 52.1 46.5 Colombia 58.6 59.5 (5.4) 49.5 49.0 1.5 Mexico 56.5 Middle-East and Africa 55.5 54.6 (0.9) 42.5 49.6 49.2 7.1 Israel 54.0 56.6 56.2 2.6 44.0 48.8 4.8 Saudi Arabia 58.7 41.0 49.7 47.5 8.7 South Africa 57.0 53.4 53.7 (3.6) Turkey 50.4 47.6 UAE 55.1 53.5 Asia 59.4 59.3 50.1 54.9 54.4 4.9 China 47.3 52.8 52.5 5.4 48.9 50.2 49.9 1.3 Hong Kong 63.0 59.6 (3.5) 50.0 4.6 India 54.8 56.7 2.0 55.0 53.8 (1.2) Indonesia Japan 63.8 58.4 Malaysia 50.7 0.7 Singapore 59.0 57.5 (1.6) 50.5 51.0 50.8 0.5 South Korea 60.5 Taiwan 63.3 61.0 53.9 (7.1) Australasia 56.0 54.2 (1.8) 50.6 4.7 Australia New Zealand 48.3 2.8 Global Overall 2016 55.6 57.1 51.2 52.7 52.6 * Where the country sample had no women CEOs or CFOs “n/a” is shown.

Gender diversity of boards in 2016: Sectors leading gender diversity of boards – ranking Sector name Companies Board positions Men Women % Board positions held by women Banks 147 1956 1560 396 20.2% Consumer Discretionary 183 2170 1740 430 19.8% Consumer Staples 140 1626 1275 351 21.6% Energy 95 1000 853 14.7% Financials, except Banks 207 2386 1939 447 18.7% Healthcare 1015 825 190 Industrial 195 2249 1883 366 16.3% Information Technology 155 1585 1314 271 17.1% Materials 117 1345 1121 224 16.7% Utilities 159 1850 1495 355 19.2% Global All Sectors 1493 17182 14005 3177 18.5% 2014 924 11536 9778 1758 15.2%

International diversity

Trends in board diversity : Board positions held by non-nationals and non-national women*,** – 1/2 Region Country Non-national % of all board members *,** Non-national % of all women board members *,** 2006 2008 2010 2012 2014 2016 Western Europe Overall 22.7% 27.9% 27.8% 31.5% 32.3% 35.8% 21.8% 22.8% 32.1% 34.4% 36.4% 41.2% Austria 8.6% 36.7% 14.3% 15.1% 18.2% 25.3% 20.0% 0.0% 33.3% 50.0% Belgium 28.2% 38.0% 33.7% 38.5% 42.6% 23.5% 28.6% 40.9% 52.9% Denmark 8.9% 15.7% 17.6% 29.3% 40.8% 6.7% 7.1% 30.8% 42.9% 57.9% Finland 28.7% 22.5% 30.9% 28.3% 41.7% 34.6% 35.3% France 18.7% 20.5% 20.4% 21.6% 20.6% 23.1% 11.5% 16.9% 29.6% 34.3% Germany 12.3% 15.3% 17.1% 18.0% 20.2% 22.6% 5.0% 19.6% 24.7% Greece 14.9% 25.0% 23.4% 19.2% 26.4% 12.5% 10.0% Italy 12.4% 13.1% 11.1% 13.6% 18.6% 16.7% 18.8% 21.1% Luxembourg 27.3% 76.8% 78.5% 89.7% 86.7% 85.3% 60.0% 100.0% 90.9% Netherlands 46.2% 50.2% 57.8% 59.0% 60.6% 71.4% 57.1% 58.8% 58.6% 65.1% 75.0% Norway 17.0% 8.4% 23.2% 22.1% 13.3% 2.4% 13.0% 26.9% 25.9% Portugal 11.4% 52.5% 24.1% 25.2% Republic Of Ireland 25.4% 50.6% 82.4% 76.6% 74.1% 40.0% 63.6% 79.2% 79.6% Spain 10.4% 10.6% 9.9% 16.2% 17.4% 7.7% 3.7% 15.0% 15.9% Sweden 40.1% 24.5% 26.7% 32.5% 31.6% 23.6% 27.1% 35.6% Switzerland 54.8% 51.7% 59.8% 67.4% 69.5% 67.2% 45.5% 64.5% 80.8% United Kingdom 37.1% 36.5% 38.3% 38.8% 41.5% 43.8% 45.0% 47.2% 44.9% Eastern Europe 25.7% Czech Republic 36.3% Hungary Poland 19.4% Russia US & Canada 10.7% Canada 29.9% United States 11.3% 8.1% Global Overall 24.8% 25.6% * The nationality of some board members was unknown. All percentages above are shown as a share of directors whose nationality is known. ** Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

Trends in board diversity 2016: Board positions held by non-nationals and non-national women*,** – 2/2 Region Country Non-national % of all board members *,** Non-national % of all women board members *,** 2016 Other Americas Overall 12.1% 18.4% Argentina 13.6% 50.0% Brazil 12.0% 0.0% Chile 20.0% 28.6% Colombia 2.2% Mexico 11.7% 23.1% Middle-East and Africa 46.1% 17.5% Israel 27.0% 15.4% Saudi Arabia 100.0% South Africa 23.4% 9.1% Turkey 20.5% 14.3% UAE Asia 28.7% 28.1% China 10.1% 7.4% Hong Kong 78.0% 71.1% India 9.9% 7.3% Indonesia 10.0% 8.3% Japan 3.7% 11.4% Malaysia 20.1% Singapore 29.1% South Korea Taiwan Australasia 33.2% 24.2% Australia 34.6% 25.0% New Zealand 24.4% 18.2% Global Overall 24.8% 25.6% * The nationality of some board members was unknown. All percentages above are shown as a share of directors whose nationality is known. ** Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

Trends in board diversity 2008-2016: Boards with non-nationals* – 1/2
Region Country % Board with non-national board members 2008 2010 2012 2014 2016 Western Europe Overall 80.9% 88.2% 87.8% 89.6% 90.7% Austria 50.0% 85.7% 66.7% 100.0% Belgium 77.8% 80.0% 87.5% 88.9% Denmark 92.3% Finland France 82.1% 87.7% 92.7% 89.7% 89.5% Germany 84.1% 97.2% 93.2% 93.6% Greece 11.1% 83.3% Italy 56.5% 60.0% 63.2% 78.6% Luxembourg Netherlands 94.7% 96.0% Norway 71.4% Portugal Republic Of Ireland 91.7% Spain 51.9% 61.9% 75.0% Sweden 85.0% Switzerland 94.1% 97.1% 97.0% United Kingdom 91.4% 88.6% 85.5% Eastern Europe 76.3% Czech Republic Hungary Poland Russia US & Canada 64.2% Canada United States 61.5% Global Overall 70.1% * Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

Trends in board diversity 2016: Boards with non-nationals* – 2/2
Region Country % Board with non-national board members 2016 Other Americas Overall 52.1% Argentina 33.3% Brazil 37.5% Chile 71.4% Colombia 16.7% Mexico 84.6% Middle-East and Africa 89.7% Israel 83.3% Saudi Arabia 100.0% South Africa Turkey 57.1% UAE Asia 55.9% China 55.2% Hong Kong India 42.5% Indonesia Japan 24.2% Malaysia 53.3% Singapore 91.7% South Korea Taiwan 59.1% Australasia Australia 93.9% New Zealand 66.7% Global Overall 70.1% * Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

International diversity of boards in 2016: Non-national members amongst new members/women joining boards* – 1/2 Region Country Total new New non-national board members * % Non-national directors of all new Women new women board members * women directors of all new women Western Europe Overall 689 289 41.9% 244 99 40.6% Austria 13 4 30.8% 3 0.0% Belgium 9 44.4% 2 50.0% Denmark 17 8 47.1% Finland 6 75.0% 1 100.0% France 91 30 33.0% 52 18 34.6% Germany 123 40 32.5% 35 12 34.3% Greece n/a Italy 62 27.4% 24 25.0% Luxembourg 10 80.0% Netherlands 31 25 80.6% 11 84.6% Norway 14 5 35.7% 12.5% Portugal Republic Of Ireland 27 20 74.1% Spain 34 17.6% 22.2% Sweden 45 17.8% 23 17.4% Switzerland 46 37 80.4% 15 86.7% United Kingdom 145 67 46.2% 42 47.6% Eastern Europe 108 18.5% 20.0% Czech Republic 33.3% Hungary Poland 41 2.4% Russia 23.8% 40.0% US & Canada 686 121 184 28 15.2% Canada 81 30.9% 32 31.3% United States 605 96 15.9% 152 11.8% Global Overall 2016 2255 650 28.8% 544 164 30.1% * Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

International diversity of boards in 2016: Non-national members amongst new members/women joining boards* – 2/2 Region Country Total new New non-national board members * % Non-national directors of all new Women new women board members * women directors of all new women Other Americas Overall 75 12 16.0% 11 2 18.2% Argentina 14 0.0% 1 Brazil 24 4 16.7% Chile 5 45.5% 50.0% Colombia 7.1% 3 Mexico 33.3% Middle-East and Africa 46 28 60.9% 10 Israel 100.0% Saudi Arabia 9 90.0% South Africa 16 6 37.5% Turkey 40.0% UAE 7 85.7% Asia 599 161 26.9% 64 20 31.3% China 116 10.3% Hong Kong 110 92 83.6% 18 77.8% India 72 8.3% 8 Indonesia 13 7.7% Japan 221 4.1% 21 9.5% Malaysia 22 31.8% Singapore South Korea n/a Taiwan Australasia 52 19 36.5% 38.1% Australia 17 37.0% New Zealand Global Overall 2016 2255 650 28.8% 544 164 30.1% * Company was considered to have a non-national board member if it had a member whose nationality was different from the local nationality. The members whose nationality was not known were not considered to be non-nationals.

International diversity of CEOs in 2016 – 1/2
Region Country CEOs Non-national CEOs Women Men Overall % Non-national % Women non-national* Western Europe 381 5 114 119 31.2% 1.3% Austria 6 2 33.3% 0.0% Belgium 9 4 44.4% Denmark 13 38.5% Finland 8 25.0% France 58 3.4% Germany 48 10 20.8% Greece 1 16.7% Italy 15 13.3% Luxembourg 7 100.0% 14.3% Netherlands 20 40.0% 5.0% Norway Portugal Rep. Of Ireland 19 12 63.2% Spain 21 4.8% Sweden 28.6% Switzerland 34 61.8% United Kingdom 83 36 43.4% 2.4% Eastern Europe 37 18.9% Czech Republic 3 50.0% Hungary Poland Russia US & Canada 589 75 76 12.90% 0.20% Canada 56 23.2% United States 533 62 63 11.8% 0.2% Global Overall 2016 1515 345 354 23.4% 0.6% Note: The number of CEOs is sometimes different from the number of companies analysed in this report where co-CEOs were leading a company.

International diversity of CEOs in 2016 – 2/2
Region Country CEOs Non-national CEOs Women Men Overall % Non-national % Women non-national Other Americas 48 6 12.5% 0.0% Argentina Brazil 16 2 Chile 7 3 42.9% Colombia Mexico 13 1 7.7% Middle-East and Africa 40 15 38.5% Israel 16.7% Saudi Arabia 5 71.4% South Africa 12 25.0% Turkey 14.3% UAE 8 Asia 380 109 112 29.5% 0.8% China 67 1.5% Hong Kong 57 44 46 80.7% 3.5% India 15.0% Indonesia Japan 134 Malaysia 20.0% Singapore 41.7% South Korea 30 100.0% Taiwan 18 17 5.6% Australasia 19 47.5% Australia 34 50.0% New Zealand 33.3% Global Overall 2016 1515 9 345 354 23.4% 0.6% Note: The number of CEOs is sometimes different from the number of companies analysed in this report where co-CEOs were leading a company.

International diversity of CFOs in 2016 – 1/2
Region Country CFOs Non-national CFOs Women Men Overall % Non-national % Women non-national Western Europe 375 15 94 109 29.1% 4.0% Austria 6 1 16.7% 0.0% Belgium 9 5 66.7% 11.1% Denmark 13 2 3 23.1% 7.7% Finland 8 France 57 4 8.8% 1.8% Germany 47 7 14.9% 2.1% Greece Italy 14 Luxembourg 100.0% Netherlands 20 18 90.0% 15.0% Norway Portugal Rep. Of Ireland 19 10 68.4% 15.8% Spain 20.0% Sweden 21 9.5% Switzerland 33 60.6% 3.0% United Kingdom 83 22 26.8% 4.8% Eastern Europe 37 13.5% Czech Republic 33.3% Hungary Poland Russia 5.3% US & Canada 585 46 48 8.2% 0.3% Canada 54 1.9% United States 531 38 39 7.3% 0.2% Global Overall 2016 1502 28 259 287 19.3%

International diversity of CFOs in 2016 – 2/2
Region Country CFOs Non-national CFOs Women Men Overall % Non-national % Women non-national Other Americas 48 7 14.6% 0.0% Argentina 6 2 33.3% Brazil 16 12.5% Chile 28.6% Colombia Mexico 13 1 7.7% Middle-East and Africa 39 35.1% Israel 16.7% Saudi Arabia 3 60.0% South Africa 11 9.1% Turkey UAE 8 100.0% Asia 379 83 94 25.8% 2.9% China 69 4 6.3% Hong Kong 59 5 32 37 68.5% 8.5% India 41 Indonesia 14.3% Japan 134 3.1% Malaysia 15 20.0% Singapore 12 25.0% 8.3% South Korea 25 Taiwan 17 29.4% Australasia 28.2% Australia 33 24.2% New Zealand 50.0% Global Overall 2016 1502 28 259 287 19.3% 1.9%

Board positions with nationality known %Non-National held by women
International diversity of boards in 2016: Sectors leading international diversity of boards – ranking Sector name Companies Board positions with nationality known National Non-National %Non-National %Non-National held by women Banks 147 1908 1450 458 24% 22% Consumer Discretionary 183 2104 1648 456 Consumer Staples 140 1591 1151 440 28% 27% Energy 95 984 802 182 18% 19% Financials, except Banks 207 2353 1730 623 26% 25% Healthcare 1001 698 303 30% 36% Industrial 195 2208 1653 555 Information Technology 155 1569 1167 402 23% Materials 117 1318 991 327 Utilities 159 1796 1365 431 Global All Sectors 1493 16832 12655 4177

Survey design

Survey Design The 2016 Egon Zehnder Global Board Diversity Analysis examined the boards of the largest companies across 44 countries globally. This is the seventh report of its kind since the initial study findings were reported in Data was sourced from BoardEx on 18 May 2016, with corrections and clarifications made by Egon Zehnder Research. In total the analysis considered data from 1491 companies from all over the world. Most companies included in the study have market caps exceeding EUR 6bn – with a few exceptions to ensure the study examined the boards of at least six largest companies in each country.

For more information visit www.egonzehnder.com/diversity
Amsterdam Athens Atlanta Bangalore Barcelona Beijing Berlin Bogotá Boston Bratislava Brussels Budapest Buenos Aires Calgary Chicago Copenhagen Dallas Dubai Düsseldorf Frankfurt Geneva Hamburg Helsinki Hong Kong Houston Istanbul Jakarta Jeddah Johannesburg Kuala Lumpur Lisbon London Los Angeles Luxembourg Lyon Madrid Malmö Melbourne Mexico Miami Milan Montreal Moscow Mumbai Munich New Delhi New York Oslo Palo Alto Paris Prague Rio de Janeiro Rome San Francisco Santiago São Paulo Seoul Shanghai Singapore Stockholm Stuttgart Sydney Tel Aviv Tokyo Toronto Vienna Warsaw Washington DC Zurich The study was conducted by the Global Diversity and Inclusion Council at Egon Zehnder. If you would like to discuss any of the issues raised in this article, please contact our co-heads of the Global Diversity and Inclusion Council: Karoline Vinsrygg, in our London office at or Edwin Smelt, in our Amsterdam office at or For more information visit Project Management Katrin Sier, Egon Zehnder, London

Appendix to 2016 Egon Zehnder Global Board Diversity Analysis

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Appendix to 2016 Egon Zehnder Global Board Diversity Analysis

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