In the “Investors4Diversity” study series, BIGL, the Berlin Institute for Governance and Leadership, examines how institutional investors are promoting diversity on the supervisory boards of DAX and MDAX companies. The BIGL 2025 study shows that the quality of the guidelines of investor and proxy advisors on diversity has improved and the guidelines have been further differentiated. A majority of investors now demand at least 30% or more women on the supervisory board. The proportion of women in listed companies is higher than ever before. Furthermore, the German Corporate Governance Code (“DCGK”) offers a framework for promoting diversity in the management of DAX and MDAX companies using qualification matrices and is used by many companies, albeit to varying degrees. However, diversity could also take a back seat among the priorities of some investors in view of the current political and economic challenges. The study states that the first signs of fatigue can also be seen among companies. It is advisable to keep at it.

Exciting topic from the BIGL authors, Dr. Philine Erfurt Sandhu, Chairwoman of the Board, Daniela Heyer, Senior Advisor, Türkü Özdemir, Research Assistant. Read the study.