Gender distribution in management
PFA Holding A/S’ Board of Directors has set targets for the proportion of the underrepresented gender on the Board of Directors and adopted a policy to increase the share of the underrepresented gender at the other management levels in the PFA Holding A/S Group (“the PFA Group” or “PFA”). This is based on the introduction of rules for the gender distribution in management, cf. Section 79a of the Danish Financial Business Act and Section 139a of the Danish Companies Act. The policy took effect on 15 March 2013 and was most recently updated in June 2019. Boards of directors and executive levels with few members are easily influenced by occasional changes, and the development should therefore be viewed over a longer period of time. PFA’s focus is on attracting qualified female candidates for seats on the Board of Directors as well as management positions in general, and, over time, attaining the envisaged target figures.
Review of 2019
Gender distribution in management
PFA's target for the share of women in management is minimum 40 per cent. At the end of 2019, the share was 37 per cent, which is 3 percentage points below target. The female representation in PFA’s management has varied somewhat throughout the last few years and was 41 per cent in 2016, 36 per cent in 2017, 39 per cent in 2018 and 37 per cent in 2019.
To reach the target of minimum 40 per cent, PFA will, among other things, continue prioritising that candidates of both genders take part in the recruitment and promotion processes during which the best candidate will be selected.
When looking at the distribution of women at manager level, senior manager level and vice president level, the distribution at year-end 2019 was 46, 31 and 18 per cent respectively. The female representation at manager level is identical with 2018, whereas the female representation at senior manager level dropped by two percentage points. The female representation at vice president level dropped from 24 to 18 per cent.
At year-end 2019, the distribution in executive management is 0 per cent women.
Gender distribution in the Board of Directors
The target for the gender distribution in management for PFA Holding and PFA Pension is 25/75 per cent. The overall target for gender distribution within boards of directors with three members is 33.33/66.67 per cent; for boards of directors with four members the target is 25/75 per cent; and for boards of directors with more than four members the target is 40/60 per cent.
PFA Holding and PFA Pension’s Boards of Directors
As at 31 December 2018, the gender distribution for the boards of directors of PFA Holding and PFA Pension, which are identical, was 21/79 per cent, and the target was thus not met. PFA’s ownership structure and the resulting procedure for election of the members of PFA Holding’s Board of Directors only makes it possible to change the gender distribution gradually and over time.
Following the employee election in 2019, 2 out of 5 board members elected by the employees were women, and consequently, the board of directors of PFA Holding/PFA Pension consists of 15 members as at 31 December 2019, including board members elected by the employees, 3 board members being women, corresponding to a gender distribution of 20/80 per cent. The target was thus not met at the end of 2019.
As part of the work with targets and policy for the gender distribution in management, we can also point out nomination and election of board members with specific competences within areas identified by the board which can contribute to the efforts of translating PFA’s ambitions into reality.
The target for the gender distribution in management for PFA Holding and PFA Pension is 25/75 per cent. The target for gender distribution within boards of directors with three members is 33.33/66.67 per cent; for boards of directors with four members the target is 25/75 per cent; and for boards of directors with more than four members the target is 40/60 per cent.
Boards with 3 members
For boards with three members, which applies to the Board of Directors of certain group property companies, the target was met at the end of 2019 as the gender distribution is 33/67.67 per cent in these companies.
Boards with 4 members
For boards with four members, which applies to the Board of Directors of certain group property companies and PFA Bank, the target was met at the end of 2019 as the gender distribution is 25/75 per cent in these companies.
Boards with more than 4 members
For boards with more than four members, which applies to the Board of Directors of PFA Asset Management, the target was not met at the end of 2019 as the gender distribution is 0/100 per cent. In connection with a female board member’s exit from the board of directors of PFA Asset Management in 2017, the best qualified for the vacant seat on the board was a new male candidate, which resulted in a gender distribution of 0/100 per cent. In 2019, a replacement was made in the management, as the Group CEO of the PFA Group resigned and a new Group CIO entered. The Group CIO being a man, the gender distribution remains unchanged 0/100 per cent.