Fifteen Years After the Gender Quota Law: Has the Objective of Enhancing Women’s Representation Been Realized?

Abstract

The article assesses the impact of Gender Quota Act No. 13/2010 on gender equality in Icelandic business life, fifteen years after its entry into force. It specifically examines how the quota has influenced gender balance on corporate boards and whether these changes have extended to the top executive level, i.e., CEOs and managing directors. The aim is to explain why progress has been rapid in boards but slow in executive management, and which policy instruments might bridge this gap. The study applies a mixed-methods design, combining (i) longitudinal company-level data from Creditinfo (2007–2025), (ii) GemmaQ data on all listed companies (2008–2025), (iii) 44 semi-structured interviews with board members of all companies listed on the Nasdaq Iceland Main Market, and (iv) the 2024 National Survey conducted by the Social Science Research Institute on public attitudes. Findings show that in companies subject to the Act, the share of women on boards has increased significantly, consolidating the 40% threshold over time. At the same time, women constitute only 18.6% of managing directors across all companies and 14.3% of CEOs in listed companies in 2025. Both interviews and survey data indicate divided views on extending quotas to executive positions, although a majority considers progress at the top executive level to be too slow. The theoretical contribution of the article lies in situating the findings on the development of gender ratios in boards of directors and executive teams within institutional theory and feminist institutionalism.