Nordic Business Diversity Index 2023

The world is in turbulence due to the aftershock of the pandemic, the ongoing Russian invasion to Ukraine, energy crises and economic disruptions happening globally. Womens’ rights and especially reproductive rights are in turmoil with serious impacts on the health and safety of women and girls. Discrimination, be it based on e.g., gender, origin, skin color, age or sexual orientation, shows no signs of decrease. There are alarming signals of political extremism and in several arenas minority voices are silenced. You might think that how does this have anything to do with the diversity senior leadership, but it does. Companies are in a powerful position to show that diversity is valued and intentionally sought after.

The Nordic Business Diversity Index aims to paint a picture of what senior leadership looks like in the Nordics. We want the Index to also raise discussion, encourage to ask questions and push us to find ways in which companies can tackle the issue of homogeneous leadership.

So, please, step on board and take a look at the results!

This year's top performing companies

Helsinki Large, Mid, Small Cap
Stockholm Large Cap

Best total points

Helsinki Large Cap

Fortum
82%

Helsinki Mid Cap

Musti Group
73%

Helsinki Small Cap

Dovre Group
75%

Stockholm Large Cap

Orrön Energy
74.5%

Top companies by category

Helsinki Large Cap

Best total points

Fortum

80-84.5%

Nokia

75-79.5%

Citycon

75-79.5%

Sanoma

75-79.5%

Uponor

70-74.5%

Best executive points

Sanoma

Best board points

Fiskars & Kone

Helsinki Mid Cap

Best total points

Musti Group

70-74.5%

Marimekko

70-74.5%

Anora Group

65-69.5%

Tecnotree

65-69.5%

Caverion

65-69.5%

Best executive points

Oriola

Best board points

Caverion & Tecnotree

Helsinki Small Cap

Best total points

Dovre Group

75-79.5%

Biohit

70-74.5%

Nixu

60-64.5%

Optomed

60-64.5%

Panostaja

60-64.5%

Best executive points

Biohit

Best board points

Dovre Group

Stockholm Large Cap

Best total points

Orrön Energy

70-74.5%

Electrolux

70-74.5%

SAS

70-74.5%

EQT AB

70-74.5%

Stillfront Group

65-69.5%

Best executive points

Arjo

Best board points

Electrolux

See your company above? For more information about the results, please contact Impaktly's CEO Mia Folkesson at mia@impaktly.com or download the full report.

Key insights from this year's report

Gender | Age | Education | Nationality

Gender representation

Female

Male

Helsinki Large Cap

Helsinki Mid Cap

Helsinki Small Cap

Stockholm Large Cap

29%
71%
26%
74%
19%
81%
27%
73%

1%

is the percentage of female board chair positions in Helsinki Large Cap companies, compared to 7% in Stockholm Large Cap companies.

Age distribution

0%

of board members were born in the 1950s or 1960s.

0%

of executive team members were born in the 1960s or 1970s.

Education

Helsinki Large Cap

Helsinki Mid Cap

Helsinki Small Cap

Stockholm Large Cap

43%
35%
9%
13%
49%
24%
9%
18%
46%
38%
5%
11%
50%
31%
8%
11%

Business

Law

Engineering

Other

50%

of people in the board and executive team have a business-related educational background.

Nationality

0%

of the board and executive team in Finnish Small Cap companies have Finnish nationality.

0%

of the board and executive team in Finnish Large Cap companies have Finnish nationality.

Concluding thoughts

When leadership in our societies and companies reflects diverse backgrounds, we send the message that opportunity and success is not limited to a closed, homogeneous group. Additionally, representation empowers those who have traditionally been left voiceless, and it encourages all of us to encounter our unconscious biases and learn about people who are different from us. As individuals we are scared and as organisations unprepared to welcome diversity and to walk the extra mile to ensure our workplaces are inclusive.

Impaktly challenges you: expand your circles, practice empathy, be a role model and if you are in a position of power, use your power to make the change.

Have any questions regarding the report? Feel free to reach out to Impaktly's CEO Mia Folkesson at mia@impaktly.com.