Denominator has been the data provider for Børsen Top 100 Diversity Leaders, published in Denmark’s main financial newspaper, Børsen. The ranking, measures how the 100 largest companies in Denmark perform when it comes to gender, nationality, and ethnicity in leadership.
This year’s coverage went further than the ranking, with our analysis featured in two articles: one centered on gender diversity, and another addressing race, ethnicity, and nationality in Danish leadership.
Overall diversity across the 100 largest companies in Denmark, with a focus on gender, and another addressing the international and nationality perspective in top Danish business.
Who performs best in diversity among Denmark’s largest companies?
Among the 100 largest companies, Carlsberg ranked first in the Børsen Top 100 Diversity Leaders. The brewery has strengthened its diversity efforts in recent years, moving up significantly from its 53rd place in the last edition of the ranking in 2023.
However, Carlsberg is still committed to keep improving. Susanne Skippari, HR Director at Carlsberg Group says:
“We are not yet where we need to be, so we will definitely continue with our efforts. It is an area where the demands are high, so it also requires that we have to focus on it every single day,”
Carlsberg stands out particularly in terms of nationality diversity. Five out of 13 board members hold a nationality other than Danish, representing a total of eight nationalities: Danish, Austrian, Swedish, Swiss, Indian, Chinese, British, and Egyptian. And the management has eight people from countries other than Denmark; Hong Kong, Portugal, Greece, Finland, Sweden, France and Russia.
The top 10 also includes Genmab, Ørsted, Novo Nordisk, A.P. Møller-Mærsk, Novonesis, Lego, Hempel, GN Store Nord and Cowi.
How is women’s representation across leadership in Denmark?
The analysis shows that women are still underrepresented in senior leadership across Denmark’s largest companies. While women make up 37 percent of the total workforce, representation decreases significantly at higher levels: 32 percent in middle management, 26 percent in senior management, 22 percent on executive boards, and just 5 percent at the CEO level.
Commenting on these figures, Sara Louise Muhr, professor of diversity and leadership at CBS, highlights the importance of active efforts:
“If you don't consciously include or consciously work for equal opportunities, you will unconsciously exclude.”
How do the C25 companies compare?
When compared with the C25, Denmark’s 25 largest listed companies, the figures show that the C25 perform somewhat better in several dimensions. On average, 44 percent of board members in the C25 are women, compared to 31 percent across the broader Top 100. For executive boards, the figures are closer, with 22 percent women in the C25 and 21 percent in the Top 100.
In terms of nationality, management boards in the Top 100 are 69 percent Danish, while in the C25 this figure is lower at 51 percent, reflecting a stronger international profile. For ethnicity, however, the figures are largely similar between the two groups.
What about ethnicity and nationality in leadership?
Across the 100 largest companies, leadership remains highly homogeneous. On average, 96 percent of board and executive board members are white. In fact, 77 percent of boards of directors and 78 percent of executive boards consist exclusively of white members. In comparison, 50 percent of boards and executive boards in the C25 are exclusively white.
There are only two CEOs in the Top 100 with an ethnic minority background. Mike Doustdar, CEO at Novo Nordisk, was born in Iran, raised in the United States, and holds Austrian citizenship. Badhri Srinivasan, CEO of Unilabs, has an Indian background. Their cases illustrate how rare ethnic diversity is at the very top of Denmark’s corporate landscape.
Sara Louise Muhr, professor of diversity and leadership at CBS comments “Are companies interested in representing their customer group? Are companies interested in being able to fish in a larger pool of talent when they hire? Are companies interested in better decision-making processes? I think it’s a pretty big yes. That’s why it’s problematic. We know that we make worse decisions when they’re made in a homogeneous group,”.
Is nationality diversity linked to company performance?
The analysis also shows a significant relationship between nationality diversity and company performance. Companies with more nationalities represented in their boards and management teams tend to report higher revenues.
The correlation is statistically strong, with the number of nationalities predicting 19 percent of revenue levels (p-value = 0.00). This suggests that larger, more international companies are more likely to have diverse leadership teams in terms of nationality.
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