Women’s Participation on Corporate Boards: Progress, Gaps, and Challenges in Mexico Compared to the United States

By: Mtra. Terry Ahtziry Cárdenas Banda, attorney, internationalist, professor, philanthropist, law professor, and social activist

Throughout history, societies have transformed their legal, institutional, and social structures with the aim of promoting greater inclusion of women in decision-making spaces. This process began with constitutional and legislative reforms designed to recognize equal rights between men and women, which later evolved toward the practical implementation of those principles.

For many years, although equality was recognized in law, it was not always respected or fully implemented in practice. However, in recent years, significant progress has been made, particularly in the public sector, where gender parity reforms have substantially increased the presence of women in elected offices, legislative bodies, and other decision-making positions.

Nevertheless, one area where significant challenges remain is the private sector, particularly within corporate governance bodies. Although it has become increasingly common to see women leading major companies, serving as chief legal officers, or sitting on boards of directors, the reality is that these bodies remain predominantly composed of men.

Various studies show that the presence of women on the boards of Mexican companies remains limited. According to data from the Mexican Institute for Competitiveness, only about 13% of board seats in publicly traded companies in Mexico are held by women.

Moreover, female participation at the highest executive levels remains low:

• Only 3% of chief executive officer (CEO) positions are held by women.
• Approximately 4% of boards of directors are chaired by a woman.

These figures reflect the persistence of what has been described as the “glass ceiling,” a structural barrier that limits women’s access to the highest positions of power and decision-making within organizations.

It is important to note that this gap does not stem from a lack of professional capability or preparation. On the contrary, women have significantly increased their presence in key fields such as finance, corporate law, regulatory compliance, and strategic management. However, factors such as traditional power networks, rigid organizational structures, and cultural biases continue to influence the selection processes for top leadership positions.

In Mexico, there is currently no legal requirement establishing a minimum number of women on the boards of adiministration of private companies. Corporate regulation, primarily contained in the General Law of Commercial Companies and in securities market regulations, focuses on corporate governance, transparency, and fiduciary responsibility, but it does not impose mandatory gender quotas.

Although certain corporate governance frameworks, such as the Code of Corporate Governance Best Practices, encourage diversity in board composition, these recommendations are not legally binding, which limits their practical impact.

By contrast, in the United States several regulatory initiatives and public policies have sought to encourage diversity in corporate governance bodies. In recent years, the presence of women on the boards of major corporations has increased significantly. Among companies included in the S&P 500, women currently hold approximately 30–35% of board seats, a considerably higher figure than that observed in Mexico.

One of the most notable regulatory efforts occurred in the state of California, where Senate Bill 826 was enacted, requiring publicly traded companies headquartered in the state to include at least one woman on their board of directors. Although this legislation later faced constitutional challenges and was ultimately struck down by state courts, its initial implementation significantly influenced the debate on corporate diversity and encouraged many companies to voluntarily increase female representation on their boards.

Additionally, the NASDAQ stock exchange adopted rules requiring listed companies to disclose information regarding the diversity of their boards and, in certain cases, to publicly explain if they do not include women or members of other underrepresented groups on their boards.

The push for greater female participation in leadership positions is supported by various national and international legal instruments. In Mexico, Article 1 of the Mexican Constitution prohibits all forms of discrimination based on gender, while Article 4 expressly recognizes equality between women and men.

At the international level, key instruments include the Convention on the Elimination of All Forms of Discrimination Against Women, adopted by the United Nations, which establishes obligations for states to ensure substantive equality between women and men in all areas, including the economic and labor spheres. Also noteworthy is the 2030 Agenda for Sustainable Development, particularly Sustainable Development Goal 5, which focuses on achieving gender equality and empowering women. It should be noted that Mexico is a State Party to CEDAW, while the United States signed the convention in 1980 but has not ratified it; therefore, the treaty does not form part of its binding international legal obligations regarding gender equality.

In the United States, although the Constitution does not explicitly include a specific gender equality clause comparable to those found in other legal systems and the country is not a State Party to CEDAW, protection against sex-based discrimination has largely developed through federal legislation and case law. In particular, courts have relied on the Equal Protection Clause of the Fourteenth Amendment to the United States Constitution as a legal basis to challenge various forms of discrimination, including those based on gender.

The discussion surrounding women’s participation on corporate boards is not limited to a matter of representation or equity. Numerous international studies have shown that diversity within corporate governance bodies can improve decision-making processes, strengthen oversight mechanisms, and contribute to a more innovative and responsible organizational culture.

In this context, the current debate does not focus solely on whether mandatory quotas should exist, but also on how regulatory frameworks, corporate practices, and cultural change can help eliminate structural barriers that have historically limited women’s access to the highest levels of power within the private sector.

For Mexico, the challenge lies in advancing toward corporate governance models that recognize the strategic value of diversity, not merely as a normative aspiration but as an essential component of business competitiveness in an increasingly demanding global environment. For the United States, the challenge centers on consolidating and preserving the progress achieved in board diversity, particularly in a context where several regulatory initiatives have faced legal challenges and constitutional debates. Ultimately, the shared objective is to ensure that the progress made in women’s participation within corporate governance bodies translates into sustainable structural change across the business sector.