Achieving gender balance in company leadership could boost Europe’s GDP by up to €3 trillion by 2050. Western Balkan countries aligning their laws with the EU Women on Boards Directive stand to gain both economically and politically. This was the conclusion at the round table Advancing Gender Equality in Leadership and Governance. The event, organised by Women on Boards Adria (WOBA) and the European Investment Bank (EIB), brought together over 50 experts, policymakers and business leaders from Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia at the Economic Chamber of North Macedonia in Skopje.
The roundtable discussion explored what works to promote board diversity in practice: clear legal targets for listed companies, as outlined by the EU Women on Boards Directive (Directive 2022/2381), transparent selection processes, regular reporting, and sanctions. Participants compared Western Balkan approaches with EU country experiences and tied the governance case to the economic gains linked to closing gender gaps.
The EU Women on Boards Directive sets two clear compliance routes for listed companies: at least 40 per cent of non-executive director positions or 33 per cent of all board positions must be held by the under-represented sex by 30 June 2026, with mandatory annual reporting, corrective measures and, where necessary, sanctions such as fines or annulment of non-compliant appointments.
To strengthen its impact on gender equality, the EIB Group has adopted a dedicated strategy and action plan to embed women’s economic empowerment across its operations, spanning lending, blending, and advisory services within and beyond the EU.
“Companies and organisations with diverse leadership have better results and better performance”, said Björn Gabriel, EIB Representative to North Macedonia. “The business case for gender equality is overwhelming. It brings more growth, prosperity and stability to our economies. This is why at the EIB Group we have embedded gender equality and women’s economic empowerment in our business model.”
“Gender balance on company boards is now an EU legal standard. For governments and businesses across the Western Balkans, it offers a clear roadmap towards the kind of governance expected inside the European system they aspire to join. At the EIB, we back this with financing and advisory tools that help firms leverage the investment opportunities presented by diversity”, said Gabriel.
At the event, Women on Boards Adria presented new research comparing laws and enforcement across the EU countries and six Western Balkan countries. “Our research shows a pattern: when rules are binding, the numbers rise and stay up; when they are soft guidance, progress plateaus”, said Biljana Braithwaite, Chair of WOBA.
“Translating the EU targets, alongside transparent selection rules, gives companies clarity and boards a wider, stronger talent pool. It can improve how companies are run, so they perform better and earn public trust. Simply put, it is smart business”, said Braithwaite.
“Gender equality is not merely a policy goal – it is a question of collective progress and prosperity. Ensuring women’s full participation in leadership across all sectors – be it politics, business, or civil society – is crucial for building an inclusive and sustainable future,” said H.E. Michalis Rokas, EU Ambassador to North Macedonia.
The EU Ambassador noted that unconscious bias, traditional gender roles, and the absence of family-friendly policies continue to hinder the advancement of women in North Macedonia.
“Training, leadership mentoring, and gender-responsive budgeting are therefore essential for meaningful change. Not a single society can afford to leave its female potential untapped”, said Ambassador Rokas.
Irena Radović, Governor of the Central Bank of Montenegro and Founder of the Women on Boards Montenegro 2023-2026, delivered a keynote on Montenegro’s progress in advancing gender equality in leadership. She highlighted that under the amended Business Companies Law, Montenegro now applies the EU’s targets, backed by financial penalties and, from 30 June 2026, the Central Register will be able to refuse registration of non-compliant management members. She also established the Women on Boards Montenegro 2024–2026 programme to prepare a new generation of board-ready women from both public and private sectors.
“Leadership is about building trust through integrity, ensuring stability in uncertain times, and opening doors for future voices in leadership. As Governor, I am committed to fostering inclusive growth and financial resilience, while paving the way for more women to shape decisions in the highest spheres of economic and monetary governance”, said Radović.
Minister of Energy, Mining and Mineral Resources, Sanja Bozhinovska, noted that the Ministry, in partnership with WOBA, is working to empower women in energy and mining, traditionally male-dominated sectors, in line with the EU Women on Boards Directive.
“When women take part in decision-making, energy policies become smarter, resources are used more efficiently, and institutions grow fairer and more resilient. Including more women in leadership is therefore not only a matter of fairness — it is a matter of better results”, said Minister Bozhinovska.
She noted that governments need to ensure these questions are not at the margins but at the centre of public policies, and that new generations of women see a clear path to leadership.
“Our priority is representation and visibility: more women shortlisted for leadership roles, measuring and publicly reporting progress across sector institutions, and partnerships for mentorship and STEM to open the path for the next generation”, added Minister Bozhinovska.
Carmen Niethammer, Senior Gender Specialist at the EIB, explained why this matters for growth as well as governance. “Women’s leadership also matters for climate action. Companies with at least 30% women on their boards significantly outperform their peers in climate policy ambition and transparency. When more perspectives reach the board table, companies spot risks earlier, back stronger strategies, and attract talent. In other words, they literally widen the lens. At the system level, those choices add up to higher productivity and more resilient economies, which is why we integrate gender into our financing, advisory and climate operations”, said Niethammer.
Tanja Mihajlovska Dimitrievska, WOBA Lead Ambassador for North Macedonia, said that the country has the talent, but still lacks a legal mechanism that makes balanced boards the norm rather than the exception.
“Here in North Macedonia, women hold only around one in five board positions in listed companies, a number that has barely changed in a decade. That is not a reflection of ability, but a reflection of opportunity. We have now seen how Montenegro’s new approach combines targets with enforcement, and evidence from European countries that have introduced legislation mandating more women on boards shows strong progress; not only in equality, but also in business performance, resilience, and stability. For North Macedonia, this is a defining moment — a moment to turn principles into action”, concluded Mihajlovska Dimitrievska.
For the Western Balkans, following the EU Women on Boards Directive could serve two purposes. First, it could ensure tangible progress towards EU alignment by mirroring the governance standards expected in the single market and strengthening the region’s case for accession. Second, it could help unlock a significant economic opportunity. Research by the European Institute for Gender Equality (EIGE) shows that closing gender gaps in leadership could raise EU GDP by 6.1 to 9.6 per cent by 2050, equivalent to roughly €3 trillion. For smaller, fast-changing economies in the Western Balkans, even a fraction of that potential could mean stronger growth, greater investment, and higher competitiveness.
For any further information and questions, feel free to contact Amina Hujdur, Head of Communications of Women on Boards Adria, at amina@wobadria.org or +387 (0) 66 898 918.
