Annex I, Table I, indicator 13 (board gender diversity). Assume a company has 5 female
board members and no male board members. The indicator is defined as follows: Average
ratio of female to male boa

Question

Annex I, Table I, indicator 13 (board gender diversity). Assume a company has 5 female
board members and no male board members. The indicator is defined as follows: Average
ratio of female to male board members in investee companies. The use of “ratio .. to”

seems to suggest a simple ratio where ‘number of male board members’ would be in the
denominator. In the example, the calculation would be 5/0, which is infinite. In other
words, is the denominator the number of male board members (0 here) or the number of
all board members (5 here)?

ESA Joint Committee (EBA, ESMA, EIOPA) · Accepted Answer

This was clarified by the European Commission when they adopted the Delegated Regulation,
because indicator 13 in Table 1 of Annex I was changed to add “expressed as a percentage of all
board members” at the end of the metric.

Annex I, Table I, indicator 13 (board gender diversity). Assume a company has 5 female board members and no male board members. The indicator is defined as follows: Average ratio of female to male boa

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