South Africa stands out as a regional leader in women’s corporate leadership. While global averages place women at around 23–25 percent of board seats, recent local data show South African women occupy up to 36 percent of board seats in the JSE Top 40 and 37 percent in the Top 50 (2024), exceeding global trends. Yet executive positions remain disproportionately male. This article explores recent statistics, profiles pioneering women, and examines challenges remaining as more female leaders emerge at the highest levels of business and industry.
Boardroom Representation: Progress and Parity
According to the latest research, women currently hold 36 percent of board seats in JSE Top 40 companies—a rise from 29 percent just a year prior—and 25 percent of executive roles (2024) (Just Share Board Survey). The broader JSE Top 50 saw women occupy 37 percent of board positions, up from 35 percent in 2023, and 40 percent of non‑executive director roles (Spencer Stuart Board Index).
This places South Africa ahead of most emerging markets and among the highest in Sub‑Saharan Africa, where the average board seat held by women hovers around 21 percent. Female CFOs and CEOs in the country are also on the rise, though still rare: CEOs comprise nearly 5 women (≈11 percent) among 45 boards surveyed, while CFO representation is roughly 25.9 percent (PIC 2024).
Yet the disparity between board diversity and actual influence remains stark: women hold just 22 percent of executive director positions, including CEO and CFO roles, and only 19 percent of board chair positions are filled by women (Spencer Stuart, SSE‑IFC).
South Africa on the Global Stage
While globally women occupy around 30.6 percent of leadership positions, South Africa performs well by comparison—with 33 percent board representation and 28 percent of executive director roles held by women, significantly above global averages (LinkedIn Leadership Report, Egon Zehnder).
The country is the only G20 emerging market exceeding the average for board gender diversity, and is the African leader for board representation among top publicly listed firms.
Notable Female Corporate Leaders
Mpumi Madisa, appointed CEO of Bidvest Group in 2019, became the first Black African woman to lead a JSE Top 40 company. By 2023 she was ranked among Fortune’s Most Powerful Women—a landmark moment in business leadership and transformation.
Nonkululeko Nyembezi‑Heita, an electrical engineer by training, became Chairperson of Standard Bank Group and the Standard Bank of South Africa in June 2022—the first woman to hold that role. Her leadership spans multiple sectors, from mining to finance.
Jeanette Marais made history in May 2023 as the first woman CEO of Momentum Metropolitan, one of the country’s largest insurance firms. Her tenure followed solid leadership in consulting and financial services.
These women embody South Africa’s evolving leadership landscape: skilled professionals breaking stereotypes in traditionally male-dominated industries.
Private Sector vs Public Sector: The Gap in Influence
While public sector roles such as parliamentary and municipal leadership have reached around 43–44% female representation, the private sector lags behind. Women make up just 25.3 percent of private sector top management and 35.8 percent of senior management roles (Commission for Employment Equity Annual Report 2022–2023).
The discrepancy highlights the persistence of structural barriers—especially in board nomination, leadership pipelines, and equity in retention and promotion policies.
Why Representation Still Doesn’t Equal Power
Despite progress in board diversity, women continue to face a “power gap.” On average, female executives in South Africa hold just 19.8 percent of corporate decision-making power, compared to global sensitivity of 10.7 percent among women executives overall (ExecuShe / UN Women Gender Power Gap).
In many companies, female presence at board level does not translate into senior roles with strategic influence such as CEO or chair.
Transformational Trends and Emerging Pathways
Several mechanisms are driving positive change:
- Voluntary initiatives like the 30% Club Southern Africa encourage companies to reach a critical mass of female board representation.
- Legislative and policy support heightens expectations for transformation, especially in state-owned entities.
- Leadership visibility: More women role models—like Madisa, Nyembezi‑Heita, Marais—shift perception of what is achievable.
- Investor pressure: Institutional investors and ESG metrics increasingly factor in gender diversity as part of governance ratings.
Challenges Still to Overcome
Despite encouraging trends, several issues persist:
- Growth is uneven: many boards remain male-dominated, especially outside Johannesburg or large audit-firm clients.
- High turnover among female directors and shorter tenures—women serve an average of 4.6 years compared to 7.5 years for male directors.
- Fewer women reside in permanent, net-new board appointments; in 2024, 43% of new directors were women, but this was a decline from 48% in 2023.
- Sectoral disparities—industries like mining, construction, and manufacturing have less than 20% female leadership among listed companies.
These trends suggest that, while progress is evident, the pipeline for female leadership remains fragile and retention remains a challenge.
What this Means for Transformation
Corporate and legal stakeholders need to focus on impact, not just representation:
- Boards should support leadership pathways from executive management into chair and CEO roles.
- Transparent promotion criteria and mentorship programmes can help close the power gap and strengthen retention.
- Investors and regulators should weigh both representation and influence when evaluating corporate governance.
Institutional continuity comes from women moving from non-executive to executive roles—and then onto board chair positions. Systemic change requires integration of mentorship, coaching, and leadership training into corporate policy.
Conclusion
South Africa leads Africa in women’s corporate board representation, with JSE companies showing consistent gains towards boardroom parity. Yet executive control remains concentrated among men, pointing to the headline dichotomy: boards are diversifying, but power is not yet equally shared.
Trailblazers like Mpumi Madisa, Nonkululeko Nyembezi‑Heita, and Jeanette Marais offer inspiration and evidence of what is possible. But lasting progress demands intentional transformation—through legislation, business policies, mentorship, and accountability.
This Women’s Month, South Africa can celebrate its thinkers, leaders, and pioneers—but also recommit to ensuring leadership is not just shared, but reshaped.
References
Just Share. (2024). Women in Leadership: Assessing Gender Equality in the JSE Top 40. Johannesburg: Just Share.
Spencer Stuart. (2024). South Africa Board Index – Diversity. Johannesburg: Spencer Stuart.
Egon Zehnder. (2023). Global Board Diversity Tracker: South Africa Spotlight. Johannesburg: Egon Zehnder.
UN SSE / IFC. (2023). Gender Equality in Corporate Leadership in Africa. Geneva: UN SSE Initiative.
LinkedIn Economic Graph. (2025). The State of Women in Leadership. LinkedIn Research.
Commission for Employment Equity. (2023). 23rd Annual Report 2022–2023. Pretoria: Department of Labour.
ExecuShe / UN Women. (2024). Gender Power Gap Webinar Analysis. Online report.
KPMG South Africa. (2023). Women in Leadership: A South African Perspective. Johannesburg: KPMG.
Wikipedia. (2025). Mpumi Madisa; Nonkululeko Nyembezi‑Heita; Jeanette Marais. Available at Wikipedia.