The Second Glass Ceiling: The Role of Women in JSE Top 40 Companies

This study examines the role of women in the top 40 companies listed on the Johannesburg Stock Exchange (JSE), with a specific focus on their presence in influential decision-making positions. Despite an overall increase in gender representation, women remain notably absent from pivotal decision-making roles, highlighting persistent structural barriers and biases hindering their advancement in corporate leadership. Guided by agency, resource dependence, and human capital theories, the primary objective was to determine whether women held influential decision-making roles on boards and within top management teams. Using the exploratory research approach and non-probability sampling, data were manually collected from integrated company reports and websites. Descriptive statistics and chi-square tests of independence were used to analyse the data. The study found that while there has been an increase in the number of female directors on the JSE, there has not been a corresponding rise in women holding pivotal decision-making roles, such as CEO and board chairperson; hence, women are more likely to occupy less influential roles. The findings emphasise that true equality extends beyond mere representation to encompass the ability to influence. The study calls for a more nuanced approach to addressing gender inequality, recognising the importance of both representation and influence in achieving true gender equality in corporate leadership.