Without substantial changes in human resources policy and the legislative framework, the governing structures of state-owned enterprises will remain closed to women and far from European standards.
Out of the ten largest state-owned enterprises in Montenegro, five have no women on their boards of directors, while only two meet the target set by Directive (EU) 2022/2381, which requires that at least 40% of board members be from the underrepresented gender. The fact that women are almost entirely absent from these boards clearly shows that they are granted only formal visibility, not real decision-making power.
These findings come from the analysis “Decision-Making Power Without Balance: Where Are Women on the Boards of State-Owned Enterprises”, which highlights a deep imbalance in the distribution of power and the systemic marginalization of women in decision-making structures. Although they meet quotas on electoral lists, women in Montenegro evidently remain excluded from so-called “party rewards”-prestigious positions on boards of directors.
Unlike most countries in the region, Montenegro still lacks a law regulating the selection, appointment, and accountability of board members in state-owned enterprises. This enables political bargaining over positions and prevents the establishment of merit-based standards, including gender balance.
It is particularly concerning that there are no women on the boards of directors of several major state-owned enterprises, including Electric Power Company of Montenegro (EPCG), Coal Mine Pljevlja, Railway Transport of Montenegro (ŽPCG), Railway Infrastructure of Montenegro (ŽICG), and Port of Bar.
The only enterprise with a woman serving as chair of the board is the Public Enterprise for Coastal Zone Management (Morsko dobro).
Montefarm stands out as a positive example, with three women on its board of directors, accounting for 43% of its total composition, thereby meeting the quota set by EU Directive 2022/2381, which stipulates that members of the underrepresented gender must make up at least 40% of non-executive directors or supervisory board members.
In addition to Montefarm, Monteput also meets the required quota, while Montenegrin Electricity Distribution System (CEDIS), Public Enterprise for Coastal Zone Management (Morsko dobro), and Post of Montenegro (Pošta Crne Gore), although they include one or two women on their boards, do not meet the required threshold.
Beyond gender imbalance, the analysis points to a serious lack of transparency in state-owned enterprises. Most companies do not publish professional biographies of board members, preventing citizens from knowing the qualifications on which these appointments are based. In contrast, information about their political affiliations is easily accessible within a few clicks.
In the context of European integration, Montenegro is expected to meet the standards of EU Directive 2022/2381 by June 2026. This analysis shows that without an urgent shift in approach and regulatory framework, this goal will remain unattainable.
The analysis can be downloaded here.
Danijela Darmanović
Communications Coordinator, Civic Alliance
