This paper focuses on supervisory boards and investigates various board characteristics for the largest German and Austrian insurance companies. Furthermore, the study examines the link between diversity policies and financial performance.
The study reveals some differences between the two aforementioned countries, which are mainly driven by size effects. In addition, the analysis shows that larger and stock listed insurance companies have better diversity management policies and a higher proportion of female directors. There is no significant correlation between gender diversity measures and profitability.