Olga Cantillo, first female president of the Latin American Stock Exchange: ‘Quotas are a tool to accelerate change and incorporate women into decision-making positions’

When Panamanian executive Olga Cantillo became the first woman to hold the presidency of the Latin American Stock Exchange (Latinex), she knew that among her goals was to open new spaces for women in a world — the business world — whose decision-making positions are dominated by men. The statistics told her: women occupy fewer than 14% of the management positions in publicly traded companies in Latin America. The analysis of gender equality in Latin American corporate boards, carried out with the support of UN Women, shows that of the publicly traded companies in the nine Latin American countries analyzed, 4% of the president and CEO positions are held by women. “In Latin America, women represent a higher percentage of university graduates and those with higher education, but this does not translate into equal participation in leadership positions. The problem is not the lack of preparation, but the structural barriers we face,” says Cantillo.

The executive refers to motherhood, family responsibilities, caregiving, or the lack of policies that encourage co-responsibility between men and women. “In countries where paternity leave is equal, women are not the only ones to bear the impact of parenting, which allows them to remain competitive in their careers. Therefore, to close this gap, it is key to promote measures that allow a better balance between professional and personal life, ensuring that growth opportunities do not depend on gender,” Cantillo proposes. She herself has been able to overcome these obstacles and develop a brilliant career within the world of finance, and in 2021 she was the first woman to preside over the Ibero-American Federation of Stock Exchanges.

What does it mean for a woman to make her way in a world dominated by men? Cantillo responds firmly, citing her fortitude as an example. “I am not easily intimidated and I do not allow these sporadic situations to divert me from my objectives,” says the executive. “Over time, when they see that I sit next to them at the table to contribute, collaborate, and add value, the dynamic changes. It has been gratifying to see that many colleagues recognize the importance of diversity in decision-making and value the contribution of women in these spaces. However, what has helped me most to overcome these barriers has been preparation. Having clarity in my arguments, knowledge in my area, and confidence in my abilities,” she adds.

For Cantillo, the fight for women’s equality involves wage improvements. The gender gap in this regard remains a significant barrier to equality in Latin America and the Caribbean. Cantillo cites a report by ECLAC that shows that women in the region earn, on average, 17% less than men for work of equal value. “Despite progress, the implementation of legislation in some countries continues to face significant challenges. As a clear example, one of them is informal employment, which affects a high percentage of women, leaving them outside of wage regulations, labor protection, and social security. In addition, occupational segregation concentrates them in lower-paid sectors, with little representation in strategic areas such as technology and finance. Gender stereotypes continue to influence the assignment of roles, limiting them to administrative and middle management positions,” she explains.

It is because of these types of obstacles that Cantillo advocates for the implementation of quotas in the public and business sectors to accelerate the incorporation of women into decision-making positions in the business world of Latin America. Cantillo defends them as a mechanism that allows for the breaking down of differences between women and men. “In an ideal world, gender equality on corporate boards would be achieved naturally, by fostering good practices and promoting talent without distinction. However, reality tells us the opposite. According to the latest report from the World Economic Forum, achieving parity in management bodies will take more than 130 years if we continue to advance at the current pace. We cannot wait that long. Quotas are a tool to accelerate change and incorporate women into decision-making positions,” she says.

According to the latest report from the World Economic Forum, achieving parity in management bodies will take more than 130 years if we continue to advance at the current pace. We cannot wait that long”

In a region where more than 20% of listed companies have boards made up only of men, Cantillo agrees that legislation should be passed to ensure greater gender equality in the private sector. “If we really want to move towards equality, regulations are needed to drive change, but it is also essential that companies assume this responsibility out of conviction and not just out of regulatory compliance. Gender equality must be seen as a business value, a strategy that strengthens decision-making and improves organizational performance. In addition, various studies have shown that companies with greater diversity in their leadership teams are more profitable and competitive,” she says.

From her experience as a successful executive, Cantillo recommends that women make an effort to prepare themselves in order to break through the ceilings that still prevent them from growing in the public sphere. “As Seneca said: ‘Luck is what happens when preparation meets opportunity,’” she says before recommending: “Stay up to date, continue educating yourself and expanding your knowledge. Have a voice that adds to decision-making. Dare to take risks, don’t wait for the perfect moment. Build support networks and look for mentors. And, above all, multiply the impact: educate your children without bias, encouraging them that men and women should have the same conditions to be able to have the same opportunities,” says this Panamanian who broke the so-called glass ceiling.

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