Norway has emerged as the top country with the most number of women in its company boards.
According to a research done by EY & The Peterson Institute for international Economics, 40% of firms in Norway have senior women executives.
This is followed by Latvia (25%), Italy (24%), Finland (23%) and Bulgaria (22%).
A rising number of organisations have also made progress in paving the way for women to helm leadership roles.
The report found that Bulgaria (37%) saw the most growth in gender parity in businesses.
Latvia (36%) trailed closely behind, followed by the Philippines (33%), Slovenia (33%) and Romania (32%).
However, most countries still registered below 30% in the number of women holding senior positions such as CEO, board members and executives.
The US, China and Japan were listed as some of the few that did not witness gender parity in their businesses.