Only one in 10 board members of Europe's biggest listed companies is a woman and all central bank governors in the EU are male. The economy would benefit by having full representation of both men and women in top positions, says a new report presented by the European Commission.

The report, "More women in senior positions – key to economic stability and growth," shows that women continue to be severely under-represented in economic decision-making. In the corporate world, men account for nearly 89% of the board members in Europe's biggest listed companies.

The disparity is widest at the very top where only 3% of such companies have a woman in charge. Norway stands out as the only country with anything approaching gender balance: 42% women and 58% men on the boards of the largest listed companies – a result of a legal quota.

At the same time several studies have now shown that gender diversity pays off and that there is a positive correlation between the share of women in senior positions and company performance.

In political decision-making, the European Parliament is now at its most gender-balanced level since its inception in 1979, with 35% women and 65% men. The proportion of women members of national parliaments (single/lower house) across Europe as a whole has risen from 16% in 1997 to 24% in 2009. However, it is still well below the so-called critical mass of 30% deemed necessary for women to exert meaningful influence in politics.

In national governments, the situation is improving steadily with the share of women senior ministers in EU governments at 27%. The European Commission counts nine women Commissioners (33%) and eighteen men (67%), the best gender balance yet – up from 5.6% in 1994/1995.

Rapid progress is therefore needed to achieve more equal representation of women and men in senior positions in all fields and at all levels, as shows the recent Eurobarometer survey on gender equality . With the presentation of a "Women's Charter" on 5 March, the Commission reaffirmed its commitment to stronger gender equality in all EU policies. The Charter will be implemented through a new strategy for gender equality to be adopted by the Commission later this year. One of the core priorities of this strategy will be promoting equality in decision-making.

Measures to improve gender balance in decision-making can include the establishment of gender equality plans, the definition of targets and regular monitoring, better provision for work-life balance, the promotion of women role models, mentoring programmes and networking.