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ONLY BALANCE SHIFTS BOUNDARIES EMPOWERED WOMEN 2026

CONTENTS 04 O nly Balance Shifts Boundaries By Brankica Janković

Human rights expert and former Commissioner for the Protection of Equality

16 W omen’s Leadership Between Responsibility and Authenticity Sanja Pešić

CEO, Alma Quattro

18 INPHARM – A Leader in Brand 06 Leadership That Shapes the Future Protection and Innovation Biljana Braithwaite

CEO and Founding Partner at Sustineri Partners

08 The Potential Driving the Region

19 The Power of Purposeful Leadershi Jelena Okjan

Country Lead Pfizer Serbia

Aleksandra Vukosavljević

20 T he Economics of Equal Opportunity 10 The New Architecture of Reputation 22 L eading with Clarity and Purpose EBRD Director for Financial Institutions, Western Balkans and Eastern Europe

Maja Knežević

Marketing & Corporate Communications Director – Addiko Bank

Ivana Kantar

People & Culture Director – Addiko Bank

Maja Dulc

Country Manager Serbia, CPI Property Group

23 Skills That Shape Value Jelena Tadić

Director, PPP Investment

14 Leadership With Purpose Marina Trajković

Senior Brand Manager at The Coca-Cola Company

24 A New Map of Power 25 N ew Learning Rules for a New Business Reality Zorana Pejčić

Chairman, SorS Academy

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EMPOWERED WOMEN 2026 26 A Turning Point for Inclusion 27 Women Shaping the Future of Real Estate Mina Đorđević

CEO, Brixwell Investment

28 Standards That Create Value Andrijana Rabrenović Director, Scordia

29 Built to Last Jasna Stanivuk

Sharholder, Magna MedTech Group ltd

30 C ommunications That Accompany Transformation Irena Trifunović

Corporate Communications Director, MaxBet

31 I Don’t Believe in Labels I Believe in Continuity Wild Card: Mila Litvinjenko

32 Where Courage Becomes Art Tamara Rađenović Soprano

36 Where Does Serbia Stand in 2025? 38 Sixteen Voices for Change cordmagazine.com

COMMENT

ONLY BALANCE SHIFTS BOUNDARIES Women work hard, yet their influence remains limited, and society has not undergone the necessary transformation in which equality does not imply superhero feats or the exceptional success of women in politics, business, the arts or sport, as it is so often understood and portrayed. Equality, rather, means equal rights and opportunities—both in private and professional life

BY BRANKICA JANKOVIĆ Human rights expert and former Commissioner for the Protection of Equality

ender equality entails equal rights, responsibilities and opportunities, balanced participation and fair representation of women and men in all areas of social life; equal opportunities to exercise rights and freedoms, to use personal knowledge and abilities for individual development and for the development of society; equal access to goods and ser-

vices and equal benefit from the results of work, while acknowledging biological, social and culturally shaped differences between women and men, as well as their distinct interests, needs and priorities when public and other policies are formulated and when decisions are made regarding rights, duties and legally-based provisions, including constitutional arrangements.” This is how gender

equality is defined in our Gender Equality Act, whose fate will soon be decided by the Constitutional Court, given that proceedings are under way following several initiatives arguing that the law threatens to disrupt our legal system and to undermine the traditional Serbian family and its values (definitions of which vary according to personal preference). It is fortunate, one might conclude with a touch of healthy cynicism, that nothing else disrupts our system or our lives, and that everything else is evidently in perfect order. I believed it important to revisit the legal definition, precisely because the environment in which we live requires clarity of thought and expression. We must regularly return to core conceptual categories in order to understand what we are actually discussing. Even if the law were being implemented in full, as it could have been, readers may judge for themselves how far we remain from the proclaimed equality of women and men, whether we have genuinely created conditions for equal opportunities, and whether personal knowledge and abilities can truly be used for the good and progress of our society—and whether all individuals benefit equally from the results of work. In making that assessment, we must avoid looking solely through the lens of women who push boundaries and make this world a better place—some of whom

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appear in this New Year’s issue in which CorD consistently highlights and celebrates the stories of exceptional women from business, diplomacy, politics and culture. It is important that women have greater visibility in the media so that we may collectively challenge and change social norms—norms still shaped by strong patriarchal influences that hinder the emancipation of both women and men, deepen fears and solidify barriers to personal development for both sexes, and thus hamper the development of society as a whole. All around us we see women who create opportunities and encourage others to grow, thinking from the perspective of those who remain insufficiently empowered or inhibited by social barriers and living conditions. They include them, give them space, and expand the network of free and creative individuals. In doing so, they open the way for a different, inclusive leadership—one that we urgently need today. Young people, many of whom feel let down by their leaders, need exactly this kind of shift—women and men of integrity who can recognise the needs of even the quietest members of society, who can see potential in others long before they see it in themselves, and who offer support discreetly and without fanfare, enabling each new generation of women to inherit better possibilities and a wider horizon of choice. Men, who for centuries have occupied positions of power, bear a particular responsibility to support this process of emancipation—especially for boys—so that they may understand equality as a prerequisite for a prosperous and healthy society. There is no other viable path forward. Global trends are such that only societies which genuinely nurture equality as a core value will remain stable and successful. Strong and responsible women can be found in nearly every part cordmagazine.com

of our society, in greater or smaller numbers. Yet the other side of our reality is dark—often pitch-dark— and manifests in exclusion, humiliation, insults, belittling, discrimination and violence against women, both physical and increasingly digital. Old problems have migrated into new spaces: women are silenced once again, now through modern digital tools. Step by step, these problems are conveniently ignored under the pretext that there are “more pressing” issues. For me, few issues are more pressing. This is why, in my final months as Commissioner, I devoted special attention to these phenomena— including discrimination against women in the labour market and barriers in accessing social and

and society has not experienced the transformation it needs: one in which equality does not denote extraordinary accomplishments by exceptional women, but rather equal protection under the law and equal access to opportunity in both private and professional spheres. I believe equality within the private sphere is significantly neglected. Education and culture, too—not in terms of numbers of women, but in terms of substance. This is why substantial interventions are required precisely in these areas, because inequality is primarily expressed through practices and policies rather than through legislation. Power lies in education, knowledge, support and an understanding

I BELIEVE EQUALITY WITHIN THE PRIVATE SPHERE IS SIGNIFICANTLY NEGLECTED. EDUCATION AND CULTURE, TOO – NOT IN TERMS OF THE NUMBER OF WOMEN BUT IN TERMS OF SUBSTANCE. THIS IS WHY SUBSTANTIAL INTERVENTIONS ARE NEEDED IN PRECISELY THESE DOMAINS, BECAUSE INEQUALITY MANIFESTS IN PRACTICE AND POLICY RATHER THAN IN LEGISLATION healthcare rights and cultural participation—in the Special Report on Discrimination Against Women submitted to the National Assembly as my final official document. Without neglecting any individual or group facing heightened risk of discrimination (and who today is not exposed?), I felt—as a woman, not only as Commissioner—that this was the right way to close my mandate. My overall conclusion was that women are permitted to be present, but their voices are constrained. They often feel compelled to silence themselves so as not to “disrupt” too much—particularly in politics, sport and security. Women work diligently, but their influence remains limited,

of the complex dynamics of gender— dynamics that are neither linear nor simple, but rather filled with challenges, traps and risks that make life more complicated. Inequality is not only an injustice for those who endure it; it is a loss for society as a whole. We need free, critical thinking and the courage to make changes that move us towards the kind of balance that shifts boundaries—towards a society that nurtures, normalises and accepts gender equality as part of its social fabric. Women are not an “interest group”; they constitute half of the labour, knowledge, care and creativity of our society. It is time for genuine modernity, for the rule of law and justice—for substantive democracy.

expectations, the strategic value of ESG, the role of women in strengthening institutions, and the sectors where the next generation will have the greatest impact.

BILJANA BRAITHWAITE CEO and Founding Partner at Sustineri Partners

INTERVIEW

LEADERSHIP THAT SHAPES THE FUTURE The era of predictable systems is over; leadership today is defined by judgement in uncertainty. Women who have long led in complex environments now stand at the forefront of a model the world is only beginning to understand ~ Biljana Braithwaite n a region where stability is never guaranteed and change rarely unfolds in a linear way, leadership is increasingly defined by the ability to navigate complexity with clarity and longterm purpose. For Biljana Braithwaite, whose work sits at the intersection of sustainability, govern-

ance and systemic reform, responsible leadership is no longer about maximising performance in predictable conditions, but about making sound, future-proof decisions in an environment shaped by uncertainty, rapid technological shifts and geopolitical pressures. In this interview, she speaks about the evolution of leadership

You lead an organisation working at the intersection of sustainability, governance and long-term value creation. What shifts are shaping responsible leadership today, particularly for women driving change in the Western Balkans and Europe? — Leadership is no longer judged solely on growth or performance, but on whether someone can navigate uncertainty while still creating opportunity. Energy shocks, climate pressure, geopolitical tension and technologies moving faster than regulation have converged and reshaped what “good leadership” means. Today, it is about making sound decisions in volatile conditions, while still enabling innovation. AI illustrates this well. It offers enormous potential for productivity and inclusion, while raising questions about governance, accountability and long-term impact. Responsible leadership means embracing innovation while ensuring the right guardrails are in place. For many women in the Western Balkans, leading in complexity is not new. Fragile institutions and narrow margins for error teach you to read risk early, think systemically and balance competing interests without perfect information. What is changing is that these capabilities are now recognised as core leadership strengths. As risks become more interconnected, organisations need leaders who understand systems, not silos. Women are not catching up to a new model — the model is evolving toward the way many women here have long led. ESG has moved from an add-on to a strategic imperative. Where do you see the biggest opportunities and misconceptions in the region?

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— The Western Balkans’ advantage is that many systems are still being built. This creates room to integrate sustainability and governance from the outset, which can be a real differentiator in terms of access to capital, regulatory alignment and competitiveness. The most forward-looking companies no longer see ESG as reporting, but as a way of understanding where the world is going. Climate policy, energy markets, supply chains and technology are shifting simultaneously; ESG helps leaders connect these dynamics and make decisions that remain relevant in the long term. The most persistent misconception is that ESG is about compliance or reputation. In reality, it sits at the intersection of climate transition, geopolitics and technological change — particularly AI. In this environment, governance becomes decisive. Without strong governance, sustainability remains fragmented. With it, ESG becomes a framework for managing uncertainty and making strategic choices. Women leaders are expected to deliver results, build resilient teams and uphold integrity. What qualities define effective leadership today? — Effective leadership rests on clarity, integrity and accountability. These qualities have always mattered, but they are tested more intensely in a world defined by overlapping pressures and incomplete information. Leaders rarely manage stable systems anymore; they navigate trade-offs, ambiguity and the need for judgement rather than certainty. Many women excel in this space — not because they lead in a uniform way, but because they have often operated under higher scrutiny and lower tolerance for error. This sharpens decision-making and risk awareness. Earlier in my career, women were expected to adapt to a narrow leadership model. Today, there is more room for diverse cordmagazine.com

styles, but expectations remain uneven. Real progress will come when leadership is assessed less by style and more by judgement, behaviour and long-term impact. Your work spans public and private sectors, with a strong focus on regional cooperation. What role do women leaders play in strengthening institutions? — Women leaders often influence not only how institutions are designed, but how they function day-to-day. They pay close attention to process, accountability and follow-through — all crucial in environments where trust in institutions is still being built. They also serve as connectors, bridging public and private interests, international frameworks and local realities. This bridging role is essential if reforms are to move beyond policy documents and truly take root. Initiatives like Women on Boards Adria support this shift. The goal is not representation for its own sake, but stronger governance and more credible institutions. Transparent and inclusive business environments are built through everyday leadership decisions — and wom-

en play a significant part in setting those standards. Which domains hold the greatest potential for women in the Western Balkans, and what message do you have for the next generation? — The greatest potential lies in areas that will define the region’s future: the green transition, sustainable finance, governance, entrepreneurship and AI. Climate change is already reshaping energy systems, infrastructure resilience, agriculture and investment. AI will influence how decisions are made, how people are hired and governed, and how power is distributed. These are sectors where rules are still being written — offering a rare chance to shape direction early. My message to younger women is simple: many of you are more ready than you think. Knowledge is essential, but networks, visibility and sponsorship matter just as much. Competence does not automatically open doors. Leadership requires stepping forward before you feel fully ready, building relationships deliberately and taking space where decisions are made. Women in this region have a great deal to contribute — now is the moment to act on it.

WITHOUT STRONG GOVERNANCE, SUSTAINABILITY EFFORTS REMAIN FRAGMENTED. WITH IT, ESG BECOMES A TOOL FOR MAKING BETTER LONG-TERM DECISIONS

INTERVIEW

THE POTENTIAL DRIVING THE REGION EBRD Director for Financial Institutions for the Western Balkans and Eastern Europe Aleksandra Vukosavljević discusses the economic impact of women’s entrepreneurship, partnerships with banks and the next phase of inclusive financial policies

ALEKSANDRA VUKOSAVLJEVIĆ EBRD Director for Financial Institutions, Western Balkans and Eastern Europe or more than a decade, the EBRD’s Women in Business progr amme has been transforming the region’s financial landscape, giving thousands of women entrepreneurs access to capital, knowledge and advisory services, while building a network of partner banks committed to gender-inclusive growth models. In this interview for CorD, Aleksandra Vukosavljević reflects on the current state of women’s entrepreneurship, the progress made within the financial sector, and a new generation of programmes that make digitalisation and the green transition more accessible to women.

What does the map of women’s entrepreneurship in the Western Balkans look like today, and where are the key remaining barriers? — Since its launch in 2014, the Women in Business programme has provided more than €1.4 billion in credit through 82 financial institutions across 23 economies, supporting over 125,000 women entrepreneurs. In the Western Balkans alone, more than €110 million has been approved, with over 12,000 women benefiting from financing, advisory and training. The region has a strong pool of talented women entrepreneurs, yet the gender gap persists – both in business creation and in access

to capital. In North Macedonia, for example, women own 29% of companies but receive only 14% of loans and 8% of total credit volume. Barriers are cultural, financial and linked to limited business skills and networks. Removing them brings major economic potential: BCG estimates that global GDP could increase by $5 trillion if women were to start businesses at the same rate as men. Why has the EBRD–bank partnership model proved successful, and how is the perception of risk changing? — A decade on, the programme operates through a full spectrum of financial institutions – from large

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commercial banks such as Banca Intesa Serbia to microfinance organisations – expanding access to capital, particularly in smaller and rural communities. Programme data consistently show that non-performing loan rates for women entrepreneurs are significantly below SME averages, while more than a quarter of beneficiaries have become first-time clients of partner banks. Many banks have strengthened internal gender policies, increased the share of women in their SME portfolios and developed tailor-made products, including agri-finance lines. In some cases, the share of women clients has grown from 5% to over 17% within

with a strong focus on agriculture and on encouraging women entrepreneurs to invest in green technologies. These initiatives are reinforced by partnerships with chambers of commerce, business associations, the EDIH network and UN Women, alongside workshops on digital skills and green standards. Regional implementation begins at the end of 2025 and continues through 2026. What systemic changes are needed to make capital more accessible to women, and where does responsibility lie among key actors? — Progress requires coordinated action by international institutions, local banks, regulators and

they transform opportunities into growth, even in challenging environments. Which qualities define women’s leadership in finance today, and what is your message to banks and young women pursuing such roles? — Regardless of gender, successful leadership rests on expertise, vision, integrity and resilience. Yet the modern financial sector increasingly values inclusive leadership styles – collaboration, the ability to navigate complex stakeholder interests, team building and authentic communication. Women often bring strong interperson-

BANKS SEEKING SERIOUS WOMEN IN BUSINESS STRATEGIES MUST GO BEYOND BRANDING – THEY MUST USE DATA, DESIGN RELEVANT PRODUCTS AND ENSURE WOMEN’S PARTICIPATION IN DECISION-MAKING PROCESSES a decade. The upward trend is further confirmed by a record number of new credit lines signed in 2025. How do the digital and green programmes complement Women in Business and mark a new stage of support? — These new programmes extend the principles of inclusive finance into digitalisation and the green transition. Under SME Go Digital, the EBRD combines credit lines with investment incentives and advisory support to help small and medium-sized firms adopt automation, e-commerce, data solutions and cybersecurity more rapidly. SME Go Green offers 100% green financing and technical assistance, cordmagazine.com

the entrepreneurs themselves. The EBRD will continue providing financing, donor funds and expertise. Banks must adapt their products, broaden access to capital and use gender-disaggregated data to shape their strategies. Regulators play a decisive role in removing structural barriers and crafting evidence-based policies. In Montenegro, for instance, women’s non-performing loan rates are more than twice as low as men’s, yet women receive only 18% of total credit volume – a clear case for regulatory and market correction. Ultimately, women entrepreneurs are central agents of change. By investing in their skills and leveraging available networks,

al intelligence and a unique balance of assertiveness and diplomacy, reshaping traditional leadership archetypes. Banks that wish to develop meaningful Women in Business strategies must move beyond branding: they need to collect and use gender-disaggregated data, design products that reflect women-owned firms’ realities and ensure women’s presence in decision-making structures. To young women, my message is: invest in your education, believe in your ambitions and persist. Obstacles exist, both cultural and structural, but they are overcome through consistency – and with the right support.

Maja Knežević Marketing & Corporate Communications Director – Addiko Bank

Ivana Kantar People & Culture Director – Addiko Bank

INTERVIEW

THE NEW ARCHITECTURE OF REPUTATION In today’s business environment, a company’s reputation is no longer built through individual messages or campaigns, nor can organisational culture be viewed as a closed internal system. The way companies operate from within is increasingly visible from the outside — through behaviours, decisions and the quality of relationships with the market. It is precisely along this line that Communications and People & Culture meet: where credibility ceases to be a narrative and becomes the outcome of a system

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t Addiko Bank, this shift is not seen as a passing trend, but as a starting point. A focus on clarity, responsibility and consistency is embedded both in how the bank communicates externally and in how it develops its people, makes decisions and builds leadership culture. We spoke with Maja Knežević, Marketing & Corporate Communications Director, and Ivana Kantar, People & Culture Director at Addiko Bank, about how reputation, culture and leadership are shaped today as a single, long-term sustainable system.

How separable are a company’s reputation and its internal culture today? Maja: In practice, these two concepts are almost inseparable. Reputation is no longer constructed as an “image” projected outward, but as the sum of behaviours that originate within. The market has become far more sensitive to discrepancies — the gap between what a company says and what it actually does. What is often underestimated is the speed at which that gap becomes visible. Culture, decisions and leadership styles quickly become part of the public narrative, even when that is not the organisation’s intention. This is why communications can no longer function as a corrective, but rather as a reflector of what already exists. Ivana: From a People & Culture

perspective, culture is not a set of declarative statements written in documents, but the way an organisation lives every day. It may begin with defined principles, but it is truly shaped in situations that no handbook describes — in how conflicts are resolved, how difficult decisions are made, and how we respond when results fall short of expectations.

CREDIBILITY IS NOT CREATED THROUGH MESSAGES, BUT THROUGH BEHAVIOURS THAT CONSISTENTLY EMBODY AN ORGANISATION’S VALUES Employees clearly recognise whether an organisation’s values are genuinely lived or merely formalised. When culture and reputation do not align, that misalignment first appears as a drop in engagement and trust internally. Over time, that gap becomes visible externally as people inevitably carry their experiences with them. Addiko is recognised as a brand that insists on clarity, speed and simplicity. How challenging is

it to align market expectations with the real capacities of people within the organisation? Maja: Digital transformation is often viewed as a technological issue, yet in practice its centre is people. Technology can accelerate processes, but if users do not understand what they are gaining, or employees do not understand why something is changing, the effect is lost. From a marketing and communications standpoint, digital solutions are never treated as “finished products”, but as part of the broader user experience. That experience must be clearly explained, consistent and aligned with real customer needs. Simple communication in banking is not simplification — it is discipline. To communicate clearly, you must understand the product, the regulatory framework and the risks behind it. Only then can you distinguish what is essential for the client from what matters only internally. In the Addiko context, clarity means consciously moving away from the language the industry prefers. Terminology that feels natural to us often means little to those we address. That is why we work to ensure our messages are precise, yet sufficiently understandable for clients to make decisions without further interpretation. It is more demanding, but it builds long-term trust and meaningful differentiation.

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Ivana: That clarity cannot exist only externally — what we see in relationships with stakeholders begins internally. For change to be embraced, employees must understand why something is being introduced, which problem it solves and how it affects their daily work. Only when they see the wider picture and their own contribution does change stop feeling imposed and instead become a natural part of development. This is when every change evolves into transformation — not only altering processes, but reshaping thinking, decision-making and the organisation’s ultimate impact. Everyone gains value in that chain (“what’s in it for me”), and transformation becomes a sustainable way of operating. This is why at Addiko we continuously work to ensure people understand the broader context — not just what they do, but why it matters. With that understanding, employees adopt priorities more easily and make decisions aligned with the bank’s values and brand promise. When does diversity of perspectives — professional, generational, cultural — genuinely improve decision-making, and when does it remain merely declarative? Maja: Diversity has value only when it influences how decisions are made. If it remains at the level of formal representation without real influence, outcomes do not change. It can even create a false sense of progress. From an external standpoint, organisations that fail to examine their decisions through multiple lenses often pay a reputational price later. Mistakes rarely arise from a lack of competence, but from a lack of diverse questions in the process.

Ivana: In practice, the key difference lies in culture — specifically, whether it is permissible to ask uncomfortable questions and express differing views openly. In meeting rooms where everyone feels encouraged to say what they truly think, rather than merely nodding to senior opinions, genuine diversity emerges. Such an environment creates real value for the organisation and becomes a decisive factor in the quality of decisions.

DIVERSITY ADDS REAL VALUE ONLY WHEN DIFFERENT PERSPECTIVES GENUINELY SHAPE DECISIONS — NOT WHEN THEY SERVE AS DECORATION What do leaders most often underestimate today — something that will significantly influence organisational reputation and results in the long run? Maja: Leaders often underestimate how visible internal decisions have become. Reputation is no longer something built slowly and then “maintained”, but something continuously tested. Every internal change has the potential to shape the public image. This is why reputation is no longer solely a communications topic, but a governance topic. Organisations that understand this sooner gain an advantage that is difficult to replicate. Ivana: From a People & Culture standpoint, one of the most un-

derestimated factors is the development of leaders as people, not only as experts. Technical skills can be learned quickly — and can become outdated just as quickly — while the ability to work with people is increasingly critical. Organisations that invest in self-aware leadership — in understanding one’s own influence, emotions and behaviour — build long-term resilience. While the effects may not be immediately visible, they become decisive in times of crisis or rapid change. Why are we still talking about women in leadership — and what do organisations get wrong when they personalise the issue instead of changing the system? Maja: The conversation about women in leadership should not be sentimental — it is a question of system design. When women’s success is treated as an exception, it signals that the structure has not changed. Real progress begins when organisations redesign the rules — how careers are shaped, how performance is assessed and how work–life balance is supported. Ivana: The issue is not how many women hold leadership roles, because that number alone says little. The essence lies in what stands behind it — what is rewarded, what is promoted and what the organisation truly values. How well we understand different life circumstances, and how ready we are to adapt to parenthood, raising children and teenagers, and life as a whole with all its shifts. Only when we clearly recognise what we value — and where we are unwilling to be flexible — can we understand why women remain underrepresented in leadership roles.

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LEADERSHIP WITH PURPOSE How creativity, responsibility and inclusion shape the Coca-Cola brand across the region

MARINA TRAJKOVIĆ Senior Brand Manager at The Coca-Cola Company

arina Trajković, Senior Brand Manager at The Coca-Cola Company, explains how loc al teams, women’s leadership and socially responsible practices create long-term value for consumers and the wider community.

Coca-Cola is a brand that shapes consumer habits around the world, but it is also a company that has, in recent years, significantly redefined its values from within. How would you describe your vision of leadership in such an ecosystem today – and how do you balance creativity, responsibility and the

influence that brands carry in the region? — I do not view leadership today as a position of authority, but as a responsibility towards people, teams and communities. When you work in a system like Coca-Cola, you quickly understand that every choice, decision and message carries additional weight, because it affects a large number of people. My focus is to ensure that creativity is never an end in itself, but a means of reaching meaningful, human and long-term sustainable solutions. I strive to balance bold ideas with responsibility by always asking the same question: what impact will this decision leave on people and the community? I believe that a leader who listens to their team and understands wider social responsibility can build brand trust and relevance in the long run. At regional level, you oversee markets that have different cultural impulses and consumer patterns. What do you consider the greatest strength of local teams in the Balkans, and how do you ensure that a strategy remains globally consistent while staying authentically “ours”? — Working with teams across the Balkans has taught me that emotion and intuition are as important as data. People in this region

have a strong sense of belonging; they understand local nuances, humour and everyday challenges better than any global guideline could. The greatest strength of local teams is their ability to translate global ideas into a language that people feel with their hearts, not only understand with their minds. When consumers sense that a brand “speaks” their language, the strategy becomes truly authentic. This combination of local insight and global vision enables the brand to remain relevant, yet recognisable across all markets. Women’s leadership in the FMCG industry today encompasses far more than brand management – it includes mentorship, building healthy team environments and nurturing new generations of female professionals. Which principles do you consider essential in talent development? — For me, talent development begins with trust. No one grows in fear – growth happens in an environment of safety and support. I aim to create a space where questions are welcome, different opinions are valued and mistakes are accepted as part of the learning process. It is especially important to show young women that they do not need to choose between profes-

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sional success and their authenticity. Leadership, to me, is the ability to illuminate the path for others, not to shorten it for them. I believe that continuous investment in talent development and the creation of opportunities build teams capable of responding to future challenges and driving innovation. Rosa has become one of the most recognisable examples of socially responsible branding in the region. How do you view the relationship between business success and social purpose today – and what has it taught you personally, as a leader? — My time working on the Rosa brand was one of the most significant stages of my professional journey. Through projects supporting families, mothers and children, I learned that true results are not measured only by sales figures, but also by the changes that remain in people’s lives. I realised that social purpose does not slow a business down; it gives it deeper meaning. It taught me patience, empathy and the courage to choose what is right, even when that is not the easiest path. This experience showed me that a brand with a clear purpose not only strengthens its reputation but also inspires teams to give their best. Marketing is undergoing rapid transformation under the influence of digitalisation, audience fragmentation and consumers’ growing expectations for honesty from brands. Which trends do you believe will most shape brands in the coming years, especially in the soft drinks category? — I believe brands are entering a phase in which it is no longer enough to be visible – they must be credible. I see the future of marketing in greater transparency, direct dialogue with consumers and the creation of communities built around shared values. In the world of non-alcoholic and soft drinks, I cordmagazine.com

expect a stronger focus on healthier alternatives, clearer consumer information and experiences that bring people together rather than simply selling products. Trends that combine digital interaction, social responsibility and personalisation will shape the brands that remain relevant in the decade ahead. Within a global system such as Coca-Cola, which skills become essential for women who want to build long-term careers? What did you recognise as decisive at the moment when your own professional path began to accelerate? — The most important skills are resilience, curiosity and a willingness to keep learning. When I reached a turning point in my ca-

I BELIEVE THAT A LEADER WHO LISTENS TO THEIR TEAM AND UNDERSTANDS WIDER SOCIAL RESPONSIBILITY CAN BUILD BRAND TRUST AND LONG-TERM RELEVANCE reer, I realised that I did not need to have all the answers, but I did need the courage to say “yes” to challenges. What was decisive was confidence in my own values and the ability to remain true to myself, even in a system that is large, fast and often demanding. Success also depends on the ability to learn from the experiences of others, to listen and adapt, while still maintaining authenticity.

omen’s leadership in Serbia is becoming increasingly visible, yet visibility does not always equate to real power. Women are more frequently stepping into managerial roles, but these positions are often shaped by expectations that they will preserve stability rather than transform systems. The gap between formal authority and actual influence thus remains one of the central challenges of contemporary leadership. Cultural expectations continue to define how women are “allowed” to lead. They are expected to be decisive yet gentle, ambitious yet un-

IN THE SPACE BETWEEN STRENGTH AND CLARITY LIES A VISION OF A FUTURE IN WHICH SUCCESS BECOMES A SHARED TASK SANJA PEŠIĆ CEO, Alma Quattro

WOMEN’S LEADERSHIP BETWEEN RESPONSIBILITY AND AUTHENTICITY Support is not reflected only in formal initiatives, but in everyday decisions — whose voice is heard and whose potential is recognized

derstated, responsible yet constantly available. These contradictory demands drain energy, suppress strategic thinking and place an invisible burden on women that is seldom acknowledged. One of the most demanding aspects of women’s leadership lies in emotional and relational labour — caring for teams, mediating conflict and assuming responsibility in moments of crisis. This contribution is essential to the functioning of any organisation, yet it is rarely reflected in formal assessment frameworks or recognition systems. Across different organisational contexts, it is evident how important it is for women to have the space to speak openly, without the need for continual justification or additional proving of competence. Support is not expressed solely through formal programmes but through everyday decisions —

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whose ideas are heard, whose potential is recognised and whose growth is encouraged. Working with new generations of women in business reveals a great deal of confidence and energy, but also a lack of experience and consistent support structures. The role of women leaders therefore extends beyond guidance; it involves channelling ambition through mentorship, creating room for learning and modelling resilience. Support does not mean removing obstacles on their behalf, but creating an environment in which young women can make mistakes, learn from them and develop the capacity to make decisions under pressure — a crucial skill for long-term professional endurance.

Empathy, attentive listening and a long-term perspective are among the strengths of women’s leadership, but without boundaries and authority they quickly turn into overload. Perfectionism, still culturally rewarded, slows decision-making, suppresses creativity and, over time, leads to burnout. Organisations seeking sustainable leadership must reassess systems that reward excessive self-sacrifice instead of clarity, focus and responsible distribution of work. A vital part of this process is the inclusion of men. Sustainable change does not emerge through division, but through partnership. When male leaders actively support the advancement of women — through mentorship, alliance-build-

ing and shared responsibility — organisational culture evolves more naturally and endures more deeply. Experience shows that the values that matter most are clarity, patience and consistency. Long-term development of women in the professional sphere requires leaders to recognise and elevate the potential of others, while safeguarding their own boundaries that protect energy and focus. New generations must be taught that success is not defined by constant proving or perfectionism, but by the ability to make decisions from a place of clarity, supported by a community and in partnership with colleagues — both women and men. Authentic leadership does not imply a lack of structure or a lowering of professional standards. It requires a clear understanding of personal values, the ability to set boundaries and a healthy distinc-

EMPATHY IS A STRENGTH, BUT ONLY WHEN ACCOMPANIED BY CLEAR BOUNDARIES AND AUTHORITY tion between self-worth and professional role. This combination brings lasting stability both to leadership and to organisations. Women’s leadership in Serbia today stands between adaptation and authenticity. The true breakthrough will not be measured by the number of women in positions of power, but by the quality of their experience once they are there. In the space between strength and clarity lies a vision of a future in which success becomes a shared responsibility: through support, partnership and mutual respect, women and men together build organisations that recognise the potential of every individual. When this occurs, leadership becomes an expression of collective purpose — and the changes that leave a lasting mark become not merely possible, but expected. cordmagazine.com

INPHARM – A Leader in Brand Protection and Innovation The Serbian innovator has been recognised for two decades of brand protection and growth, confirming that strategic investment in intellectual property builds long-term market trust

General Director, MSc Pharm Snežana Pažin

NPHARM’s General Director, MSc Pharm Snežana Pažin, has been presented with the prestigious National WIPO Award – the National Award for WIPO Users, granted to the domestic legal entity with the most intensive use of the international trademark registration system in 2025. This accolade stands as recognition of the company’s consistent and strategic approach to brand protection at both national and global levels.

AN AWARD THAT BRINGS ADDITIONAL ENCOURAGEMENT As a company that has long been at the forefront of innovation in the pharmaceutical industry, INPHARM continuously invests in developing new solutions and setting high standards of quality and safety. The award, presented by the Intellectual

Property Office, provides strong encouragement and confirms that the company is moving in the right direction. Its commitment to research, product advancement and responsible business practices positions INPHARM among the leaders in the pharmaceutical sector and further motivates its team to continue expanding and evolving.

MORE THAN TWO DECADES OF STEADY GROWTH Over more than 20 years of operating in the markets of Serbia, Montenegro and Bosnia and Herzegovina, INPHARM has built a reputation as a reliable partner in the fields of pharmaceuticals, distribution and the development of dietary supplements. Following an initial phase focused on representing foreign manufacturers, the company made a strategic shift towards developing its own products—an essential step in its further expansion. INPHARM’s range of dietary supplements is today recognised across the region, founded on domestic expertise, Eu-

ropean quality standards and carefully selected raw materials from the European Union. From the very beginning, special emphasis has been placed on intellectual property protection: as early as 2011, the company submitted its first trademark application in Serbia, at a time when most domestic companies had not yet adopted a systematic approach to this issue. BRAND PROTECTION AS THE FOUNDATION OF TRUST In the years that followed, INPHARM built one of the most extensive and well-structured intellectual property portfolios in Southeast Europe. To date, 123 trademark applications have been filed in Serbia, 101 of which have been registered, while in the previous year alone 65 new applications were submitted across the markets of Serbia, Montenegro and Bosnia and Herzegovina. These figures clearly position INPHARM as a regional leader in brand protection and intellectual property management. As company representatives note, intellectual property is not an administrative formality but a key component of business strategy: “Intellectual property protection is the foundation of trust. It ensures that everything we create—from an idea to the final product—belongs to the team that invested its knowledge, creativity and years of work.” In today’s highly competitive global environment, customer trust has become one of the most valuable assets, while companies that strategically safeguard their brands demonstrate responsibility and a long-term commitment to quality and innovation.

EMPOWERED WOMEN 2026

THE POWER OF PURPOSEFUL LEADERSHIP Leadership in healthcare demands emotional intelligence, motivation and the ability to unite people around a shared goal ~ Jelena Okjan n this interview for CorD, Jelena Okjan, Country Lead Pfizer Serbia, reflects on nearly two decades in the pharmaceutical industry, the challenges of the Serbian market and the importance of collaboration in implementing innovation. She explains how experience across different sectors shapes effective leadership and why women play a pivotal role in transforming healthcare systems.

How would you describe your path in the pharmaceutical industry and the key milestones, challenges and lessons that shaped you as a leader? — I began my career 19 years ago, immediately after completing my finance studies. I spent much of it in external affairs, responsible for commercial activities, team leadership and financial performance — experiences that shaped my understanding of managing people and resources. I worked across various therapeutic areas and companies, navigating markets with distinct challenges, which required flexibility, analytical thinking and the ability to adapt to regulatory change. Leading multidisciplinary teams taught me the value of collaboration, strong insights and innovative approaches. Equally important was working with people from different cultures, which strengthened my openness and resilience in complex environments. The combination of financial expertise, commercial experience and intercultural leadership defined cordmagazine.com

my style and gave me a broader perspective on the industry. How do you see your role in Serbia in connecting innovation, regulation and social responsibility — and where do you recognise the particular contribution of women leaders in pharmacy? — Working in Serbia, a market often shaped by shifting regulatory and economic conditions, requires close coordination between regulatory, medical, commercial and digital teams to implement innovation sustainably and effectively. Leaders must understand the local context, the needs of healthcare professionals and patients, and adapt global experience to local realities. Women leaders often bring added value: they recognise individual strengths, demonstrate strong empathy and build trust within teams. They view diversity as an advantage, enabling the creation of comprehensive and lasting solutions.

THE COMBINATION OF GLOBAL KNOWLEDGE AND LOCAL EXPERTISE ENABLES US TO CONTRIBUTE TO TRANSFORMING THE HEALTHCARE SYSTEM AND IMPROVING PATIENTS’ QUALITY OF LIFE

Leadership in healthcare demands emotional intelligence, motivation and the ability to unite people around shared goals — which is why women can be powerful drivers of change that advance the health system.

JELENA OKJAN Country Lead Pfizer Serbia

What concrete strategies do you and Pfizer apply to ensure that innovative therapies reach patients — and what role do the teams you lead play in that process? — Pfizer teams work daily on projects that support the modernisation of healthcare policies, improve access to therapies and develop models that make them economically sustainable. The teams I lead focus on adapting global strategies and regional experience to local needs. Our approach involves working with decision-makers, healthcare experts and patient organisations to understand the realities of the system. We develop models of financial sustainability, partnerships with insurers and educational initiatives that highlight the importance of innovation. We also analyse local priorities, identify barriers and design actions that improve access — from training healthcare professionals to digitalising approval processes. The combination of global knowledge and local expertise enables us to contribute to system transformation and to improving patients’ quality of life.

EMPOWERED ECONOMY

THE ECONOMICS OF EQUAL OPPORTUNITY Why closing gender gaps is one of the most powerful growth strategies for Europe today

or more than a decade, the Gender Equality Index has served as Europe’s most comprehensive diagnostic tool for understanding how gender shapes economies, labour markets and social systems. The 2025 Index confirms a trend that is both promising and deeply concerning: despite steady progress, the European Union remains nearly half a century away from achieving genuine gender equality. The slow pace of change in economic participation, access to resources, distribution of unpaid work and leadership opportunities continues to limit Euro p e ’ s co m p e t i t ive n e s s a n d resilience.

At the core of this stagnation lies a paradox. Women today are more educated than ever before, increasingly present in the workforce and essential to the functioning of both the public and private sectors. Yet systemic barriers remain entrenched: occupational segregation, unequal pay, limited access to capital, and the disproportionate burden of unpaid domestic and care work. These factors continue to suppress women’s economic contribution — and with it, the region’s growth potential. The Index highlights a crucial structural fault line: time. Across Europe, women perform significantly more unpaid labour than men, constraining their ability to

pursue higher-paying roles, entrepreneurial ventures or leadership positions. This “time tax” is one of the hidden engines of inequality, shaping every other economic outcome — from earnings and pensions to career advancement. Another persistent challenge is the limited access women have to financial resources and investment capital. Women-led businesses remain underfinanced across the continent, despite evidence that their loan repayment rates are consistently stronger and their growth trajectories highly competitive. The cost of this imbalance is substantial. According to global economic modelling, closing the gender gap in entrepreneurship could

EMPOWERED WOMEN 2026

Gender Equality Index and domain scores, 2020 and 2025 2025

2020

100 86.2

90 80 70

65.0

63.4

71.4

67.7

60 59.9

86.2

73.9

69.3

57.4

65.0

56.9 40.5

40 30

31.5

20 10 0 Index

Work

Money

Knowledge

Time

Power

Health

NB: The full list of indicators, including the data sources, is presented in Annex 1.

Gender Equality Index and changes over time, 2025 (scores) Gender Equality Index 2025

add up to five trillion dollars to the world economy. The Index also reveals structural vulnerabilities in the labour market. Women dominate lower-paid sectors and remain underrepresented in fast-growing industries that define the future economy, such as technology, engineering and digital innovation. Without targeted interventions, the ongoing green and digital transitions risk widening these disparities — misaligning the labour supply with the demands of the future. An empowered economy is not simply one in which women participate, but one in which barriers to full participation have been intentionally dismantled. Policies that

cordmagazine.com

SE FR DK ES NL IE BE FI LU PT EU-27 DE IT AT LT EE MT BG SI PL SK HR EL RO LV CZ HU CY

73.7 73.4 71.8 70.9 69.5 69.0 68.5 68.3 63.9 63.4 63.4 63.2 61.9 61.2 60.9 59.4 58.9 58.1 58.0 57.8 57.2 57.1 57.0 57.0 56.7 53.2 51.6 47.6

Change since 2015

Change since 2020 4.2 9.3 7.3 13.2 9.2 13.3 9.5 5.5 10.1 9.1 7.4 4.8 9.4 7.7 9.2 8.5 12.8 1.8 2.0 7.4 5.0 3.0 7.3 7.4 3.7 5.3 2.1 5.1

1.4 3.2 4.0 5.2 4.8 7.8 4.9 1.8 4.6 4.3 3.5 3.9 3.9 2.0 7.0 5.2 8.6 –0.7 2.8 5.9 2.0 0.4 5.7 5.1 0.4 2.8 0.5 1.8

NB: majority of indicators and traces progress over the short term (2020–2024) and the longer term (2015–2024). Greece and Romania have the same scores. Their position in the rank is determined statistically based on the second decimal place of the Index score.

expand access to childcare, reduce unpaid work, support women entrepreneurs, promote flexible career pathways, and ensure equal representation in leadership are not “social” measures — they are economic accelerators. For governments, businesses and financial institutions, the

data provides a clear mandate: prosperity in the twenty-first century depends on building economies in which women can develop, lead and invest on equal terms. Closing gender gaps is no longer a matter of fairness alone — it is a strategic imperative for sustainable growth.

LEADING WITH CLARITY AND PURPOSE I believe that trust is built through integrity, resilience and consistent delivery, and that strong business outcomes arise when people feel supported and empowered ~ Maja Dulc

MAJA DULC Country Manager Serbia, CPI Property Group

s Country Manager for Serbia at CPI Property Group, Maja Dulc has shaped her leadership around strategic focus, operational precision and a people-centred ethos. In this conversation for CorD, she reflects on the qualities that define women leaders today, the importance of team culture in a fast-moving real estate environment, and the personal strategies that allow her to balance ambition with wellbeing.

How would you describe your professional development within CPI Property Group and the experiences that most shaped your approach to leadership in such a dynamic real estate sector?

staying close to the business while enabling people to grow. Working within an international company strengthened my ability to align local execution with global standards, ensuring both strong results and a culture that values people development. Today my priorities are strengthening the business, preparing for future expansion and enabling continuous growth within the team—an approach that helps sustain high performance in an increasingly competitive market. Which qualities do you consider essential for women leaders today, particularly in your industry, and what has helped you most in building trust and authority? — Integrity, clarity, resilience and a people-first mindset are central to my leadership. Combining strategic thinking with an accessible, handson approach builds confidence in fast-changing conditions. Open communication and fairness form the basis of trust—internally and externally. In practice, I earn credibil-

BALANCE IS NOT A FIXED STATE BUT A SERIES OF CONSCIOUS CHOICES THAT ALLOW AMBITION AND HUMANITY TO COEXIST — My development as CEO has grown through leading a diverse, high-performing team across asset management, leasing, development and marketing. Over time, I have learnt to balance operational excellence with long-term strategy,

ity by delivering results, remaining consistent, supporting colleagues and leading by example, especially in demanding moments. This balance of performance and empathy has helped me build long-lasting professional relationships.

How important are team support, collegiality and mutual empowerment in your work, and how do these values influence results and the overall atmosphere within CPI Property Group? — These values are essential, as real estate relies on swift decisions, shared information and mutual confidence. When people work as one, solutions come faster and clients feel the difference. An environment where individuals feel respected and empowered encourages initiative and strengthens ownership. I’ve seen that when people feel supported not only as employees but as colleagues, motivation rises, collaboration deepens and the whole office becomes more dynamic and productive. How do you balance demanding professional responsibilities with personal priorities, and what guidance would you offer women who wish to progress while maintaining a stable work–life rhythm? — It’s a continuous process rather than a perfect formula. Setting boundaries, focusing on what truly matters and allowing space for adjustment have been key for me. Women in leadership often feel pressure to excel simultaneously in every area, but balance comes from conscious choices, leaning on support and accepting that ambition and humanity can coexist. When you take care of yourself, you lead better and create an environment where others feel able to do the same.

EMPOWERED WOMEN 2026

SKILLS THAT SHAPE VALUE By applying ESG principles and the UN 2030 Agenda, public–private partnerships can strengthen social value, gender equality and long-term community trust

JELENA TADIĆ Director, PPP Investment

PPP INVESTMENT Consulting company

nfrastructure, investment and public–private partnerships are fields where responsibility, expertise and an understanding of long-term relationships form a single professional framework. In such an environment, women’s career paths raise questions not only of technical competence, but also of leadership approach, commitment and the ability to navigate complex partnership models. Speaking for CorD, Jelena Tadić reflects on the competencies essential in this industry, the importance of partnership philosophy, and the ways in which ESG and the 2030 Agenda can strengthen women’s p articipation in planning and decision-making.

What qualities, knowledge and approaches do you consider essential for women pursuing careers in infrastructure, investment and public–private partnerships? — Success in this — as in any other — field requires knowledge, but also commitment. This applies equally to men. Expertise is important, yet it can be refined and expanded, especially today with global access to technologies, practices and AI-driven insights. Commitment, however, is something you cannot acquire through a search engine or purchase on the market. The PPP model inherently demands it, given the long-term relationship between public and private partners. A key factor in investment success lies in embracing the philosophy of partnercordmagazine.com

ship — as a principle that guides both business and life. Flexibility is equally important, enabling us to understand and bridge the inherent differences between private-sector goals (profit, efficiency) and public-sector responsibilities (public interest, citizen needs). Real success depends on balancing these objectives and creating genuine win–win outcomes.

IN A SECTOR DEFINED BY LONG-TERM COMMITMENTS, WOMEN’S LEADERSHIP CONTRIBUTES PATIENCE, RESILIENCE AND THE ABILITY TO ALIGN PUBLIC AND PRIVATE INTERESTS INTO LASTING PARTNERSHIPS Given the multidisciplinary nature of PPPs, success also requires the integration of different types of expertise rarely found in a single person. This is why team synergy has been a major area of investment for us. And finally, perseverance and resilience — qualities increasingly rare in an era of impatience and expectations of instant results. Just as PPPs rely on an optimal allocation of risks and

rewards, the same philosophy underpins long-term success in business and stability in personal life. Can the implementation of ESG and SDG standards encourage greater participation of women — through employment, training or leadership roles? — PPP models are not merely about cooperation between the public and private sectors — they represent a long-term partnership with the community itself. By applying ESG standards and broader UN 2030 Agenda principles, we increase the social value of projects. Ensuring greater participation of women in politics and business cannot be limited to legal requirements; it must also reflect an ethical standard. This is not a matter of favouring women, but recognising true equality — including in the creation and management of value. As a UN evaluator, I have seen the impact of applying all available standards and tools. The Sustainable Development Goals represent principles we believe in and actively apply. Although EU funding is conditional on meeting these targets, our commitment to them arises from a deeper conviction, not from obligation — something the conditionality itself reinforces. Each project promotes social responsibility, gender equality and women’s roles, as well as broader social and environmental benefits, in line with principles of sustainable and inclusive development, beginning with ourselves and the environments in which we work and live.

LEADERSHIP & INFLUENCE

A NEW MAP OF POWER Why women’s leadership remains the slowest-moving frontier of equality — and what must change to accelerate progress espite more than a decade of policy commitments, legislative advances and public debate, the 2025 Gender Equality Index confirms that power remains the most stagnant and unequal dimension of gender equality across Europe. While women’s participation in education and the labour market has strengthened, their representation in decision-making roles — political, economic and social — advances at a pace too slow to reshape the institutional landscape. At the political level, women continue to be underrepresented in national parliaments, governments and senior policy bodies. Even in countries with strong institutional frameworks, gender parity is still the exception rather than the rule. The bottleneck is not a lack of qualified women, but

the persistence of systemic barriers: party structures, informal networks, nomination practices and cultural expectations that influence who is seen as “leadership material”. Economic decision-making shows similar patterns. Women remain significantly outnumbered in corporate boards, executive teams and financial institutions — precisely the spaces where strategic decisions about investment, technology and long-term development are made. EU legislation on board diversity has accelerated progress in some markets, yet across the region the pipeline to top leadership remains narrow. Occupational segregation, limited access to high-growth sectors and unequal distribution of unpaid work all contribute to the slower rise of women into senior roles. The media and public sphere play a critical role as well. Research increasingly shows that women leaders are held to higher standards of visibility and accountability, while being offered less institutional protection. Narratives that question women’s competence or authority subtly influence public perception and the legitimacy of women’s leadership, creating an environment where progress is possible — but rarely linear. Yet the picture is not static. Across Europe, more women are entering politics, leading civil society organisations, shaping corporate agendas and influencing public debate. Where targeted reforms have been implemented — from transparent appointment processes to stronger parental policies and investment in leadership pipelines — the pace of change accelerates. The most successful systems are

those that treat gender balance not as a symbolic goal, but as an instrument for institutional effectiveness, economic resilience and democratic stability. A new map of power requires more than representation. It requires inclusive decision-making cultures, accountability mechanisms and leadership models that recognise the value of diverse perspectives. If Europe is to respond effectively to the economic, technological and geopolitical challenges of the next decade, its institutions must reflect the people they serve. Empowering women in positions of influence is not simply a matter of fairness. It is a strategic investment in the quality of governance, the strength of economies and the legitimacy of democratic institutions. The data are clear: systems that include women at every level — from policy design to boardrooms — make better decisions, innovate more and deliver more equitable outcomes.

EMPOWERING WOMEN IN POSITIONS OF INFLUENCE IS NOT SIMPLY A MATTER OF FAIRNESS. IT IS A STRATEGIC INVESTMENT IN THE QUALITY OF GOVERNANCE, THE STRENGTH OF ECONOMIES AND THE LEGITIMACY OF DEMOCRATIC INSTITUTIONS EMPOWERED WOMEN 2026

NEW LEARNING RULES FOR A NEW BUSINESS REALITY SorS Academy develops learning models aligned with market needs, uniting international perspectives with knowledge that applies directly in practice.The focus is on competencies that accelerate growth and strengthen the independence of future leaders orana Pejčić, Chairman of SorS Academy, explains how the Academy has evolved into a regional platform that blends practical expertise, global exchange and strong mentoring. She discusses which learning formats matter most today, why participants seek real case studies, and how ESG, sustainability, Generation Z and women’s leadership shape the Academy’s plans for 2026.

SorS Academy has become a regional platform connecting professionals across industries. How do you see its role in developing competencies and supporting career growth? — Bringing together participants from different countries and sectors gives our programmes real depth. When people from Europe, Asia and the region learn together, knowledge quickly moves beyond theory into practical, market-tested insight. Our role is to offer expertise that can be used immediately and to strengthen participants’ confidence in their own judgement. Exposure to diverse markets shows that challenges can be solved in many ways, widening their perspective and reinforcing indecordmagazine.com

pendence. This international dynamic also enables faster learning, stronger networking and quicker professional development. The labour market is changing rapidly. Which topics attract participants most today? Participants value programmes that clarify emerging risks and link them to real work situations. They want to understand market shifts, the impact of technology and how to improve the processes they lead. They also seek content that broadens their outlook and helps them use knowledge more confidently in demanding environments. We appreciate that participants recognise our programmes as grounded in real business, not theory. For them, learning becomes support in their work — and that is the essence of what we aim to deliver. How do you create an environment that provides both expertise and ongoing support? — Our model is based on open discussion and real case analysis. Mentors work closely with participants, creating a collaborative, not hierarchical, learning atmosphere. The international mix further encourages connection. Colleagues from different countries

exchange practices, and these networks often remain active long after the workshops end — becoming one of the most valuable outcomes. What are your plans for 2026, especially regarding new ESG and sustainability programmes? — Next year we will expand programmes that give participants a broader understanding of today’s business landscape, especially in sustainability and ESG, as these standards increasingly shape everyday operations. Our aim is to help participants lead teams and make decisions in complex situations, regardless of their industry. We will also focus on Generation Z and women’s leadership. Building my own career in a traditionally male industry has shown me the importance of support and solidarity. I am confident that our programmes will give women the momentum and confidence to step into leadership roles.

ZORANA PEJČIĆ Chairman, SorS Academy

INTERNATIONAL DYNAMICS FOSTER FASTER LEARNING, STRONGER CONNECTIONS AND MORE DYNAMIC PROFESSIONAL DEVELOPMENT 25

FUTURE NOW – WOMEN, TECH & SUSTAINABILITY

A TURNING POINT FOR INCLUSION How the digital and green transitions could either accelerate equality — or deepen existing divides

he digital and green transformations are reshaping Europe’s economic landscape faster than any previous industrial shift. They are redefining how people work, what skills they need and which sectors will drive long-term growth. Yet the 2025 Gender Equality Index shows that these transitions are unfolding across an unequal playing field: women remain underrepresented in the very fields that will define the future economy, from advanced digital technologies to green innovation and sustainable production systems. Despite high levels of education, women continue to be significantly outnumbered in STEM, ICT and engineering

disciplines. Digital professions — data science, cybersecurity, software development and AI design — remain among the most gender-segregated in Europe. This imbalance is not merely a matter of representation; it directly affects the design, governance and ethical outcomes of technologies that increasingly shape public services, private markets and democratic processes. Without women at the table, the risk of embedding old biases into new systems becomes structurally higher. The green transition reveals a similar pattern. While women are deeply engaged in community-based environmental initiatives and sustainability advocacy, they are less present in decision-mak-

ing roles within energy, infrastructure, climate finance and green technology sectors. Investments in renewable energy, smart agriculture, circular economy models and sustainable manufacturing often channel resources into industries where women remain underrepresented — limiting their access to emerging economic opportunities. Digital exclusion further compounds these gaps. Women, particularly younger cohorts in certain regions, report lower confidence in digital skills and fewer pathways into digital careers. This affects not only employability, but the ability to participate in innovation ecosystems, entrepreneurship and leadership pipelines. If the digital transition proceeds without targeted inclusion strategies, it risks reinforcing structural inequalities rather than mitigating them. Yet the data also offer a powerful message: inclusive transitions deliver better outcomes. When women are integrated into technology, sustainability and innovation sectors, economies become more dynamic, more resilient and more socially responsive. Programmes that combine access to finance, tailored training, mentorship and institutional support have shown measurable success in closing entry gaps and increasing retention in highgrowth industries. Future-oriented policies must therefore bridge three parallel divides: • t he skills divide, ensuring equal access to digital and green competencies; • the innovation divide, strengthening women’s participation in research, development and entrepreneurial ecosystems; • the leadership divide, accelerating women’s presence in decision-making roles shaping the transition. As Europe moves through its most consequential economic transformation in decades, the central question is no longer whether women should participate in these sectors, but what consequences follow when they do not. A future built without women risks becoming a future that does not work for society as a whole. Ensuring that the digital and green transitions are inclusive is not a symbolic aspiration — it is essential to building a sustainable, competitive and equitable Europe.

EMPOWERED WOMEN 2026

WOMEN SHAPING THE FUTURE OF REAL ESTATE In a sector long defined by strict market rules and predominantly male perspectives, a model grounded in vision, trust and precise insight is increasingly proving its strength

MINA ĐORĐEVIĆ CEO, Brixwell Investment

ina Đorđević, CEO of Brixwell Investment, has led the company’s sales for seven years, driving one of the most dynamic real estate firms on the market. In this interview for CorD, she discusses the principles behind sustainable growth based on trust, team energy and careful attention to detail. Over seven years at the helm of sales at Brixwell Investment, you’ve established steady growth and a recognisable approach to

is personal and centred on listening and anticipating expectations so that every investment feels right. The growth we achieve stems from continuous work and a dedicated team focused on quality, as well as long-term relationships with clients who believe in our brand and vision. Guided by our founder and director, Branislav Mirković, we draw inspiration from global design and apply that perspective to each new project to ensure the best possible experience for our buyers.

Brixwell Investment is preparing new projects that will further strengthen your market position. Can you reveal the investments and development directions? What can clients expect next? — We are currently developing The Dorcol Residence, a project that

WITH A CLEAR VISION, DEDICATION AND MEANINGFUL MENTORSHIP, EVERY YOUNG WOMAN CAN FIND HER PLACE AND BUILD A SUCCESSFUL CAREER IN THIS INDUSTRY client relations. What do you see as the key elements of a successful sales strategy in today’s real estate market? — Success in real estate is never accidental. Trust, consistency and a genuine understanding of clients’ needs are fundamental. Buyers today expect transparency, investment security and clear value. Our approach cordmagazine.com

has already attracted strong interest and marks a significant step in our portfolio. Located in the heart of Dorćol, on the corner of Dunavska and Knežopoljska streets, it introduces a new concept of urban living. With 459 luxury apartments, it is reshaping the Belgrade skyline and setting new standards of comfort and quality. In the first phase,

100 apartments were sold in 47 days, confirming clients’ trust and the quality we have built over the years. Going forward, clients can expect more projects that reflect our long-term approach: choosing prime locations, creating high-end living spaces and continuously raising construction standards. Each development aims to enrich the urban environment, improve quality of life and preserve the long-term value of investment.

As a woman who has built a career in a dynamic and competitive sector, what message would you share with young women hoping to enter the real estate industry? — Although real estate is often seen as a “man’s business”, women bring unique strengths—precision, commitment and an eye for detail— which are essential in high-standard projects. My advice is that hard work, knowledge and professionalism remain the foundation of every step. At Brixwell Investment, we foster an environment that supports women, enables growth and encourages participation in all aspects of the business. Diverse teams lead to better decisions and stronger projects. I believe that courage and initiative open new opportunities and that every ambitious woman can shape her career on her own terms. With a clear vision, dedication and the right mentorship, every young woman can build a meaningful and successful path in this industry.

STANDARDS THAT CREATE VALUE Scordia develops its projects on a philosophy of consistency, responsibility and a clear sense of identity, which positions the company among the most reliable players in the real estate sector. At the core of this approach are high quality criteria, strong partnerships and an understanding of contemporary users’ needs

ANDRIJANA RABRENOVIĆ Director, Scordia ndrijana Rabrenović, Director of Scordia, speaks to CorD about the principles that shape the agency’s work and set it apart: a culture of high standards, close cooperation with Bureau Cube Partners and the development of projects grounded in vision, discipline and continuity. She also shares the message she wishes to convey to young professionals — particularly women — entering the real estate sector.

Scordia is recognised for its culture of high standards. What lies behind this philosophy, and how do you maintain it across every project? — High standards at Scordia Properties are not a marketing tool, but a way of working. They stem from a deep understanding of the responsibility carried by every project, because real estate is not a transient commodity — it is the space in which people live, work and build their everyday lives. This philosophy means that quality is not treated as the final layer, but as the starting point of every process: from choosing the location and understanding the urban context, to architectural concept and functionality, and the way we communicate with clients and partners. Maintaining high standards requires consistency and discipline — the ability to avoid compromise, even when easier or faster options appear. It means being present at every

step, setting clear expectations and taking responsibility for each decision. At Scordia, we believe that reputation is built precisely through this kind of continuity. Bureau Cube Partners is your close development and architectural collaborator. How does this partnership influence the originality and recognisability of your projects? — Bureau Cube Partners is a major anchor in our work, and their experience, expertise and dedication give us the confidence that what we deliver will carry not only a distinctive visual signature, but also impeccable quality. From the outset, we have shared the view that a project must have identity, functionality and long-term sustainability — and that these three elements must never be in conflict. Bureau Cube Partners brings a strong authorial approach and a deep understanding of urban context, while Scordia contributes

TO YOUNG PEOPLE, ESPECIALLY WOMEN, MY MESSAGE IS NOT TO FIT INTO EXISTING PATTERNS, BUT TO BUILD THEIR OWN PROFESSIONAL IDENTITY

market logic, client experience and a clear vision of the end user. This synergy and the constant exchange of insight ensure that our projects are recognisable, yet never generic. Our developments do not follow preset templates — each one is a response to its specific location, lifestyle and the needs of future users. Originality is never the goal in itself; it is the natural outcome of a thoughtful process and mutual trust between partners. As a woman in a senior position within a traditionally male sector, what message would you share with young professionals entering the real estate industry? — Real estate demands knowledge, determination and consistency — regardless of gender. My experience has taught me that authority does not come from a title, but from the responsibility you assume and the quality of the decisions you make. To young people, especially women, I would say: do not try to fit into existing patterns — build your own professional identity. It is important to understand processes, be open to learning and maintain integrity even in demanding circumstances. This is an industry with room for those who know what they are doing, who are committed and who understand that longterm success does not happen overnight. I believe that such an approach — calm, thorough and responsible — is what truly makes the difference.

EMPOWERED WOMEN 2026

BUILT TO LAST ome business stories are measured in numbers, others in the care, vision, and consistency behind every decision. For over 30 years, Jasna Stanivuk has quietly but decisively shaped Magna Pharmacia, creating one of Serbia’s leading MedTech companies and laying the foundation for the Magna MedTech Group. Under her guidance, the company has thrived on quality, trust, ethical responsibility, and a commitment to preventive medicine and high-performance teams. In addition to her professional achievements, Jasna is a devoted mother of six and a passionate athlete.

CONSISTENCY, RESPONSIBILITY, AND PEOPLE-CENTERED GROWTH From the very beginning, Stanivuk was deeply involved in every aspect of the company — from strategy and product development to shaping corporate culture and team leadership. “Consistency and responsibility were always my compass. Every decision, no matter how small, had to reflect the long-term vision. Trust is earned every day, and it is at the core of everything we do at Magna Pharmacia,” she explains. This hands-on, values-driven approach allowed Magna Pharmacia to grow steadily, maintain trust with healthcare professionals, and adapt to an evolving MedTech landscape. By investing early in people and creating systems capable of functioning independently, the company laid the foundation for long-term succordmagazine.com

cess. High-performance teams and professional development remain central pillars of the organization, enabling employees to contribute meaningfully and take ownership of their work. PREVENTIVE MEDICINE: RESPONSIBILITY BEYOND BUSINESS Preventive medicine has been at the heart of the company’s philosophy. “Healthcare is not just about treating illness — it’s about protecting health before problems arise,” Stanivuk says. “We aimed to support programmes that integrate prevention into everyday medical practice, making early detection accessible and reliable.” Through the development and logistical support of preventive health programs, Magna Pharmacia has helped shift public awareness toward long-term health management, playing a tangible role in improving Serbia’s healthcare system. For Stanivuk, this work represents responsibility in action, demonstrating that business success and societal contribution can go hand in hand. LEADERSHIP, VALUES, AND LASTING IMPACT Today, Jasna Stanivuk acts primarily as a stakeholder, focusing on strategic guidance rather than daily operations. Her leadership philosophy emphasizes empowerment, clear responsibilities, and systems that work independently. “Good leadership means building something that can run without you standing next to it every day. Wealth, position, or privilege come with responsibility. Leadership is about consistency, fairness,

and the ability to create structures that last — not about visibility or accolades,” she says. Her advice to aspiring entrepreneurs, especially women entering MedTech, is clear: commit fully, take responsibility, and prioritize values alongside products or profits. “Knowledge, clarity, and courage matter more than shortcuts or quick wins. Surround yourself with people you trust, invest in their growth, and build systems that allow the company to thrive even when you are not present. Integrity and quality are what ensure your work endures,” Stanivuk adds. Through more than three decades of determination, vision, and ethical business practice, Jasna Stanivuk has not only built a MedTech powerhouse but also created a model of sustainable leadership, proving that consistent values and careful strategy are the foundation of enduring success.

JASNA STANIVUK Sharholder, Magna MedTech Group ltd

COMMUNICATIONS THAT ACCOMPANY TRANSFORMATION The competencies of future women leaders will be tied to integrity, the ability to think systemically and the courage to challenge the status quo ~ Irena Trifunović

IRENA TRIFUNOVIĆ Corporate Communications Director, MaxBet y joining the global Flutter International family, MaxBet has entered a new stage of development, marked by greater transparency, accountability and international standards. We discuss the changes brought by this transformation – especially in communications – as well as the positioning of women in a traditionally male industry and the new demands that leadership entails, with Irena Trifunović, MaxBet’s Corporate Communications Director.

More than 60% of MaxBet’s employees are women, and their presence in managerial positions continues to rise. What does it mean in practice to build a system in which competence – rather than gender – defines opportunities for advancement? — It means building an environment where knowledge, results and integrity define progress. When women have equal chances to join projects, take responsibility and make decisions, gender becomes secondary. At MaxBet we have many ex-

MaxBet is today part of Flutter International, which has introduced new standards of transparency, responsible gaming and organisational culture. How has this transformation shaped your work and the role of communications in the company? — Integration into Flutter International provided momentum for redefining how we communicate, internally and externally. In line with global standards – particularly in responsible business – we place growing emphasis on two-way communication with employees, customers, partners and the community. Communications have become a strategic pillar underpinning changes in culture, values, reputation and employer branding. As part of an international group with a clear purpose – to create a safe, responsible and sustainable environment for work and entertainment – our task is to translate that purpose into messages, channels and behaviours.

WHEN WOMEN HAVE EQUAL OPPORTUNITIES TO PARTICIPATE IN PROJECTS, TAKE RESPONSIBILITY AND MAKE DECISIONS, GENDER BECOMES SECONDARY

amples of successful colleagues leading teams, projects and functions. What matters to me is that this culture of equality isn’t just “communicated” – it is lived, seen in how we select leaders, develop talent and offer support. In your earlier statements, you emphasised that the key for women to enter the “heart of the business” lies in understanding the product, the numbers

and taking responsibility. Which skills and experiences are essential for women who want to lead transformational projects in this industry? — First, it is crucial to understand the business – the product, the market and the customer. Without that, leadership can’t be authentic. Then comes the ability to lead a team in a complex, often highly regulated setting. Thirdly, emotional intelligence – recognising people’s challenges, building trust and balancing short-term goals with long-term values. Transformational projects demand focus, clarity and resilience. Increasingly, women bring this stability. The gaming industry is changing rapidly under the influence of digitalisation and artificial intelligence. How will leadership evolve in such an environment – and which competencies will set future women leaders apart? — Digital transformation requires leaders who see change as opportunity. Future women leaders must be technologically literate and able to understand customer behaviour, risks and ethical issues linked to AI and digital platforms. In the gaming sector this is vital, as we balance entertainment, responsibility and regulation. The key competencies will be integrity, systemic thinking and the courage to question the status quo.

EMPOWERED WOMEN 2026

I DON’T BELIEVE IN LABELS I BELIEVE IN CONTINUITY My wildcard isn’t a moment of surprise, but the way I have always lived — open to what is new and loyal to what shapes me at my core port and movement were a natural part of my childhood, but equally present were the things that cannot be defined as either sport or hobby. There was an innate curiosity, a need to understand the world, people and processes. Basketball, skating, skiing and tennis taught me discipline, focus and perseverance. At the same time, interests without a competitive nature were growing — reading, music, observing spaces, understanding form, proportion and energy. Skydiving from 6,000 metres and scuba diving didn’t come as attempts to step out of my comfort zone. They came when I was ready. I cannot call them hobbies — they are more a confirmation of inner stability and trust in myself. When I commit to something, it matters to me to be entirely present, without the need to prove anything. Golf came later, as a quiet yet precise lesson. It taught me patience, focus and concentration. There is no speed in golf, no noise — only the moment, the breath and a clear intention. Every swing is a conversation with oneself. Mistakes are not explained — they are accepted and corrected. That discipline of silence has profoundly shaped my thinking and my leadership.

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Some interests evolve, and some remain. My love for interior design, architecture and aesthetics has been with me for years. I have always shaped my living and working spaces myself — not because I doubt the expertise of those I work with, but because I believe that a space, like a style, must carry a personal signature. Just as I

IN GOLF THERE IS NO SPEED AND NO NOISE – ONLY THE MOMENT, THE BREATH AND A CLEAR INTENTION. EVERY SWING IS A CONVERSATION WITH ONESELF choose clothing in which I recognise myself, my spaces must resemble me: they must hold calm, clarity and character. Medicine — especially surgery — has always fascinated me. Whenever possible, I attend operations. In those quiet, focused rooms I have learned much about responsibility, precision and the

absence of ego — lessons that have little to do with titles and everything to do with character. Books are my constant support, and music is my inner balance. Classical music comes first — it teaches patience, depth and the art of listening. It does not demand attention; it earns it. For more than two decades now, my day has often begun early, in the gym. Not for appearance, but for mental clarity. I have learned how important it is to find the right expert — someone who understands both physical and psychological needs, because strength without balance does not last. Travel is another form of learning. Moving through Serbia and the world, meeting different people and cultures, teaches me that knowledge often hides in seemingly ordinary moments — if we are open enough to notice them. I draw strength from certain scenes: the morning sun, the horizon over the sea, the silence between two sounds. The closeness of water and light always brings me back to myself. When titles and achievements are set aside, what remains is a curious, disciplined woman who believes in focus, silence and continuity. That is my personal identity. That is my wildcard.

Wild CarD: MILA LITVINJENKO

EMPOWERED WOMEN 2026

WHERE COURAGE

BECOMES ART

The women who shaped my values, work ethic and relationship with the arts are, above all, my mother, who taught me discipline, dedication and perseverance. Montserrat Caballé also played a major role, as her artistic bravery left an indelible mark on my understanding of music

TAMARA RAĐENOVIĆ Soprano

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amara Rađenović is a young diva of the modern era, an operatic and crossover artist whose professional ascent unfolds on international stages: from New York and Tokyo to London and Zagreb, as well as major European festivals and her forthcoming debut at the renowned Stern Auditorium of Carnegie Hall in 2026. She graduated from the prestigious Royal College of Music in London and was featured on the Forbes “30 Under 30” list in the field of Culture and Arts, as one of the most promising artists of her generation. Recognised worldwide as the last student of the legendary Montserrat Caballé, Tamara today represents a new generation of international sopranos who are redefining the boundaries of classical music and bringing it to audiences through a contemporary, elegant and authentic expression. In this exclusive interview for CorD, she speaks about success built through perseverance, courage, vision and unwavering dedication to her art.

and Zagreb reacted in the same way – with emotion. That showed me that art has no geography and that I am on the right path towards building a global career. In the world of opera, where tradition is deeply respected, you have succeeded in finding your own voice. What did it mean for you to have the courage to be different and to embody the female face of a new generation in classical music? — The courage to be authentic is the greatest challenge, especially in the world of classical music. For me, it was a personal calling to show that opera can live through modern aesthetics, visual poetry and a different relationship with the audience. As a young artist and as a woman, I feel a responsibility to open space for a new generation of sopranos who wish to create without limitations. Who are the women who shaped your values, work ethic and relationship with the arts? — Above all, my mother, who taught me discipline, commitment and

NOW I STAND BEFORE A MAJOR MILESTONE: MY DEBUT SOLO CONCERT AT CARNEGIE HALL’S STERN AUDITORIUM IN NOVEMBER 2026, WITH THE RENOWNED NEW YORK ENSEMBLE ST. LUKE’S ORCHESTRA UNDER THE BATON OF DARKO BUTORAC, TOGETHER WITH ONE OF TODAY’S LEADING TENORS, MURAT KARAHAN Your career has accelerated rapidly over the past year, with performances across several continents. When you look at everything you have achieved, what do you consider the most important step in your professional journey? — Every international performance has been a step that shaped me, but the most important moment was realising that the world truly embraces my blend of opera and contemporary expression. Audiences in New York, Tokyo, London

perseverance. Montserrat Caballé also played a significant role, as her artistic bravery left an indelible mark on my understanding of music. Both taught me that talent is common, but it is character that carries a career. Your concerts blend opera, film music and crossover aesthetics. Does a contemporary artist today also need to be the visual creator of her own identity? — I believe today’s audience perceives the complete aesthetic of an

artist. My voice is my primary means of expression, but visual identity, stage poetry and an authentic style are what create a unique experience. This does not mean being glamorous for glamour’s sake, but using the visual world as an extension of the emotion carried by the voice. Challenges are inevitable in an international career. Which moment tested your strength and patience the most, and what did that experience teach you about yourself? — The most challenging moments are those when travelling across time zones and needing to be both a person and an artist on the same day. The Tokyo performance after a long journey was a test of endurance, but it taught me that the artist’s strength lies in staying present, focused and emotionally open regardless of the circumstances. Your upcoming concert at the Sava Centre is the largest performance in the region. How did you conceive it, and what does it mean to you to experience it as the crown of your year? — This concert was conceived as a musical journey through all the genres that inspire me – from grand opera, through film music, to crossover arrangements. For me, it is a celebration of a year that has been intense, successful and filled with emotion. The Sava Centre symbolises my return to the regional audience. A return to my beloved home city, and I want this performance to be an expression of gratitude for all the support I receive. The world already recognises you through performances in London, Tokyo, New York, Istanbul and at European festivals, and you have Carnegie Hall ahead of you in 2026. What do you see as your long-term artistic mission? — My mission is to bring classical music closer to new generations and to show that opera can be contemporary, alive and inspiring. I want the

EMPOWERED WOMEN 2026

MILLIONS OF VIEWS ACROSS PLATFORMS SHOW THAT PEOPLE WANT TO EXPERIENCE OPERA IN A NEW WAY. TODAY, THIS IS JUST AS IMPORTANT A PART OF A CAREER AS THE CONCERT STAGE, AS IT BUILDS A GLOBAL COMMUNITY AND CREATES THE OPPORTUNITY FOR ART TO LIVE EVERY DAY bridge between tradition and modern sound to be my contribution to the arts, as well as to connect global audiences through emotion that transcends language and culture. I am immensely grateful that I debuted at Carnegie Hall at the age of 23, performing two solo recitals in New York – experiences that profoundly shaped me as an artist. Now I stand before a major milestone: my debut solo concert at Carnegie Hall’s Stern Auditorium in November 2026, with the renowned New York ensemble St. Luke’s Orchestra under the baton of Darko Butorac, together with one of today’s leading tenors, Murat Karahan. I see this performance as both a symbol and confirmation of the path I wish to pursue. Alongside your international career, you have developed a strong digital presence. How important is this segment for a contemporary artist? — The digital world has allowed my voice to reach audiences I might never meet in person. Millions of views across platforms show that people want to experience opera in a new way. Today, this is just as important a part of a career as the concert stage, as it builds a global community and creates the opportunity for art to live every day. If you had to describe your 2025 in one sentence, what would you call it? — A year in which my art crossed new boundaries and opened the door to the world I had dreamed of. cordmagazine.com

SERBIA DATA INSIGHT

WHERE DOES SERBIA STAND IN 2025? A closer look at the country’s progress, persistent gaps and the policies needed to accelerate equality

ithin the broader European landscape, Serbia’s performance on gender equality reflects a pattern common to many economies in transition: steady structural improvements contrasted with deeply entrenched disparities that continue to influence women’s economic, social and political participation. The 2025 Gender Equality Index highlights areas of measurable progress, yet it also underlines domains where Serbia — much like the region as a whole — must intensify reforms to ensure sustainable and inclusive development.

LABOUR MARKET PARTICIPATION: PROGRESS WITH SIGNIFICANT CAVEATS

Serbia has made notable strides in increasing women’s participation in the workforce, supported by higher education levels and a more diversified service economy. However, gender gaps remain evident in employment rates, earnings and access to stable, formal work. Women are still overrepresented in lower-paid sectors and in roles that offer limited career progression, while underrepresentation persists in high-growth fields such

as technology, engineering and renewable energy. The enduring influence of unpaid domestic and care responsibilities further limits the range of economic opportunities available to women.

FINANCIAL INCLUSION AND ENTREPRENEURSHIP: GROWING INTEREST, LIMITED ACCESS

Female entrepreneurship in Serbia is vibrant and increasingly visible, yet access to finance remains uneven. Women-led businesses often face structural barriers — from collateral requirements to risk perceptions within the financial sector — that restrict their expansion. International programmes supporting women entrepreneurs have helped open new pathways to credit, advisory services and training, but the ecosystem still requires stronger institutional alignment. Greater availability of targeted financial products and stronger links between banks, development institutions and business-support organisations will be essential to closing these gaps.

WITHOUT TARGETED REFORMS, THE GENDER GAPS SHAPING SERBIA’S LABOUR MARKET, LEADERSHIP AND CARE ECONOMY WILL CONTINUE TO LIMIT LONG-TERM GROWTH 36

EMPOWERED WOMEN 2026

KNOWLEDGE AND DIGITAL SKILLS: STRONG EDUCATIONAL FOUNDATIONS, EMERGING DIVIDES

Serbia continues to demonstrate high levels of female participation in higher education, particularly in social sciences, humanities and certain applied fields. However, the digital and technological skills divide is becoming increasingly visible. Women remain less represented in STEM studies and ICT professions, reducing their access to the fastest-growing sectors of the economy. As digital transformation accelerates, disparities in technological competencies risk widening existing labour market gaps unless addressed through targeted education and upskilling initiatives.

TIME AND UNPAID WORK: THE CORE STRUCTURAL INEQUALITY

As in much of Europe, the unequal distribution of unpaid domestic and care work is one of the most significant factors shaping women’s economic and social prospects. Serbian women continue to devote substantially more hours to household responsibilities than men, limiting their availability for full-time employment, leadership positions or entrepreneurial ventures. Policies that expand childcare services, promote shared parental responsibilities and support flexible

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working models are crucial to unlocking women’s full economic potential.

ventive and mental health services remains a priority for long-term gender equality.

REPRESENTATION AND DECISION-MAKING: INCREMENTAL GAINS, LIMITED TRANSFORMATIOn

LOOKING AHEAD: WHAT SERBIA NEEDS TO ACCELERATE PROGRESS

Women in Serbia remain underrepresented in political institutions, senior public roles and corporate leadership. Although recent years have seen improvements in parliamentary representation and certain sectors of public administration, leadership pipelines remain narrow. Strengthening gender-sensitive appointment practices, ensuring transparent selection processes and investing in leadership development programmes for women are essential steps to building more inclusive institutions.

HEALTH, SAFETY AND SOCIAL WELLBEING: IMPROVING ACCESS, UNEVEN PERCEPTIONS

Women in Serbia have generally good access to essential health services, but inequalities remain in the quality, availability and responsiveness of certain areas of care. Public perception studies also point to growing concerns among young women regarding institutional fairness, safety and mental wellbeing — trends closely aligned with broader European patterns. Ensuring accessible, high-quality reproductive, pre-

Serbia stands at an important juncture. With strong educational foundations, a dynamic base of women entrepreneurs and ongoing institutional reforms, the country has the potential to significantly reduce gender gaps in the next decade. Achieving this, however, requires coordinated investment in three key areas: • e conomic empowerment, through improved access to finance, quality employment and high-growth industries; • care infrastructure, reducing the burden of unpaid work and enabling more equitable participation in the labour market; • inclusive leadership, strengthening representation in political, administrative and corporate spheres. Gender equality is not only a social priority; it is a strategic economic imperative. Serbia’s ability to harness the full potential of its population will shape the country’s competitiveness, resilience and long-term development — and the data clearly show that investing in women is one of the most effective ways to accelerate that progress.

n a world where gender-based violence remains one of the most persistent human rights violations, the international campaign 16 Days of Activism against Gender-Based Violence again united governments, institutions and civil society across more than one hundred countries. Belgrade contributed to this global movement with a distinctive and compelling initiative: a photographic exhibition that placed men at the centre of a call for solidarity, responsibility and action. The Swedish Embassy in Belgrade presented the exhibition “16 Male Voices against Gender-Based Violence” at the European House, offering powerful portraits of men who chose to speak publicly and personally about why the fight against violence must also be theirs. Created in collaboration with Fabrika fotografa and photographer Aleksandar Crnogorac, the exhibition was open to visitors throughout December 2025 and stood out as one of the most visually com-

SIXTEEN VOICES FOR CHANGE Men Taking a Stand Against Gender-Based Violence • A Belgrade Exhibition with a Global Message

EMPOWERED WOMEN 2026

pelling contributions to the 16 Days campaign in the region. What distinguished this exhibition was its insistence on engaging men not as passive supporters, but as active participants whose personal convictions can drive broader cultural change. Each portrait was accompanied by an authentic statement — a concise reflection on why each participant decided to take part. Among them were representatives of Swedish companies operating in Serbia, public figures and Swedish nationals of Serbian origin, symbolising both the depth of bilateral ties and a shared commitment to equality. Ambassador Andreas von Beckerath, one of the faces featured in the exhibition, underscored that the European Union condemns digital violence and disinformation as instruments of intimidation and hybrid pressure, particularly targeting young women, journalists and human rights defenders. The global theme for 2025, “Unite to Stop Digital Violence against Women and Girls”, brought sharp focus to one of the cordmagazine.com

PORTRAITS OF MEN WHO REFUSED SILENCE SHOWED THAT CONFRONTING GENDERBASED VIOLENCE IS A COLLECTIVE OBLIGATION, NOT A BURDEN BORNE BY WOMEN ALONE fastest-growing forms of abuse. Studies show that digital violence affected between 16 and 58 per cent of women and girls worldwide, with artificial intelligence accelerating its reach and complexity. Image-based abuse, deepfakes, gendered disinformation and coordinated online harassment became widespread, disproportionately targeting women with high public visibility — journalists, politicians, activists — as well as young women navigating digital spaces. Between 90 and 95 per cent of online deepfakes consisted of non-consensual sexualised images of women, illustrating a technologically enhanced manifestation of misogyny.

In this context, the Belgrade exhibition acquired particular significance. It did not merely present portraits; it reframed responsibility. Swedish Ambassador to Serbia Charlotte Sammelin emphasised that these photographs conveyed stories of commitment — of men who refused silence and advocated for a safer, more just world. Gender-based violence, she noted, is not a “women’s issue”; it is a societal problem requiring collective engagement, especially from men who often hold influence. The 16 Days campaign itself rests on a powerful historical foundation. It begins on 25 November, the International Day for the Elimination of Violence against Women, honouring the Mirabal sisters — political activists murdered under the Trujillo dictatorship in 1960 — and concludes on 10 December, Human Rights Day, marking the adoption of the Universal Declaration of Human Rights in 1948. Throughout this period, the campaign connects key dates that highlight violence, discrimination and the struggle

for equality, including World AIDS Day on 1 December, the International Day of Persons with Disabilities on 3 December, and the anniversary of the Montreal Massacre on 6 December. Despite decades of progress, the scale of violence has remained alarming: one in three women worldwide experienced physical or sexual violence in her lifetime. Digital technologies, while offering tools for empowerment and advocacy, simultaneously opened new avenues for abuse — often more pervasive, anon-

ymous and far-reaching than traditional forms. Harmful online content reinforced damaging social norms and contributed to offline violence. For these reasons, the visibility of the Belgrade exhibition mattered deeply. It demonstrated not only artistic quality and narrative integrity, but also the willingness of men — business leaders, diplomats, public figures — to use their platforms to confront a problem too often dismissed as private or invisible. By expressing personal motivation and re-

sponsibility, they sent a clear message: change requires courage, and courage begins with speaking out. By foregrounding men’s voices, this edition of the campaign in Belgrade achieved something rare: it transformed advocacy into shared ownership. The exhibition invited viewers not only to reflect, but to recognise that the fight against gender-based violence depends on every individual who chooses to challenge silence, prejudice and harmful behaviour. This is its power — and its legacy.