Today, almost half of the female population is employed and their participation rates in the labor market are gradually approaching those of men in many developed and emerging countries. However, the gender imbalance is still latent and even more so in terms of access, promotion and development of women in leadership positions. The persistence of certain stereotypes and gender roles continues to be an obstacle for women to lead and occupy positions of maximum responsibility. It undoubtedly affects the economic and social dimension of women, but it also influences different business issues related to efficiency, corporate reputation or the degree of loyalty and engagement of stakeholders, among others. Based on this problem, this study seeks, on the one hand, to show the underrepresentation of women in the Ibero-American business scene and, on the other, to analyse the initiatives aimed at making visible and exploiting female talent that can have a positive effect on the presence of women in corporate governance and top leadership positions. Firstly, this objective is achieved by reviewing the MERCO Leaders ranking of each country during the period 2013-2020. Secondly, information related to the actions to promote female talent and the evolution of the gender composition of the different hierarchical positions has been collected from the Annual Reports and the Sustainability/Diversity Reports of the companies included in the ranking. On the one hand, the quantitative descriptive analysis carried out allows us to show the underrepresentation of women as leaders in all the Ibero-American countries examined —Spain, Costa Rica, Peru and Uruguay are those that have, at the end of the period, a greater female presence, although women represent, at most, a fifth of the positions in the ranking. The worst figures belong to Argentina, Chile, Bolivia and Brazil, the latter three being the ones that have made the least progress since 2013. Legislative and cultural differences may be the cause of such disparities. On the other hand, the quanlitative comparative analysis reveals that the vast majority of companies have initiatives or participate in campaigns aimed at granting greater visibility, empowering and professionally activating women as a whole. However, the number of companies that implement programs that are specifically aimed at promoting their careers as leaders or that have established quotas to increase the representation of women in leadership positions and Boards of Directors is decreasing. In general, the companies that show the best figures for diversity, both in leadership positions and Boards of Directors, are those that have adopted the most policies, programs and objectives, which suggest the positive effect of such actions. The Latin American multinationals examined show less ambitious priorities and objectives in terms of diversity, and it is clear evidence that none of them has any program aimed at promoting women's leadership. This study offers a recent vision of the Ibero-American business panorama and allows us to identify the main challenges that arise in terms of gender. Some lines of action that involve government authorities, companies and society as a whole are suggested.