The corporate governance framework comprises of a supervisory board, which acts as a liaison between numerous investors with varying interests, influences and motives, and the management. The supervisory board has a crucial role to play in the corporate governance system, as they adopt strategies that are vital for the survival and growth of the business. This paper examines the role of the supervisory board in corporate governance, the factors that determine its effectiveness, and the representation of women on these boards. The paper analyzes the characteristics and performance of women on supervisory boards, the barriers they face in securing membership on these boards, the concept of the glass ceiling, and prior research on the relationship between gender diversity and the performance of supervisory boards. Based on the results of regression analysis, it is determined that there exists a weak yet positive correlation between the number of women on the supervisory board and the profits realized by large companies in the Republic of Croatia.