The world’s largest economies are not doing enough to develop female leaders and promote gender parity in business, a new study from EY and the Peterson Institute for International Economics has found.

Just five countries globally have at least 30 percent senior women executives, according to the data, with Norway the only country to exceed the 30 percent mark for women on company boards.

40 percent of company boards in Norway are made up of women. Company in Latvia are the next most progressive, with a quarter (25 percent) of their board staff being women, followed by Italy (24 percent), Finland (23 percent) and Bulg...