Spain set to introduce law requiring 40% women on company boards

In a move towards gender equality, Spain’s government will seek to pass a law requiring at least 40 per cent female representation on company boards. Luck,

According to Prime Minister Pedro Sánchez, the gender quota law will be approved at the weekly cabinet meeting on March 7 before being sent to Congress. She made the announcement during a Socialist Party rally ahead of International Women’s Day. According to a separate statement from the government, the law will aim to ensure that at least 40 per cent of board members are from the “less represented gender” and ensure that there is a similar level of equality in top management.

According to Reuters, election lists, corporate boards of directors and governing boards of professional associations will all be subject to gender equality requirements under the Equal Representation Act.

Prime Minister Pedro Sánchez said that the government was “taking steps not only in favor of feminism, but in favor of the whole of Spanish society”.

By law, every listed firm with more than 250 employees and an annual turnover of 50 million euros ($53 million) must have 40 percent female management. Additionally, the government will mandate the alternation of male and female candidates in all political lists for election and set a 40 percent quota for the cabinet.

Spain’s prime minister has repeatedly described his socialist-led coalition government as feminist. In December, Spain became the first European country to adopt a law allowing paid menstrual leave, In addition, the country’s lawmakers also passed a bill to protect transgender rights.

“If they represent half the society, then half the political and economic power should belong to women,” Mr. Sanchez said.