Spain’s prime minister Pedro Sánchez plans to pass a gender parity law that will make it mandatory for corporate boards to be composed of at least 40% women. A similar quota will be imposed on the government Cabinet.
The purpose the law is to establish that boards include at least 40% “of the least represented gender” and that they ensure that similar levels of parity exist in top management, the government said. If passed, the rules will apply to all publicly traded companies by July 1st, 2024, and for all companies with at least 250 employees and €50m ($53m) in annual revenues by June 30th, 2026.
Published on: March 15, 2023
Authors: Tom Hayes
Director of European Union and Global Labor Affairs, HR Policy AssociationContact Tom Hayes LinkedIn