EU company managers must be 33 percent women!

World
Wed, 23 Nov 2022 7:51 GMT
In the European Union, at least 33 percent of company executives are required to be women.
EU company managers must be 33 percent women!

In the European Union, at least 33 percent of company executives are required to be women.

The European Parliament (EP) has accepted the law proposal that stipulates that at least 33 percent of company executives in the European Union (EU) member states should be women.

Accordingly, companies will have to inform the authorities about the gender representation of at least 33 percent of their executive positions once a year and report how they plan to reach the targets if the targets are not met.

Effective, deterrent and proportionate penalties, such as fines, will be imposed on companies that fail to implement the application until June 2026.

The boards of directors of companies that do not comply with the law can be dissolved.

On the other hand, small and medium-sized enterprises with less than 250 employees were excluded from the scope of the directive.

AFTER 10 YEARS

The EU Commission made the proposal in 2012, but the Council blocked the decision for 10 years.

In the current process, the decision was approved by the Council on 17 October.

After its adoption in the European Parliament, the decision will enter into force 20 days from its publication in the Official Gazette. The decision must be implemented by the member states in 2 years.

In 2021, only 30.6 percent of board members in the EU's largest publicly traded companies are women, with significant differences between member states. While this rate was 45.3 percent in France, it was recorded as 8.5 percent in Cyprus.

TRTnews

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