In the near future, the Spanish government and corporate boards must include at least 40% women
This week, Spanish lawmakers passed a new law requiring companies to ensure there are more women on their boards than executives.
The Equal Representation Act, approved at the weekly cabinet meeting this week, aims to ensure that at least 40% of boards are represented. “the least represented gender”. It also requires a level of equality in leadership positions.
In addition to the boards of large corporations, the bill also includes boards of electoral rolls and professional associations.
The new rules will apply to all public companies until July 1, 2024, and to all companies with at least 250 employees and an annual turnover of 50 million euros ($53 million) on June 30, 2026.
The 40% quota will also apply to the government cabinet and will make it mandatory for all electoral lists to have alternating male and female candidates. Women currently make up 44 percent of Congress and 39 percent of the Senate.
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“If they represent half of society, half of the political and economic power should be women” Prime Minister Pedro Sanchez announced the plans last week.
The new law is the latest in a series of equality measures announced by Spanish authorities. In December, the government passed a transgender rights bill, as well as a new sexual and reproductive health law that would provide state-funded paid leave for women with menstrual cramps.
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