Council promotes EU plan to put more women on corporate boards – POLITICO

EU labor and employment ministers on Monday approved a plan to set new requirements for gender balance on the boards of publicly listed companies, unbanning the stalled legislation. over a decade to put more women in corporate positions of power.

According to the rules proposed by the European Commission and approved on Monday by the Council of the European UnionListed companies with a registered office in an EU country would have to aim to have 40% of non-executive director positions held by women by 2027. That target would be 33% for companies company includes both executive and non-executive directors. positions.

Companies that do not meet the 2027 targets will be required to adopt new direct selection systems to achieve the necessary gender balance. In introducing the new regulations, the Council said that “women still make up a larger number than men in the highest decision-making bodies of companies across the EU. This gender imbalance is particularly acute and severe in the private sector, especially in listed companies.”

The new rules, which must now be negotiated with the European Parliament, will be enforced in the country where the company is located, regardless of which exchange its shares are traded on.

“We want to break the glass ceiling that prevents talented women from joining the board of directors,” said European Commission President Ursula von der Leyen tweeted Second. “And we know that the law works.”

Élisabeth Borne, France’s minister of labour, employment and integration, who chaired Monday’s Council meeting, expressed satisfaction that the legislation was underway. “We welcome this very important step for equality,” she told a news conference. “This text has been at a standstill for several years and thanks to today’s common approach we are now able to begin dialogues with the European Parliament.”

The act has been stalled for years due to member states’ reluctance to hand over power to Brussels over employment issues seen as domestic capacity.

According to Council figures, as of October 2021, women occupy 30.6% of board seats in the largest publicly listed companies in the EU.

In commemorating the actions of ministers on Monday, von der Leyen mentioned Simone Veilwho was the first president of the European Parliament directly elected, serving from 1979 to 1982. In that role, Veil took his chance. welcome British Prime Minister Margaret Thatcher in 1981 as the first president of the European Council to address Parliament on the outcome of a summit of the Council of Europe.

Von der Leyen in 2019 became the first woman to be elected chair of the Commission, the EU’s top executive position. “I now very much expect our proposal to be approved quickly,” von der Leyen tweeted Monday. “So the dreams of women like Simone Veil can finally come true.” Council promotes EU plan to put more women on corporate boards - POLITICO

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