In a move towards gender parity, the Spanish government will seek to pass a law requiring at least 40 per cent female representation on company boards, as per a report in Fortune.
According to Prime Minister Pedro Sanchez, the gender quota law will be approved on March 7 at the weekly Cabinet meeting before being forwarded to Congress. The announcement was made by him during a Socialist party rally ahead of International Women's Day. As per a separate statement from the government, the law will aim to ensure that boards have at least 40 per cent members "of the least represented gender" and that they ensure that top management has a similar degree of parity.
Election lists, corporate boards of directors and governing boards of professional associations will all be subject to gender parity requirements under the Equal Representation Law, according to Reuters.
Prime Minister Pedro Sanchez said the government was "not only taking a step in favour of feminism, but in favour of Spanish society as a whole".
According to the law, every listed firm with more than 250 employees and a 50 million Euro ($53 million) annual turnover must have 40 per cent female management. Additionally, the government will mandate that male and female candidates be alternated on all political lists for elections and set a 40 percent quota for the Cabinet.
The Spanish Prime Minister has repeatedly described his Socialist-led coalition government as feminist. In December, Spain became the first European country to adopt legislation allowing for paid menstrual leave. Furthermore, lawmakers in the country also passed a bill protecting transgender rights.
Mr Sanchez said, "If they represent half of society, half of the political and economic power has to be women's."
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