A gender parity law requiring at least 40% of women on the boards of major corporations will be approved by Spain’s government on March 7.

Prime Minister Pedro Sanchez declared, « We are going to approve a law on equal representation of men and women in decision-making centers » (quoted by El Pais).

The law will be presented to the Spanish Congress after receiving government approval. If approved, the new regulation will apply to all publicly traded businesses until July 1, 2024. All businesses with at least 250 workers and annual revenue of €50 million must comply by June 30, 2026.

A 40% quota for female participation in the government will also be established by the government. Appointments to the top managerial roles in the ministries must be made so that the proportion of people of the same sex in these positions does not exceed 60% and does not fall below 40%.

In public sector organizations, the same standard of balanced representation will be ensured. Equal participation of male and female candidates on party lists for elections will also be mandated by the government.

source: elpais.com