Government brings forward European standard by two years: Ibex boards to have 40% women by July 2024

nadia calviño.jpg e1531260032324First Vice-President, Nadia Calviño

The Government took up the gauntlet thrown down by the European Commission and yesterday approved the parity law, which will require the presence of at least 40% of women in the decision-making bodies of large Spanish companies as of 1 July 2024. The law, promoted on the eve of International Women’s Day, extends to government and electoral lists with the aim of achieving gender diversity in Congress, the Senate, regional and municipal chambers.

It also applies to any listed company or public interest entity with more than 250 workers and a turnover of more than 50 million and to professional associations or juries for public awards and recognitions. In these cases, the deadline is extended to July 2026.

“We have to take advantage of 100% of the female talent in our country”, said the First Vice-President, Nadia Calviño. The words of the Minister for Economic Affairs coincide with those of Roberta Metsola, the President of the European Parliament, who declared “the beginning of the end of gender inequality in the European Union”, after the European Parliament approved the measure approving the directive that will oblige large European companies to have women in at least 40% of non-executive director positions in their companies. Strasbourg established the deadline of July 2026, “Spain is one of the most advanced countries in the European Union”, repeated Calviño, who remarked that the Government is bringing the deadline forward by two years.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.