This time it’s final, after ten years of consultation: the EU establishes a mandatory quota for the participation of more women on Boards. listed companies.
The new legislation provides that, by June 2026 at the latest, at least 40% of “non-executive director” positions and 33% of “executive director” positions must be filled by women in listed companies . The legislation does not specifically refer to women, but to the “underrepresented sex”. Neutral language is intentional. Men will also be able to invoke the legislation, if in the future the number of women in staff positions is greater than that of men.
Currently, the opposite is happening. It even reaches the limits of the comedian, as she says, speaking to journalists in Strasbourg, the Austrian Evelyn Regner, European Parliament co-rapporteur for the new legislation: “In Austria we laughingly say that the ‘Thomas effect’ prevails.” Because of familiarity or affinity a manager named Thomas is more likely to choose another Thomas as his successor than a woman.” The other rapporteur, Lara Wolters, argues that “in the Netherlands there is also a similar ‘Peter effect’.” You will see many more ‘Peters’ than women in executive positions of large companies.
Does the directive apply to Greek companies?
It is noted that the new legislation does not apply to “small and medium-sized enterprises, employing up to 250 workers”. This is reasonable for Western European sizes. But what about the small Greek market, in which companies with more than 250 employees are few and are not simply considered “small and medium”? Is there provision for a corresponding directive? “First things first”, says MEP Evelyn Regner. “We don’t start with what we would like in the ideal world, but what is possible today. From tomorrow morning we will start the effort for something better”.
However, the Greek MEP Eliza Vosenberg (N.D.) tells DW that this is a “legislation of historic importance for the balanced representation of the sexes”, if we consider that “according to current data, the Boards of of the large business groups in the European area are made up of men at a rate of over 70%. The new legislation finally gives women a fair chance for equal representation, as transparent recruitment procedures are established. However, we still have a long way to go. Substantial gender equality cannot be achieved only through legislation”.
“It’s a matter of attitude, but…”
In response to DW’s question whether equal representation is a matter of legislation or of mentality, Evelyn Regner says that “it is obviously mostly a matter of mentality, because at least in Austria, but also in Germany, we often see that there is this treatment towards women that ‘ how to do it, they have to take care of the house and the children”. There are companies that are taking initiatives in the direction of equal representation, but changes are happening at an extremely slow pace, which is why “we need binding measures. This was the reason why, ten years ago, the then Commissioner Viviane Redding had taken the initiative for a European directive”.
The new legislation will enter into force in twenty days after it is published in the Official Journal of the EU. Now the president of the European Parliament, Roberta Metzola, hopes that “it will not be another ten years until the next initiative for the equal representation of women”.
Cyprus is in trouble
Today women make up 60% of higher education graduates in Europe. And yet, their representation on the boards of directors of listed companies is far from this percentage. The highest representation is recorded in France (45.3%), the lowest in Cyprus (8.5%). “Unfortunately”, as the only Cypriot MEP Eleni Stavrou points out to DW.
Where is this due to? “There are fewer opportunities for women due to insufficient infrastructure, such as the lack of suitable daycare centers and full-day schools that support the working mother”, emphasizes the DISY MEP. “Equally important, substandard maternity leave and almost non-existent paternity leave can lead to unpaid leave, resulting in the man contributing less to raising the child. Even if significant progress has been made, there are gender stereotypes that make women less ideal candidates for board positions. companies, often ignoring her qualifications, experience and professional training”.
Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
