Companies Law (Amendment – Representation Quotas for Women on Boards of Directors of Public Companies) Bill

What does the bill do?

The bill adds section 219A to the Companies Law, requiring appropriate representation of both sexes on the boards of directors of public companies. In the first 12 years a phased regime will apply: on a board of 2-3 members – at least one member of each sex; 4-5 members – at least two of each sex; 6-8 members – at least three of each sex; 9+ members – at least four of each sex or at least 40% of the members. At the end of 12 years, at least 50% of the directors will be required to be women. The audit committee will check compliance with these conditions as a condition for approving appointments. The companies will report to the Securities Authority annually on the number of women serving and appointed.