Regulatory Board Diversity

 

 

Country or Region

Date

Rules

Details

AUSTRALIA1

January 1, 2011

Comply or explain (“If not, why not?”)

Type: Corporate Governance Code
Recommendations:

  • Establish and disclose a policy with measurable objectives to achieve gender diversity on the board (including an annual assessment of objectives and progress made);
  • Disclose mix of skills and diversity the board hopes to achieve;
  • Disclose percent women employees, women in senior executive positions, and WBD;
  • Diversity signified by differences in gender, age, ethnicity, and cultural background, among other factors.
AUSTRIA2

 

March 15, 2011  

Target: 30% WBD by 2018
Companies: SOEs
Interim Target: 25% WBD by 2013
Mechanism: Council of Ministers

January 2009

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Supervisory Board composition should take into account aspects of diversity, including international background, the representation of both genders, and age.

BELGIUM3

 

January 11, 2011  

Target: 30% of each gender by 2018
Companies: Publicly traded
Recommendations:

  • For first three years or until target is reached, new nominees should be at least 50% women;
  • Disclose measures taken to improve women’s representation;
  • Adding women directors should not lead to a significant increase in board size.

Mechanism: Commission Corporate Governance

March 12, 2009

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Board composition should be determined on the basis of gender diversity and diversity overall, as well as skills, experience, and knowledge.
DENMARK4

 

April 2010 Comply or explain Type: Corporate Governance Code
Recommendations:
  • When assessing its composition and nominating new candidates, the supreme governing body must take into consideration the need for integration of new talent and the need for diversity in relation to international experience, gender, and age, among other factors.

December 10, 2008

Comply or explain

Type: Corporate Governance Code

Recommendations:

  • The composition of the Supervisory Board should consider diversity, including international experience, gender, and age, among other factors.

FINLAND5

January 1, 2010

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Both genders should be represented on the board.
  • Companies must issue a corporate governance statement which includes a description of the composition of the board with biographical details.

FRANCE6

April 2010

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • 20% WBD within three years;
  • 40% WBD within six years;
  • If < nine directors, difference between genders must not be more than two;
  • If a board had no WBD in April 2010, it had to nominate a WBD by the 2012 general meeting either through the replacement of a director or appointment of a new director.

GERMANY7

May 26, 2010

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • When appointing the Management Board, the Supervisory Board shall respect diversity; specifically an appropriate consideration of women.
  • The Supervisory Board shall take diversity into account, establishing concrete objectives and stipulating an appropriate degree of female representation; the concrete objectives of the Supervisory Board and the status of the implementation shall be published in the Corporate Governance Report.

ICELAND8

June 2009

Comply or explain

Type: Corporate Governance Guidelines
Recommendations:

  • The nominating committee should address gender ratios on the company’s board.

IRELAND9

June 2010

Comply or explain

Type: Corporate Governance Code (UK)
Recommendations:

  • When searching for board candidates, appointments should be made on merit, against objective criteria, and with due regard for the benefits of diversity on the board, including gender.

KENYA10

May 14, 2002

Comply or explain

Type: Corporate Governance Guidelines
Recommendations:

  • The process of the appointment of directors should be sensitive to gender representation.

LUXEMBOURG11

October 2009

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • The board should have an appropriate representation of both genders.

MALAWI12

February 10, 2011

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Depending on the type of organization, the selection process for the appointment of new members of the board may also consider appropriate diversity of gender and/or social and economic background.

MALAYSIA13

July 2011

 

Target: 30% WBD by 2016
Companies: Publicly traded
Interim: Progress to be assessed in 2013
Mechanism: Securities Commission Malaysia

NETHERLANDS14

December 10, 2008

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Supervisory Boards should take diversity into consideration and state the specific diversity objectives they are pursuing.

NIGERIA15

April 1, 2011

Disclose

Type: Corporate Governance Code
Mechanism: Securities and Exchange Commission Nigeria
Recommendations:

  • The criteria for the selection of directors should be written and defined to reflect the existing Board’s strengths and weaknesses, required skill and experience, its current age range, and gender composition.

SOUTH AFRICA16

September 1, 2009

Apply or explain

Type: Corporate Governance Code
Recommendations:

  • Every board should consider whether its size, diversity, and demographics make it effective.
  • Diversity is defined as academic qualifications, technical expertise, relevant industry knowledge, experience, nationality, age, race, and gender.

SPAIN17

May 22, 2006

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • Companies with no or few WBD should actively seek out women nominees whenever a seat is open.
  • Companies with no or few WBD should explain why and what measures will be taken to correct this.
  • Nomination Committees should take steps to ensure that the process for filling board vacancies has no implicit bias against women and that the company makes a conscious effort to consider women for vacancies.
SWEDEN18

 

February 1, 2010 Comply or explain

Type: Corporate Governance Code
Recommendations:

  • When determining the size and composition of the board, the company is to strive for equal gender distribution.

January 1, 2007


 

Disclose

Type: Disclosure Regulation
Mechanism: Department of Justice (Amendment to Annual Accounts Act)
Disclosures:

  • Publicly traded companies are required to disclose the gender breakdown of the board of directors, separate from the gender breakdown of the company’s management, in their annual report.
UNITED KINGDOM19 October 1, 2012 Comply or explain

Type: Corporate Governance Code
Recommendations:

  • The annual report should include a description of the board’s policy on diversity, including gender, any measurable objectives that it has set for implementing the policy, and progress on achieving the objectives.
  • When undertaking its formal annual evaluation of the board, the board should consider the balance of skills, experience, independence and knowledge of the company on the board, as well as its diversity, including gender.

 

June 2010

Comply or explain

Type: Corporate Governance Code
Recommendations:

  • When searching for board candidates, appointments should be made on merit, against objective criteria, and with due regard for the benefits of diversity on the board, including gender.

UNITED STATES20

February 28, 2010

Disclose

Type: Disclosure Regulation
Mechanism: Securities and Exchange Commission (SEC)
Disclosures:

  • Whether diversity is a consideration when directors are named;
  • If so, how the diversity policy is implemented and how effectiveness is evaluated

 

(Note: WBD = Women Board Directors; WEO = Women Executive Officers; SOE = State-Owned Enterprise)