{"id":1246822,"date":"2023-06-25T08:30:40","date_gmt":"2023-06-25T03:00:40","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1246822"},"modified":"2023-06-25T08:31:18","modified_gmt":"2023-06-25T03:01:18","slug":"40-board-members-must-be-women-this-country-proposes-new-gender-rule-for-private-companies","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/40-board-members-must-be-women-this-country-proposes-new-gender-rule-for-private-companies\/","title":{"rendered":"40% Board Members Must Be Women: This Country Proposes New Gender Rule For Private Companies"},"content":{"rendered":"\n

Norway’s government proposed in a bill that large and mid-size private firms in Norway must have boards comprising at least 40% women.<\/p>\n\n\n\n

It is making an effort to break the glass ceiling preventing women from reaching top positions.<\/p>\n\n\n\n

\"40%<\/figure>\n\n\n\n

First country in the world <\/strong><\/p>\n\n\n\n

The bill, to be presented in the autumn, affects around 20,000 firms.<\/p>\n\n\n\n

“We are the first country in the world to do this,” Industry Minister Jan Christian Vestre told a news conference.<\/p>\n\n\n\n

In December, Norway’s government proposed an extension of the law to apply to large private companies.<\/p>\n\n\n\n

Going back to 2005<\/strong><\/p>\n\n\n\n

The Scandinavian country has since 2005 required the boards of directors of state-owned companies to be made up of at least 40 per cent women, or face closure, making it the first <\/a>country in the world to do so.<\/p>\n\n\n\n

Likewise, at least 40 per cent of board directors must <\/a>be men.<\/p>\n\n\n\n

Criteria<\/strong><\/p>\n\n\n\n

The centre-left government aims to introduce similar regulations for large and medium-sized companies, progressively over the years, based on sales and number of employees.<\/p>\n\n\n\n

The proposal would also affect mid-size private firms – those with minimum 30 employees and yearly revenues above 50 million crowns ($4.7 million) when fully <\/a>implemented in 2028.<\/p>\n\n\n\n

Motive<\/strong><\/p>\n\n\n\n

While the plan with the bill is to create a fair policy on equality, the primary motive is economical.<\/p>\n\n\n\n

“It is about, first and foremost, creating more value, innovation, creativity and using all the resources in our society,” Vestre said.<\/p>\n\n\n\n

Slow pace<\/strong><\/p>\n\n\n\n

The proportion of women on boards in private Norwegian firms is currently 20% up from 15% two decades ago.<\/p>\n\n\n\n

“This, we believe, is going too slowly and I am impatient. In 2023, we still have too big a gap on Norwegian boards,” Vestre said.<\/p>\n\n\n\n

Likelihood of law passing<\/strong><\/p>\n\n\n\n

The government’s latest proposal has the backing of the main Norwegian employer lobby, NHO, and the main trade union confederation, LO.<\/p>\n\n\n\n

The minority centre-left government will need the support of other parties in parliament to get its proposal adopted.<\/p>\n\n\n\n

It is likely this bill could pass with the support of a left-wing party in parliament, the Socialist Left, which supports the government.<\/p>\n","protected":false},"excerpt":{"rendered":"

Norway’s government proposed in a bill that large and mid-size private firms in Norway must have boards comprising at least 40% women. It is making an effort to break the glass ceiling preventing women from reaching top positions. First country in the world  The bill, to be presented in the autumn, affects around 20,000 firms. […]<\/p>\n","protected":false},"author":24,"featured_media":1246904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1939,1938,1937],"class_list":["post-1246822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-gender-reservation","tag-women-equality","tag-women-on-board"],"acf":[],"yoast_head":"\n40% Board Members Must Be Women: This Country Proposes New Gender Rule For Private Companies - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/40-board-members-must-be-women-this-country-proposes-new-gender-rule-for-private-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"40% Board Members Must Be Women: This Country Proposes New Gender Rule For Private Companies - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Norway’s government proposed in a bill that large and mid-size private firms in Norway must have boards comprising at least 40% women. 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