After a “broad debate” in social concertation, the law imposing a 33% minimum representation of each gender in company’s board of direction will be implemented.
The law forcing both listed and state-owned companies to comply with the gender quotas will be sent to the Parliament after the 2017 State Budget debate. But it will not happen this Friday, an official source from Eduardo Cabrita’s Ministry confirmed to ECO.
The announcement was made through the Facebook page of deputy minister Eduardo Cabrita: “The agenda for labor equality was presented in the social concertation by the end of May. The parity law for the board of public entities and companies listed in the Stock Market, after a broad debate, will be sent to the Parliament right after the 2017 State Budget debate”.
The diploma is still unknown, but some details have already been disclosed. Right from the beginning, the demands made to state-owned companies and to listed enterprises will be different.
In public entities, 33.3% of management positions must belong to women, starting in the first of January, 2017; by the first of January 2019, that percentage must have reach 40%. Within state-owned companies, the local business sector only needs to have a 33.3% quota in 2018.
Concerning companies listed in the Stock Market, the demand will be smaller: a 20% quota will take place on the first of January 2018 and increase to 33.3% by the year 2020.
Sanctions are to be applied to companies who do not comply with these quotas, although it is still unknown exactly which will they be. The possibility of considering the designated board of directors invalid is considered for public businesses. As for listed companies, the sanctions can be the public signaling of the infringement on the internet. The suspension of Stock Market negotiations is also a possible sanction.