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The German government will require listed companies to appoint women to boards, in what is considered a benchmark for Europe’s largest economy, reports CNN, according to MEDIAFAX.
Listed companies with boards of more than three members must nominate at least one woman, according to a statement from the German ministry for the family, seniors, women and youth. A final decision on the new measure is expected next week.
“We are putting an end to women’s free chambers in large companies,” said Franziska Giffey, the minister.
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Germany lags the other major economies in terms of the percentage of executive positions held by women. According to the Allbright Foundation, a non-profit organization, women make up only 12.8% of the boards of directors of the top 30 listed companies in Germany.
By way of comparison, women occupied 28.6% of the management positions of major companies in the United States, 24.9% in Sweden, 24.5% in the United Kingdom and 22.2% in France.
None of the largest companies in Germany are run by women, according to the Allbright Foundation. In addition, the number of women on the boards of directors of companies listed in the DAX 30 index fell to 23 at the beginning of September, from 29 the previous year.
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