German listed companies must include women on their executive boards as a part of a landmark bill agreed by the country's coalition government Wednesday after voluntary efforts did not close a gender gap.
Listed companies with four executives or more must appoint a minimum of one woman to their boards, consistent with a draft law to be voted on by parliament.The law sends "a very strong signal", Justice Minister Christine Lambrecht told reporters, urging corporations to "take advantage of the chance presented by highly qualified women".
"We can show that Germany is on the thanks to becoming a contemporary society fit the longer term ," Family Affairs Minister Franziska Giffey said.Germany, Europe's top economy, fares relatively poorly in terms of representation of girls in senior positions.Just 12.8 per cent of management board members at Germany's 30 largest listed companies those in Frankfurt's blue-chip DAX index arewomen, consistent with the AllBright Foundation, which works to market boardroom diversity.
According comparison, women take up 28.6 per cent of top roles within the us , 24.5 per cent in Britain and 22.2 per cent in France, AllBright said.Female representation has fallen back in Germany during the coronavirus pandemic, the sole major economy to ascertain such a decline, with 11 DAX companies still led by all-male board executives, AllBright said in October.Women earn a mean 20 per cent but men in Germany, compared with 14 per cent less across the ecu Union.No DAX company is currently led by a lady , with pharmaceutical firm Merck set to interrupt the country's ceiling when Belen Garijo takes over in May.
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