Lots of news in the realm of women on boards this week…
EU 40% Quota – November Vote Expected
In followup to Viviane Reding’s push for an EU-wide 40% quota last year, two European Parliament committees ratified the draft law on Tuesday, supporting and rejecting various amendments. If parliament passes the draft (vote expected in November), the EU member states would then need to ratify it, with opposition expected from countries core to last year’s debate, including the UK and Germany. For the full press release, click here.
OTPP Supporting Quota Approach in Canada
Ontario Teachers’ Pension Plan submitted a letter to the Ontario Securities Commission in support of an “at least 3” quota for women on boards in Canada by 2020, citing lack of sufficient progress in many nations that adopted only comply or explain disclosure requirements. Among other studies, OTPP cited GMI Ratings’ WOB study that had shown 0% increase in board gender diversity Canada last year. OTPP also supported consequences, including TSE delisting, for non-compliance. For full letter, click here.
Bloomberg: Companies Ranked on Gender Diversity in France
The Ministry of Women’s Rights in France is now ranking the 120 publicly traded companies of the Société des Bourses Françaises on the basis of how well they’re addressing gender diversity. The rankings were based on not just the makeup of their board, but also women on the executive committee, and whether managers’ pay hinged on equality metrics. The Ministry is also pushing for consequences for those firms that fail to comply with the country’s quota standard – including fines, or banning such companies from public contract bids. Read the full article here.