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Ten years ago, France required at least 40% of board members in large companies to be women, but the government acknowledged that the initiative had failed.
MEP Marie Pierre Riksan said the aim of the new law was to achieve real economic and professional equality for women.
The law calls on companies with more than 1,000 employees to ensure that 30% of managers and board members are women by 2027, and that the proportion of women in these positions is 40% by 2030.
In 2030, companies will be given an additional two years to ensure compliance. Companies that do not comply with these quotas will then be able to be fined.
Companies will also have to publish their successes on the Ministry of Labor’s website every year.
“The glass ceiling between corporate governance structures and board rooms is still completely opaque, and pay inequality persists,” said Minister for Gender Equality Elizabeth Moreno.
In 2019, women made up 43.6% of the board members of 120 leading listed companies in France. In 2013, the proportion of women on the boards of such companies was slightly more than 26%.
However, women still make up only 19% of the members of executive committees and senior management teams, according to official data.
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