European Union agrees on 40% quota for women on company boards

The European Union reached a political agreement on a law that would require listed companies to move toward 40% female representation in non-executive director positions by 2026. 

The European Commission, the bloc’s executive arm, first proposed the legislation in 2012 and formal adoption still requires approval by the parliament and the 27 member states, expected later this year. Currently, 30.6% of board members in the EU largest publicly listed companies are women and 8.5% of board chairs, according to an EU statement. 

Ursula von der Leyen has made gender equality a hallmark of her tenure as president of the commission, which is