The Government wants 40 per cent of board members to be women

Press release 07.03.02

The Government is seeking to ensure that at least 40 per cent of both genders are represented on corporate boards and intends to introduce legislation to provide for this. This will first apply within one year to state companies and semi-public companies. Business and industry will be given a period of a good three years to achieve the same level of representation in public limited companies, says the Minister of Children and Family Affairs Laila Dåvøy.

The Government today adopted the following measures to attain the objective of increased representation of woman on corporate boards:

The Government will secure a minimum of 40 per cent representation of women and men on the boards of all state enterprises, state companies subject to separate legislation and state limited companies within one year.

The Government intends to regulate by law comparable representation for public limited companies in 2005 and will present its proposals to the Storting. The Government will examine legislative proposals in the course of 2002.

The Government will invite industry representatives and the social partners to participate in a cooperation agreement with a view to increasing the representation of women on the boards of public limited companies. If the targeted representation is achieved by means of such an agreement, the Government will not implement legislation. The act will include a provision stipulating that it will in that case to apply.