On Oct. 23, SLK PRL adopted law implementing board gender balance.
SLK PRL adopted, sent to the editorial office, law 397 on listed company management.
Follows, EU CMSN Dec. 2022 Dir 2022/2381 of EP/EU CNCL on improving gender balance among directors of listed companies and related measures, see #154151.
Document dated Oct.23, 2024, received from SLK PRL Oct.28, summarized on Oct. 30.
Main Points
Implementation of EU Dir 2022/2381 on improving the gender balance among directors of listed companies; SMEs and micro companies will be exempted from it.
Provisions aiming at ensuring that listed companies with their registered office in SLK, whose shares are admitted to trading on the European regulated market, set goals.
To achieve a more balanced representation of women and men in their supervisory boards, board of directors, and strive to achieve the set goals by Jun. 30, 2026.
This will take place by establishing a set of procedural requirements for the selection of candidates for positions on company boards on the basis of transparency and merit.
Measures to achieve the balance objectives; the mechanism for the legal protection of an unsuccessful candidate in the selection process is aligned with Dir 2022/2381.
The unsuccessful candidate can challenge in court the company's decision, ask for a punitive obligation for the company to provide adequate satisfaction or compensation.
Provisions re obligation of listed companies to publish the information required by law on their websites; if balance objectives are not met, the company must explain why.
And it must also publish the measures taken to achieve the balancing objectives.
The information obligation shall be fulfilled for the first time by a listed company by Jan. 31, 2027, as at Dec. 31, 2026; enforcement measure in case on non-compliance.
Effectiveness
This law enters into force on Dec. 28, 2024 and expires on Dec. 31, 2038.
Regulators
SLK PRL
Entity Types
Corp
Reference
Law 397, PR, 10/23/2024; Dir 2022/2381; ESG
Functions
Complaints; Compliance; C-Suite; HR; Human Rights; Legal; Reporting; Social
