Letter from the DAJ – Promulgation of an ordinance aiming for a better balance between women and men among directors of listed companies
Published on July 30, 2023, this ordinance transposes into French law Directive (EU) 2022/1457 of the European Parliament and of the Council of 6 September 2022 amending Directive 2012/17/EU on certain measures to enhance flexible working arrangements for parents and carers and repealing Council Directive 2010/18/EU.
The ordinance modifies Articles L. 225-54, L. 225-54-1 and L. 225-54-2 of the French Commercial Code, which transpose into French law Directive 2012/17/EU.
Objectives and context
The ordinance aims to promote gender balance among directors of companies with registered offices in France whose shares are admitted to trading on a regulated market in a Member State of the European Union or a State party to the Agreement on the European Economic Area.
This objective is in line with the objective of gender balance set by the SRU law of May 4, 2006, for the civil service. It aims to achieve better representation of women in decision-making bodies, particularly in the private sector.
Main provisions
The ordinance provides for the following main provisions:
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The obligation for listed companies to establish and implement concrete measures to achieve balanced female representation among directors.
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The possibility for listed companies with less than 10 directors to appoint a “referent”. The referent will be in charge of promoting balanced female representation among directors.
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The obligation for listed companies to set quantitative objectives for the representation of each sex among directors and to report progress in achieving these objectives in their annual management report.
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The obligation for listed companies to publish a report on their policy to promote gender balance among directors on their website.
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The possibility for associations to institute proceedings before the courts to ensure compliance with the ordinance.
Entry into force
The ordinance entered into force on July 30, 2023.
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