On 6 March 2015, the German Parliament approved a compulsory
gender quota of at least 30% in supervisory boards of certain types
of corporations, which was also approved by the German Federal
Council on 27 March 2015. The nationwide and sector-independent
quota applies for all corporations that are (i) listed on the stock
exchange and (ii) co-determined on the basis of parity
(i.e. employ more than 2,000 employees). From 1 January
2016, these types of corporations need to allocate at least 30% of
their supervisory seats to the underrepresented gender.
In contrast to the ministerial draft bill, on which we reported
in our October 2014 newsletter, the compulsory quota now applies to
the supervisory board as a whole. Only in the event of a protest
are stakeholders and employee representatives obliged to fulfill
the quota separately. Furthermore, corporations not meeting the
quota shall be required to leave the respective seats vacant which
may bear the risk of invalid resolutions if the corresponding votes
are decisive. The empty seats must be staffed with a person of the
underrepresented gender in a court proceeding.
In addition, listed corporations as well as co-determined
corporations (i.e. corporations with more than 500
employees) shall define quota targets as from 30 September 2015.
The self-imposed quotas shall not fall below the status quo or
below 30% if this has been achieved already. Such quotas will be
binding on corporations' supervisory boards and management
boards as well as to the first and second management levels and are
to be achieved by 30 June 2017. There will be no further
consequences if companies fail to achieve such self-imposed quotas.
However, the target quotas and the level of achievement must be
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
In a recently released milestone decision, the Swiss Federal Supreme Court held, for the very first time, that the duty of financial intermediaries to report suspicions of money laundering...
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).