Spain takes bold step towards Gender Equality; announces new law for Companies and Politics
Ahead of International Women’s Day, the Spain government has announced major steps for women to empower them in politics and business. Spanish Prime Minister Pedro Sanchez has proposed a gender parity law making it mandatory for corporate boards to be composed of at least 40% women. A similar quota will be imposed on the government Cabinet.
Spain
Country
- Capital: Madrid
- Population: 4.74 crores (2021) World Bank
- Minimum wage: 1,050.00 EUR per month (Jun 2020) Eurostat
- Official language: Spanish
- Continent: Europe, Africa
The law would also require political parties to offer equal numbers of male and female candidates during elections to increase gender parity in parliament. Currently, women make up 44% of Congress and 39% of the Senate.
According to local media, Spain’s gender quota bill will be approved at a weekly cabinet meeting on March 7 and sent to Congress for approval. If passed, 40% of the least represented gender will become part of top management in both companies and politics.
The new rule will apply to all publicly-traded companies by July 1, 2024. According to the law, every listed firm with more than 250 employees and a 50 million Euro ($53 million) annual turnover must have 40 percent female management.
While several firms on the Ibex-35 benchmark meet or are close to meeting the gender quota, there are others that do not. However, the problem of inadequate gender parity on boards is more pronounced among smaller companies outside the benchmark.
Sanchez has described his Socialist-led coalition government as feminist, and Spain has been at the forefront of passing progressive legislation. In December, the country became the first European nation to adopt legislation allowing for paid menstrual leave, and lawmakers also passed a bill protecting transgender rights.
Spain has attracted foreign investment and currently ranks as the 13th largest recipient of such investments globally, with over 14,600 foreign companies establishing their operations in the country. The average per capita income in Spain stands at 42,250 USD, indicating that the typical Spaniard earns a respectable income and can afford a decent standard of living. As a result, the people of Spain are considered among the wealthiest globally.
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