Spain requires 40% of listed company boards to be women or men

The law implements the EU's Women on Boards Directive (2022/2381) and amends article 529 bis of the Capital Companies Act.

What changed

• Listed company boards must have at least 40% of the under-represented sex.
• Deadlines: 30 June 2026 for the 35 largest listed companies by market value, and 30 June 2027 for the rest.
• Public-interest entities: 33% by 30 June 2026 and 40% by 30 June 2029.
• If a resignation takes the board below the threshold, it must be restored by the next general meeting at the latest.
• Where candidates are equally qualified, selection must favour the under-represented sex.
• Listed companies report each year on board gender balance and the measures taken. Breaches are a serious infringement under the securities markets law.

Who is affected

Spanish listed companies and large public-interest entities, their nomination committees and company secretaries.

Sources

• Garrigues: Publication of the Organic Law on equal representation and balanced presence of women and men
• CNMV: Q&A on Organic Law 2/2024
• HSF Kramer: Aspectos clave de la Ley de Paridad (September 2024)