Brussels, 12/11/2012 (Agence Europe) - By focusing on an obligation of means, rather than a result, Viviane Reding hopes that the College of Commissioners will approve her proposed quota for women on the boards of directors of large companies quoted on the stock exchange. The meeting of the College on Wednesday 14 November will be the hour of truth for this proposal, which aims to “shatter the glass ceiling” for women in senior positions. A compromise will be presented this time and is expected to ensure the success of the European Commissioner for Fundamental Rights.
Having been discussed initially by the College in Strasbourg at the end of October (see EUROPE 10716) and then adjourned, the proposal will be back on the table this Wednesday. The Commissioner's victory is by no means assured; however, with the changes made to her compromise, she is likely to be able to present it officially on Wednesday.
Objective of means. The most consistent change presupposes that the 40% earmarked as a quota for women on the boards of directors would no longer be a results target but one of means, which would mean that boards of directors made up of less than 40% of women would be obliged to bring in selection procedures to take account of people of the “underrepresented sex” with similar qualifications. The figure of 40% will therefore definitely appear in the legislative proposal to feminise decision-making in business, but instead of being the target to achieve, it will be used as a threshold below which these specific selection procedures must be set in place. According to sources close to the dossier, there will have to be some “legislative refinement”.
Penalties reduced. The compromise is also expected to be less tough on sanctions. The list of these will no longer be as exhaustive, and will be presented to serve as an example. The member states will decide which penalties they will apply; however, they must be effective, persuasive and proportionate.
Directive and timetable intact. Nevertheless, the compromise did not go back on the value of the legislative instrument, which will remain a directive, or on the timetable, with 2020 remaining the cut-off date. Sources close to the commissioner remain optimistic as to the final decision of the College anticipated for Wednesday. However, they admit that the four or five commissioners the most firmly opposed to the proposal are likely to remain against “on principle”. (MD/transl.fl)