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Italy's new law on Women on Board |
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Italy
approved a law on June 29 requiring the boards
of listed companies to have at least 20% of
their boards be comprised by women as of 2012
and 33% by 2015. |
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Failure to comply with the quotas will result in
punishment first by a verbal sanction by CONSAB,
the Italian Securities and Exchange Commmission.
If the quota is not reached within four
months after the verbal warning, the company
will be fined up to 1 million Euros.
If the company is still in non-compliance
after three more months, the board will be
strpped of its powers and have no legal mandate.
Currently, the boards of
Italy's top companies only average 5% women
directors, one of the lowest in all of Europe.
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| To see more
quotas around the world, click here |
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