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New Gender diversity rules for large Dutch companies
On 28 September 2021, the Dutch Senate adopted a Gender Balance Act, which aims to achieve a more balanced male-female ratio on the management and supervisory boards of large BVs and NVs.
The new law introduces a quota for Dutch listed companies in terms of which their supervisory boards must consist of at least one-third male and one-third female members. In addition, the new legislation requires for the NVs and BVs, which qualify as ‘large companies’ to set target numbers in order to improve the gender balance on the management and supervisory boards and at the senior management levels. An appointment of a person that does not contribute to a more balanced gender ratio on the supervisory board will be considered null and void.
Dutch companies will be obliged to report on their progress to the Economic and Social Counsel annually.