The fresh regulations will include large stock companies. They will gotta guarantee that under-represented persons occupy at least 33% of the seats on the boards and supervisory boards together, as well as at least 1 seat in each of these bodies. Companies will besides be required to adopt a sex balance policy setting out the objectives and actions concerning the composition of their authorities.
– This bill is not about automatic promotions, but about better usage of competences that are already on the market. In many industries, women have the experience and qualifications needed to sit in company authorities, but are besides seldom included in nomination processes. The fresh rules can change that if they become an impetus for the real beginning of the selection process for boards and supervisory boards – emphasises Dr. Henryk Bochniarz, president of the Confederation of Leviathan.
Importantly, the task does not make a completely fresh standard, but develops solutions already present on the Polish capital market. In 2021 the Stock Exchange published Good Practices of Companies listed on the WSE, in which companies were recommended to keep the participation of representatives of each sex at least 30% in each of the company's bodies. The fresh rules strengthen this direction by moving it from good practice recommendations to the statutory level.
The analysis of the current composition of company authorities shows that the biggest challenges may arise in sectors traditionally dominated by men. A peculiarly advanced request for candidates can be expected in the energy and natural materials sector, where, in any companies, the boards stay full manly and in order to accomplish the required level of representation, a number of positions will request to be completed. Similar situation for manufacture and construction. Important needs may besides arise in the technology and IT sectors, as well as in any financial, commercial, service and medical companies. In these sectors, not only the low participation of women in general is simply a problem, but frequently besides the deficiency of women in the boards themselves. This means that in the following months request for specialists with financial experience, law, audit, technology, energy transformation, strategy and operational management may increase.
The bill will now go to the President. The Confederacy of Leviathan hopes that it will be signed rapidly and that the rules will enter into force quickly. It will be crucial that fresh regulations become an impetus for a real review of the nomination policies and processes in listed companies alternatively than just a formal regulatory obligation.
Confederation of Leviathan
