Norway proposes 40 per cent gender quota in large unlisted firms in a bid to break glass ceiling

Oslo: The Norwegian government proposed a bill on Monday which seeks to shut down firms that will not comprise at least 40 per cent of women on their boards. The move is expected to break the glass ceiling which prevents women from holding top positions. In 2005, Norway became the first country to introduce a 40 per cent gender quota in all the listed firms in the country. The industry minister in Oslo said in a statement, “Companies are not good enough in using the skills of both genders. It is high time for these changes.” Currently, the gender quota for women in private firms is 20 per cent up from 15 per cent two decades ago. According to a Reuters report, Equality Minister Anette Trettebergstuen said, “It has taken 20 years to increase the share by 5 percentage points. If we continue at this tempo, we will never reach our goal (of having gender balance).” However, the bill will not apply to smaller firms or private companies to be “appropriate and not (be) more extensive than necessary.” The bill is expected to affect around three to seven per cent of private companies. EU approves law to break glass ceiling Last month the European Union passed the ‘Women on Boards’ law, according to which women must make up at least 40 per cent of non-executive board members at large companies. The law will take effect in mid-2026. In addition to the 40 per cent quota, it will also require at least a third of all companies to have women company directors. The rules also say that if two candidates with the same qualifications apply, the under-represented sex must be given priority. Non-compliance may result in a fine or annulment of the contested director’s appointment. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.