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The bill to amend the Companies Law promoted by the government will not solve the persistent problem of under-representation of women on the boards of directors of public companies but will instead perpetuate it and anchor it in law.
The law does not mandate any minimum proportional representation or quota for including members of both genders. The explanation attached to the bill indicates that its purpose is to amend the corporate governance rules in the Companies Law “to adequately safeguard the interests of investors in a way compatible with the needs of public companies with a non-controlling shareholder.”
However, the opposite is true: the proposed amendment perpetuates the problem and revalidates the absence of a mandatory requirement of adequate representation of women on boards of directors, contrary to the interests and needs of public companies.
Our position is that the law must be amended to anchor mandatory adequate representation of women in public companies, based on the principle of equality and on recognition of the importance and contribution of women to enhancing the profitability of these companies. We strongly oppose the replication of the arrangement stipulated in the Companies Law, which is archaic and incompatible with the values of a contemporary liberal democracy.