💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

German minister eyes quotas for female executives unless firms step up

Published 08/15/2017, 02:29 PM
Updated 08/15/2017, 02:30 PM
© Reuters. New Family Minister Barley arrives for the weekly cabinet meeting at the Chancellery in Berlin

BERLIN (Reuters) - A government minister on Tuesday blasted German companies for failing to add more women to their management boards, suggesting the government could impose quotas unless firms acted to boost the current rate of 6 percent.

Family Minister Katarina Barley, a Social Democrat (SPD), told the RND newspaper chain it was unacceptable that companies had failed to increase the percentage of women in leadership roles after years of promises.

"I give industry one more year to take care of the issue itself. If nothing has happened by then, we'll have to take legislative action," Barley told the newspapers in an interview to be published Wednesday.

"In many management boards, nothing has happened. Only 6 percent of directors are women. That can't continue," she said.

Barley is due to present a report to Chancellor Angela Merkel's cabinet about representation of women in leadership positions on Wednesday.

She said she had "no problem with an obligatory quota for women on management boards", noting that years of pledges had not changed the situation and many companies had a target of zero.

Under German law, women must comprise 30 percent of the supervisory boards of large companies. But there is no law governing the make-up of management boards.

Barley's Social Democrats are now the junior partner to Chancellor Angela Merkel's conservatives in a "grand coalition," but both parties hope to forge alliances with other small parties and lead the country after a parliamentary election on Sept. 24.

© Reuters. New Family Minister Barley arrives for the weekly cabinet meeting at the Chancellery in Berlin

The latest Insa poll showed Merkel's conservatives with 37 percent support, the SPD with 25 percent, and the anti-immigrant Alternative for Germany (AfD) party with 10 percent. Both the pro-business Free Democrats and the far-left Left party had 9 percent support, while the pro-environment Greens were at 3 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.