Two days ago, a majority of European Union member states in the Council of the EU has backed the Directive after the French Presidency had put the issue back on the agenda. However, the directive has been watered down by adding an important article. Accordingly, the directive would allow member states to suspend its application provided “equally effective measures to those laid down […] have already been taken in that member state”.

In other words, if a member state already requires that women hold 30% of non-executive director positions or at least 25% of all director positions no later than 31 December 2027, the directive does not have to be applied. Other member states will have to achieve – by that same date – a proportion of 33% of board members or 40% of non-executive board members being women. Only Sweden, Poland, Estonia and Hungary voted against the new draft, while Spain argued for more binding measures and a more ambitious timetable. “Diversity is not only a matter of fairness. It also drives growth and innovation,” wrote Ursula von der Leyen, President of the European Commission, on Twitter. The text must now be validated by the European Parliament, which should happen before the end of the year.