The government will extend the timeline by two years, aiming for a 40% representation of women on boards of directors and in senior executive roles of listed companies by mid-2026. This was announced by the third vice-president and Minister of Economy, Nadia Calviño, at a press conference after the Cabinet gave the green light to the second round of the parity law they intend to enact this year. SMEs are exempt from this rule.
The rule, approved in the first round in March, required all listed companies to reach the 40% target by 30 June 2024. Now the government has adopted a phased calendar, pushing the overall target to 40% but stretching the timeline: reaching 35% by 30 June 2024, and for larger listed firms with a market capitalization over 500 million euros, a deadline of 30 June 2025; smaller capitalized companies will have until 30 June 2026.
For non-listed large entities with more than 250 employees and annual turnover above 50 million euros or assets exceeding 43 million euros (public benefit companies), the reference dates were previously set for 2026 without distinction. They are now divided into two milestones: 33% by 30 June 2026 and 40% by 30 June 2028. The same timetable applies to boards within professional associations or advisory bodies referenced as of 30 June 2026.
Toward legal equality: Sánchez’s final commitment to equality reaches Congress
It was noted that no gender should represent less than 40% nor more than 60% of board seats in any given company. It is not acceptable to have exclusively female boards either. The report released by the National Securities Market Commission (CNMV) on Tuesday shows that women on boards in Spain’s listed companies stand at 32% overall, aligning with the Good Governance Act’s goal to reach 40% of board positions since 2020. For Ibex companies the rate is 37.56%, while for those with market capitalization above 500 million euros it drops to 32.23%, and to 26.22% for other publicly traded companies. Women currently hold an average of 21.73% of the highest-level board roles across high direction positions when auditors have not provided direction, according to CNMV.
sanction regime
The sanctions framework, approved in March, remains in effect and becomes stricter for boards of directors. For management positions, companies must explain noncompliance and outline measures to achieve the minimum percentage within set timeframes. For listed firms, noncompliance is classified as a serious violation, as detailed in the Ministry of Economy’s qualification.
Calviño emphasized that the move is a meaningful step toward achieving practical parity without imposing disproportionate demands on large firms. It also ensures that small businesses are not burdened by an overly rigid regime, allowing them to meet targets while maintaining commercial vitality.
Public administration
In the public sector, the 40% target will apply to appointments in constitutionally and institutionally relevant bodies, including the Constitutional Court, the Council of State, the Court of Accounts, the Finance Board, and the General Council of the Judiciary, once the law takes effect. For the General State Administration and the state-owned corporate sector, the target is to be implemented five years after the law’s entry into force, with immediate application for top and management bodies and awarding bodies. In military appointments, which are made by the Council of Ministers, similar progress is expected as new legislation is enacted.