Representatives from CADEM, Promociona, the Chilean Institute of Directors, Redmad, and Sofofa attended a meeting led by Javiera Petersen, Undersecretary of Economy and Smaller Businesses. The session focused on the implementation of the “Más Mujeres en Directorios” law, which aims to increase gender equality in company boards.
Petersen explained that although the law took effect on January 1, its impact will become visible as companies form new boards, often in April. She stated: “The law seeks to advance greater gender equality in the economy, erasing glass ceilings that have existed for a long time. We know that implementing this new regulation has challenges and that’s why it is so important over the coming months to create an advisory committee to support this process. We continue to trust that our country’s companies are prepared to comply with this policy successfully.”
The Advisory Committee for Equity in Company Boards must be established by June and will be chaired by the Ministry of Economy and Smaller Businesses. It will include representatives from the Ministries of Finance and Women and Gender Equality, two members from associations of public or special corporations, one representative from an NGO or academia or multilateral organizations, and a member from the Financial Market Commission (CMF).
Bernardita Piedrabuena, commissioner at CMF, commented: “The entity is open to working with all actors linked to this issue to see how not only compliance with information delivery by companies can be improved but also how opinions can be gathered from a sector valuable for society.”
The CMF will review implementation after six years—by 2032—to determine if at least 80% of companies meet set quotas and if less than 5% have single-gender boards.
Rosario Navarro, president of Sofofa, said: “We value this work session as part of implementing a law already in force. From SOFOFA we want proper implementation with responsibility and focus on achieving its objective. Corporate governance drives innovation, competitiveness and growth; more women on boards strengthens decision quality and business sustainability. If we want more women in decision-making spaces we need greater female labor participation, more formal jobs and better conditions.”
Other attendees included Heidy Berner (Undersecretary of Finance) and Claudia Donaire (Undersecretary for Women and Gender Equality).
The “Más Mujeres en Directorios” law sets suggested maximum quotas for the most represented gender on boards to encourage diversity. Quotas begin at 80%, dropping to 60% after seven years. Companies must report compliance or explain non-compliance under a “comply or explain” model monitored by CMF.
After six years—and following CMF evaluation—temporary mandatory quotas may apply for companies not meeting recommendations.
