There is now a requirement for gender balance among board members in Norwegian large and medium-sized companies.
The rules also apply to general partnerships with only legal entities as participants, cooperatives and housing cooperatives.
If the board has at least three board members, a maximum of 60 per cent of these can be of the same gender. The specific requirements depend on how many board members the company has:
- Three or four members: maximum two members can be of the same gender
- Five or six members: maximum three members can be of the same gender
- Seven members: maximum four members can be of the same gender
- Eight members: maximum five members can be of the same gender
- Nine or more members: maximum 60% of the board members can be of the same gender
Over time the requirements will apply to all mentions forms of companies with more than NOK 50 million in total operating and financial income and/or more than 30 employees, but there will be a step-by-step implementation based on the following:
Step 1 shall be fulfilled within December 31, 2024: Companies with more than NOK 100 million in total operating and financial income.
Step 2 shall be fulfilled within June 30, 2025: Companies with more than 50 employees not covered by the above criteria.
Step 3 shall be fulfilled within June 30, 2026: Companies with more than 30 employees not covered by the above criteria.
Step 4 shall be fulfilled within June 30, 2027: Companies with more than NOK 70 million in total operating and financial income not covered by the above criteria.
Step 5 shall be fulfilled within June 30, 2028: Companies with more than NOK 50 million in total operating and financial income not covered by the above criteria.