As previously reported, on 14 November 2012 the European Commission adopted a proposal for a gender Directive which plans to introduce a 40% “minimum objective” for the proportion of female non-executive directors (“NEDs”) on EU listed companies. The European Commission announced today that insufficient national parliaments challenged the EC's proposal on "subsidiarity" grounds by the deadline of midnight last night. Under European Law, national parliaments have eight weeks to challenge a legislative proposal on the "subsidiarity" principle, which requires that the EU is best placed to take action on the relevant issue as opposed to national, regional or local level action.
The proposal will now continue its passage through the European Parliament and Council of the EU.
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