More diversity at the top

Hogan Lovells

On 28 September 2021 the Dutch Senate passed the act ''More balanced gender composition in the management and supervisory boards of large public and private companies'' (the''Act''). The purpose of the Act is to make the ratio of men to women at the top more balanced.For that purpose,an assimilation quota and target figure will be implemented.The Act is expected to enter into force on 1 January 2022. Assimilation quota for listed companies The Act requires a balanced composition of the supervisory board (and non-executive board members in case of a one-tier board) of listed companies, in the sense that at least one-third thereof should consist of men and one-third of women. If this quota has not been met, it is not possible to appoint a new person who does not contribute to a balanced composition. An appointment in violation of theruleis null and void, but does not affect the validity of the decision-making by the supervisory or one-tier board. A company may deviate from this assimilation quota in case of i) are appointment within eight years after the year of initial appointment, or ii) exceptional circumstances, meaning that the deviation is necessary to serve the long-term interests and sustainability of the company as a whole or to guarantee its viability.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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