Gender quotas in boards are now law
Law 21.757, published in November 2023, establishes that boards of public and special corporations must have at least 40% women in their composition, with staggered implementation deadlines.
Implementation timeline
The law establishes a progressive schedule:
•2025: At least 1 woman on the board
•2027: Minimum 20% female representation
•2029: Minimum 40% female representation
Who does it apply to?
•Public corporations registered with the CMF Securities Registry
•Special corporations (banks, insurance companies, pension funds)
•State-owned companies and their subsidiaries
Non-compliance sanctions
The Financial Market Commission (CMF) has the authority to:
•Publicly admonish non-compliant companies
•Impose fines that can reach up to 15,000 UF
•Require compliance plans with specific deadlines
•Publish lists of companies that don't meet the quota
Why does it matter beyond the law?
International evidence shows that gender diversity in boards:
•Improves profitability: Companies in the top quartile for gender diversity are 25% more likely to exceed average profitability
•Reduces risks: Diverse boards make more balanced decisions and consider more perspectives
•Attracts talent: Companies with diverse boards are more attractive to top professionals
•Improves reputation: Institutional investors prioritize companies with good governance practices
How Audty supports governance
Audty helps organizations keep their governance indicators updated:
•Board composition dashboard with diversity metrics
•Compliance alerts before legal deadlines
•Automated reports for CMF and shareholder meetings
•Auditable diversity and inclusion policy records
