Center for Corporate Diversity releases new data: The Number of Women Board Directors in Norwegian Companies by June 1, 2007.
CCD has reviewed the composition of boards in all public restricted companies (ASA - companies) as of June 1 2007.
For the first time a majority of companies (55 %) have reached the target set by the quota law.
By March 1, 2007, this included only 38 % of the companies. The number of women elected by the shareholders increased from 24 % to 26, 6 % in the same three month period. 184 of the 521 companies have finished their elections of board members in 2007. The number of women on boards can be expected to increase considerably as the remaining companies elect new members during next month. The quota law requires an additional 400 women on boards in the remaining companies.
The number of companies with no women on their boards decreases every month, from 190 in March 2007 to 134 in June.
Companies listed on The Oslo Stock Exchange have a substantial higher number of women on their board. There has been some concern that companies would reregister from an ASA- company to an AS- company in 2007. However, the analysis carried out by CCD shows that of the 57 companies that have reregistered in 2007, only 22 have changed their status from an ASA- to an AS-company, and 35 have changed from an AS to an ASAcompany.
Norway has implemented a quota law of 40 % women on corporate boards, to be fully effected by December 2007. During the last three years there has been an extensive debate in Sweden whether they should implement a similar law, Norway and Sweden have the highest proportion of Women Board Directors registered in any country
The quota law in Norway requires that companies reach the target of 40 % women on their boards in all public restricted companies (ASA- companies) by the end of 2007. If companies do not comply with the law, they face the threat of being dissolved by the government.