Women on Boards Directive: the AMF is now the competent authority for analysing and monitoring gender balance among the directors of listed companies
As part of the transposition of this European directive by the order of 15 October 2024 and the DDADUE Act (provisions to adapt French law to European Union law) of 30 April 2025, the AMF has been appointed as the competent authority to analyse, monitor and, in conjunction with the Haut Conseil à l’Egalité entre les femmes et les hommes (High Council for Equality between Women and Men), promote and support gender balance on the administrative, supervisory and management boards of listed companies on the regulated market that exceed certain thresholds. In particular, the AMF will receive information from these companies on the representation of women and men on their boards and will publish a list of companies that comply with the gender parity rules of the Commercial Code.
Adopted on 23 November 2022, the European directive, which is aimed at improving the gender balance among the directors of listed companies and is known as the Women on Boards Directive, stipulates that companies listed on the regulated market with at least 250 employees and an annual turnover in excess of €50 million or a balance sheet total of more than €43 million must meet one of the following two targets:
- members of the underrepresented sex hold at least 40% of non-executive director positions;
- members of the underrepresented sex hold at least 33% of all director positions, both executive and non-executive.
In France, the Copé-Zimmermann law on the balanced representation of women and men on boards of directors and supervisory boards and on professional equality, adopted on 27 January 2011, already imposes a minimum proportion of 40% for the underrepresented sex on boards of directors and supervisory boards, without making any distinction between executive and non-executive members. It applies to a wider range of companies than the European Directive, i.e. to all companies listed on a regulated market without thresholds, as well as other companies that exceed specific thresholds.
Companies listed on the regulated market that exceed the thresholds set out in the Women on Boards Directive will provide, as of 30 June 2026, information to the AMF, once a year, on the representation of women and men on their boards of directors and supervisory boards. On the basis of the information provided, the AMF will publish and regularly update the list of companies that comply with the provisions of the Commercial Code on gender balance on boards.
In order to fulfil their new role of promoting and supporting gender balance on boards, the Autorité des Marchés Financiers and the Haut Conseil à l'Egalité entre les femmes et les hommes will provide each other with the information needed to perform their roles to the best of their ability.
Given its impact on business performance, gender diversity in management is a fundamental issue for investors and shareholders. The AMF is therefore delighted to have been entrusted with this new role, a decision which I welcome as a genuine recognition of our commitment and the quality of our work.
About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets. Visit our website https://www.amf-france.org/en
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