After decades of admirable, if slow, progress toward gender balance in its boardrooms, Norway has taken a giant leap. Last month, the pioneering Nordic state mandated that 40% of seats on the boards of all large and medium-sized companies should go to women within five years.
This makes Norway the first country in the world to take such a monumental measure and it means that by next year, 8,000 companies should have hit the target quota, expanding to around 20,000 firms with more than 30 staff by 2028.
It’s a step that goes even further than anything the EU—of which Norway is not a member—has initiated. In late 2022, the European Parliament showed its commitment to corporate gender equality when it finally passed a law requiring companies to ensure that 40% of their non-executive directors, and a third of all of its directors, be women.
Norway had already instigated a similar move as early as 2005.
Norway’s trailblazing efforts to break the glass ceiling have contributed to its consistently high positioning on the Global Gender Gap report; last year it ranked third, behind Iceland and Finland.
The
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