The European Union says companies are still too slow in promoting women into decision-making posts and that it could introduce mandatory quotas for women on corporate boards later this year.
One year ago, the EU's Justice Commissioner Viviane Reding called on European companies to voluntarily ensure that 30 per cent of their board members are women by 2015.
But the EU says so far only 24 companies have signed the pledge.
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Reding said on Monday that “self-regulation so far has not brought about satisfactory results,” adding that she liked the results mandatory quotas for women had produced in some countries. She said “the lack of women in top jobs in the business world harms Europe's competitiveness and hampers economic growth.” Several EU states including Belgium, France, Italy, the Netherlands and Spain have already adopted gender quotas for publicly traded companies, while others have minimum levels for women in state enterprises.