New requirement on directors of quoted companies to report on the numbers of male and female directors, managers and employees

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The Government has published new legislation, due to come into force in October 2013. As well as a new requirement for directors of quoted companies to produce a stand-alone strategic report for each financial year, the new laws will impose fresh duties on these company directors to report on the gender split for its directors, managers and employees.

Those quoted companies (i.e. those incorporated in the UK and listed on certain UK, EU or US markets) with reporting years ending after October 2013 will be expected to disclose the number of men and women in the company who are directors, 'managers' (defined as someone who has ‘authority and responsibility for planning, directing and controlling the activities of a company and is an employee of that company') and employees respectively.

This new requirement implements one of the recommendations contained in Lord Davies’ report ‘Women on Boards’, in which he concluded that the disclosure of the number of female employees is important to help chairmen and CEOs to better understand the composition of their workforces and to monitor attrition rates.

For further information from the BIS website on these new requirements, click here.

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