- April 9, 2025
- General Topics, Interesting Articles
Boardroom 2.0: Time for Women to Claim Their Seats
The end of the boardroom club
For a long time, the executive boards of major European companies resembled exclusive clubs — a room full of men in suits, where Ivan was far more common than Irina. But this is about to change — not out of courtesy, but because European law demands it.
What exactly is happening?
On November 23, 2022, the EU adopted Directive 2022/2381, which mandates better gender balance on the boards of publicly traded companies — listed companies whose shares are bought and sold on stock exchanges.
The goal is clear: more women in the boardroom — not as a token gesture, but as a structural transformation.
Nov 23, 2022
Directive 2022/2381
Dec 28, 2024
Into national law for all EU states
Jun 30, 2026
For listed companies to meet targets
By June 30, 2026, each listed EU company must achieve at least one of the following
40% of non-executive board seats (supervisory board positions) held by women or the underrepresented gender.
33% of all board positions, including executive directors, held by individuals of the underrepresented gender.
These are no longer just recommendations — they are legal obligations.
How will this work in practice?
Companies won’t be allowed to simply appoint women to “fill quotas.” Instead, they must:
- Apply objective and transparent selection criteria
- Give preference to equally qualified candidates from the underrepresented gender
- Report regularly on their progress and actions to the public and authorities
Each EU Member State must enforce fines, administrative actions, or legal challenges to non-compliant appointments.
Women make up half the EU population, yet only around 30% of board members in large companies are women.
In senior executive roles specifically, that number drops below 10%.
Research shows that diverse leadership teams are more effective, more innovative, and more ethical. This isn’t just about fairness — it’s a better business model.
Where does Bulgaria stand?
All EU countries were required to transpose the directive into national law by December 28, 2024. As of now, Bulgaria has not fully met this obligation.
The country has only partially reported implementation, and in January 2025, the European Commission launched an infringement procedure against Bulgaria. There is still no comprehensive legal framework to ensure women have equal opportunities on the boards of publicly listed companies.
Some might call this a “quota revolution.” But when a system has systematically excluded talented women for decades, temporary quotas are not favoritism — they are a necessary correction toward equality.
Business should not be a private club. It should reflect the society that allows it to exist.
At Horizons Bulgaria, we believe true leadership is driven by diversity, vision, and expertise. As a trusted partner in Executive Search and top-level recruitment, we help organizations build leadership teams that reflect the values of modern business — inclusive, sustainable, and future-ready.
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