As the clock ticks down to the end of the year, Norwegian companies are racing to meet a critical deadline for ensuring gender equality on their boards. By December 31, firms with annual revenues exceeding 100 million kroner (£8.8 million) must comply with a law that mandates no more than 60% of one gender on their boards. In practice, this means at least 40% of board members must be women.

This push for gender balance at the top of corporate structures began nearly two decades ago, with the country taking bold steps to improve gender diversity in the workplace. However, with just days remaining before the 2025 deadline, many companies are struggling to meet the requirement.

“There has been a real rush in recent months,” explained Hege Rodland, founder of Matae AS, a company that specialises in strategy and recruitment for male-dominated boards.

Rodland points out that women bring a wider range of perspectives to board discussions, contributing to more balanced and effective decision-making. Additionally, women are often better prepared for meetings, she says. However, the change has not been without resistance. “Some companies are planning to reduce the size of their boards to meet the new regulations,” she added.

The law is being rolled out gradually. In its first year, it applies only to Norway’s largest companies, those with annual revenues of more than 100 million kroner. This means that around 5,000 additional women need to be appointed to boards before the year ends to meet the required gender balance, according to government estimates.

Failure to comply with the law could result in severe consequences. While the government could ultimately order a company to shut down, Rodland believes most businesses will find ways to meet the requirements, even if they miss the year-end deadline.

By 2028, the law will extend to approximately 20,000 companies, with the government estimating another 8,000 women will need to be appointed to boards by that time.