On May 6th, 2025, in the Avram Iancu Hall of the Romanian Senate, the Romanian Investor Relations Association (ARIR) officially launched the Practical Guide for gender balance in the leadership of listed companies — a concrete tool supporting the implementation of Law no. 11/2025 and EU Directive 2022/2381.
The event brought together over 30 speakers from the institutional sector, private companies and civil society and marked a defining moment for promoting modern, inclusive, and high-performing corporate governance.
Why a guide?
“This is not just about legal compliance, but about transforming a requirement into a real competitive advantage.” — Daniela Maior, ARIR President
Listed companies are now expected to align their governance structures with the new legal requirements for gender balance. The guide, developed by ARIR in partnership with the Financial Supervisory Authority (ASF), the National Agency for Equal Opportunities between Women and Men (ANES), and organizations such as Association of Independent Directors, PWN Romania, and ACCA, offers a practical and adaptable framework for this transition.
Where do we stand today?
An analysis of the Boards of Directors of companies listed in the BET index shows that only 29% of members are women, and two companies have no women at all in their boards. These figures highlight both progress and critical areas that require strategic action.
From talk to action
The event showcased practical examples from the market. BRD – Groupe Société Générale transitioned from having a single female board member ten years ago to a majority-female board today — achieved not through formal mandates but through organizational will and structured succession policies.
Likewise, the Bucharest Stock Exchange emphasized the importance of defining a clear board profile, a competency matrix, and a nomination policy that explicitly includes gender diversity.
What are investors saying?
“Gender diversity in Boards of Directors leads to better decisions. We’ve never had a negative experience with female board members — on the contrary.” — Răzvan Rusu, Allianz Țiriac Pensii
Institutional investors increasingly recognize that gender-diverse boards enhance performance, trust, and organizational resilience. It is becoming clear that balanced boards are now a key evaluation criterion, on par with profit or strategy.
What comes next?
The guide is just a first step. Moving forward, companies will need to:
- assess their current situation;
- define clear and measurable objectives;
- implement transparent selection and nomination policies;
- report annually to ASF on the progress (starting July 15th, 2025).
“We don’t want empty quotas, but quality quotas.” — Rodica Cușnir, President of the Committee on human rights, equal opportunities, churches and minorities of the Romanian Senate