On July 23, 2025, the National Congress approved the bill known as “More Women on Boards,” which amends Law No. 18,046 on Corporations with the goal of increasing women’s participation on the boards of publicly traded corporations and special corporations supervised by the Financial Market Commission (CMF). The new legislation introduces gender quotas, reporting obligations, periodic evaluations, and the creation of an advisory committee to promote gender equity in corporate governance.

📌 Key aspects of the law:

• Gender quotas on boards: No more than 60% of board members may be of the same gender. A transitional regime will apply: 80% during the first 3 years, 70% from the fourth to sixth year, and 60% from the seventh year onward. Corporate bylaws must include mechanisms to ensure compliance with this proportion during board elections.
• Reporting and transparency obligations: While the proportion remains recommended, companies must report the identity and gender of each board member to the CMF, as well as any reasons for non-compliance. This information will be published on the CMF’s website, in the company’s annual report, and on its corporate website.
• Periodic evaluations and compliance mechanisms: Every four years, starting in July of the sixth year after entry into force, the CMF will evaluate compliance. If fewer than 80% comply or more than 5% have single-gender boards, a four-year mandatory regime will be triggered. Companies must then adjust board composition, including repeating elections if necessary. Alternate and replacement directors must match the gender of those they replace.
• Incentives and advisory committee: The law includes incentives under the Public Procurement Law for companies complying with the suggested proportion. A public-private Advisory Committee will also be created to support implementation, propose additional measures, and promote female leadership in senior management.

Entry into force

The law will enter into force on January 1 of the year following its publication in the Official Gazette. It is expected to take effect on January 1, 2026.