And this is the sort of thing that happens when they have enough power:
The 500 companies listed on Norway’s stock exchange face being shut down unless they install women on their boards over the next two years in a radical initiative imposed by a government determined to help women break through the “glass ceiling”.
After a week in which the Equal Opportunities Commission in Britain has warned that it would take 40 years for women to break into the ranks of the FTSE 100 in the same way as men, Norwegian companies face a two-year deadline to ensure that women hold 40% of the seats of each company listed on the Oslo bourse. New companies have to comply now with the rules and the government is considering extending the law to family-owned companies as well.
The requirement came into effect at the start of this year after companies were given two years to embrace the demands voluntarily following the passing of the law in 2003. State-owned companies are already obliged to comply and now have 45% female representation on their boards.
The failure of companies to act – about half of the companies on the stock market are estimated to have no women on their boards – has prompted the Norwegian equality minister, Karita Bekkemellem, to take the draconian step of threatening firms with closure.
“From January 1 2006, I want to put in place a system of sanctions that will allow the closure of firms,” she said. “I do not want to wait another 20 or 30 years for men with enough intelligence to finally appoint women.
That’s just what every company needs, more useless directors who have no idea what’s going on but the ability to interfere with operations. At least when the old boys are sitting on the board, they are happy to kick back, have a drink or three and let the CEO go about his business. One shudders to think at what sort of brilliant innovations these government-installed female directors are going to impose on their unfortunate companies.
I’d say it’s a sign to have a look at shorting the kroner.