Bulgarian Parliament passes gender quota law for public company boards

The Bulgarian National Assembly has passed amendments to the Gender Equality Act during its first reading. The new legislation mandates that at least 33% of director positions in public companies must be held by the underrepresented gender on management and supervisory boards.

Designed to implement a European Union directive, the law requires companies with shares traded on the stock exchange to report the gender composition of their governing bodies. The first reporting period will cover 2026, with a deadline of June 30, 2027. The Financial Supervision Commission is tasked with publishing a list of companies that meet these targets. Failure to comply or provide required information will result in sanctions.

The amendments faced opposition from certain political factions, including members of the Vazrazhdane party, who argued that gender-based requirements might conflict with constitutional principles regarding equality. Supporters maintained that the changes are a necessary legal obligation for Bulgaria as an EU member state.