The new, more equal law raises doubts. From July 2026, all large companies will have to apply gender parity. Poland has gone a step further and not everyone likes it. According to the Warsaw Stock Exchange, the new law “may weaken interest in the stock exchange among current and potential issuers.” The WSE also draws attention to disproportionate sanctions in this regard.
From the end of June 2026, new regulations will force approximately 200 large listed companies to have at least 33%. participation of women in management and supervisory boards (earlier, from January 2026, these regulations will cover the largest companies with State Treasury shareholding).
In Poland, it is assumed that regulated companies will achieve a parity of 33%. all positions, both on the management board and on the supervisory board.Shutterstock
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“While understanding and fully supporting the intentions of the drafters, i.e. equal opportunities and gender balance among members of public company bodies, the Stock Exchange expresses concern that the proposed wording of Article 90gg of the Act on Public Offering, by imposing another excessive obligation on public companies, may have an effect counterproductive and weaken the interest in being present on the capital market among both current and potential issuers,” wrote the WSE in its opinion.
Gender equality in listed companies
“The opinions submitted to the Stock Exchange clearly show that growing regulatory requirements and the level of sanctions for non-performance or improper performance of reporting obligations and other requirements are one of the most important factors taken into account by the issuer when making decisions about delisting. Increasingly new obligations are being imposed on companies, especially those deviating from the EU minimum, weakens the already poor condition of the Polish stock exchange, discourages public offerings and chooses the capital market as a way to obtain financing,” it added.
According to the proposed regulations, from the beginning of 2026, large State Treasury companies and from July 2026, other large listed companies will have to apply a 33% tax rate. gender parity on management and supervisory boards. The Polish Financial Supervision Authority will be able to impose a fine of up to 10% for non-compliance with the regulations. annual revenue.
Gender parity is to appear on the WSE.Shutterstock
Provisions more restrictive than EU regulations
The WSE believes that the proposed provisions are more restrictive than the original EU regulations.
“The transposition of the above-mentioned Article 5(1) of the Directive was made in the newly added provision of Article 90gg of the Act of July 29, 2005 on public offering and conditions for introducing financial instruments to organized trading and on public companies, which specifies the threshold of 33 percent as the minimum percentage share in the company's body of persons belonging to the underrepresented gender, with the difference that – contrary to the provisions of the Directive – in national law this indicator is not to be calculated jointly for the management board and the supervisory board, but separately for each of these authorities. The project therefore imposes more restrictive requirements on issuers than those resulting from EU law,” it added.
As estimated data available to the WSE show, the obligation to adapt to the requirements of the Directive will apply approx. 145 companies – in the case of calculating the indicator 33 percent including the management board and the supervisory board.
In turn, when calculating the indicator, 33%. separately for each company body, i.e. separately for the management board and the supervisory board, there will be 162 companies.
“Signals reaching the WSE indicate that issuers perceive the requirement to take action to allocate 33% of management board positions to people from the underrepresented gender as much more difficult to meet than achieving this threshold for all positions on company bodies counted together (i.e. total for the management board and supervisory board), and not only due to the relatively short period for introducing this type of changes, but primarily due to cultural conditions,” it was written in the opinion.
The WSE recommends changing the regulations.Shutterstock
GWP recommendations for the draft changes
In the context of the above, the WSE recommends re-analysis and modification of the project and indicating that the threshold of 33 percent is calculated for the total number of positions in the management board and supervisory board.
The stock exchange is also concerned about the planned financial penalty for non-performance or improper performance of the requirements of the new employment policy in the company's bodies.
“(…), however, there is doubt as to whether the financial penalty proposed in Article 96e of the above-mentioned Act at the level of 10% of the total annual revenue disclosed in the last audited financial statement for the financial year meets the requirement of proportionality,” the WSE reported.
“In the opinion of the Stock Exchange, the objective of the Directive can be better achieved by promoting activities supporting diversity, and not by introducing a system of severe, disproportionate sanctions. It also seems that setting the maximum financial penalty at too high a level may be considered grossly disproportionate in relation to the situation. violations and cause the consulted Project to be perceived by the public as an excessively repressive and burdensome regulation,” it added.
Main photo source: Shutterstock