The European Commission has pointed out that at this pace, it would still take more than 40 years to reach a significant gender balance (at least 40% of both sexes) on company boards. For this reason, the European Commission has launched a public consultation on possible action at EU level, including legislative measures, to redress the gender imbalance on company boards.

According to the figures of the European Commission, one in seven board members at Europe's top firms is a woman (13.7%). Although this is a slight improvement from 11.8% in 2010, the Commission points out that it would still take more than 40 years to reach a significant gender balance (at least 40% of both sexes) at this rate. This is the reason why the Commission is seeking views on possible action at EU level, including legislative measures, to redress the gender imbalance on company boards. The public consultation will run until 28 May 2012.

The EU Justice Commissioner Viviane Reding has also presented a report on gender balance on company boards which comes one year after Justice Commissioner challenged publicly-listed companies in Europe to voluntarily increase the number of women in their boardrooms by signing the 'Women on the Board Pledge for Europe'. By signing this Pledge, companies commit themselves to raise female representation on their boards to 30% by 2015 and 40% by 2020. However, during the past 12 months, only 24 companies across Europe have signed the Pledge.

In addition, a Eurobarometer survey shows that citizens in Europe clearly agree that this situation should be changed. 88% of Europeans believe given equal competences women should be equally represented in the top jobs in business. Meanwhile, 76% of Europeans believe women have the necessary skills. Finally, 75% of those asked are in favour of legislation on gender balance in company boards with the relative majority of respondents (49%) saying that monetary fines would be the most appropriate mechanism to enforce such legislation.