The Icelandic parliament passed a law on gender quotas on corporate boards. Companies with more than 50 employees must have at least 40 per cent of both genders represented on their boards by September 2013. “ The Icelandic parliament adopted a legislative reform to promote gender equality in the boards of publicly owned companies (ohf.*) and public limited companies (hf.) having at least 50 employees. Boards composed of more than three persons must consist of at least 40 per cent of each gender by September 1st 2013. Moreover, companies with 25 or more employees are required to disclose the number of men and women employed as well as the number of men and women in management positions.