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Golfo-Mosca Law




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Applicable to

Italian companies with shares listed on regulated markets in Italy or in other EU countries and companies incorporated in Italy and controlled by public administrative bodies but not listed on regulated markets

Key requirements

Passed in 2011, Italy’s Golfo-Mosca Law requires boards of listed companies and state-owned
enterprises to have at least 33 per cent of the under-represented gender.

Unlike other countries, the Italian law consists of a time-limited approach, requiring a minimum of one-fifth of board seats for each gender with the first term, and a minimum of one-third starting with the second term. The quota expires within the third term of board appointments.


Initial warning by Italian Stock Exchange Commission CONSOB with four months to comply. Subsequent administrative penalty of up to Euro 1 million for the Board of Directors and up to Euro 200 thousand for control bodies, with three months to comply. If there is still a failure to comply, the elected bodies will be removed from office. CONSOB regulation is required (in progress).

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