In November 2022, the European Union passed a regulation requiring that firms of EU member states strive towards a new goal: that women constitute 40% of non-executive directors on the boards of publicly traded firms by 2026. The EU’s objectives in passing the regulation were “to ensure that gender balance in corporate boards of large listed EU companies is established across the EU and appointments to board positions are transparent and that candidates to board positions are assessed objectively based on their individual merits, irrespective of gender.”