On August 19, 2025, Law No. 21.757, known as the “More Women on Boards Law” (hereinafter, the “Law”), was published in the Official Gazette. Through the incorporation of new subsections to Article 31 and the creation of new Articles 31 bis and 31 ter of Law No. 18.046 on Corporations, this regulation seeks to promote greater female participation on the boards of publicly traded and special corporations supervised by the Financial Market Commission (hereinafter, the “CMF”).

In general terms, the Law limits the participation of the overrepresented gender on corporate boards, establishing a gradual implementation regime that will apply to board election processes held on or after January 1, 2026.

During the first three years of enforcement, the suggested maximum proportion will be 80%, meaning that at least 20% of board seats must be occupied by individuals of the less represented gender. From the fourth to the sixth year, the participation of the majority gender may not exceed 70%, and from the seventh year onward, the limit will be 60%.During the first three years of enforcement, the suggested maximum proportion will be 80%, meaning that at least 20% of board seats must be occupied by individuals of the less represented gender. From the fourth to the sixth year, the participation of the majority gender may not exceed 70%, and from the seventh year onward, the limit will be 60%.

Companies that do not meet the suggested proportion must submit the reasons and justification for this to the CMF within five business days following the respective board election. This information will be made publicly available by the CMF and must also be published by the company in its annual report and, if available, on its website.

The CMF will also maintain a public list of companies that comply with the recommended gender participation percentages.

Six years after the Law’s publication, the CMF will continuously evaluate its implementation and may, for a transitional period of four years, impose a mandatory quota for companies that have not adopted the measure.

An important feature of the Law is that companies demonstrating strong gender equity indicators on their boards may be eligible for special recognition under the Public Procurement Law, as they are considered promoters of gender equality and female leadership within their organizational structure.

Finally, the Law establishes the creation of a Temporary Advisory Committee, composed of representatives from both the public and private sectors, whose main role will be to advise the Ministries of Economy, Finance, and Women and Gender Equity on the implementation of the Law and the coordination of efforts to increase equitable representation on boards.

En caso de requerir información adicional sobre esta materia, puede contactar a Christian Schiessler (cshiesslerq@jdf.cl) y a Francisca Chávez (fchavez@jdf.cl).