Our Legal & Business Director, Stephanie Cruz, spoke with Diario Financiero about the impact and expectations generated by the More Women on Boards Law.
The recently enacted More Women on Boards Law will not only allow for greater inclusion in these decision-making spaces, but will also improve the prospects for companies.
Approved just a couple of months ago, Law No. 21,757 seeks to get more women onto the boards of large companies by introducing a gradual quota for maximum representation of a single sex in these spaces, which is initially a strong suggestion (although not mandatory), but will become more demanding over time. Thus, from 2026, the law requires a maximum representation of 80%; between 2029 and 2031, this drops to 70%, and from 2032, the maximum representation will be 60%.
For Stephanie Cruz, Legal & Business Director at Albagli Zaliasnik (az), the real impact will depend on the depth of the change. “When managed strategically, diversity on boards not only improves social legitimacy, but also the quality of decisions, risk analysis, and innovation. It is a commitment to broadening the perspectives with which companies face complexity and uncertainty,” says the lawyer.
Elisa Adriasola, academic and MBA director at the Faculty of Administration and Economics at Diego Portales University, agrees that real change will come from those organizations that see this law as a turning point to review their purpose, integrate diversity as part of the value they create, and take advantage of complementary perspectives. “These companies will not only ask ‘who do we hire?’, but ‘why and how do we do it?’. This shift involves defining long-term goals, opening up to new profiles, and preparing the internal culture to welcome difference with curiosity and openness. It is in this attitude—rather than in the quota—that the true transformation of Chilean boards of directors is at stake,” says Adriasola.
For Fernanda Vicente, founder and CEO of Money Queen and director of companies, this regulation “is a very explicit invitation to open up to finding the best talent to fill executive positions. In the past, it was said that there was no critical mass ‘prepared’ to take on these positions, and today that myth is completely obsolete. There are many women who, beyond being women, are elite professionals with a vision for the future, business, and impact.”
For her part, Cristina Vio, executive director of ComunidadMujer, hopes that this regulation will strengthen corporate governance and performance, promoting the positive effects of diversity in decision-making. “Women make up more than half of the population: their full participation in these areas is not only fair, but essential for the country’s progress. It is essential to prevent structural dynamics from continuing to reproduce gaps that limit women’s development and participation,” she concludes.
